European stocks rise despite poor UK budget news, EU data

European stock markets rose on Wednesday, unruffled by grim news on the eurozone and British economies.

London's FTSE 100 index of leading companies closed up 0.39 percent to 5,892.08 points, while Frankfurt's DAX 30 added 0.26 percent to 7,454.55 points, and in Paris the CAC 40 climbed 0.28 percent to 3,590.50 points.

In foreign exchange deals, the euro dipped to $1.3076 from $1.3096 late in New York on Tuesday.

Gold prices eased lower to $1,694 an ounce on the London Bullion Market, from $1,697.75 on Tuesday.

"European markets started the day on a positive note on news that China's policy of continued investment would continue under the new regime," said Michael Hewson, Senior Market Analyst at CMC Markets UK.

"However some mixed European services PMI data kept a lid on investor enthusiasm as did some really poor European retail sales data which showed that European consumers remain reluctant to spend against a backdrop of austerity and uncertainty in mainland Europe," he added.

The eurozone Purchasing Managers Index (PMI), a leading indicator compiled by the London-based Markit research firm, showed a upwardly revised score of 46.5 points for November.

Markit said the figure suggested the eurozone might be past the worst of its economic downturn, although recession was likely to continue into the beginning of next year.

Data from the European Union's statistics agency Eurostat showed retail sales fell by 1.2 percent in October from September, the third straight monthly decline and the largest since April.

Retail sales fell by 3.6 percent compared with October 2011, marking the largest year-to-year drop since May 2009.

In New York, US stocks traded with investors tracking talks on avoiding the so-called fiscal cliff of automatic tax hikes and spending cuts due to come into force on January 1.

In midday trade, the Dow Jones Industrial Average was up 0.87 percent while the S&P 500-stock index had risen 0.44 percent.

The tech-rich Nasdaq Composite had slid 0.35 percent, weighed down by market chatter about Apple's profit outlook sent the company's shares down 4.6 percent.

Before the opening bell, payrolls firm ADP reported that US businesses added just 118,000 jobs in November, down from 157,000 in October.

A key report on the US economy's huge services sector showed improvement. The Institute for Supply Management's monthly index rose to 54.7, from 54.2 in October, roughly in the range it has held for a year.

In London, Britain's finance minister George Osborne updated his budget plans and released revised government growth and debt forecasts.

He warned that the economy was expected to contract by 0.1 percent this year owing to "deep-seated problems at home and abroad" before growing again in 2013, and added that deep austerity measures would be extended by a year to 2017-18.

The country's debt as a proportion of gross domestic product (GDP) is now forecast to start falling in 2016-17, also a year later than the government's previous forecast.

Julian Jessop at Capital Economics said "UK financial markets were largely unruffled by the Chancellors Autumn Statement."

In Asia meanwhile, stock markets closed higher on hopes for progress in talks in Washington aimed at avoiding a "fiscal cliff" of tax hikes and spending cuts.

Chinese shares bounced back from four-year lows, also on speculation that the country's government would soon unveil new plans for the economy, while data showing Australian growth remained buoyant provided some support.

In company activity, shares in HSBC rose 1.24 percent to 644.1 pence after the British banking giant said it would sell its stake in China's second largest life insurer Ping An to a Thai firm for $9.4 billion.

In a shift back towards its traditional banking business, the lender said it would sell its 15.57-percent holding to conglomerate Charoen Pokphand Group at HK$59 ($7.66) a share, making it the biggest foreign purchase by a Thai firm.

HSBC chief executive Stuart Gulliver said in a statement that the sale would benefit shareholders, but added that China remained "a key market for the group."

Britain's biggest retailer Tesco meanwhile rallied 3.31 percent to 337.45 pence as the supermarket group said it would likely exit its loss-making US business.

"It's likely, but not certain, that our presence in America will come to an end," Tesco chief executive Philip Clarke told reporters, as the company said it was launching a strategic review of Fresh & Easy which may end in a full sale.

Meanwhile NYSE Euronext, which operates the Paris stock exchange, said it aims to launch early next year a new dedicated exchange in the hope of tripling the number of small and medium-sized companies listing their shares.

burs-rl/wai

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Spain revises Q2 growth estimate upward to 0.8 percent Associated Press - 8 minutes ago

    Officials have revised Spain's quarterly economic growth figure for the April-June period upward, from 0.7 percent to 0.8 percent, welcome news for a country in its eighth month without a fully functioning ... … More »

  • Grain mixed, livestock mixed Associated Press - 17 minutes ago

    Grain futures were mixed Thursday in early trading on the Chicago Board of Trade. Wheat for Sept. delivery was .50 cent higher at $4.0460 a bushel; Sept. corn was .50 cent lower at $3.27 bushel; Sept. ... … More »

