Global Markets Rise Before US Earnings Season
Sumaira FH Published July 13, 2020 | 05:20 PM
London, (UrduPoint / Pakistan Point News - 13th Jul, 2020 ) :World stock markets advanced Monday, spurred higher by investor hopes over upcoming US earnings and a coronavirus vaccine, dealers said.
Asian and European equities bounded higher as investors followed a strong performance on Wall Street, though a spike in COVID-19 infections capped gains.
Oil prices fell on festering fears over demand-destroying coronavirus, and before this week's expanded OPEC+ technical gathering of key crude producers which are expected to curb production cuts.
The Dollar traded mixed.
Equity traders are now looking to the corporate earnings season, which will reveal how companies fared during the second quarter -- when economy-sapping lockdowns were imposed around the world.
"The mood remains upbeat as the new week kicks off and US earning season moves into focus," said City Index analyst Fiona Cincotta.
"Given that in April and some of May, the US was in full-scale lock down, second-quarter results bore the brunt of the coronavirus crisis.
"JP Morgan, Citigroup and Wells Fargo are first to set the scene, with Goldman Sachs, Netflix and Johnson & Johnson helping to give further insights as to the coronavirus impact later in the week." - Sense of virus optimism - Investors also welcomed comments on Friday from the head of German biotech firm BioNTech who said a vaccine candidate would be ready for regulatory review by the end of the year, while Gilead Sciences said its drug remdesivir had been relatively effective in clinical trials.
"There was a sense of optimism circulating on the back of hopes for a treatment for coronavirus," noted CMC Markets analyst David Madden.
London stocks won 0.9 percent in late Monday morning deals while Frankfurt won one percent and Paris gained 0.8 percent.
In Asia, Tokyo led the gains, adding more than two percent, while Shanghai, Seoul and Taipei were all more than one percent higher.
Hong Kong added 0.2 percent but bigger gains were pared on concerns about a fresh spike in infections in the city.
Trillions of Dollars in government support is also keeping global equities well supported, but confidence is being strangled by the spread of the disease, with an explosion of cases forcing some countries to reimpose containment measures just weeks after easing lockdowns.
Back in Paris, Ubisoft shares dived nine percent Monday after the gaming company revealed over the weekend that its second most powerful executive was among senior staff to have left the firm as it pursues an internal investigation into sexual harassment allegations.
Last month the French company, one of the world's largest video game publishers whose portfolio includes Assassin's Creed and Far Cry, launched a probe after allegations of sexual misconduct were shared online.
Serge Hascoet, chief creative officer and the company's second-in-command, has now resigned along with human resources director Cecile Cornet, Ubisoft said.
- Key figures around 1045 GMT - London - FTSE 100: UP 0.9 percent at 6,152.48 Frankfurt - DAX 30: UP 1.0 percent at 12,753.55 Paris - CAC 40: UP 0.8 percent at 5,010.94 EURO STOXX 50: UP 1.0 percent at 3,327.59 Tokyo - Nikkei 225: UP 2.2 percent at 22,784.74 (close) Hong Kong - Hang Seng: UP 0.2 percent at 25,772.12 (close) Shanghai - Composite: UP 1.8 percent at 3,443.29 (close) New York - Dow: UP 1.4 percent at 26,075.30 (close) West Texas Intermediate: DOWN 1.6 percent at $39.91 per barrel Brent North Sea crude: DOWN 1.3 percent at $42.70 per barrel Euro/dollar: UP at $1.1308 from $1.1300 at 2100 GMT Dollar/yen: UP at 107.08 Yen from 106.93 yenPound/dollar: DOWN at $1.2604 from $1.2622Euro/pound: UP at 89.74 pence from 89.53 pence
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
1 day ago -
Iranian president Raisi given guard of honour at PM House
3 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
3 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
3 days ago -
Cattle farming vital to alleviate poverty in rural areas
3 days ago -
Pakistan: A land of tourism, archeological wonders
4 days ago
-
Transforming education sector: from job hunters to job creators
6 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
10 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
10 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
11 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
14 days ago -
Radio Bahawalpur to broadcast Eid programs
16 days ago