EUROPE MARKETS: European Stocks Edge Up As Chinese Data, Chip Makers Cheers Traders
2018年1月19日 - 02:26AM
Dow Jones News
By Carla Mozee and Sara Sjolin, MarketWatch
AB Foods shares drop after financial update
European stocks notched modest gains Thursday, with chip makers
boosted by an encouraging forecast on U.S. sales and the broader
market welcoming the release of upbeat economic growth and
industrial output data from major trading partner China.
But U.K. equities were a source of pain, as traders fretted
about the health of the British real-estate market and as shares of
Primark owner AB Foods took a knock after a financial update.
What did stocks do?: The Stoxx Europe 600 index rose 0.2% to
close at 398.74.
Germany's DAX 30 index rose 0.7% to 13,281.43, and France's CAC
40 ended 0.02% higher at 5,494.83.
But the U.K.'s FTSE 100 index shed 0.3% to hit 7,700.96
(http://www.marketwatch.com/story/ftse-100-faces-4th-loss-as-pound-rises-primark-owner-falls-2018-01-18),
squeezed by a rally in the pound . Sterling bought $1.3904, up from
$1.3830 late Wednesday in New York.
The euro bought $1.2243, up from $1.2188 on Wednesday.
What's driving markets: European stocks appeared to get a boost
from fresh economic data out of China, which is the European
Union's second-largest trading partner.
Official figures showed the world's second-largest economy grew
6.9% in 2017,
(http://www.marketwatch.com/story/chinese-economy-grew-69-on-year-in-2017-2018-01-18-4485739)
beating Beijing's target of 6.5%. Industrial output accelerated
(http://www.marketwatch.com/story/china-industrial-output-rises-62-beating-views-2018-01-18)
in December, but retail sales slowed.
Shares of chip makers were lifted from a report forecasting that
U.S. shipments of chips will reach $50.1 billion in 2021
(https://www.prnewswire.com/news-releases/us-shipments-of-semiconductors-to-reach-501-billion-in-2021-300584062.html).
The stronger euro, however, held gains in check as it rebounded
to trade around a three-year high against the dollar. The stronger
euro recently has prompted several European Central Bank officials
to express concerns that the appreciating currency is putting
downward pressure on inflation.
ECB policy maker Ewald Nowotny said on Wednesday that the euro
strength is "not helpful," while ECB Vice President Vítor
Constâncio told Italian newspaper la Repubblica that monetary
policy could stay "very accommodating for a long time."
Strength in the euro can hurt shares of European exporters, as
it cuts into the revenue and profit made in other currencies once
exchanged.
What strategists are saying: "A small beat in China's
fourth-quarter GDP number removes a potential banana skin," said
Lee Wild, head of equity strategy at Interactive Investor.
"That the Chinese economy registered its first year-on-year
growth since 2010, and the fastest growth in two years, is a
bullish flag for both the global economy and equity markets," Wild
said in a note.
Stock movers: Among semiconductor stocks, Infineon Technologies
AG (IFX.XE) gained 5.6%, while AMS AG (AMS.EB) climbed 4%.
Associated British Foods PLC shares (ABF.LN) dropped 3.6%, after
the company said revenue from its sugar business
(http://www.marketwatch.com/story/ab-foods-revenue-up-as-primark-offsets-sugar-fall-2018-01-18)
fell, though this was offset by an increase at its Primark
fast-fashion arm.
Shares of British online real estate listings firm Rightmove PLC
(RMV.LN) fell 3.7%, tracking a 19% slide in shares of Countrywide
PLC (CWD.LN) after the U.K. real-estate agent forecast a 9% drop in
2017 profit
(http://www.marketwatch.com/story/countrywide-slumps-17-after-disappointing-q4-performance-2018-01-18).
Whitbread PLC (WTB.LN) shares pushed up 3.5% as the company,
which runs the Costa Coffee and Premier Inn brands, said it's on
track to meet its full-year expectations.
Shares of Ryanair Holdings PLC (RYAAY) gained 2.7% after the low
cost carrier said its U.K. pilots have voted to accept pay
increases of up to 20%
(http://www.marketwatch.com/story/ryanair-uk-pilots-vote-to-accept-20-pay-rise-2018-01-18).
Steinhoff International Holdings NV picked up 5.1%. The company,
currently in the process of restating its earnings after an
accounting scandal, said it for the short term can back its debt
obligations
(http://www.marketwatch.com/story/steinhoff-says-it-can-pay-back-short-term-debt-2018-01-18)
at the agreed-upon on rate.
Economic data:U.K. house prices bounced back in December
(http://www.marketwatch.com/story/uk-house-prices-bounce-back-rics-survey-2018-01-18),
with the Royal Institution of Chartered Surveyors saying its
monthly reading came in at a plus 8. Analysts polled by The Wall
Street Journal expected, on average, the index to slip further, to
minus 2.
Read:U.K. retail stocks could get a boost if Britons splashed
out cash during Christmas
(http://www.marketwatch.com/story/uk-retail-stocks-could-get-a-boost-if-britons-splashed-out-cash-during-christmas-2018-01-18)
(END) Dow Jones Newswires
January 18, 2018 12:11 ET (17:11 GMT)
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