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The pan-European STOXX 600 index rose 0.7% in its sixth straight session of gains and ended the week 1.1% higher, its best weekly performance since early May. Miners jumped 1.9%, lifting UK’s commodity-heavy FTSE 100 by 0.7% after data showed Britain’s economic output in April was a record 27.6% larger than a year before. Travel and leisure stocks bounced from the previous session’s drop. Spanish hotel chain Melia rose 2.0% after its chief executive forecast a return to profitability in June after 15 months in the red. Bank of America’s data showed equity funds saw tiny inflows in the week to Wednesday as investors cut positions in high-growth U.S. stocks while adding some in Europe.
Persons: “ Price, , Michael Hewson, reinsurer Scor, Covea, Sruthi Shankar, Shreyashi Sanyal, Subhranshu Sahu Organizations: Miners, European Central Bank, ECB, BCA Research, British Airways, CMC Markets, London . Bank of Locations: Europe, London ., Bengaluru
CMC doubles annual profit as trading volumes soar
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.99   time to read: +1 min
Dealers work at their desks whilst screens show market data at CMC Markets in London, Britain, January 30, 2019. REUTERS/Dylan Martinez/File PhotoLondon-listed online trading platform CMC Markets (CMCX.L) said on Thursday annual profits more than doubledas volatility in financial markets last year drove strong trading volumes. CMC, which facilitates the trade of complex financial instruments, raised its targets multiple times this year as a retail trading frenzy on Wall Street fuelled volumes after the pandemic-driven swings last year. Its pretax profit rose to 224 million pounds ($315.91 million) for the year ended March 31 from 98.7 million pounds a year earlier. "The Group believes that existing active client levels are likely to be sustainable," CMC said, but pointed towards a moderation in trading activity from prior highs.
Persons: Dylan Martinez Organizations: CMC Markets, REUTERS, CMC, Rivals, Thomson Locations: London, Britain
REUTERS/Dylan Martinez/File PhotoBritish online trading group CMC Markets (CMCX.L) on Thursday set out plans to launch a wealth management platform, going head to head with existing players such as Hargreaves (HRGV.L) and AJ Bell (AJBA.L), after reporting a doubling in annual profits. CMC, which facilitates the trade of complex financial instruments, raised its outlook multiple times this year as a retail trading boom fuelled volumes. Rivals IG (IGG.L) and Plus500 (PLUSP.L) have also reported strong results, powered partly by the "GameStonk" retail trading phenomenon. read more'UNDERCUT THE MARKET'The GameStonk effect has been most visible in the United States, where online brokers such as Robinhood have thrived on the back of a retail trading boom. The company did not disclose further details on its planned wealth platform, first reported by Sky News, but Cruddas was confident of its prospects.
Persons: Dylan Martinez, Hargreaves, AJ Bell, Peter Cruddas, David Fineberg, Cruddas Organizations: CMC Markets, REUTERS, CMC, Reuters, Rivals, GameStop, Sky News, Thomson Locations: London, Britain, United States
Spot gold was down 0.2% at $1,889.84 per ounce by 1135 GMT, while U.S. gold futures slipped 0.1% to $1,892.10. “There’s a great deal of uncertainty about the next move in gold prices,” Michael Hewson, chief market analyst at CMC Markets said, adding that given the direction of bond yields, gold should have moved much higher. U.S. benchmark 10-year Treasury yields fell to their lowest in over a month, while the dollar index hovered near the 90 level. On Thursday, traders will keep a close watch on the ECB’s policy meeting to gauge the pace of global recovery, and the U.S. consumer price index report for indications the Fed could taper back stimulus. The U.S. central bank is expected to hold its policy meeting next week.