  • Iran will join OPEC meet in Algeria: minister AFP - 33 minutes ago

    Iran will take part in an informal meeting of OPEC countries in Algeria next month, state media reported on Thursday. "I will take part in this session," Oil Minister Bijan Zanganeh told the ... … More »

  • Russia will work with US on response to Syria gas attacks probe: ambassador
    Russia will work with US on response to Syria gas attacks probe: ambassador AFP News - 37 minutes ago

    Russia will work with the United States on a response after a UN investigation found that the Syrian regime had carried out chemical attacks, Moscow's UN Ambassador Vitaly Churkin said Thursday. … More »

  • Markets Right Now: Stocks are slightly lower in early trade Associated Press - 42 minutes ago

    The latest on developments in global financial markets (all times local): 10:10 a.m. U.S. stock indexes are slightly lower in early trading, while several companies fell sharply after reporting disappointing ... … More »

  • Deals of the day- Mergers and acquisitions Reuters - 45 minutes ago

    ** British broadcaster ITV said on Thursday it would not bid for Entertainment One after failing to persuade the owner of the children's TV character Peppa Pig to enter into a formal process. ** Berry Plastics Group Inc said it would buy AEP … More »

  • Average US 30-year mortgage rate unchanged at 3.43 percent Associated Press - 49 minutes ago

    Long-term U.S. mortgage rates didn't budge this week, remaining at historically low levels that continue to lure prospective home buyers. Mortgage giant Freddie Mac said Thursday that the average for the ... … More »

  • Chinese military will train Syrian troops: govt
    Chinese military will train Syrian troops: govt AFP News - 56 minutes ago

    China's military will provide training for Syrian armed forces, a spokesman for Beijing's defence ministry said Thursday, adding it would take place on Chinese soil. Beijing is a longstanding backer of the Syrian government of Bashar al-Assad, … More »

  • Gold edges off 4-week low, awaits clues on Fed policy
    Gold edges off 4-week low, awaits clues on Fed policy Reuters - 1 hour 3 minutes ago

    Gold edged off the previous day's four-week low on Thursday as the dollar retreated, but prices were rangebound ahead of a speech by Federal Reserve Chair Janet Yellen this week which will be watched for clues on monetary policy. Investors are … More »

  • Oil prices fall as production freeze expectation fades
    Oil prices fall as production freeze expectation fades Reuters - 1 hour 4 minutes ago

    Oil prices slipped on Thursday as the market focused on oversupply and fading expectation of a production freeze. U.S. light crude oil was down 15 cents at $46.62 a barrel, after dropping 2.8 percent on Wednesday. Oil prices rose more than 20 … More »

  • Bold moves, tepid gains: Have central banks met their limit?
    Bold moves, tepid gains: Have central banks met their limit? Associated Press - 1 hour 4 minutes ago

    The world's key central banks have worked themselves into contortions to try to rev up economic growth, raise inflation and coax consumers and businesses to borrow and spend more. They've pumped trillions ... … More »

  • US stocks open lower despite solid industrial, jobs data AFP - 1 hour 18 minutes ago

    US stocks headed modestly lower in opening trade Thursday despite buoyant industrial production and jobless claims data that pointed to continued strength in the economy. Traders remained cautious ahead ... … More »

  • Wall St opens lower as investors await Yellen
    Wall St opens lower as investors await Yellen Reuters - 1 hour 21 minutes ago

    REUTERS - U.S. stocks opened lower on Thursday as investors nervously awaited Federal Reserve Chair Janet Yellen's take on interest rate hikes. The Dow Jones Industrial Average was down 26.6 points, or ... … More »

  • Investor group rebukes Sports Direct, wants review of management
    Investor group rebukes Sports Direct, wants review of management Reuters - 1 hour 38 minutes ago

    An investor group whose members manage 850 billion pounds ($1.1 trillion) of UK equities has taken the unusual step of publicly rebuking the management of Sports Direct and calling for an independent review. The Investor Forum, which speaks for … More »

  • Poland first in Europe to issue Chinese 'Panda bonds'
    Poland first in Europe to issue Chinese 'Panda bonds' AFP News - 2 hours 0 minutes ago

    Poland on Thursday said it became the first European country to issue government bonds on the Chinese market, opening the door to new sources of financing as Warsaw plans to run a record deficit next year. The Polish finance ministry said it had … More »

  • Fiscal spend in richer euro countries would help periphery - ECB paper
    Fiscal spend in richer euro countries would help periphery - ECB paper Reuters - 2 hours 17 minutes ago

    Fiscal spending in "core" euro zone countries, such as Germany, would help weaker economies in the region's periphery at a time when European Central Bank rates are stuck at zero, an ECB research paper showed on Thursday. The authors argue for … More »

