In­ter­na­tional Mar­kets Re­port

Malta Independent - - FINANCIAL - This ar­ti­cle was com­piled by Val­letta Fund Man­age­ment Lim­ited, a mem­ber of the BOV Group.Val­letta Fund Man­age­ment,TG Com­plex, Suite 2, Level 3, Brew­ery Str., Mriehel BKR 3000 Freep­hone: 80072344. E-mail: in­fovfm@bov.com. Web­site: www.vfm.com.mt. Val­letta

Euro­pean shares ad­vanced on Tues­day, with Ger­many’s Deutsche Bank hit­ting a twoweek high fol­low­ing re­cent steep losses and the world’s big­gest ed­u­ca­tion com­pany Pearson gain­ing af­ter en­cour­ag­ing com­ments by Morgan Stan­ley.

Pearson rose 5.6 per­cent, the top gainer in the pan-Euro­pean STOXX 600 index, af­ter Morgan Stan­ley said the com­pany was un­likely to is­sue a profit warn­ing, “mean­ing the shares could re­cover sharply on the Q3 re­sults”.

Deutsche Bank rose 2.7 per­cent to a two-week high. Its shares had slumped to a record low on Fri­day be­fore bounc­ing back on ex­pec­ta­tions of a swift deal with U.S. au­thor­i­ties over a multi-bil­lion dol­lar penalty.

HSBC said that de­spite Deutsche Bank’s ob­vi­ous op­er­a­tional short­com­ings, fears over the bank’s sol­vency were over­done. How­ever, HSBC cut its tar­get price for the bank, fore­cast­ing chal­leng­ing con­di­tions for the bank­ing en­vi­ron­ment.

The STOXX Europe 600 index was up 0.6 per­cent, while Ger­many’s DAX, which re­sumed trad­ing af­ter a hol­i­day on Mon­day, was up 0.5 per­cent. Also In Mar­ket News Bri­tain’s do­mes­ti­cally-fo­cused mid-cap FTSE 250 rose 1 per­cent to a record high, while the FTSE 100 index, dom­i­nated by in­ter­na­tional firms, gained 1.2 per­cent to 7,063 points - the first time since the mid-2015 it breached the 7,000 mark helped by a weaker ster­ling fol­low­ing the Brexit vote.

Ja­pan’s Nikkei share av­er­age rose on Tues­day, with ex­porters up af­ter the yen weak­ened against the dol­lar on data sug­gest­ing the U.S. man­u­fac­tur­ing sec­tor grew bet­ter than ex­pected in Septem­ber. The Nikkei gained 0.8 per­cent to 16,735.65, its high­est clos­ing level since the 23 Septem­ber. The broader Topix ad­vanced 0.7 per­cent to 1,340.21, while the JPX-Nikkei Index 400 rose 0.7 per­cent to 11,995.32.

Iran, fresh from an OPEC meet­ing where it won sig­nif­i­cant con­ces­sions from re­gional ri­val Saudi Ara­bia, ac­cel­er­ated the re­ju­ve­na­tion of its sanc­tions-rav­aged en­ergy in­dus­try on Tues­day when the state pro­ducer signed a new-model oil in­vest­ment con­tract.

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