Persons: There’s, ” Michael Hewson, , Carsten Fritsch, Janet Yellen, Nishara Karuvalli Pathikkal, Arundhati Sarkar, Brijesh Patel, Emelia Sithole, Kirsten Donovan Organizations: European Central Bank, CMC Markets, U.S, Fed, Treasury Locations: China, U.S, Bengaluru
British shares end lower as mining, financial stocks weigh
  + stars: | 2021-06-09 | by ( Devik Jain | Shashank Nayar | ) www.reuters.com sentiment -1.00   time to read: +2 min
(Reuters) - British shares ended lower on Thursday after broadly underperforming their European peers, dragged down by heavyweight financial and mining stocks in a thin trading session before a key European Central Bank meeting and U.S. inflation numbers. REUTERS/Peter Nicholls/File photoThe blue-chip index fell 0.2%, with home-builder stocks and life insurers leading declines. World stocks hovered near record highs and U.S. bond yields fell, boosting the appeal of technology stocks as future inflation pressures ease. Clinigen Group slumped -26.4% as RBC cut its price target on the stock after the pharmaceutical company forecast annual adjusted EBITDA within the range of 114 million pounds and 117 million pounds, lower than market expectations. Upper Crust owner SSP Group dropped -1.9% after it reported a first-half loss of 182 million pounds ($257.62 million).
Persons: Peter Nicholls, Banks, Moody’s, , Michael Hewson, Smith, Nephew Organizations: Reuters, European Central Bank, London Stock Exchange, REUTERS, HSBC Holdings, European Union, ECB, CMC Markets, Credit Suisse, Clinigen, RBC, Wizz Air Locations: London, Britain, COVID
Dollar at three-week high ahead of U.S. payrolls data
  + stars: | 2021-06-04 | by ( Elizabeth Howcroft | ) www.reuters.com + 0.00   time to read: +4 min
REUTERS/Mohamed Abd El GhanyThe dollar index held near a three-week high on Friday and currency markets were subdued as traders waited for U.S. non-farm payrolls data later in the session. The consensus forecast for the data, due at 1230 GMT, is that about 650,000 jobs have been added in May. Beauchamp said he expects further dollar weakness in the near term and that the jobs data would likely need to come in above 800,000 for the market to react. read moreAt 1039 GMT, the dollar index was up 0.1% on the day at 90.562, having hit a new three-week high earlier in the session . After the jobs data, attention will turn to the European Central Bank's meeting on June 10 and the Fed's meeting on June 15-16, with currency markets expected to be quiet until then.
Persons: Mohamed Abd El Ghany, Chris Beauchamp, Beauchamp, Michael Hewson, Joe Biden, Trump, Elon Musk, bitcoin Organizations: REUTERS, U.S, IG, CMC Markets, New Zealand, Central, Thomson Locations: Cairo, Egypt, bitcoin
British shares muted ahead of economic data; airlines skid
  + stars: | 2021-06-04 | by ( Devik Jain | ) www.reuters.com sentiment -1.00   time to read: +2 min
The blue-chip FTSE 100 index (.FTSE) edged 0.1% lower, with British airways owner IAG (ICAG.L) shedding 1.2% after Britain removed Portugal from its quarantine-free travel list and added seven more countries to its red list. read moreOther airlines including Ryanair Holdings , Wizz Air (WIZZ.L) and EasyJet fell between 1% and 2.6%. Asian shares tracked Wall Street lower as signs of a firming U.S. economy stoked worries about higher inflation and an earlier withdrawal of Federal Reserve stimulus. "I don't think tapering of asset prices is anything to be worried about, it's a natural consequence of an economic rebound. Software company Sage Group (SGE.L) fell 1.5% after Goldman Sachs offered to sell about 16 million shares at a discounted price.
Persons: Toby Melville, EasyJet, Michael Hewson, Hewson, brokerages, Goldman Sachs Organizations: London Stock Exchange Group, City of, REUTERS, Ryanair Holdings, Wizz, CMC Markets, U.S ., Software, Sage Group, Thomson Locations: City, City of London, Britain, Portugal, London, U.S
Most Asian equities came back to life after a turbulent week, with China, South Korean shares and India stocks firming between 0.2% to 1.2%. However, Manila shares hit a six-month low as COVID-19 restrictions were pulled back in some regions even as daily cases continued to average around 6,700 in May. Taiwan shares surged 1.2% and snapped four sessions of losses after Premier Su Tseng-chang said the COVID-19 alert level would not be raised and that it had more resources to fight the pandemic. Singapore shares fell 0.3%, dragged by heavyweight Singapore Telecommunications Ltd after flagged a full year loss. Singapore's dollar eased 0.2%, while the Philippine peso and Taiwanese dollar were little changed against a fluctuating dollar, which had strengthened on higher Treasury yields.
