Stocks Bounce After Extended Selloff
2017年8月22日 - 10:01PM
Dow Jones News
By Christopher Whittall and Ese Erheriene
Global stock markets mostly advanced Tuesday, showing further
signs of steadying following a recent selloff.
U.S. futures pointed to a 0.3% opening gain for the Dow Jones
Industrial Average, while the Stoxx Europe 600 rose 0.6%, buoyed by
gains in mining shares. Stock markets in the Asia-Pacific region
mostly pushed higher.
The moves follow the largest two-week decline for the Dow and
the S&P 500 this year, as a combination of disappointing
corporate results, geopolitical tensions and investor concerns over
the fate of the White House's policy agenda jolted markets.
The S&P 500 is still up 8.5% in 2017, but many investors
think further gains could be muted absent a surprise uptick in
economic growth or company earnings.
"The byword seems to be exhaustion," said Larry Hatheway, global
chief economist at Swiss money-manager GAM Holding.
Mr. Hatheway said he expects markets to trade in a range, and to
be more volatile, given the lack of upside surprises in global
growth and earnings -- the two main drivers of the equity
rally.
"There is some loss of momentum," he said.
In Europe, mining stocks led the market higher, with the Stoxx
Europe 600 Basic Resources subindex rising 1.8%. That comes on the
back of industrial metals prices hitting multiyear highs and solid
results from companies in the sector.
BHP Billiton declared on Tuesday that it would triple its final
dividend, joining fellow miners in rewarding shareholders as its
fortunes have rebounded with a recovery in commodity prices. It
also said it would sell its U.S. shale operations following months
of investor pressure. In London trade, shares in BHP rose 3.5%.
Elsewhere, shares in Provident Financial tumbled 68% after the
British lender issued an earnings warning, withdrew its interim
dividend and announced the resignation of its chief executive.
The U.K.'s FTSE 100 rose 0.7%.
Stock markets were broadly higher across the Asia-Pacific
region. Hong Kong's Hang Seng Index gained 0.9%, Korea's Kospi was
up 0.4%, and mining stocks helped push Australia's S&P/ASX 200
0.4% higher.
In Japan, the Nikkei Stock Average slipped 0.1%, notching its
11th decline in 13 trading sessions and cutting its year-to-date
gain to 1.4%.
Investors were also looking ahead to the Jackson Hole economic
symposium later this week. The roster of top central bankers
includes Federal Reserve Chairwoman Janet Yellen and European
Central Bank President Mario Draghi, who will gather at the annual
conference that kicks off Thursday.
Investors are watching for further details on the Fed's plans to
scale back its balance sheet and clues on when the ECB could trim
its asset purchases, which have helped underpin markets in recent
years.
"Our view of the world at the moment is it's very much central
bank dependent," said Iain Stealey, a portfolio manager at J.P.
Morgan Asset Management.
"The risk is they surprise to the hawkish side. The market isn't
pricing in much in terms of rate hikes from the Fed," he added.
In bond markets, the yield on the 10-year Treasury note edged up
to 2.204% from 2.182% on Monday, according to Tradeweb. Yields rise
as prices fall. In currencies, the WSJ Dollar Index rose 0.4% after
declining slightly on Monday.
In commodity markets, gold prices fell 0.4% to $1,291 an ounce.
Brent crude oil prices fell 0.1% to $51.59 a barrel.
Kosaku Narioka contributed to this article.
Write to Christopher Whittall at christopher.whittall@wsj.com
and Ese Erheriene at ese.erheriene@wsj.com
(END) Dow Jones Newswires
August 22, 2017 08:46 ET (12:46 GMT)
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