European stocks little changed
On Tuesday European stocks were little changed amid a reversal in industry moves seen in the immediate aftermath of Donald Trump’s win.
Bond-proxy sectors including utilities and real estate shares advanced as a global debt selloff spurred by growth bets abated. Energy shares rebounded from their lowest level since September after OPEC nations were said to be working toward securing a deal that would stabilize prices. Commodity producers, which had rallied in the days following the vote outcome, were the biggest losers.
The Stoxx Europe 600 Index added 0.1 percent at 10:52 a.m. in London, trimming opening gains that exceeded 0.4 percent. It has swung between intraday gains and losses for six sessions, matching a streak last seen in August, and has struggled to break out of a trading range of about 20 points since July.
The U.S. outcome, coming on the heels of the U.K.’s Brexit vote, has revived investor concern about rising populism in Europe. A constitutional referendum in Italy is due next month, followed by 2017 elections in France, where far-right National Front leader Marine Le Pen is leading polls for the first round of voting.
Stoxx 600 miners headed for their biggest drop since July, following declines in base metal prices, after surging 13 percent in the past six sessions. Antofagasta Plc and Rio Tinto Group fell at least 4 percent.
Asian stocks rose as Tokyo shares extended a rally to near a seven-month high, while investors continued to position themselves for U.S. President-elect Donald Trump’s fiscal stimulus plans. Indian shares slid. The MSCI Asia Pacific Index increased 0.2 percent to 134.55 as of 4:01 p.m. in Hong Kong, after two days of losses. The Topix index closed 0.2 percent higher after swinging between gains and losses with Japanese banks outperforming the broader market as Mitsubishi UFJ Financial Group Inc. jumped after earnings beat estimates.
Financial news compiled by BOV Group