European Shares Inch Higher Ahead Of US Inflation Data

RTTNews | 819天前

(RTTNews) - European stocks held steady on Tuesday after logging their steepest single day decline this year the previous day on fears of contagion from the collapse of U.S. lenders Silicon Valley Bank and Signature Bank.

Amid growing expectations for a pause in U.S. rate hikes, investors awaited the U.S. consumer price inflation report later in the day for further clarity on the rate outlook.

The pan European STOXX 600 was up 0.2 percent at 443.52 after losing 2.4 percent on Monday.

The German DAX rose 0.4 percent and France's CAC 40 edged up 0.2 percent while the U.K.'s FTSE 100 was down half a percent, dragged down by mining and energy stocks. Italy's top insurer Generali advanced 1.5 percent after reporting record operating profit in 2022.

Swiss lender Credit Suisse plunged 4.3 percent after flagging "material weaknesses" in financial reporting. Casino Guichard Perrachon SA rose about 1 percent in Paris. The mass-market retail group said that it is selling part of its stake in Assaí for 174 million shares to boost its deleveraging.

Volkswagen shares tumbled 3.5 percent. The German auto giant unveiled plans to invest 180 billion euros between 2023 - 2027 in its most attractive profit pools and regions.

TeamViewer rallied 2.6 percent. The remote access computer software provider said it expects double-digit percentage growth in revenue, stable margin and renewed share buyback in fiscal 2023.

Miners Anglo American, Antofagasta and Glencore fell 1-2 percent as London copper prices declined around 1 percent on news that Chinese regulators might take steps to curb inflated iron ore prices.

Oil & gas firms BP Plc and Shell both fell around 1.7 percent as oil maintained its downward trajectory on fears of a fresh financial crisis in the United States.

HSBC declined 1.7 percent to extend losses for a fourth day running. On Monday, the lender bought the U.K. arm of failed U.S. lender Silicon Valley Bank for a nominal 1 pound ($1.2) in a rescue deal.

Financial services business Close Brothers slumped 4 percent after reporting a 90 percent fall in adjusted operating profit to £12.6mln during the first six months ending January 2023.

Japan Producer Price Data Due On Wednesday

Japan will on Tuesday release May figures for producer prices, highlighting a light day for Asia-Pacific economic activity. In April, producer prices were up 0.2 percent on month and 4.0 percent on year.

RTTNews | 14分钟前

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

RTTNews | 2小时1分钟前

Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

RTTNews | 2小时7分钟前

Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

RTTNews | 2小时47分钟前

Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

RTTNews | 4小时12分钟前

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

RTTNews | 4小时28分钟前

TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

RTTNews | 5小时35分钟前

U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

RTTNews | 6小时12分钟前

EURUSD	1.14277	GBPUSD	1.35021	AUDUSD	0.65238
USDJPY	144.871	USDCAD	1.36722	USDCHF	0.8226

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European Shares Inch Higher Ahead Of US Inflation Data