Euro­pean stoks pos­i­tive

Malta Independent - - FINANCIAL -

On Wed­nes­day Euro­pean stocks rose and U.S. eq­uity-in­dex fu­tures edged higher as in­vestors awaited the Fed­eral Re­serve rate de­ci­sion. The dol­lar nudged up­ward with Trea­suries yields, and emerg­ing-mar­ket cur­ren­cies ex­tended a drop.

Tech­nol­ogy com­pa­nies out­per­formed as the Stoxx Europe 600 In­dex ad­vanced, though gains were tem­pered by a de­cline in tele­com shares and trad­ing vol­umes were be­low av­er­age. The re­gion’s com­mon cur­rency strug­gled for di­rec­tion ahead of Thurs­day’s ECB de­ci­sion, and as yet more dis­ap­point­ing eco­nomic data were re­leased. The pound weak­ened as Brexit bat­tles rum­bled on and in­fla­tion held steady. Ital­ian bonds gained amid an auc­tion of new debt.

Ear­lier in Asia, Ja­panese shares rose as the yen dipped, while eq­ui­ties fell in Hong Kong and Aus­tralia. Chi­nese shares also re­treated, with ZTE Corp. plung­ing by its daily limit af­ter it agreed to a $1 bil­lion fine.

As far as the mar­kets are con­cerned the Fed is all but cer­tain to raise rates by a quar­ter-point at the close of a two-day meet­ing Wed­nes­day, so the fo­cus will be on the out­look for fu­ture pol­icy. An uptick in in­fla­tion has reignited some spec­u­la­tion there could be a to­tal of four hikes in 2018.

The Stoxx Europe 600 In­dex climbed 0.2 per­cent as of 10:36 a.m. Lon­don time, to the high­est in more than two weeks. Fu­tures on the S&P 500 In­dex in­creased 0.1 per­cent. The U.K.’s FTSE 100 In­dex gained 0.1 per­cent. Germany’s DAX In­dex ad­vanced 0.1 per­cent to the high­est in more than two weeks. The MSCI Emerg­ing Mar­ket In­dex sank 0.6 per­cent to the low­est in more than a week. The MSCI Asia Pa­cific In­dex sank 0.4 per­cent to the low­est in more than a week.

West Texas In­ter­me­di­ate crude fell 0.4 per­cent to $66.11 a bar­rel, the big­gest fall in a week. Gold dipped 0.1 per­cent to $1,294.31 an ounce, the weak­est in more than a week. Brent crude fell 0.6 per­cent to $75.41 a bar­rel, the low­est in a week.

This ar­ti­cle was compiled by BOV As­set Man­age­ment Lim­ited, a mem­ber of the BOV Group. BOV As­set Man­age­ment,TG Com­plex, Suite 2, Level 3, Brew­ery Str., Mriehel BKR 3000. Email: in­foas­set­man­age­ment@bov.com In­ter­net address: www.bo­vas­set­man­age­ment.com. BOV As­set Man­age­ment is li­censed by the MFSA.

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