European Shares Rally Ahead Of EU Energy Ministers Meeting

RTTNews | Pred 1006 dňami
European Shares Rally Ahead Of EU Energy Ministers Meeting

(RTTNews) - European stocks were sharply higher on Friday, a day after the European Central Bank (ECB) raised interest rates by a record 75 basis points and signaled further hikes to tame runaway inflation.

The ECB must raise interest rates further to prevent record euro-zone inflation from spilling over into wages, Governing Council member Klaas Knot said.

Separately, Slovakia's Peter Kazimir called for "resolute hikes" to tackle "painfully" high inflation.

Meanwhile, investors shrugged off data showing that French industrial production fell for the first time in three months in July.

Industrial production declined 1.6 percent from June, when output was up 1.2 percent, the statistical office Insee said. This was the first fall in three months.

Economists had forecast a moderate 0.5 percent drop for July.

The focus now shifts to a meeting of European Union countries' energy ministers later in the day, where they will attempt to forge a united response to shield citizens from sky-high energy prices as winter approaches.

The pan European Stoxx 600 rallied 1.6 percent to 420.65 after rising half a percent in the previous session.

The German DAX jumped 1.5 percent, France's CAC 40 index added 1.8 percent and the U.K.'s FTSE 100 was up 1.7 percent.

Banks, which would benefit from higher interest rates, advanced on expectations that the ECB will deliver another supersized interest rate increase in October.

Commerzbank, Deutsche Bank, BNP Paribas and Credit Agricole gained 3-5 percent. Telecom Italia surged nearly 3 percent on reports that the telecommunications company is close to kicking off a process to sell a minority stake in its enterprise service arm.

Miners Anglo American, Antofagasta and Glencore soared 5-6 percent as copper prices rose on a weaker dollar.

Cineworld Group shares jumped 18 percent. The entertainment conglomerate and its subsidiaries have received approval for "first day" relief from a U.S. bankruptcy court, giving it immediate access to around $785 million from a $1.94 billion line of credit to support operations.

Self-storage firm Big Yellow Group added 1.2 percent after refinancing its £120 million debt facility.

Vesuvius gained 1.5 percent. The ceramics company said that its Chief Financial Officer Guy Young has resigned to pursue a new opportunity.

read more
Sensex, Nifty Marginally Higher In Lackluster Trade

Sensex, Nifty Marginally Higher In Lackluster Trade

Indian shares were marginally higher on Wednesday after top U.S. and Chinese officials agreed on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | Pred 3 h 17 min
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian market is trimming its early gains in mid-market moves on Wednesday, but extending the gains in the previous session, with the benchmark S&P/ASX 200 moving above the 8,600 level to fresh all-time highs, following the positive cues from Wall Street overnight, with gains in iron ore miners, energy and financial stocks partially offset by weakness in gold miners and technology stocks.
RTTNews | Pred 4 h 19 min
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, amid easing trade war tensions after top U.S. and Chinese officials agreed upon a "framework" to move forward on trade, following two days of high-level talks in London. The framework will first need to be approved by leaders in Washington and Beijing.
RTTNews | Pred 4 h 43 min
Sensex, Nifty Set For Muted Start

Sensex, Nifty Set For Muted Start

Indian shares are seen opening little changed on Wednesday despite top U.S. and Chinese officials agreeing on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | Pred 5 h 12 min
Thai Bourse May Extend Tuesday's Gains

Thai Bourse May Extend Tuesday's Gains

The Thai stock market on Tuesday ended the two-day slide in which it had slipped more than 5 points or 0.4 percent. The Stock Exchange of Thailand now rests just beneath the 1,140-point plateau and it may tick higher again on Wednesday.
RTTNews | Pred 5 h 43 min
Japanese Market Modestly Higher

Japanese Market Modestly Higher

The Japanese stock market is trading modestly higher on Wednesday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 38,300 level, with gains across most sectors led by index heavyweights and technology stocks. Financial stocks are a weak spot.
RTTNews | Pred 6 h 9 min
Indonesia Shares May Open To The Upside

Indonesia Shares May Open To The Upside

The Indonesia stock market has moved higher in three straight sessions, gathering almost 190 points or 2.7 percent along the way. The Jakarta Composite Index now rests just above the 7,230-point plateau and it's looking at a firm lead again for Wednesday's trade.
RTTNews | Pred 6 h 13 min