Persons: Soumyajit Saha, Astro del Castillo, Wall, Kelvin Wong, Su Tseng, Anushka Trivedi, Gerry Doyle Organizations: First Grade Finance, Federal Reserve, CMC Markets, Singapore Telecommunications Ltd, FX Locations: Taiwan, Singapore, Philippine, Asia, China, South, India, Manila, Philippines, Southeast Asia, Malaysia, Indonesia, Japan, Thailand, Bengaluru
(Reuters) - European stocks dipped on Thursday, weighed down by a fall in heavyweight miners after commodity prices tumbled, while a rapid rise in U.S. inflation kept risk sentiment at bay. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 28, 2021. Basic resources fell 3.0%, leading declines among European sectors, while oil and gas slipped 1.4%. British luxury brand Burberry tumbled 4.2% on reporting a 10% drop in annual sales, weighed down by the COVID-19 pandemic. In another disappointing London stock market debut, shares of Canadian chip company Alphawave plunged by as much as 21%.
Persons: , Michael Hewson, , Royce Organizations: Reuters, REUTERS, Staff, Federal Reserve, Wall, CMC Markets, Burberry, BT Group Locations: Frankfurt, Germany, London, Canadian, British, Denmark, Finland, Norway, Sweden, Switzerland
HONG KONG (Reuters) -Asian tech stocks tumbled on Tuesday and European equity futures dropped after a selloff on Wall Street as investors braced for U.S. inflation data and China’s ongoing anti-monopoly crackdown weighed on the country’s tech majors. REUTERS/Kim Kyung-HoonIn early European trades, the pan-region Euro Stoxx 50 futures were down 1.35% and London’s FTSE futures dropped 1.26%. Selling was heavy in Hong Kong, where the Hang Seng tech index fell 3% and dragged the broader market down nearly 2%. Benchmark 10-year Treasury yields rose to 1.6004% in Asia trade. [US/]Elsewhere in Asia, Australia’s miner-heavy benchmark was down 1.05% while China’s blue-chip CSI300 index rose 0.45% in afternoon trade.
Persons: Kim Kyung, Hoon, German’s DAX, , Hong Hao, , Alibaba, Kelvin Wong, “ Alibaba, Jim McCafferty, Brent Organizations: Reuters, Tokyo Stock Exchange, REUTERS, Japan’s Nikkei, Nasdaq, BoCom International, Soaring, U.S, Federal Reserve, Labor Department, ” DBS Bank, Tech, CMC Markets, Nomura Locations: HONG KONG, Tokyo, Japan, Asia, Pacific, Hong Kong, U.S
Analysts expect data on Thursday to show a decline in weekly jobless claims in the United States, reinforcing the recovery picture. Investors drew comfort from the latest economic data and forecasts in Europe which pointed to a recovery still on track. The STOXX index of 600 European companies was flat, still near last month’s record high. The MSCI’s broadest gauge of world stocks, ACWI, was up 0.18% at 700.98 points, about 10 points short of its record high, also set last month. The dollar index eased 0.3% to 90.99.COMMODITIES SHINECommodity prices also drew strength from the prospects for economic recovery, with copper flirting with 10-year peaks.
