european stock markets rise after strong tokyoeuropean stock markets rise after strong tokyo
Last Updated : GMT 09:40:38
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Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

European stock markets rise after strong TokyoEuropean stock markets rise after strong Tokyo

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleEuropean stock markets rise after strong TokyoEuropean stock markets rise after strong Tokyo

The Paris CAC 40 advanced 0.5 percent and Madrid's IBEX 35 rose 0.2 percent.
London - Muslimchronicle

Europe's main stock markets grew solidly on Wednesday following strong gains in Tokyo, as investors looked ahead to any new rate tightening signals from the US Federal Reserve.

Prices in Europe were given additional support from a firmer opening on Wall Street on the back of better-than-expected jobs data, traders said.

London's benchmark FTSE 100 index was up 0.1 percent by mid-afternoon, compared with the close on Tuesday, with gains however capped by heavy losses to shares of British clothing retailers.

Next shed 9.8 percent to 4,437 pence after a poorly-received trading update that weighed also on rival Marks and Spencer, down 5.4 percent at 325 pence.

In the eurozone, Frankfurt's DAX 30 index jumped 1.9 percent, having been closed Tuesday for a public holiday in Germany.

The Paris CAC 40 advanced 0.5 percent and Madrid's IBEX 35 rose 0.2 percent.

The Fed is expected to keep US monetary policy unchanged at the conclusion of a two-day meeting Wednesday. But the announcement will be scrutinised for the likelihood of a December rate increase from the central bank.

Looming over the decision is President Donald Trump's announcement due Thursday of his pick to replace Fed Chair Janet Yellen.

Jerome Powell is tipped as the front-runner, with investors pricing in his potential appointment over the more hawkish John Taylor.

Back in Europe, the Bank of England is widely expected to raise its key interest rate Thursday for the first time since 2007.

On guard against high inflation fuelled by a Brexit-hit weak pound, policymakers are set to increase the BoE's main rate to 0.50 percent from a record-low 0.25 percent.

- Asian rally -

Tokyo and Seoul led a rally in Asian shares Wednesday, on the back of strong earnings reports across the region including from tech giants Sony and Samsung.

The buying, after a muted start to the week in Asia, tracked overnight gains in the Nasdaq on Wall Street that saw it close at a fresh record.

Along with solid US economic data and growing expectations that a centrist continuity candidate will take over at the Fed, the outlook for global growth remained broadly positive.

Asia has witnessed an impressive profit reporting season so far, with Sony the latest electronics blue-chip to announce it was expecting record annual profits.

Sony stocks surged 11.4 percent Wednesday, with strong results attributed to its PlayStation games division and a booming smartphone parts business, as well as a hit with the newest Spider-Man movie.

Tokyo finished at a fresh 21-year high, trading up 1.9 percent, as firms benefited from a weak yen -- making their products more competitive in foreign markets and inflating repatriated profits.

The announcement from Japan's central bank Tuesday that it would keep its ultra-loose monetary policy unchanged, even though overseas counterparts have started turning off the stimulus taps, also contributed.

Shanghai edged up 0.1 percent, as new numbers showed Chinese factory activity stabilised in October, going some way to dispel the gloom of Tuesday's official reading which suggested output growth had slowed.

Wall Street rose Tuesday after US consumer confidence hit a 17-year high and as congressional Republicans prepared to unveil President Donald Trump's long-anticipated tax cut plan.

Traders are also keeping a close eye on key American payroll data out on Friday.

The New York attack by a truck driver that killed eight people, and Trump's vow to ensure more robust "extreme vetting" of travellers to the US, did not appear to affect investor decisions.

- Key figures around 1345 GMT -

New York - DOW: UP 0.5 percent at 23,483.62 points

London - FTSE 100: UP 0.1 percent at 7,503.56

Frankfurt - DAX 30: UP 1.9 percent at 13,474.79

Paris - CAC 40: UP 0.5 percent at 5,531.46

Source:AFP

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european stock markets rise after strong tokyoeuropean stock markets rise after strong tokyo european stock markets rise after strong tokyoeuropean stock markets rise after strong tokyo

 



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