Both the STOXX 50 and STOXX 600 reversed early gains and closed down 0.6% and 0.8%, respectively, on Thursday, retreating from new record highs reached earlier in the session amid downbeat corporate results. Siemens shares plunged 9.1% after the company released a disappointing profit forecast for next year. 3i Group plunged 17.2% after warning of more cautious projections, and Deutsche Telekom reversed early gains and closed the session slightly in the red, even after again raising its 2025 forecast. Meanwhile, Merck jumped 4.9% after reporting operating profit that beat market...
European stocks extended losses for a second session on Friday, with both the Stoxx 50 and Stoxx 600 down around 1%. Defense stocks led declines as signs of progress emerged in a US-brokered peace deal in the Middle East. Israel confirmed that a ceasefire with Hamas took effect at noon local time, with troop withdrawals from parts of Gaza as hostages were released under the agreement. The Stoxx Europe Aerospace and Defense index slumped over 2%, led by Leonardo (-5.6%), Rheinmetall (-2.5%), Thales (-2.4%), Saab (-2.2%), BAE Systems (-1.9%), Rolls-Royce (-1.7%), Safran (-1.6%), and Airbus...
US stock indexes opened slightly higher on Friday (October 10) New York time, as investors "buy the dip" while awaiting the release of U-Mich Consumer Sentiment amid the government shutdown, which has entered its 10th day. The Dow Jones Industrial Average rose around 0.08%, the S&P 500 +0.08%, and the Nasdaq +0.08% at the opening bell. This optimistic tone comes after the previous session's correction and hopes that sentiment data could provide clues to the economy's future direction. On the other side of the market, gold remained above the psychological threshold and the US 10-Year...
The Hang Seng Index plunged 462 points, or 1.7%, to close at 26,290 on Friday (October 10), extending its decline for the fifth consecutive session and hitting a two-week low. Technology stocks led the decline, down more than 3%, after China tightened rare earth metal export controls and increased restrictions on chip imports to reduce reliance on US products such as Nvidia's AI processors. Consumer goods stocks also fell about 2.7%, as investors grew cautious ahead of key Chinese data for September next week, including trade, CPI/PPI, and credit data. Top losers included Zhojin Mining...
European stocks were flat on Friday morning, but the Stoxx Europe 600 was still headed for a weekly gain of ~0.2% as French political concerns eased. The automotive and consumer goods sectors led the way, while energy and mining lagged. ArcelorMittal briefly fell as much as 5.2% after Goldman Sachs cut its rating from buy to neutral due to its perceived "overstretched" valuation. Sentiment improved after news that President Emmanuel Macron would appoint a new prime minister on Friday evening, helping to stem the decline in French stocks following the resignation of Sebastien Lecornu. The...
Japanese stocks closed lower on Friday after the semiconductor sector was hit by a sell-off due to concerns about overvaluation and a weakening Philadelphia Semiconductor Index. The Topix fell 1.8% to 3,197.59, while the Nikkei fell 1% to 48,088.80. Sony Group was the biggest drag on the Topix, falling 4%. Of the 1,672 stocks on the Topix, 155 rose, 1,490 fell, and 27 remained unchanged—indicating widespread selling pressure. In corporate stocks, Seven & i fell 3.5% after cutting its full-year forecast below analyst expectations due to a weakening domestic convenience store business....