Persons: Dow Jones Industrials, Joe Biden, , , Michael Hewson Organizations: U.S, Bank of England, Nasdaq, Dow, Pfizer, Moderna, ” ING, The Bank of England, CMC Markets, SHINE, Japan’s Nikkei, Japan Locations: United States, Europe, India, Asia, Pacific
Stocks near record highs on recovery hopes, Curevac sinks
  + stars: | 2021-05-06 | by ( Huw Jones | ) www.reuters.com + 0.00   time to read: +4 min
LONDON (Reuters) - Shares rose to near record highs on Thursday, underpinned by a better outlook from Europe’s leading carmaker Volkswagen and increasing confidence in economic recovery in Germany and more widely. REUTERS/Kim Kyung-HoonThe STOXX index of 600 European companies was up 0.2% at 442.50 points, just below its record high of 443.61. The MSCI’s broadest gauge of world stocks, ACWI, was up 0.18% at 700.98 points, about 10 points short of its record high set last month. COMMODITIES SHINECommodity prices drew strength from the prospects for economic recovery, with copper flirting with 10-year peaks. Dow hit a record high overnight, having risen 0.29%, while the S&P 500 added 0.07%.
Persons: Kim Kyung, , , Michael Hewson, ” Hewson, Germany’s Curevac, Joe Biden, Luis de Guindos, Isabel Schnabel, Boris Johnson, Dow Organizations: Volkswagen, Tokyo Stock Exchange, REUTERS, CMC Markets, , European Central Bank, Bank of England, British, SHINE, Japan’s Nikkei, Japan Locations: Germany, Tokyo, Japan, India, United States, Asia, Pacific, Friday’s
Recovery hopes to underpin Wall Street, vaccine makers slide
  + stars: | 2021-05-06 | by ( Huw Jones | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - Wall Street was set for a steady start on Thursday as confidence in the economic recovery offset jitters in American pharmas over rights to their COVID vaccines. Analysts expect data on Thursday to show a decline in weekly jobless claims in the United States, reinforcing the recovery picture. The STOXX index of 600 European companies was flat, still near last month’s record high. The MSCI’s broadest gauge of world stocks, ACWI, was up 0.18% at 700.98 points, about 10 points short of its record high, also set last month. The dollar index eased 0.3% to 90.99.COMMODITIES SHINECommodity prices also drew strength from the prospects for economic recovery, with copper flirting with 10-year peaks.
Persons: Suzanne Plunkett, Dow Jones Industrials, Joe Biden, , , Michael Hewson Organizations: London Stock Exchange, REUTERS, Nasdaq, Dow, Pfizer, Moderna, ” ING, The Bank of England, CMC Markets, SHINE, Japan’s Nikkei, Japan Locations: London, Britain, United States, Europe, India, Asia, Pacific
FTSE 100 jumps on boost from miners, banks; Croda shines
  + stars: | 2021-05-05 | by ( Devik Jain | ) www.reuters.com sentiment -0.98   time to read: +2 min
REUTERS/Toby MelvilleLondon's FTSE 100 rose on Wednesday, supported by gains in heavyweight mining and banking stocks on recovery optimism, while shares of Croda International jumped after it announced a business review. Miners (.FTNMX551020) provided the biggest boost to the index tracking higher metal prices. Barring Virgin money (VMUK.L), all banks (.FTNMX301010) gained with NatWest Group (NWG.L) and Barclays (BARC.L) jumping more than 2% each. However, concerns that central banks might put a lid on their policies as economies reopen and inflation rises has kept FTSE 100 in a tight trading range recently. British challenger bank Virgin Money (VMUK.L) slipped 4.7% after it posted higher than expected first-half costs of 460 mln pounds.
Persons: Toby Melville London's, Michael Hewson Organizations: London Stock Exchange Group, City of, REUTERS, Croda, Citigroup, NatWest Group, Barclays, CMC Markets, Bank of England's, SIG, British, Virgin, Thomson Locations: City, City of London, Britain
UPDATE 1-Sterling trades flat, political risks limit gains
  + stars: | 2021-04-29 | by ( Elizabeth Howcroft | ) www.reuters.com + 0.00   time to read: +3 min
At 1051 GMT, it was at $1.3937 flat on the day and up just 0.4% on the week so far. Versus the euro, it was flat at 86.95 pence per euro, stuck in the narrow range it has traded in for most of April. “Coupled with the upcoming Scottish elections, all this points to limited near-term upside to GBP,” he added. Britain holds regional and local elections on May 6, including a vote in Scotland expected to produce a pro-independence majority there. “Markets have started to reflect the potential risk of Scottish independence following the election,” said Kallum Pickering, senior economist at Berenberg.
