European Equities Dip As Oil Steadies
Muhammad Rameez Published June 24, 2017 | 08:50 AM
NEW YORK, (UrduPoint / Pakistan Point News - 24th Jun, 2017 ) - Europe's main stock markets retreated Friday following mixed economic data, while oil prices stabilized and the tech-rich Nasdaq advanced on Wall Street.
Bourses in both Paris and Frankfurt dipped after a report from data monitoring company IHS Markit showed Eurozone private sector business activity slowed sharply in June while staying in expansion mode.
London also ended modestly lower in a session that marked the one-year anniversary of Britain's historic vote to exit the EU. On Friday, European leaders assessed a proposal from British Prime Minister Theresa May concerning the rights of EU citizens in Britain.
"It was a good start, but also not yet a breakthrough," said German Chancellor Angela Merkel, the EU's most powerful leader, adding that there was still a "long way to go." US stocks ended mostly higher after leading technology companies such as microsoft and Facebook won one percent or more to boost the Nasdaq 0.
5 percent.
Analysts said the second straight increase in oil prices lifted broader market sentiment after petroleum prices sank to multi-month lows earlier in the week. But worries about excess supply were expected to continue to pressure oil prices.
"Since the same old worries about over-supply persist the bearish sentiment will hang around for some time," said David Madden, analyst with CMC Markets. Large US retailers, including Wal-Mart Stores, Home Depot and Costco Wholesale, tumbled about one percent or more after a disappointing earnings report by Bed Bath & Beyond rekindled worries about the sector's prospects with the rise of e-commerce.
A note from Morningstar said Bed Bath & Beyond's earnings would be challenged by "ongoing pricing pressure and secularly slower footfalls expected across the brick-and-mortar landscape" and predicted that rivals like Amazon and Wayfair would "continue to chip away at Bed Bath's market share, making pricing gains nearly impossible."
Related Topics
Recent Stories
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
Sindh cabinet approves Rs177.5m to strengthen, mobilize various wings of police
More Stories From Business
-
Pak-Saudi investment conference to be held on Monday
31 seconds ago -
NPO launches program for development of gemstone sector
3 hours ago -
PFC to take part in Riyadh Intel. expo
4 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
9 hours ago -
Today Gold Rate in Pakistan 05 May 2024
10 hours ago -
CRD survey unveils 18% Pakistanis quit smoking
21 hours ago
-
NTUF granted patent for Innovative Multilayered Natural Fiber Composite Helmet
21 hours ago -
New industrial policy to be announced soon: Rana Tanveer
21 hours ago -
Commissioner orders implementation price control mechanism in toto
21 hours ago -
Jam Kamal holds meeting to tackle border area challenges
1 day ago -
Speakers in TIIF for improving, corporate governance system in Uzbekistan
1 day ago -
Pak-Uzbek business community welcomes KSA’s $20 billion investment in Uzbekistan
1 day ago