|Day's Range||12,223.98 - 12,349.83|
|52 Week Range||10,279.20 - 13,204.31|
The euro fell against the U.S. dollar on Wednesday after data showed a surprise deterioration in German business morale, raising fears of slowing global growth and weighing on a gauge of world equity markets, ...
World shares pared back losses on Wednesday as positive earnings in Europe from Credit Suisse and investor support for SAP helped soothe worries that China has put broader stimulus on hold. European shares crept into positive territory, with the pan-regional STOXX 600 index edging up 0.1 percent to reach its highest level since Aug. 1.
Global stocks edge higher, following last night's record closes on Wall Street, as investors regroup for another wave of earnings on Wall Street. Global oil prices ease after the IEA says markets have "comfortable" spare capacity to fill any supply gap from Iran sanctions, with Energy Department data on U.S. stockpiles reporting later today. U.S. equity futures suggest modest declines on Wall Street ahead of earnings from Dow components Boeing, AT&T, Caterpillar and Visa, with Microsoft, Facebook and Tesla following after the close of trading later today.
The pan-regional STOXX 600 index was down 0.1 percent by 0920 GMT - though the benchmark index has notched gains in the past eight consecutive sessions, and shown a tendency to rebound from a weaker open. "The market is taking some cue from the slowing of stimulus in China," said Stefan Koopman, Market Economist, Eurozone, Rabobank. Business software company SAP soared to an all-time high and boosted the DAX after the company set ambitious new mid-term targets and as activist investor Elliott Management disclosed a 1.2 billion euro (£1.04 billion)stake in the company.
European markets gave back much of Tuesday’s gains as strong earnings elsewhere could not offset oil companies’ retreat. How did markets perform? The Stoxx 600 (XX:SXXP) was down 0.1% to 390.9, after rising 0.
World shares took a step back on Wednesday as signals that China has put broader stimulus on hold offset positive results from Credit Suisse, which kicked off the earnings season for European investment banks. European shares followed Asia lower, pulling back from eight-month highs, with the pan-regional STOXX 600 index slipping 0.4 percent.
FT subscribers can click here to receive Market Forces every day by email. The round trip made by the S&P 500 index back above 2,930 since last September has taken place as the 10-year Treasury yield has retreated from about 3.06 per cent when stocks were previously flying so high. A side note: once you strip out the US, the FTSE All-World index remains some 13 per cent adrift of its record peak from January 2018.
European shares pulled back from eight-month highs on Wednesday as worries over China putting policy-easing measures on hold offset upbeat earnings in the region from Credit Suisse and SAP. The pan-regional STOXX 600 index was down 0.1 percent by 0732 GMT. The benchmark index has notched gains in the past eight consecutive sessions, with a trend of rebounding from a weaker open.
The pan-European Stoxx 600 was flat during morning trade, with sectors and major bourses pointing in opposite directions. Credit Suisse reported an increase in first-quarter net profit on Wednesday, beating analyst expectations. Germany's Wirecard surged to the top of the European benchmark after Japan's Softbank Group said it would buy a 5.6% stake in the company for around 900 million euros ($1 billion).
With some financial sector corporate earnings results out of Europe, another set of positive U.S earnings results may not be enough…
Looking at individual stocks, Umicore dropped more than 15%. The Belgian materials tech and recycling company downgraded its revenue and earnings forecast for 2020. The French retailer Casino announced Tuesday that it is expanding its partnership with Amazon, allowing it to sell via the e-commerce platform.
With the economic calendar on the lighter side. The focus will be on corporate earnings and Brexit… A softer EUR would likely be welcomed.
* (There will be no European stock market report on Friday and Monday on account of Easter holidays. April 18 (Reuters) - European shares ended higher on Thursday as short covering kicked in ahead of a long Easter weekend and strong quarterly results including those from Unilever and Nestle tempered data showing euro zone businesses unexpectedly slowed this month. The pan-European STOXX 600 index rose for a seventh straight session, its best winning streak since early February with Germany's DAX closing at six-month highs, while London's FTSE 100 fell, dragged by healthcare stocks.
A gauge of global stocks erased this week's gains on Thursday after underwhelming manufacturing surveys from Asia and Europe and continued weakness in U.S. healthcare shares spurred profit-taking ahead of an extended Easter holiday weekend. On Wall Street, a sell-off in healthcare shares, which have been under pressure from Democratic proposals to extend Medicare coverage to more Americans, overshadowed strong March retail sales data showing the greatest increase in 1-1/2 years. Lackluster French and German surveys of purchasing managers in the manufacturing sector for April, which showed activity continuing to contract, also prompted selling among some investors, said Darrell Cronk, chief investment officer for wealth and investment management at Wells Fargo in New York.
Euro zone government bond yields were on track for their biggest one-day decline in three weeks after a business survey painted a bleak picture for German manufacturing, fuelling worries about the euro zone economy. Investors focused instead on the 44.5 reading for manufacturing, below the 50.0 mark separating growth from contraction but better than the 44.1 recorded last month. In addition, data for the bloc overall showed growth slowing as demand barely rose despite smaller price increases.
Global shares erased this week's gains on Thursday after weak manufacturing surveys from Asia and Europe stoked fears of a widespread slowdown in growth, adding to profit-taking ahead of the long Easter weekend. French and German surveys of purchasing managers in the manufacturing sector for April showed activity continuing to contract, hitting European stocks in early trade. Activity in Germany's services sector rose to a seven-month high in April, but investors focused on the 44.5 reading for the manufacturing sector, well below the 50.0 mark separating growth from contraction even if it was above the 44.1 reading last month.
According to the average response in a Bloomberg poll, the Stoxx Europe 600 Index is likely to fall 8.9 percent from Wednesday’s close, to 355 points, by the end of 2019. The Euro Stoxx 50 Index, home of the euro-area’s biggest companies, is seen retreating 6.4 percent from current levels, to 3,255, the survey shows. The region’s equities are being torn between conflicting signals: optimism over global growth has helped boost the value of the Stoxx 600 by about $1.7 trillion from its December lows, while outflows from European equity funds continue almost non-stop.
European markets were lower on Thursday after PMI data signaled a stagnating economy. Market focus is largely attuned to corporate earnings, with first-quarter reports heavily influencing the performance of European stocks on Thursday morning.
The pan-European Stoxx 600 was down around 0.1% during lunchtime trade, with most sectors and major bourses in negative territory. Market focus is also attuned to corporate earnings, with a string of U.S. companies releasing their first-quarter reports this week. European markets were marginally lower Wednesday afternoon, amid ongoing concerns about a global economic downturn.
The DAX saw a 5th consecutive day in the green, with the CAC40 up for a 6th consecutive day. Today’s stats out of China could rain on the parade…
Wall Street's S&P 500 edged higher after Johnson & Johnson beat quarterly profit estimates and raised its sales growth forecast for the year. UnitedHealth Group Inc also beat earnings estimates and increased its adjusted earnings target, though its shares reversed course to trade lower. "UnitedHealth and Johnson & Johnson raising their forecast is a hugely good thing as heading into the year we thought we might see an earnings pause or an earnings recession," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
Stock markets rose on Tuesday to new six-month highs after reassuring data about the health of China's economy and economic sentiment in Germany helped investors brush aside disappointing bank earnings. The latest leg higher in a three-month long global rally comes as a degree of calm has descended across financial markets, with European stock volatility falling to its lowest since January 2018, exacerbated by a shortened trading week for the Easter holidays. Germany's DAX extended its gains to rise 0.66 percent after the monthly ZEW survey showed the mood improved among German investors for the sixth consecutive month, while Britain's FTSE 100 also strengthened.