Persons: Sterling, Boris Johnson, Petr Krpata, , Kallum Pickering, , Michael Hewson, Johnson Organizations: U.S . Federal Reserve, Britain’s Electoral, ING, Scotland, Berenberg, Scottish, CMC Markets Locations: Britain, Britain’s, Johnson’s, Scotland, United Kingdom, Europe
UPDATE 2-Sterling edges up but political risks limit gains
  + stars: | 2021-04-29 | by ( Elizabeth Howcroft | ) www.reuters.com + 0.00   time to read: +3 min
At 1439 GMT, it was at $1.3956, up 0.1% on the day and up just 0.5% on the week so far. “Coupled with the upcoming Scottish elections, all this points to limited near-term upside to GBP,” he added. Britain holds regional and local elections on May 6, including a vote in Scotland expected to produce a pro-independence majority there. Scotland voted narrowly to remain the United Kingdom in 2014, and most analysts consider another referendum on independence to be unlikely. “Markets have started to reflect the potential risk of Scottish independence following the election,” said Kallum Pickering, senior economist at Berenberg.
Persons: Sterling, Boris Johnson, Petr Krpata, , Kallum Pickering, , Michael Hewson, Johnson Organizations: LONDON, U.S . Federal Reserve, ING, Scotland, Berenberg, Scottish, CMC Markets Locations: Britain, Scotland, United Kingdom, Europe
REUTERS/Toby Melville/File PhotoLondon's FTSE 100 closed flat on Thursday after hitting a one-week high hours earlier as a wave of positive corporate earnings from companies including Standard Chartered and Unilever helped the blue-chip index outperform its European peers. The banks index (.FTNMX301010) added about 1.5% as the Bank of England launched a post-Brexit landmark rethink of regulation that would simplify rules for smaller banks. The FTSE 100 was further supported by Unilever (ULVR.L), which gained 3.3% after announced a 3 billion euro ($3.6 billion) share buyback and said it was confident of hitting sales targets this year. read moreMeanwhile, European stocks dipped as strong U.S. economic data and German inflation data lifted euro zone bond yields. EUR/GOVThe FTSE 100 has gained about 8% year-to-date on optimism that speedy COVID-19 vaccinations and constant policy support from the government would drive a stronger economic recovery.
Persons: Toby Melville, Michael Hewson, WH Smith, Smith Organizations: London Stock Exchange Group, City of, REUTERS, Standard Chartered, Unilever, FTSE, NatWest, CMC Markets, Bank of England, ConvaTec, Thomson Locations: City, City of London, Britain
Biden tax fears leave Bitcoin, Ether groggy
  + stars: | 2021-04-23 | by ( Stanley White | Kevin Buckland | ) www.reuters.com + 0.00   time to read: +2 min
TOKYO (Reuters) -Cryptocurrency Ether pulled back sharply from a record high and rival Bitcoin also fell on Friday amid speculation that U.S. President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets. “That’s what everyone is talking about now,” Chris Weston, head of research at Pepperstone Markets Ltd, a foreign exchange broker based in Melbourne, said referring to the tax plan. Bitcoin has risen 74% this year, while Ether has more than tripled. Biden’s capital gains tax hike plan caused turmoil during New York trading of cryptocurrencies that spilled into the Asian session, but calm is likely to return soon, traders said. “Western funds started offloading Bitcoin aggressively on the back of the Biden tax plan,” said Avi Felman, head trader and portfolio manager at BlockTower Capital, a crypto and blockchain investment firm in New York.
Persons: Bitcoin, Joe Biden’s, Bitcoin Cash, Biden, cryptocurrencies, Chris Weston, Ether’s, Kelvin Wong, Wong, BNY Mellon, , Avi Felman Organizations: Vaerdex, Swiss Falcon Private Bank, REUTERS, Pepperstone Markets, CMC Markets, Tesla Inc, BNY, BlockTower Locations: TOKYO, Zurich, Switzerland, Melbourne, Singapore, New York
REUTERS/Toby Melville/File PhotoLondon's FTSE 100 slipped on Friday as industrial stocks fell and a stronger pound weighed on export-oriented companies, while investors awaited a flash reading on business survey data for April later in the day. GBP=Aero and defence stocks (.FTNMX502010) lost 1.5%, while heavyweight oil majors BP Plc (BP.L) and Royal Dutch Shell (RDSa.L) also fell. The domestically focussed mid-cap FTSE 250 index (.FTMC) declined 0.3% even as official data showed British retail sales soared past expectations to jump by 5.4% in March from February before the lockdown eased. read moreA survey showed that consumer sentiment touched a 13-month high this month as the economy reopened partially. All eyes are now on IHS Markit's flash composite PMI data for April, due at 0830 GMT.
Persons: Toby Melville, Joe Biden, Michael Hewson Organizations: London Stock Exchange Group, City of, REUTERS, American Tobacco, Unilever, Diageo, Aero, BP, Royal, Shell, CMC Markets, Infrastructure, Thomson Locations: City, City of London, Britain, India, Japan, Asia
Wall Street fell sharply on Tuesday as a global spike in COVID-19 cases hit travel stocks. “It’s a pause for thought, in part triggered by some renewed concerns over the global picture related to COVID,” said Derek Halpenny, head of research for global markets at MUFG. “We have had a good run up, the markets are increasingly confident about the vigorous rebound in growth,” Halpenny said. MSCI’s index of global shares fell 0.3%. Australian stocks dropped 0.3% but shares in China recouped early losses and rose 0.3% due to positive earnings from the healthcare and banking sectors.
Persons: , Derek Halpenny, ” Halpenny, Treasuries, Michael Hewson, ” Hewson, Brent Organizations: Netflix, Dow E, Netflix Inc, Investors, European, CMC Markets, BIG TECH, European Central Bank, Federal Reserve, Big Tech, Stocks Locations: Asia, MUFG, COVID, United States, Britain, India, Japan, Tokyo, Osaka, Pacific, China
Earnings put floor under European stocks, COVID cases in Asia eyed
  + stars: | 2021-04-21 | by ( Huw Jones | ) www.reuters.com + 0.00   time to read: +4 min
LONDON (Reuters) -Global stocks gained on Wednesday as early indications of a rebound in European corporate earnings offset concerns over rising COVID-19 infections in Asia that have dampened oil prices. REUTERS/Issei Kato/File PhotoThe STOXX index of 600 European shares was up 0.7% at 436.76 points. MSCI’s index of global shares fell 0.2%. Australian stocks dropped 0.3% but shares in China recouped early losses and rose 0.3% due to positive earnings from the healthcare and banking sectors. Ahead of the auction results, the yield on benchmark 10-year Treasury notes traded at 1.5767%, near a six-week low.
Persons: Issei Kato, , , Michael Hewson, ” Hewson, Brent, Treasuries Organizations: REUTERS, CMC Markets, European, Stocks, Tech, Juventus, Super League, Commonwealth Bank of Australia, European Central Bank, Federal Reserve, Big Tech, NETFLIX, Dow Jones, Nasdaq, Netflix Inc Locations: Asia, Tokyo, Japan, India, United States, Britain, Osaka, Europe, Italian, Brazil, Pacific, China
Wall Street heads for subdued start as Netflix, oil drop
  + stars: | 2021-04-21 | by ( Huw Jones | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - Wall Street was headed for a subdued start on Wednesday as a pre-market slump in Netflix dampened sentiment towards the tech sector while rising COVID infections in Asia sent crude oil lower. Wall Street fell sharply on Tuesday as a global spike in COVID-19 cases hit travel stocks. “It’s a pause for thought, in part triggered by some renewed concerns over the global picture related to COVID,” said Derek Halpenny, head of research for global markets at MUFG. MSCI’s index of global shares fell 0.3%. Australian stocks dropped 0.3% but shares in China recouped early losses and rose 0.3% due to positive earnings from the healthcare and banking sectors.
