amwalalghad :: World

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Money Markets - World

Amwal Al Ghad English - 2017-11-28 06:27:25
Most major Asian indexes edged higher on Tuesday, following a narrowly mixed close on Wall Street overnight. With little data due during the session, markets turned their attention to events later this week. Japan's Nikkei 225 reversed early losses to climb 0.32 percent as the dollar's slide against the yen was stemmed. Major exporters, including automakers and tech names, were mixed. Toyota and Honda rose 0.71 percent and 1.2 percent, respectively. Energy-related names were most lower as oil prices edged down. Across the Korean Strait, the Kospi rose 0.36 percent despite blue-chip tech stocks extending Monday's declines. Samsung Electronics edged down a further 0.19 percent after closing lower by more than 5 percent in the last session following a Morgan Stanley report that downgraded its stock. Other tech plays were mixed: SK Hynix fell 0.84 percent but LG Display rose 1.3 percent. Automakers and manufacturing plays traded higher. Down Under, the S&P/ASX 200 reversed early losses to climb 0.19 percent, with most sectors trading higher in the morning session. Retailers climbed as major miners edged down, with Rio Tinto and BHP down 0.36 percent and 1.9 percent, respectively. More»
Amwal Al Ghad English - 2017-11-27 06:17:54
Asian indexes edged down on Monday despite the firmer lead from Wall Street last week. Chinese markets traded lower as investors kept an eye on developments in the bond market while South Korea's Kospi slid on weakness in tech names. Japan's Nikkei 225 erased early gains to slip 0.47 percent. Trading houses and manufacturing names made losses, but some notable names continued to cling to gains. Toyota was up 0.2 percent as other major automakers traded lower and SoftBank Group gained 0.03 percent. Nintendo rose 2.36 percent on investor optimism following reports that Black Friday and Thanksgiving deals in the U.S. had brought in solid sales. Across the Korean Strait, the Kospi fell 1.34 percent, with tech stocks dragging on the broader index. Market movers included SK Hynix and LG Display which lost 2.47 percent and 1.76 percent respectively. Samsung Electronics tumbled 4.4 percent after a Morgan Stanley report downgraded the stock to "equal weight" from "overweight" and lowered its price target to 2.8 million won per share, Reuters reported. The Korean won was in focus ahead of the Bank of Korea's Thursday interest rates decision, with a majority of economists polled by Reuters last month indicating that a 25 basis point rate hike was expected. The currency traded at 1,087.40 won to the dollar, near its strongest levels in around two and a half years. Down Under, the S&P/ASX 200 inched higher by 0.22 percent after flatlining earlier in the session. Resource plays Rio Tinto and BHP seesawed, finishing the session in the money after dipping during the day. Energy-related stocks were downbeat, with Santos falling 0.39 percent. More»
Amwal Al Ghad English - 2017-11-27 06:15:02
European stocks were seen lower on Monday morning on the back of weakness in Asian equities, while the euro reached a two-month peak against the dollar amid positive German data and hopes that a political crisis in the country can be resolved. The FTSE 100 is seen down by 12 points at 7,401; the DAX is expected to start 24 points lower at 13,043 and the CAC 40 is poised to open down 10 points at 5,379. The euro climbed to a two-month high against the dollar Monday. The single currency was supported by fresh record highs for Berlin's business confidence and an agreement by Germany's Social Democrats to hold talks with Chancellor Angela Merkel in a bid to form a new coalition government. In Asian trade, stocks pared early gains to fall back from decade highs on Monday, as weakness in China and South Korea weighed. Shares excluding Japan were down 0.65 percent as leading stock indexes in Beijing and Seoul dipped more than 2 percent.Asian equities also appeared to have lost ground on Monday morning after late-week holidays in Japan and the U.S. and amid cautious sentiment ahead of major economic releases around the world later in the week. Meanwhile, oil prices were slightly lower on Monday, falling away from two-year highs amid expectations of increased U.S. output. However, the prospect of an OPEC-led supply cut extension later in the week, appeared to cap losses. The major oil producing group is due to meet on Thursday. Brent crude traded at around $63.85 a barrel Monday morning, down 0.02 percent, while U.S. crude was around $58.69 a barrel, down 0.44 percent. More»
Amwal Al Ghad English - 2017-11-25 07:01:35
European shares finished under slight pressure on Friday, amid lower liquidity levels due to the Thanksgiving holiday. The pan-European STOXX 600 slipped 0.13 percent by the close, after fluctuating between gains and losses during the trading day. On the week, the STOXX 600, however, ended up 0.74 percent provisionally. The U.K.'s FTSE 100 slipped 0.10 percent by Friday's close, while France's CAC 40 popped 0.20 percent and Germany's DAX rose 0.39 percent. Most sectors closed in the red, however. Banking stocks outperformed most of Europe's sectors Friday, after media reports emerged that Europe was preparing looser rules around bad loan disposals. Italian bank BPER Banca was suspended from trading after its shares rose more than 5 percent. The bank did return to trading and finished up at the top of the sector and STOXX 600, along with fellow Italian banks BPM and Ubi Banca. Retail stocks fluctuated