Euro­pean stocks lit­tle changed

Malta Independent - - FINANCIAL -

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

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.