Euro­pean stocks fluc­tu­ate on cor­po­rate re­sults

Malta Independent - - FINANCIAL -

On Tues­day Euro­pean stocks fluc­tu­ated as traders swiveled be­tween up­beat news from Royal Dutch Shell Plc and China, and dis­ap­point­ing re­sults from Stan­dard Char­tered Plc and BP Plc.

Stan­dard Char­tered slid 5.3 per­cent af­ter third-quar­ter profit fell short of es­ti­mates as rev­enue shrank at all four of its di­vi­sions. BP Plc lost 2.6 per­cent af­ter re­port­ing a 49 per­cent drop in earn­ings as crude prices fell and re­fin­ing mar­gins shrank. Royal Dutch Shell Plc added 3.5 per­cent af­ter its ad­justed profit beat fore­casts. Rio Tinto Group led min­ers to the best per­for­mance of the 19 in­dus­try groups on the Stoxx Europe 600 In­dex fol­low­ing Chi­nese data.

The Stoxx 600 slipped 0.1 per­cent to 338.6 at 11:30 a.m. in Lon­don, af­ter ear­lier ris­ing as much as 0.5 per­cent and fall­ing 0.4 per­cent. Prior to today, the in­dex fell for six straight days, its long­est los­ing streak since Fe­bru­ary. The vol­ume of shares chang­ing hands was about 18 per­cent lower than the 30-day av­er­age amid hol­i­days in Italy, France, Spain and Por­tu­gal. China’s of­fi­cial fac­tory gauge rose to the high­est since July 2014, sug­gest­ing the big­gest driver of global eco­nomic growth con­tin­ued its sta­bi­liza­tion into the fourth quar­ter.

The Stoxx 600 fell 1.2 per­cent in Oc­to­ber, post­ing its first back-to­back monthly de­clines since the start of the year, as a late-month slide in en­ergy stocks ex­ac­er­bated the woes of an unin­spir­ing earn­ings sea­son, un­cer­tainty over mon­e­tary-pol­icy tight­en­ing and the ef­fi­cacy of Euro­pean Cen­tral Bank stim­u­lus amid mixed eco­nomic data.

Asian stocks climbed for a se­cond day as gauges of man­u­fac­tur­ing in China topped es­ti­mates and Tokyo equities edged higher af­ter the Bank of Ja­pan main­tained its record stim­u­lus pro­gram. The MSCI Asia Pa­cific In­dex added 0.3 per­cent to 139.42 as of 4:10 p.m. in Hong Kong, led by util­i­ties and en­ergy shares.

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 Fund Man­age­ment Limited is li­censed by the MFSA.

Fi­nan­cial news com­piled by BOV Group

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