  • Standex posts 4Q profit Associated Press - 2 hours 24 minutes ago

    On a per-share basis, the Salem, New Hampshire-based company said it had net income of 95 cents. Earnings, adjusted for one-time gains and costs, came to $1.31 per share. The equipment manufacturing company ... … More »

  • Two of China’s Biggest Banks Hold Back Rising Tide of Bad Loans Bloomberg - 2 hours 42 minutes ago

    Investors are looking for any signs that China’s banks are getting on top of their bad loans, estimated by analysts to be much higher than the levels officially reported. Likewise, Bank of Communications executives cautioned that it was too early … More »

  • Poland first in Europe to issue Chinese 'Panda bonds': ministry AFP - 2 hours 56 minutes ago

    Poland on Thursday said it became the first European country to issue government bonds on the Chinese market, opening the door to new sources of financing as Warsaw plans to run a record deficit next year. ... … More »

  • China graft inspectors call on energy agency to speed up reforms Reuters - 2 hours 58 minutes ago

    China's graft inspectors have called on the nation's energy regulator to intensify oversight of the approval process for new projects and accelerate reforms of its massive oil, gas and power sector as Beijing cracks down on widespread corruption. … More »

  • Global stocks wilt ahead of Fed gathering, dollar wobbles
    Global stocks wilt ahead of Fed gathering, dollar wobbles Reuters - 3 hours ago

    European stocks saw their biggest fall in three weeks on Thursday and currency markets were noticeably subdued as investors took to sidelines ahead of one of the big global central banker gatherings of the year. Japanese and Chinese stocks had … More »

  • 'Queen of Knitwear' Sonia Rykiel dies aged 86
    'Queen of Knitwear' Sonia Rykiel dies aged 86 AFP News - 3 hours ago

    Sonia Rykiel, the French fashion designer known as the Queen of Knitwear, died on Thursday at the age of 86 after a long battle with Parkinson's disease, her daughter told AFP. "My mother died at 5:00 this morning at her home in Paris from the … More »

  • Navios reports 2Q loss Associated Press - 3 hours ago

    On a per-share basis, the company said it had a loss of 29 cents. The shipping and logistics company posted revenue of $105.7 million in the period. The company's shares closed at $1.03. A year ago, they ... … More »

  • Deutsche Boerse, LSE submit merger to EU regulators for approval
    Deutsche Boerse, LSE submit merger to EU regulators for approval Reuters - 3 hours ago

    Deutsche Boerse and the London Stock Exchange Group have submitted their $29 billion merger deal to European Union competition regulators ahead of a Sept. 28 deadline for a preliminary review. The European Commission's antitrust department, whose … More »

  • European equities slide in choppy trade
    European equities slide in choppy trade AFP News - 3 hours ago

    European stocks slid Thursday in choppy trade as investors eyed poor German data and recent oil price falls, on the eve of a speech by Federal Reserve boss Janet Yellen. In late morning deals, Frankfurt sank 1.0 percent, London lost 0.3 percent and … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.128-0.001-0.78%
    N21.SI
    0.355-0.010-2.74%
    E5H.SI
    0.59-0.01-1.67%
    5TP.SI
    1.00+0.01+1.01%
    Y92.SI
    0.785-0.010-1.26%
    BS6.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.45+0.09+26.76%
    AYB.SI
    0.465+0.080+20.78%
    E8Z.SI
    0.16+0.02+14.29%
    UV1.SI
    0.20+0.02+11.11%
    BGO.SI
    0.188+0.018+10.59%
    AWS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.35-0.10-22.22%
    BFK.SI
    0.185-0.040-17.78%
    Y35.SI
    0.40-0.06-13.04%
    BBW.SI
    0.20-0.03-13.04%
    AWI.SI
    0.194-0.026-11.82%
    BLZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.35370.000.00%
    USDSGD=X
    1.5274+0.0025+0.16%
    EURSGD=X
    1.7852-0.0054-0.30%
    GBPSGD=X
    74.2460+0.103+0.14%
    SGDJPY=X
    5.7268+0.0032+0.06%
    SGDHKD=X
    2.9720-0.0049-0.16%
    SGDMYR=X
    9,793.8896+10.6484+0.11%
    SGDIDR=X
    4.9156+0.0023+0.05%
    SGDCNY=X
    1.0302-0.0005-0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,324.80-4.90-0.37%
    GCZ16.CMX
    18.52-0.03-0.17%
    SIU16.CMX
    97.59+2.25+2.36%
    ^XAU
    2.080.00+0.07%
    HGU16.CMX
    46.91+0.14+0.30%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.140.00
    ^FVX
    1.560.00
    ^TNX
    2.240.00
    ^TYX