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...
  • VW's Skoda to ponder U.S. production amid market push Reuters - 7 minutes ago

    Volkswagen's (VOWG_p.DE) Czech division Skoda said it will assess the possibility of building cars in the United States as it considers selling in the world's second largest auto market where its parent continues to grapple with an emissions … More »

  • Bunker-busting bombs close Aleppo underground schools: charity
    Bunker-busting bombs close Aleppo underground schools: charity AFP News - 32 minutes ago

    Bunker-busting bombs are putting children in so much danger in Syria's Aleppo that they won't even be able to return to underground schools when classes resume this weekend, a charity said Friday. The "ferocious assault" on Aleppo could deprive … More »

  • Most Asian Index Futures Drop Amid Bank Rout; Oil, Copper Swing Bloomberg - 40 minutes ago

    Shares in New Zealand fell early Friday with U.S. index futures, as contracts on equity gauges in Japan, Australia and South Korea foreshadowed losses. Financial stocks drove the S&P 500 Index lower last session amid concern over Deutsche Bank AG … More »

  • Elliott Management takes 8.1 percent stake in Mentor Graphics Reuters - 51 minutes ago

    (Reuters) - Activist hedge fund Elliott Management said it picked up an 8.1 percent stake in electronics hardware supplier Mentor Graphics Corp (MENT.O), a few months after Carl Icahn exited the company. ... … More »

  • Obama, Merkel condemn 'barbarous' Russian, Syrian strikes on Aleppo
    Obama, Merkel condemn 'barbarous' Russian, Syrian strikes on Aleppo AFP News - 1 hour 0 minutes ago

    US President Barack Obama and German Chancellor Angela Merkel condemned what they called "barbarous" Russian and Syrian regime airstrikes on Aleppo during a phone call Thursday, the White House said. The Syrian government and its ally Russia "bear … More »

  • Deutsche Bank shares sink 7% as hedge funds pull money out AFP - 1 hour 17 minutes ago

    Deutsche Bank shares sank seven percent Thursday after news that a number of hedge funds had pulled money out of the German giant amid worries over its financial strength. The move to sell off the German ... … More »

  • Signoff creates savings funds for private California workers
    Signoff creates savings funds for private California workers Associated Press - 1 hour 21 minutes ago

    Nearly 7 million California workers will be automatically enrolled in a retirement savings account under legislation Gov. Jerry Brown signed Thursday in an attempt to address growing fears that many workers ... … More »

  • Saudi warns of 'disastrous consequences' over US 9/11 law
    Saudi warns of 'disastrous consequences' over US 9/11 law AFP News - 1 hour 24 minutes ago

    Saudi Arabia on Thursday warned of "disastrous consequences" from a United States law allowing 9/11 victims to sue the kingdom, in a major spike in tension between the longstanding allies. The warning came after the US Congress voted overwhelmingly … More »

  • ECB's Nowotny says Europe not facing new banking crisis
    ECB's Nowotny says Europe not facing new banking crisis Reuters - 1 hour 26 minutes ago

    European Central Bank Governing Council member Ewald Nowotny said on Thursday he did not believe that Europe faced a new banking crisis similar to that seen in 2007 and 2008, but the financial sector was clearly in a transitional phase. During the … More »

  • Airbus Group to merge with its jetmaking unit - sources
    Airbus Group to merge with its jetmaking unit - sources Reuters - 1 hour 27 minutes ago

    Airbus Group SAS is likely to merge with its main planemaking unit, Airbus SAS, as part of a corporate restructuring being finalised on Thursday, people familiar with the matter said. A spokesman for Airbus Group (AIR.PA) declined to comment. The … More »

  • Business Highlights Associated Press - 1 hour 27 minutes ago

    ___ House lawmakers heap blistering criticism on Wells Fargo CEO Angry lawmakers heaped another round of blistering criticism on Wells Fargo's CEO, pressing Thursday for details about what senior managers ... … More »

  • The real reason Salesforce is complaining to regulators about the Microsoft-Linkedin deal
    The real reason Salesforce is complaining to regulators about the Microsoft-Linkedin deal Business Insider - 1 hour 32 minutes ago

    Salesforce Salesforce CEO Marc Benioff Salesforce lost its … Continued The post The real reason Salesforce is complaining to regulators about the Microsoft-Linkedin deal appeared first on Business Insider. … More »

  • US hedge fund to pay $400 million in African bribery case Associated Press - 1 hour 34 minutes ago

    A major Wall Street hedge fund has agreed to pay more than $400 million to settle charges accusing it of using a web of brazen middlemen to pay bribes to African officials, authorities said Thursday. The ... … More »

  • Dollar's movements split on forex markets AFP - 1 hour 36 minutes ago

    The dollar fell slightly against the euro on currency markets on Thursday but gained against the yen and the pound. Analysts pointed to rising crude prices but falling stock markets as countervailing pressures ... … More »

  • Xi’s $420 Billion China Rail Push Lures First Private Investment Bloomberg - 1 hour 49 minutes ago

    Shanghai Fosun High Technology Co. signed an agreement with the provincial government of Zhejiang in eastern China to buy a controlling stake in a 46.2 billion yuan ($6.9 billion) high-speed project linking the cities of Hangzhou and Taizhou, the … More »

