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Stock Market News (US Open) – European stocks edge higher; Wall Street opens little changed with Dow not far below 23,000
October 17, 2017 2:28 pmVideo
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With the open of US markets at 1330 GMT, the Stoxx 600 was trading marginally higher. The pan-European index fluctuated within a relatively narrow range during today’s trading, having reached a fresh near four-month high of 392.42 earlier in the day.
The FTSE 100 reversed morning losses to trade in the green after comments by BoE policymakers, including the central bank’s governor Mark Carney, were perceived as dovish by markets and pushed sterling lower relative to the other major currencies. Component companies of the UK’s blue-chip index generate a significant proportion of their revenues from overseas markets and are thus seen as being on a positive footing whenever the British currency declines. The FTSE was last up by 0.3%.
The DAX and CAC 40 also moved higher with the former being up by 0.1% to climb back above the 13,000 mark, and the latter being higher by a bit less than 0.1%. The Spanish IBEX 35 staged a rebound as well to last trade higher by 0.7% and render itself the best performing major blue-chip European index during today’s trading. At its lowest, it was 0.5% down on the day. The benchmark has been on the frontline in recent weeks (and is expected to remain so) over uncertainty relating to Catalonia’s attempt to gain independence from Spain.
Pearson (up 8.4%) and Merlin Entertainments (down 17.35%) remained the best and worst performing stocks within the Stoxx 600 (and the FTSE 100). Their performance was driven by full-year profit guidance – upbeat for the former and poorer than anticipated for the latter.
Danone, the world’s largest yoghurt maker and a CAC 40 constituent, was up by 1.15% after positive third-quarter results which were helped by strong sales of its baby milk formula in China. Nestlé, which competes with Danone in the Chinese baby food market, last traded up by 0.2%.
Sartorius, the German lab equipment maker, was down by 6.7% after revising downwards its full-year guidance. Broker Berenberg also cut the company’s target price to 85 euros from 90. The company’s stock price last traded at 76.03 euros.
With the start of trading in the US, the Dow Jones Industrial Average was 0.1% higher, the S&P 500 was flat and the Nasdaq Composite lower by 0.05%.
Morgan Stanley and rival Goldman Sachs reported quarterly results before the opening bell that exceeded analysts’ estimates, though similar to JPMorgan and Citigroup which released their quarterly reports last week, the two banks’ trading revenues are being under pressure. Johnson & Johnson’s quarterly profits fell, though by less than forecasters predicted. Netflix is expected to be on the rise after positive third-quarter results that saw it add more subscribers than expected during the quarter.
Alcoa, American Express, eBay, Honeywell and Procter & Gamble will be among the companies reporting results later in the week.
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