Markets

European Markets Snapped A 3-Day Losing Streak

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(RTTNews.com) – The European markets ended Tuesday’s session firmly in positive territory, following three straight days losses. Mining stocks were among the best performers following solid reports from BHP Billiton and Antofagasta.

The European markets got off to a positive start Tuesday and advanced further in the afternoon, following the positive opening on Wall Street. Concerns over the tensions between North Korea and the U.S. and the political turmoil being faced by the Trump administration relaxed slightly.

Traders are also looking forward to the upcoming economic policy symposium in Jackson Hole, Wyoming, which will begin on Thursday. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both due to speak at the conference and may shed some light on the outlook for monetary policy.

The DAX of Germany climbed 1.35 percent and the CAC 40 of France rose 0.87 percent. The FTSE 100 of the U.K. gained 0.86 percent and the SMI of Switzerland finished higher by 0.90 percent.

In Paris, Total SA advanced 1.50 percent, a day after it agreed to acquire Maersk Oil for $7.45 billion.

In London, BHP Billiton increased 1.98 percent after the mining giant reported a turnaround to a full-year profit of $5.9 billion and raised its final dividend.

Antofagasta climbed 2.04 percent after its half-year profit surged by nearly 90 percent, thanks to higher copper prices.

Persimmon rose 1.72 percent as the homebuilder logged a 30 percent rise in first-half profit after selling more houses at higher prices.

Sareum Holdings jumped 6.67 percent. The specialist cancer drug discovery and development business expects its fiscal 2017 profit after tax and cash at bank to be ahead of market expectations.

Subprime lender Provident Financial plunged 66.22 percent after issuing another profit warning in months.

Affecto surged 27.84 percent in Helsinki after the data analytic and business intelligence services firm received an all cash takeover offer from CGI.

Germany’s economic confidence weakened for the third straight month to hit a 10-month low in August, reflecting weak exports and scandals in the auto sector.

The ZEW Indicator of Economic Sentiment declined to 10.0 in August from 17.5 in July, survey data from the Mannheim-based Centre for European Economic Research/ZEW showed Tuesday.

This was the lowest score since October 2016, when the reading was 6.2. The indicator has remained significantly below the long-term average of 23.8 points and the expected level of 15.0.

The UK public sector net borrowing in July turned to surplus for the first time in 15 years on higher receipts of income tax, the Office for National Statistics said Tuesday.

Public sector net borrowing excluding public sector banks was in GBP 0.2 billion surplus, which was the first July surplus since 2002. In July 2016, borrowing was GBP 0.3 billion. Economists had forecast borrowing to increase to GBP 1 billion in July.

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