Stock Market News (European Open) – Bullish sentiment across global equity markets; European equity gains though limited
November 22, 2017 9:25 am
Asian stock markets extended their gains during today’s trading with major benchmarks hitting fresh multi-year highs or coming close to recently hit multi-decade peaks. In Japan, the Nikkei 225 and Topix indices added 0.5% and 0.3%, coming closer to their highest since the early 1990s. Hong Kong’s Hang Seng rose by 0.6%, closing at a fresh decade high as well as above the 30,000 mark, while the Shanghai Composite advanced by 0.6%. Australia’s S&P/ASX 200 gained 0.4%.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all recorded all-time high closes during yesterday’s trading with the bullish sentiment in equity markets reverberating in Asia today. Investment bank Goldman Sachs raised its forecast for US stock performance in 2018 in expectation of higher corporate profitability as a result of strong economic growth and tax reforms.
In Europe, most major indices were also in the green though gains were limited. At 0908 GMT, the pan-European Stoxx 600 traded higher by 0.1% and the blue-chip Euro Stoxx 50 was up by the same proportion.
The UK’s FTSE 100 was higher by 0.3%, the German DAX was 0.1% down and the French CAC 40 was flat. The Spanish IBEX 35 (up 0.6%) outperformed relative to other major European blue-chip benchmarks.
Philip Hammond, the UK Chancellor of the Exchequer, is due to deliver his first Autumn budget at 1230 GMT, with discussions on the formation of a government still taking place in Germany.
UK-based food travel and mid-cap company SSP Group (up 7.6%) led gains within the Stoxx 600 as full-year results beat expectations and the company raised its full-year dividend while also proposing a special payout to shareholders. The firm though also said that it anticipates revenue growth to decelerate to 2-3% in its 2018 financial year on the back of economic and geopolitical uncertainty.
Norwegian-based media group Schibsted (down 8.1%) was the Stoxx 600’s worst underperformer after the corporation proceeded with a share issuance to raise funds to finance mergers and acquisitions.
Dow futures last traded higher by 0.1%, with S&P 500 and Nasdaq 100 contracts being up on the margin. The minutes pertaining to the Federal Reserve’s October 31 – November 1 policy meeting will be released at 1900 GMT.
Asian stock markets extended their gains during today’s trading with major benchmarks hitting fresh multi-year highs or coming close to recently hit multi-decade peaks. In Japan, the Nikkei 225 and Topix indices added 0.5% and 0.3%, coming closer to their highest since the early 1990s. Hong Kong’s Hang Seng rose by 0.6%, closing at a fresh decade high as well as above the 30,000 mark, while the Shanghai Composite advanced by 0.6%. Australia’s S&P/ASX 200 gained 0.4%.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all recorded all-time high closes during yesterday’s trading with the bullish sentiment in equity markets reverberating in Asia today. Investment bank Goldman Sachs raised its forecast for US stock performance in 2018 in expectation of higher corporate profitability as a result of strong economic growth and tax reforms.
In Europe, most major indices were also in the green though gains were limited. At 0908 GMT, the pan-European Stoxx 600 traded higher by 0.1% and the blue-chip Euro Stoxx 50 was up by the same proportion.
The UK’s FTSE 100 was higher by 0.3%, the German DAX was 0.1% down and the French CAC 40 was flat. The Spanish IBEX 35 (up 0.6%) outperformed relative to other major European blue-chip benchmarks.
Philip Hammond, the UK Chancellor of the Exchequer, is due to deliver his first Autumn budget at 1230 GMT, with discussions on the formation of a government still taking place in Germany.
UK-based food travel and mid-cap company SSP Group (up 7.6%) led gains within the Stoxx 600 as full-year results beat expectations and the company raised its full-year dividend while also proposing a special payout to shareholders. The firm though also said that it anticipates revenue growth to decelerate to 2-3% in its 2018 financial year on the back of economic and geopolitical uncertainty.
Norwegian-based media group Schibsted (down 8.1%) was the Stoxx 600’s worst underperformer after the corporation proceeded with a share issuance to raise funds to finance mergers and acquisitions.
Dow futures last traded higher by 0.1%, with S&P 500 and Nasdaq 100 contracts being up on the margin. The minutes pertaining to the Federal Reserve’s October 31 – November 1 policy meeting will be released at 1900 GMT.
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