DAX Down Nearly 6% On Mixed Earnings Updates

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(RTTNews) - German stocks are showing some weakness on Thursday with investors mostly making cautious moves after Federal Reserve Chair Jerome Powell's caution that another interest rate cut by the central bank is unlikely this year.

The U.S. central bank lowered its interest rate by 25 basis points as widely expected, but hinted that another easing is unlikely this year.

Mixed earnings from major U.S. tech firms, and big name German companies and caution before the European Central Bank's monetary policy announcement also contribute to the somewhat subdued mood in the market.

Investors are also following the developments on the trade front. After a meeting in South Korea that lasted about two hours, the U.S. President Donald Trump and Chinese President Xi Jinping said today that they have reached a trade deal.

The benchmark DAX was down 46.81 points or 0.57% at 8,154.07 a little while ago.

Airline Lufthansa is soaring more than 5% thanks to stronger than expected third-quarter earnings. Covestro Group posted a third quarter loss attributable to shareholders of 47 million euros compared to profit of 33 million euros, last year.

HelloFresh reported a drop in adjusted earnings before interest and tax at 2.01 million euros, compared to prior year's profit of 6.7 million euros.

Puma reported a net loss of 62.3 million euros in the third quarter, compared to prior year's net income of 127.8 million euros. Loss per share was 0.42 euro, compared to earnings of 0.86 euro a year ago.

Adidas is gaining about 2.3%. Brenntag, MTU Aero Engines, Infineon Technologies, Scout24, RWE and Siemens are up 0.4 to 1%.

Siemens Energy is declining by 2.1%. Deutsche Telekom and Rheinmetall are down 1.9% and 1.6%, respectively. BASF, BMW, Commerzbank, Qiagen, Deutsche Boerse and Bayer are down 0.6 to 1%.

Volkswagen is down 1.7% after reporting a 1.3-billion-euro ($1.52 billion) operating loss in the third quarter.

In economic news, according to preliminary estimate from Destatis, the German economy stagnated in the third quarter, with the GDP remaining unchanged as expected, following a revised decline of 0.2 percent in the second quarter.

Destatis said the investment in equipment developed positively, while exports declined from the prior quarter.

On a yearly basis, calendar-adjusted GDP logged a steady growth of 0.3% in the third quarter. Price-adjusted GDP also climbed 0.3% but reversed the 0.1% fall seen in the previous quarter.

Japanese Market Sharply Higher

Extending the gains in the previous two sessions, the Japanese market is sharply higher on Friday, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving above the 52,200 level to fresh all-time highs, with gains in index heavyweights, exporters and technology stocks partially offset by weakness in automakers and financial stocks.

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Australian Market Notably Higher

The Australian stock market is trading notably higher on Friday, snapping a three-session losing streak, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,900 level, with gains in gold miners and financial stocks.

RTTNews | 1h 31minuter sedan

U.S. Dollar Advances Against Majors

The U.S. dollar strengthened against its major counterparts in the New York session on Thursday.

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Swiss Market Settles Slightly Down

The Switzerland market ended slightly down on Thursday, after languishing in the red almost right through the day's session, with investors reacting to corporate earnings updates, and a report showing signs of an improved outlook in the Swiss economy.

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European Stocks Close On Mixed Note After Central Bank Decisions, Earnings Deluge

European stocks turned in a mixed performance on Thursday as investors reacted to a slew of corporate earnings announcements from the region, and digested the interest rate decisions of the Federal Reserve, the European Central Bank and the Bank of Japan.

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ECB Holds Interest Rates Steady Amid Uncertain Outlook

The European Central Bank maintained its key interest rates unchanged for a third policy session in a row on Thursday, as expected, as policymakers assessed that the outlook was broadly unchanged, but still uncertain due to global trade conflicts and geopolitical tensions.

RTTNews | 11h 55minuter sedan

Eurozone GDP Growth Beats Expectations

The euro area economy expanded at a faster pace in the third quarter as France and Spain reported strong growth, while Germany and Italy experienced stagnation, amid a highly uncertain outlook due to the ongoing trade policies and political instability. Gross domestic product climbed 0.2 percent sequentially in the September quarter, preliminary flash estimate from Eurostat showed on Thursday.

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Bay Street Likely To Open Weak

Weak commodity prices, lower European stocks and U.S. and Canadian futures point to a negative start for the Canadian market on Thursday. The Federal Reserve and Bank of Canada lowered interest rates on Wednesday but have ruled out the possibility of another cut this year.

RTTNews | 13h 33minuter sedan

EURUSD	1.15727	GBPUSD	1.31545	AUDUSD	0.65504
USDJPY	153.794	USDCAD	1.3985	USDCHF	0.80155