Global Stocks Extend Rise as U.S. Considers Tariff Drawdown
2019年1月18日 - 7:52PM
Dow Jones News
By Riva Gold
Expectations for easing trade tensions between the U.S. and
China continued to buoy stock markets on Friday, putting most major
indexes on track to end the week higher.
The Stoxx Europe 600 rose 1.1% to around a six-week high after
stock markets in Japan, Shanghai and Hong Kong closed up over 1%.
S&P 500 futures rose 0.3%.
The moves came after U.S. stocks rose for a third straight
session Thursday thanks to optimism the U.S. would ratchet back
tariffs on Chinese imports.
The Wall Street Journal reported that U.S. Treasury Secretary
Steven Mnuchin proposed the idea of lifting some or all tariffs on
Chinese imports to advance trade talks.
Trade friction had weighed down market sentiment in recent
months amid concerns about the impact it would have on economic
growth and corporate supply chains.
A Treasury spokesman said bargaining positions "are all at the
discussion stage" and that "neither Secretary Mnuchin nor
Ambassador Lighthizer has made any recommendations to anyone with
respect to tariffs or other parts of the negotiation with
China."
In Europe, the trade-sensitive auto sector was one the best
performers Friday, rising 1.6% for the day and adding to gains of
7.8% this month after a bruising selloff in late 2018.
Shares of oil-and-gas companies also rose 1.6% Friday as Brent
crude, the global benchmark, gained 1% to $61.77 a barrel.
The moves kept the pan-European index on track for weekly gains
alongside its peers in the U.S. and Asia, although the U.K.'s
multinational-heavy FTSE 100 lagged behind amid a strengthening
currency and ongoing uncertainty around Brexit.
Corporate earnings have also been a source of support for the
market this week and continued to drive moves in individual
companies on Friday.
Shares of Europe's Ryanair Holdings fell 1.7% after it lowered
its full-year profit guidance and said further cuts could be on the
way depending on how Brexit develops.
Rio Tinto was up 0.5% after the mining giant forecast a further
rise in exports in the year ahead.
In the U.S., shares of Netflix fell in premarket trading after
the streaming-video giant said revenue grew less than analysts
expected. Shares of American Express also moved lower despite
posting its highest annual profit and revenue.
Overall, 77% of S&P 500 companies reported earnings above
analysts' expectations through Thursday afternoon, compared with
64% in a typical quarter, according to data from Refinitiv.
That comes against a significantly lowered bar, however.
"Analysts' [earnings] revision momentum has gone off a cliff," said
David Bowers, who heads up research at Absolute Strategy Research.
For stocks and the broader environment for risky assets "we think
we're not out of the woods yet," he said.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
January 18, 2019 05:37 ET (10:37 GMT)
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