Connect with us

Stock Markets

European Stocks Push Higher; Daimler and LVMH Shine By Investing.com

Published

on


© Reuters.

By Peter Nurse 

Investing.com – European stock markets pushed higher Friday, helped by positive corporate news from index heavyweights Daimler (OTC:) and LVMH (PA:), but overall sentiment remains weak with investors anxious over the economic impact of the second wave of the Covid-19 virus.

At 3:35 AM ET (0735 GMT), the in Germany traded 0.2% higher, the in France rose 1.2%, while the U.K.’s index climbed 1.2%.

European stock indices have rebounded to a degree after posting their largest losses in more than three weeks on Thursday. Helping that bounce Friday has been some strong earnings from European corporate heavyweights.

Daimler stock rose 4.2% after the German carmaker posted forecast-beating third-quarter results late Thursday, and Volvo (ST:) stock rose 1.5% after the Swedish truck maker also impressed in the quarter.

More broadly, new car registrations in the European Union increased in September, their first rise in year-on-year terms in 2020.

There were also gains elsewhere. LVMH (PA:) stock surged 6.8% after the luxury fashion conglomerate reported strong growth at its biggest brands in the third quarter, while Remy Cointreau (PA:) stock gained 1% after acquiring a majority stake in Champagne house J. de Telmont.

That said, Europe seems to be losing the fight to keep their economies open as the Covid-19 virus spreads. Starting this weekend, Londoners will be banned from mixing with other households, and residents of Paris and other major French cities face a curfew for four weeks.

Also weighing is the idea of Brexit turning disorderly after the EU expressed concerns by a lack of progress in the talks between the two parties and called on London to make concessions. U.K. Prime Minister Boris Johnson is expected to give Britain’s response later Friday.

Oil prices weakened Friday amid continued concerns about stagnating demand as a spike in Covid-19 cases in Europe and the United States hits economic activity in two of the world’s biggest fuel consuming regions.

At the same time, a meeting Thursday of a technical committee of the Organization of the Petroleum Exporting Countries and allied oil producers, a group known as OPEC+, did little to allay fears that these major producers will move ahead with plans to ease their supply cuts despite the tepid demand.

OPEC+ is set to reduce its current supply cuts of 7.7 million barrels per day by 2 million barrels a day in January.

Data from the U.S. Energy Information Administration released on Thursday showed a 3.818 million-barrel draw in last week, but this did little to alleviate the gloom.

futures traded 0.8% lower at $40.65 a barrel, while the international benchmark contract fell 0.8% to $42.81.

Elsewhere, traded up 0.1% at $1,911.65/oz, while traded flat at $1.1709 after a sharp fall on Thursday.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Stock Markets

European Stocks Seen Lower; Virus Prompts Lockdown Fears By Investing.com

Published

on

By


© Reuters.

By Peter Nurse

Investing.com – European stock markets are seen opening lower Wednesday on worries about the damage to the region’s economies caused by a second wave of shutdowns to combat the surge in Covid-19 cases.

At 2:00 AM ET (0700 GMT), the contract in Germany traded 0.3% lower, in France dropped 1.4% and the contract in the UK fell 0.8%. 

Europe continues to be hit hard with the second wave of the virus, with many of the region’s countries reporting soaring infection rates, not helped by the onset of cold, damp winter weather.

Restrictions imposed to try and combat the pandemic have had a limited effect to date, prompting fears of more draconian measures.

French President Emmanuel Macron is set to give a televised address on Wednesday evening, with local media reporting that the government is considering imposing a lockdown from midnight on Thursday.

Similarly, the Belgian government will convene on Friday to decide on a potential new national lockdown, while Spain has already announced a state of emergency for six months.

In corporate news, Deutsche Bank (DE:) will be in focus after the troubled bank returned to quarterly profit, helped by a strong performance from its investment banking arm.

Additionally, Reuters reported that U.S. jeweler Tiffany (NYSE:) and French luxury goods giant LVMH (PA:) are in talks to settle their dispute over a $16 billion takeover at a price slightly lower than that initially agreed.

Oil prices slumped Wednesday, as a jump in stocks, coupled with the potential damage to demand from the incessant increase in Covid-19 cases, raised worries about a supply glut.

Data from the late Tuesday showed a build of 4.577 million barrels for the week ending Oct. 23, more than the 1.2 million barrels expected, while gasoline inventories also rose. Government are expected later Wednesday.

Oil had rallied on Tuesday, with the contract climbing nearly 2% and the WTI version 2.6%, after a significant portion of U.S. Gulf output was shuttered ahead of the arrival of Hurricane Zeta, which is expected to make landfall in Louisiana later Wednesday.

U.S. crude futures traded 2.6% lower at $38.55 a barrel, while the international benchmark Brent contract fell 1.6% to $40.95. 

Elsewhere, fell 0.2% to $1,908.05/oz, while traded 0.2% lower at 1.1775.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Stock Markets

Italy’s antitrust probes Google for possible abuse of dominant position By Reuters

Published

on

By


© Reuters. FILE PHOTO: Logo of Google is seen in Davos

ROME (Reuters) – Italy’s antitrust said on Wednesday it was probing Google (O:) for a possible abuse of dominant position in the Italian market of display advertising.

The regulator said that thanks to its position in the online advertising market, the company “uses in a discriminatory way enormous amounts of data, collected through its own applications, impeding other competitor operators to compete in an effective way”.

The authority added that it had carried out, with Italy’s Finance police, inspections in some Google offices on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Stock Markets

AES, PetroVietnam Gas to sign $2.8 billion LNG deal: Pompeo By Reuters

Published

on

By


2/2
© Reuters. U.S. Secretary of State of Mike Pompeo and U.S. Defense Secretary Mark Esper visit India

2/2

HANOI (Reuters) – AES Corp. (N:) will sign a deal with PetroVietnam Gas (HM:) to develop a $2.8 billion liquefied (LNG) import terminal and a power plant in Vietnam, U.S. Secretary of State Mike Pompeo said on Wednesday.

“Vietnam has given the green light to AES Corp. (N:), a company based in Virginia, to go forward with the project,” Pompeo said at a virtual Indo-Pacific Business Forum.

The deal will open the door for the import of billions of dollars worth of U.S. LNG to Vietnam each year, Pompeo said, describing it as a “real win-win situation”.

The forum, also attended by his Vietnamese counterpart Pham Binh Minh, comes as the United States ramps up its rhetoric against the regional influence of Chinese state firms.

“American companies adhere to the rule of law and transparency and have very high standards of quality for their products,” Pompeo said. “I say that because that’s quite a contrast with the Chinese state-backed companies.”

Vietnam is building numerous LNG-to-power plants, with the first to be operational by 2023, an ambitious move that could see LNG become a major energy source for its fast-growing economy.

Much of that will be imported from the United States, which wants to narrow its trade deficit with Vietnam, which widened to $44.3 billion in the first nine months of this year from $33.96 billion in the same period of 2019.

Also at Wednesday’s forum, Delta Offshore Energy formalised an earlier announced plan for a $3 billion agreement with Bechtel Corp., General Electric (N:) and McDermott for the development of a 3.2-gigawatt LNG power plant in Bac Lieu province, the U.S. Embassy in Hanoi said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme.