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European Shares Inch Higher On Earnings
(RTTNews) - European stocks inched higher on Friday after European Central Bank policymaker Yannis Stournaras said he sees three rate cuts in 2024.
Stournaras reportedly said in an interview that three rate cuts in 2024 is the more likely scenario after considering recent growth and inflation data.
A slew of encouraging earnings updates and signs of improvement in U.K. services growth also helped underpin investor sentiment.
The U.K. service sector expanded at the quickest pace in nearly a year, spurred by a renewed strengthening of order books, final data from S&P Global showed.
The services purchasing managers' index rose to 55.0 in April from 53.1 in March. That was also above the flash score of 54.9.
Investors shrugged off separate data showing that France's industrial production declined unexpectedly in March after rebounding in the previous month.
The pan European STOXX 600 edged up 0.3 percent to 504.83 after closing 0.2 percent lower on Thursday.
The German DAX rose 0.4 percent, France's CAC 40 added 0.6 percent and the U.K.'s FTSE 100 was up 0.4 percent.
In corporate news, Germany's household and personal products business Henkel AG & Co. KGaA jumped 7.4 percent after raising its sales and earnings outlook for 2024.
Daimler Truck Holding slumped 5 percent after reporting a decline in Q1 global sales.
Krones, a packaging and bottling machine maker, declined 1.6 percent despite posting higher Q1 profit and confirming its FY24 outlook.
Credit Agricole, France's second-biggest listed bank, climbed 3.6 percent after posting a forecast-beating 55 percent jump in first-quarter net profit.
Rival Societe Generale soared 4.4 percent as it backed guidance after reporting a smaller-than-expected 22 percent slide in first-quarter net income.
Anglo American jumped more than 3 percent in London after reports that commodities group Glencore was considering a rival bid for the mining giant.
Trainline, which runs a digital platform for buying rail and bus tickets, soared 8 percent after annual earnings rose and the company announced it would start buying back more shares over the course of 12 months.
Publishing company Future rallied 2.7 percent after appointing Sharjeel Suleman as its CFO.
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Australian Market Modestly Higher
The Australian stock market is trading modestly higher on Tuesday, adding to the gains in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,800 level, with gains across most sectors led by mining and technology shares.
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China Stock Market May Tick Higher On Tuesday
The China stock market on Monday snapped the two-day slide in which it had dropped more than 55 points or 1.5 percent. The Shanghai Composite Index now rests just beneath the 3,830-point plateau and it's expected to open to the upside again on Tuesday.
The global forecast for the Asian markets continued to be mildly positive on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SCI finished slightly higher on Monday as gains from the broader market were capped by weakness from the financials and resource stocks.
For the day, the index gained 8.49 points or 0.22 percent to finish at 3,828.58 after trading between 3,806.20 and 3,831.74. The Shenzhen Composite Index improved 13.80 points or 0.56 percent to end at 2,486.42.
Among the actives, Industrial and Commercial Bank of China was down 0.28 percent, while Bank of China contracted 1.51 percent, Agricultural Bank of China plunged 2.41 percent, China Merchants Bank eased 0.20 percent, Bank of Communications stumbled 2.01 percent, China Life Insurance skidded 1.02 percent, Jiangxi Copper declined 1.21 percent, Aluminum Corp of China (Chalco) lost 0.65 percent, Yankuang Energy slumped 0.96 percent, PetroChina shed 0.61 percent, China Petroleum and Chemical (Sinopec) sank 0.75 percent, Huaneng Power tumbled 1.90 percent, China Shenhua Energy dipped 0.23 percent, Gemdale dropped 0.95 percent, Poly Developments retreated 1.39 percent and China Vanke rose 0.29 percent.
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Taiwan Shares Tipped To Open In The Green On Tuesday
The Taiwan stock market has alternated between positive and negative finishes through the last six trading days since the end of the eight-day winning streak in which it had surged more than 1,450 points or 5.8 percent. The Taiwan Stock Exchange now sits just above the 25,880-point plateau and it may see additional support on Tuesday.
The global forecast for the Asian markets continued to be mildly positive on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The TSE finished sharply higher on Monday following gains from the financial shares, technology stocks, plastics and cement companies.
For the day, the index jumped 302.23 points or 1.18 percent to finish at 25,880.60 after trading between 25,599.60 and 25,887.69.
Among the actives, Cathay Financial perked 0.17 percent, while Mega Financial fell 0.36 percent, First Financial collected 0.34 percent, Fubon Financial was up 0.16 percent, Taiwan Semiconductor Manufacturing Company soared 2.37 percent, United Microelectronics Corporation shed 0.46 percent, Hon Hai Precision advanced 0.93 percent, Largan Precision improved 0.85 percent, Catcher Technology gained 0.53 percent, MediaTek tanked 2.43 percent, Delta Electronics rallied 2.14 percent, Novatek Microelectronics stumbled 2.68 percent, Formosa Plastics added 0.65 percent, Nan Ya Plastics soared 3.31 percent, Asia Cement jumped 1.79 percent and CTBC Financial and E Sun Financial were unchanged.
The lead from Wall Street is mildly positive as the major averages opened in the red on Monday but quickly bounced higher and continued to trend that way throughout the session, ending near daily highs.
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Singapore Stock Market Overdue For Support On Tuesday
The Singapore stock market has finished lower in seven straight sessions, slumping more than 55 points or 1.3 percent along the way. The Straits Times Index now sits just beneath the 4,300-point plateau although it may find traction on Tuesday.
