European Stocks Recover After Early Weakness, Close Broadly Higher

RTTNews | 946 dias atrás
European Stocks Recover After Early Weakness, Close Broadly Higher

(RTTNews) - European stocks started off on a weak note on Thursday, but gained in strength as the session progressed and eventually ended on a positive note even as investors continued to weigh the possible impact of rising interest rates on global economic growth.

Worries about rising Covid-19 cases in China weighed as well, but markets gained as investors looked to pick up stocks that had taken a severe beating in some recent sessions on recession fears.

There are concerns China may not be sharing data on any signs of evolving strains that could spark fresh outbreaks in countries around the world.

After Beijing announced plans to reopen its borders, Italy, Japan, Taiwan, India and the United States have announced mandatory tests on visitors from China.

The pan European Stoxx 600 climbed 0.68%. The U.K.'s FTSE 100 gained 0.21%, Germany's DAX surged 1.05% and France's CAC 40 gained 0.97%, while Switzerland's SMI advanced 0.41%.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye closed higher.

Greece ended weak, while Czech Republic and Iceland closed flat.

In the UK market, Scottish Mortgage surged 3.75%. Airtel Africa climbed 2.6%, while Next, DCC, Schrodders, Entain, Ocado Group, Segro, St. Jame's Place, RightMove, Auto Trader Group, Pershing Square Holdings, ABRDN and United Utilities gained 1 to 2%.

Antofagasta ended more than 2% down. Anglo American Plc, Imperial Brands, British American Tobacco, Fresnillo and BAE Systems posted moderate losses.

In Paris, Eurofins Scientific gained more than 3%. Dassault Systemes, Stellantis, STMicroElectronics, Vivendi, Capgemini, LVMH, Veolia, Kering, L'Oreal, Hermes International, Sanofi, Essilor, Saint Gobain, Alstom and Publicis Groupe gained 1 to 2.3%.

In the German market, Zalando rallied nearly 4%. Sartorius surged 3.4%. Siemens Healthineers, Adidas, E.ON, Fresenius Medical Care, HelloFresh, Infineon Technologies, Puma and Porsche Automobil gained 2 to 3%.

In economic news, data from European Central Bank revealed that Growth in the euro area money supply and loans to the private sector eased in November.

The broad money supply M3 growth eased to 4.8% in November from 5.1% in October. The narrow measure M1 also grew at a weaker pace of 2.4% after rising 3.8% in the previous month.

In the three months to November, M3 growth averaged 5.4%, the data showed.

read more
U.S. Construction Spending Unexpectedly Sees Further Downside In June

U.S. Construction Spending Unexpectedly Sees Further Downside In June

The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.
RTTNews | 1 h 13 min atrás
U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved marginally less than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was downwardly revised to 61.7 from a preliminary reading of 61.8. Economists had expected the index to be upwardly revised to 62.0.
RTTNews | 1 h 17 min atrás
U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.
RTTNews | 1 h 19 min atrás
Eurozone Inflation Steady At 2% ECB Target

Eurozone Inflation Steady At 2% ECB Target

Euro area consumer price inflation was unchanged at the European Central Bank's 2 percent target in July, easing the pressure for more easing. The harmonized index of consumer prices increased 2.0 percent year-on-year in July, the same rate of increase as seen in June. Inflation was forecast to ease marginally to 1.9 percent.
RTTNews | 2 h 6 min atrás
Bay Street Likely To Open On Weak Note

Bay Street Likely To Open On Weak Note

Canadian shares are set to open on a negative note on Friday as U.S. President Donald Trump's announcement of fresh tariffs on Canada and several other countries has hurt investor sentiment across global markets.
RTTNews | 3 h 26 min atrás
FTSE 100 Down 0.55% As Trump's Tariff Moves Hurt Sentiment

FTSE 100 Down 0.55% As Trump's Tariff Moves Hurt Sentiment

U.K. stocks are down in negative territory on Friday, weighed down by trade concerns after U.S. President Donald Trump announced sweeping tariffs on several countries. The President's letters to 17 major pharma firms, urging them to cut prices, has triggered a sell-off in the pharmaceutical sector.
RTTNews | 4 h 35 min atrás