Persons: Toby Melville, , Derek Halpenny, ” Halpenny, Treasuries, Michael Hewson, ” Hewson, Brent Organizations: Netflix, London Stock Exchange Group, City of, REUTERS, Dow E, Netflix Inc, Investors, European, CMC Markets, BIG TECH, European Central Bank, Federal Reserve, Big Tech, Stocks Locations: Asia, City, City of London, Britain, MUFG, COVID, United States, India, Japan, Tokyo, Osaka, Pacific, China
(Reuters) - London’s FTSE 100 ended lower on Tuesday, dragged down by stocks of heavyweight oil companies and cigarette makers, while Associated British Foods slipped after a downbeat first-half earnings update. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. Sterling hit its highest in more than six weeks against the dollar, further weighing on the FTSE 100, many of whose constituents earn most of their revenues overseas and see their repatriated profits eroded by a stronger pound. The FTSE 100 index has gained 6.2% so far this year, but has underperformed its European peers during the period as a recent rise in Treasury yields and a jump in coronavirus infections across the globe weighed on sentiment. Among other stocks, cyber security company Avast jumped 1.3% after upbeat first-quarter trading update.
Persons: Toby Melville, , Michael Hewson, Sterling, Hewson, payrolls Organizations: Reuters, British Foods, London Stock Exchange Group, City of, REUTERS, British American Tobacco, Imperial Brands, AB Foods, CMC Markets, Innospec Inc Locations: British, City, City of London, Britain, United States, U.S
Stock Futures Slide Ahead of Earnings Flurry
  + stars: | 2021-04-20 | by ( Will Horner | ) www.wsj.com sentiment -1.00   time to read: +1 min
U.S. stock futures edged down, suggesting major indexes will extend losses as investors assess blue-chip companies’ profits and sales prospects. Futures tied to the S&P 500 and the Dow Jones Industrial Average retreated 0.4%, pointing to a second day of losses after the opening bell. Investors are looking to companies’ first-quarter earnings and their outlooks for the rest of the year to gauge whether valuations on stocks are justified. Strong U.S. economic data has bolstered expectations and fueled the recent rally that has left major indexes hovering close to record highs. “All these company share prices are near or close to record highs and we are seeing a lot of people taking money off the table,” said Michael Hewson, chief market analyst at CMC Markets.
Persons: , , Michael Hewson Organizations: Dow Jones Industrial, Nasdaq, U.S, CMC Markets, Kansas City Southern, Canadian National Railway Locations: Kansas
Stocks Close Lower as Earnings Season Ramps Up
  + stars: | 2021-04-20 | by ( Will Horner | Julia Carpenter | ) www.wsj.com sentiment -1.00   time to read: +1 min
U.S. stocks fell Tuesday, extending their losses as investors assessed blue-chip companies’ profits and sales prospects. Investors are looking to companies’ first-quarter results and their outlooks for the rest of the year to gauge whether valuations on stocks are justified. Strong U.S. economic data has bolstered expectations and fueled the recent rally that has left major indexes hovering close to records. “There is a general lack of impetus.”Rising Covid-19 infection levels in some countries and signs that the vaccine rollout may be faltering are now tempering that optimism. The Dow Jones Industrial Average dropped 256.33 points, or 0.8%, to 33821.30, while the S&P 500 fell 28.32 points, or 0.7%, to 4134.94 and the Nasdaq Composite lost 128.50 points, or 0.9%, to 13786.27.
Persons: , , Michael Hewson Organizations: U.S, CMC Markets, Dow Jones, Nasdaq Locations: 33821.30, 13786.27
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