The global forecast for the Asian markets continued to be mildly positive on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The STI finished slightly lower again on Monday following losses from the financial shares and mixed performances from the property stocks and industrial issues.
For the day, the index dipped 5.34 points or 0.12 percent to finish at 4,297.37 after trading between 4,291.99 and 4,315.70.
Among the actives, CapitaLand Integrated Commercial Trust shed 0.44 percent, while CapitaLand Investment tumbled 1.11 percent, City Developments jumped 1.19 percent, Comfort DelGro sank 0.67 percent, DBS Group lost 0.34 percent, DFI Retail Group and Venture Corporation both rallied 1.58 percent, Genting Singapore advanced 0.66 percent, Hongkong Land plunged 3.42 percent, Keppel Ltd improved 0.57 percent, Oversea-Chinese Banking Corporation was down 0.12 percent, Seatrium Limited tanked 1.68 percent, SembCorp Industries fell 0.33 percent, Singapore Technologies Engineering increased 0.47 percent, SingTel stumbled 1.59 percent, Thai Beverage climbed 1.09 percent, United Overseas Bank eased 0.06 percent, UOL Group slipped 0.13 percent, Yangzijiang Financial surged 1.67 percent, Yangzijiang Shipbuilding dropped 0.91 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, CapitaLand Ascendas REIT, Keppel DC REIT, Wilmar International, SATS and Frasers Logistics & Commercial Trust were unchanged.
The lead from Wall Street is mildly positive as the major averages opened in the red on Monday but quickly bounced higher and continued to trend that way throughout the session, ending near daily highs.
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South Korea Producer Prices Slip 0.1% In August
Producer prices in South Korea were down a seasonally adjusted 0.1 percent on month in August, the Bank of Korea said on Tuesday - after rising 0.4 percent in July.
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Australia Manufacturing PMI Slips To 51.6 - S&P Global
The manufacturing sector in Australia continued to expand in September, albeit at a slower pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 51.6.
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Malaysia Stock Market May See Additional Support On Tuesday
The Malaysia stock market on Monday ended the two-day slide in which it had fallen almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets continued to be mildly positive on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished slightly higher on Monday following gains from the financial shares, losses from the telecoms and a mixed picture from the plantation stocks.
For the day, the index rose 5.11 points or 0.32 percent to finish at 1,603.34 after trading between 1,596.46 and 1,604.31.
Among the actives, 99 Speed Mart Retail sank 0.76 percent, while AMMB Holdings jumped 1.26 percent, Axiata plunged 2.95 percent, Celcomdigi slumped 1.06 percent, CIMB Group strengthened 1.11 percent, Gamuda surged 3.08 percent, IHH Healthcare and Maybank both added 0.41 percent, IOI Corporation eased 0.26 percent, Kuala Lumpur Kepong lost 0.50 percent, Maxis was down 0.27 percent, MISC dropped 0.93 percent, MRDIY soared 1.91 percent, Nestle Malaysia spiked 1.88 percent, Petronas Chemicals increased 0.45 percent, Petronas Dagangan plummeted 3.04 percent, Petronas Gas retreated 1.08 percent, PPB Group slipped 0.39 percent, Press Metal shed 0.53 percent, Public Bank improved 0.71 percent, QL Resources tanked 2.05 percent, RHB Bank collected 0.61 percent, Sime Darby stumbled 2.33 percent, SD Guthrie advanced 0.95 percent, Sunway rallied 1.86 percent, Telekom Malaysia fell 0.42 percent, Tenaga Nasional rose 0.30 percent, YTL Corporation gained 0.37 percent and YTL Power climbed 0.96 percent.
The lead from Wall Street is mildly positive as the major averages opened in the red on Monday but quickly bounced higher and continued to trend that way throughout the session, ending near daily highs.
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KOSPI May Extend Its Gains On Tuesday
The South Korea stock market has alternated between positive and negative finishes through the last four trading days since the end of the 11-day winning streak in which it had surged more than 300 points or 9.6 percent. Now at a fresh record closing high, the KOSPI sits just beneath the 3,470-point plateau and it may tick higher again on Tuesday.
The global forecast for the Asian markets continued to be mildly positive on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KOSPI finished modestly higher on Monday following gains from the automobile producers and mixed performances from the financial shares, chemicals and technology stocks.
For the day, the index added 23.41 points or 0.68 percent to finish at 3,468.65 after trading between 3,458.87 and 3,482.25. Volume was 280.84 million shares worth 11.84 trillion won. There were 545 decliners and 332 gainers.
Among the actives, Shinhan Financial fell 0.43 percent, while KB Financial collected 0.34 percent, Hana Financial dipped 0.33 percent, Samsung Electronics surged 4.77 percent, Samsung SDI rallied 2.82 percent, LG Electronics improved 0.76 percent, SK Hynix shed 0.57 percent, Naver sank 0.85 percent, LG Chem jumped 1.69 percent, Lotte Chemical lost 0.76 percent, SK Innovation perked 0.19 percent, POSCO Holdings dropped 0.88 percent, SK Telecom slumped 0.72 percent, KEPCO advanced 0.98 percent, Hyundai Mobis strengthened 1.46 percent, Hyundai Motor accelerated 1.87 percent and Kia Motors rose 0.30 percent.
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