European stocks fluctuate on corporate results
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.