EUROPE MARKETS: European Stock Gains Limited As Auto, Mining Shares Fall
2017年5月25日 - 12:09AM
Dow Jones News
By Carla Mozee, MarketWatch
So far, 'limited' effects from negative rates, says ECB's
Draghi
Most major European markets ebbed lower Wednesday, with
automobile makers Daimler AG and Fiat Chrysler Automobiles and
mining stocks among those struggling, but stayed in the red after
European Central Bank President Mario Draghi maintained his dovish
tone.
Among benchmarks, Germany's DAX was off 0.2% at 12,636.89 and
Italy's FTSE MIB declined 0.3% to 21,350.88.
But the Stoxx Europe 600 clung to a gain of less than 1 point at
392.21, as most most U.K. blue-chips rose, lifting the FTSE 100 up
0.3% to 7,510.66
(http://www.marketwatch.com/story/mining-retail-shares-tug-ftse-100-slightly-into-the-red-2017-05-24).
On a sector basis in Europe, utility, basic material and
consumer goods shares were in the red, but health care, technology
and telecom stocks were among those advancing.
China cut: Investors entered Wednesday's session with a
downgrade of China's credit rating at Moody's for the first time in
nearly 30 years
(http://www.marketwatch.com/story/moodys-downgrades-china-rating-for-the-first-time-in-nearly-30-years-2017-05-24),
to A1 from Aa3. Moody's cited concerns about the impact that rising
levels of debt will have on the world's second-largest economy,
which is a major buyer of industrial and precious metals.
Mining shares were lower, with Fresnillo PLC (FRES.LN) down 1.8%
and iron ore heavyweight Rio Tinto PLC (RIO) (RIO) (RIO) off 1.6%.
Boliden AB (BOL.SK) was losing 0.7% and Norwegian aluminum company
Norsk Hydro ASA (NHYDY) gave up 1.3%.
Investors have already been aware of China's credit-expansion
issue, said Mark Williams, chief China economist at Capital
Economics, in note.
"The greater concern, in our view, is not what the debt build-up
is doing to government creditworthiness. Instead, it is that loose
credit policies designed to prevent struggling firms from failing
are eroding the economy's long-run growth potential by preventing
resources from being allocated to areas where they could be used
more efficiently," he wrote.
Central banks: There's been "an increasingly solid recovery" in
the eurozone economy although underlying inflation pressures are
still subdued, said Draghi at a speech in Madrid at Banco de
España. Eurozone PMIs released Tuesday showed economic activity has
remained at a six-year high.
But Draghi also said he doesn't see it necessary to change
course on its policy direction, which includes an overnight deposit
rate set at negative 0.4%. The ECB has said it could increase the
size or lengthen the duration of its asset-buying program if
inflation looks set to fall far back below its target of near but
just below 2%.
"[I]n in a multi-country monetary union such as the euro area,
made up of segmented national financial markets, asset purchases
are inevitably more difficult to calibrate, more complex to
implement, and more likely to produce side effects than other
instruments, including moderately negative rates," Draghi said.
"Negative rates may also have unwarranted side effects, but those
have so far remained limited."
After Draghi's speech, the euro was buying $1.1195, up from
$1.1184 late Tuesday in New York. The currency pair will be in
focus when the Federal Reserve releases the minutes from its most
recent meeting at 7 p.m. London time, or 2 p.m. Eastern Time.
Investors have largely priced in a rate hike by the Fed at its
June 13-14 meeting, so markets will watch for any language that
suggests policy makers may hold off on the anticipated move.
Read:Fed minutes may quell doubt about a June interest-rate hike
(http://www.marketwatch.com/story/fed-minutes-may-quell-fresh-doubts-about-a-june-rate-hike-2017-05-19)
Stock movers: Daimler AG (DAI.XE) fell 2.1%, leading decliners
on the DAX, after German authorities raided the company's Stuttgart
headquarters
(http://www.marketwatch.com/story/daimler-offices-raided-in-diesel-emissions-probe-2017-05-23)and
other sites to secure evidence in their investigation in possible
diesel-emissions fraud by the car maker. Prosecutors said on
Tuesday the offices were raided.
Fiat Chrysler Automobiles NV (FCA.MI) (FCA.MI) fell 1.1%, with
the car maker late Tuesday saying it was "disappointed" the U.S.
Justice Department filed a complaint
(http://www.marketwatch.com/story/fiat-chrysler-chafes-against-claims-of-diesel-emissions-cheat-shares-fall-2017-05-23)
against the company related to allegations it used software to
cheat diesel-emission tests.
Kingfisher PLC shares (KGF.LN) fell 7.1% after the parent of
home-improvement stores B&Q and Castorama said first-quarter
comparable sales fell 0.6%
(http://www.marketwatch.com/story/kingfisher-quarterly-same-store-sales-decline-2017-05-24)
on weak sales in France and disruption caused by a company
overhaul.
Shares of French aerospace supplier Safran SA (SAF.FR) and
Zodiac Aerospace (ZC.FR) each remained halted after Safran said it
cut its bid price
(http://www.marketwatch.com/story/safran-cuts-offer-for-zodiac-aerospace-by-15-2017-05-24)
for the plane cabin-interior specialist following Zodiac's profit
warning.
(END) Dow Jones Newswires
May 24, 2017 10:54 ET (14:54 GMT)
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