European Stocks Shunt Higher Before Weekend
Mohammad Ali (@ChaudhryMAli88) Published September 29, 2017 | 10:25 PM
Europe's major stock markets pushed higher Friday ahead of the weekend, shrugging off a softer showing on Wall Street as investors remained in "wait-and-see mode," analysts said
LONDON, Sept 29 (UrduPoint / Pakistan Point News - 29th Sep, 2017 ) - Europe's major stock markets pushed higher Friday ahead of the weekend, shrugging off a softer showing on Wall Street as investors remained in "wait-and-see mode," analysts said.
"It's a risk-on end to the week, in Europe anyway," said Accendo Markets analyst, Mike van Dulken. Wall Street stocks were slightly lower as weak US inflation data for August raised questions about the odds of another Federal Reserve interest rate hike in 2017.
William Hamlyn, investment analyst at Manulife Asset Management, said European investors were waiting to see whether the eurozone's economic strength would translate into higher corporate profits as the quarterly earnings season gets underway.
"Economic activity and corporate earnings generally looks robust, and investors will be waiting for confirmation of that (in) third-quarter results," he told AFP. "We will also be waiting for clarification of the European Central Bank's intentions." The Frankfurt-based ECB has strongly hinted that it will begin winding down bond-buying in October, although inflation in the eurozone remains well short of its target.
The London market was boosted Friday by rising oil prices -- which benefits the energy and resources sector -- and the softer pound.
Investors also digested news that the British economy grew 0.3 percent in the second quarter, matching its expansion in the previous three months.
- Asia claws higher - ======================= Asian equities mostly clawed higher after Trump unveiled proposals that included cutting the corporate tax rate from 35 percent to 20 percent. His market-friendly promise to reduce taxes, ramp up infrastructure spending and slash red tape helped drive a global rally in the months after his November election win.
But those gains had fizzled as Trump's legislative agenda suffered a series of blows and the White House has become embroiled in a host of crises. Analysts drew comfort from the fact that Trump has worked more closely with Republican congressional leaders on the tax issue than on the failed health care reform they attempted.
Still, the tax bill is expected to face a tough passage through Congress, with both sides of the aisle likely to question its affordability. A rise in the Yen meanwhile pushed Tokyo stocks downwards on Friday. A stronger Japanese Currency hurts the nation's exporters.
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Business
-
SECP Introduces SECP-XS: A swift complaint resolution platform
5 minutes ago -
Kitchen items’ prices ease as weekly inflation falls by 1.1%
2 hours ago -
Shipping Activity at Port Qasim
3 hours ago -
Machinery equipment assembling grew by 70.98% in 08 months
4 hours ago -
Gold rates up by Rs.2,500 per tola to Rs245,000
4 hours ago -
Miner Anglo American rejects BHP's $38.8 billion takeover bid
5 hours ago
-
Exchange rates for currency notes
7 hours ago -
Foreign exchange rates
8 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
8 hours ago -
Today Gold Rate in Pakistan 26 April 2024
8 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
17 hours ago -
Pak-US officials engage to enhance trade, investment ties
18 hours ago