Euro­pean stocks lit­tle changed

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

On Tues­day Euro­pean stocks were lit­tle changed in a sign of in­vestor cau­tion on the day of the U.S. pres­i­den­tial elec­tion, the run-up to which has roiled eq­uity mar­kets.

The Stoxx Europe 600 In­dex added less than 0.1 per­cent at 10:53 a.m. in London, with the vol­ume of shares chang­ing hands 15 per­cent lower than the 30-day av­er­age. The eq­uity bench­mark jumped 1.5 per­cent on Mon­day, break­ing its long­est spell with­out gains since 1994, af­ter the Fed­eral Bureau of In­ves­ti­ga­tion re­it­er­ated its de­ci­sion not to seek crim­i­nal charges against Hil­lary Clin­ton. Most opin­ion polls show the Demo­cratic nom­i­nee ahead of Repub­li­can Don­ald Trump.

While con­cern about Clin­ton’s prospects dom­i­nated in­vestor sen­ti­ment in re­cent ses­sions, wor­ries about the health of cor­po­rate Europe and cen­tral-bank pol­icy tight­en­ing have also weighed on stocks since they reached a four­month high in Septem­ber. Traders are pric­ing in an 80 per­cent chance the Fed­eral Re­serve will raise rates next month.

The Stoxx 600 is down 8.7 per­cent in 2016, on track to end a four-year rally. Still, in­vestors may find com­fort in the cur­rent earn­ings sea­son: Sixty-two per­cent of the bench­mark’s com­pa­nies beat profit es­ti­mates rel­a­tive to fore­casts so far, JPMor­gan eq­uity strate­gists said in a note Tues­day, and 48 per­cent beat on sales.

Asian stocks climbed for a sec­ond day as polls showed Hil­lary Clin­ton ahead of Don­ald Trump in the U.S. pres­i­den­tial elec­tion be­fore Amer­i­cans head to the polls on Tues­day. The MSCI Asia Pa­cific In­dex gained 0.4 per­cent to 137.92 as of 4:01 p.m. in Hong Kong, led by raw ma­te­rial and con­sumer dis­cre­tionary stocks, fol­low­ing a 0.5 per­cent ad­vance on Mon­day. The Shang­hai Com­pos­ite In­dex closed at a 10-month high as spec­u­la­tion that Clin­ton will win out­weighed a larger-than-ex­pected drop in Chi­nese ex­ports.

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