  • Vietnam Sugar Producer Plans $600 Million Singapore Listing Bloomberg - 1 hour 49 minutes ago

    Ahead of the planned share sale, the group’s Thanh Thanh Cong Tay Ninh SC or TTC Sugar, will merge with another sugar company to create a combined entity worth $200 million and Vietnam’s largest sugar company, group officials said in an interview. … More »

  • Deutsche Bank worries hit US stocks
    Deutsche Bank worries hit US stocks AFP News - 1 hour 49 minutes ago

    US stocks tumbled Thursday after a report on withdrawals from Deutsche Bank revived worries about the health of one of the world's largest banks. News of the withdrawals sent a shudder through Wall Street, where trade had been muted earlier in the … More »

  • Senator: Education Dept. mishandling Corinthian student debt
    Senator: Education Dept. mishandling Corinthian student debt Associated Press - 2 hours 3 minutes ago

    The Education Department is pursuing debt collection — rather than debt relief — for nearly 80,000 former students of Corinthian Colleges, despite federal and state findings that the now-defunct for-profit ... … More »

  • 3Q Fund Review: A welcome return to strong, steady returns Associated Press - 2 hours 9 minutes ago

    It was a good summer for fund investors, as calm and strong markets around the world lifted most categories to gains from July into September. The third quarter's smooth ascent was a turnaround from the ... … More »

  • AP Explains: What does OPEC's tentative deal mean for oil?
    AP Explains: What does OPEC's tentative deal mean for oil? Associated Press - 2 hours 15 minutes ago

    OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and ... … More »

  • MSCI Still Monitoring China A Shares After ‘Positive’ Signs Bloomberg - 2 hours 23 minutes ago

    MSCI said it has seen a “marginal” drop in the number of suspended mainland shares after Shanghai and Shenzhen exchanges released stock suspension rules in late May. The announcement comes after MSCI in June cited accessibility issues among the … More »

  • Oil rises close to $50/bbl; doubts on OPEC plan cap gains
    Oil rises close to $50/bbl; doubts on OPEC plan cap gains Reuters - 2 hours 28 minutes ago

    Oil jumped more than 1 percent on Thursday, with Brent nearing $50 a barrel on optimism over OPEC's first planned output cut in eight years, although gains were limited by doubts the reduction would make a substantial dent in the global crude glut. … More »

  • Oil rises close to $50/barrel; doubts on OPEC plan cap gains
    Oil rises close to $50/barrel; doubts on OPEC plan cap gains Reuters - 2 hours 29 minutes ago

    Oil jumped more than 1 percent on Thursday, with Brent nearing $50 (39 pounds) a barrel on optimism over OPEC's first planned output cut in eight years, although gains were limited by doubts the reduction would make a substantial dent in the global … More »

  • Stocks Fall as Deutsche Bank Woes Roil Lenders; Treasuries Climb Bloomberg - 2 hours 32 minutes ago

    Equities erased gains after Bloomberg News reported about 10 hedge funds that do business with the German lender have moved to reduce their financial exposure. Traders pushed down the value of equities after the report on Deutsche Bank rekindled … More »

  • ECB's Lautenschlaeger says bank needs to craft exit from stimulus  Reuters - 2 hours 32 minutes ago

    FRANKFURT (Reuters) - The European Central Bank should not provide further stimulus, including through stock or bond purchases, but needs to carefully craft its exit from asset buys to avoid turbulence, ... … 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
    0.16+0.01+5.96%
    N21.SI
    0.112+0.003+2.75%
    40E.SI
    0.285+0.010+3.64%
    5ME.SI
    0.13+0.01+6.56%
    A50.SI
    0.107+0.002+1.90%
    40F.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.13+0.02+16.07%
    BEH.SI
    0.119+0.015+14.42%
    A7S.SI
    0.34+0.04+13.33%
    AYV.SI
    0.395+0.045+12.86%
    BQF.SI
    0.182+0.020+12.35%
    BGO.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.154-0.013-7.78%
    5WJ.SI
    0.16-0.01-5.88%
    5G1.SI
    0.185-0.011-5.61%
    B7K.SI
    0.100.00-4.76%
    42D.SI
    0.142-0.007-4.70%
    5AM.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3648+0.0008+0.06%
    USDSGD=X
    1.5307+0.0007+0.05%
    EURSGD=X
    1.7686+0.0005+0.03%
    GBPSGD=X
    74.1500+0.079+0.11%
    SGDJPY=X
    5.6811-0.0029-0.05%
    SGDHKD=X
    3.0216-0.0013-0.04%
    SGDMYR=X
    9,538.3789-4.334-0.05%
    SGDIDR=X
    4.8834-0.0036-0.07%
    SGDCNY=X
    1.0407-0.0002-0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,325.10-0.90-0.07%
    GCZ16.CMX
    19.16-0.03-0.15%
    SIZ16.CMX
    95.01-0.66-0.69%
    ^XAU
    2.190.00-0.14%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.12-0.01
    ^FVX
    1.56-0.01
    ^TNX
    2.28-0.01
    ^TYX