during afternoon deals before closing lower. The sector has been under close watch as Black Friday discounts take place, which might serve as an indicator of how retailers will perform over the Christmas period. Some Amazon workers in Italy and Germany are striking, which could affect the retailer on Black Friday, according to Reuters. Looking at individual stocks, Provident slipped 2.3 percent by the close. This comes after news emerged that its executive chairman had passed away. China's finance ministry announced on the last trading day of the week that it would cut import tariffs on some consumer products from the start of next month. Consumer staples groups Danone and Diageo both closed up higher as a result. Meanwhile, William Hill responded to media speculation confirming that it was in "very preliminary discussions" with Crown Resorts' CrownBet, in regards to a potential merger with the British bookmaker's Australian division. Shares of the U.K. firm closed into the red. Meanwhile, Paddy Power Betfair rose over 3 percent after reports emerged that the gambling firm was exploring a potential deal with Australia's Crownbet. Overall, trading was impacted by low liquidity levels. In the U.S., markets are only trading for a limited amount of time due to the holiday, and posted slight gains by Europe's close. In terms of data, business climate numbers in Germany hit new records. Confidence among businesses rose to an all-time high in November, despite ongoing political uncertainty. "The current situation in Germany is an excellent illustration of a phenomenon, which has characterized the entire euro zone throughout the year: buoyant confidence and strong economic growth goes hand-in-hand with political uncertainty and instability," Carsten Brzeski, chief economist at ING said in an email. "In our view, this dichotomy can easily continue in 2018, yielding another strong year for the German and euro zone economy." Market players are monitoring developments in Ireland and Germany amid political uncertainty. In Dublin, the government seems close to collapsing after calls to remove the deputy prime minister emerged. In Berlin, the social democrats are under pressure to enter coalition talks with Chancellor Angela Merkel and avoid new elections. More»
Amwal Al Ghad English - 2017-11-23 05:52:01
Asian markets were mostly subdued on Thursday, taking the lead from a quiet overnight session on Wall Street as investors parsed through minutes from the U.S. central bank. Down Under, the S&P/ASX 200 shed 0.13 percent. The energy and materials sub-indexes led gains in the broader market after commodity prices strengthened overnight. Those gains, however, were offset by losses in the utilities and consumer discretionary sub-indexes. South Korea's benchmark Kospi index edged down 0.05 percent after markets opened an hour later on Thursday due to a nationwide university entrance exam. Blue-chip tech plays slipped, but several prominent manufacturing names climbed: Samsung Electronics fell 1.11 percent and Posco rose 1.76 percent. Cosmetics companies also made gains, with Amorepacific tacking on 1.46 percent. Greater China markets were mixed, with Hong Kong's Hang Seng Index rising 0.07 percent ahead of the lunch break. The index had closed above the 30,000 mark for the first time in a decade on Wednesday. Mainland markets were more downbeat. The Shanghai Composite slipped 0.86 percent and the Shenzhen Composite lost 1.69 percent. MSCI's broad index of shares in Asia Pacific excluding Japan held in the green to gain 0.11 percent at 12:25 p.m. HK/SIN. Elsewhere, Japanese markets were closed for a public holiday. U.S. markets will also be closed for Thanksgiving Day on Thursday. Stateside, markets closed narrowly mixed on Wednesday. The Nasdaq edged up 0.07 percent to notch a record close of 6,867.36. Other major indexes finished the session a touch softer. Minutes from the Federal Reserve released on Wednesday showed policymakers were largely positive about the economy, even though some officials had concerns about inflation. When it came to market conditions, several Fed members were concerned over "a potential buildup of financial imbalances," the minutes showed. Still, the notes reflected that Fed members thought gradual interest rate hikes were likely. Market expectations for a December rate hike stood at 91.5 percent on Thursday morning, according to CME Group's FedWatch tool. "[T]he December rate hike seems as close to a done deal as one can ever get, though there was some interesting debate on what to do next year, with the current depleted FOMC camp split on how to operate when the inflation gauge is no longer a reliable pointer," Rob Carnell, Asia head of research at ING, said in a morning note. The dollar edged down against a basket of six currencies to trade near its lowest levels since October. The dollar index stood at 93.200 at 12:04 p.m. HK/SIN after falling as low as 93.160 earlier. Against the Japanese yen, the greenback traded at 111.30, weaker than the 112 level fetched at the beginning of the week and a touch firmer than Wednesday's close of 111.17. "With New York away for Thanksgiving and investors now doubting the Fed trajectory for 2018, expect investors to continue to regard the dollar with suspicion intraday," Emmanuel Ng, a strategist at OCBC Bank, said in a note. Meanwhile, U.S. durable goods orders for October dipped 1.2 percent, below the 0.3 percent increase expected. That was the first fall in the metric after recording strong gains for the three months prior. On the data front, Singapore's economy grew 8.8 percent in the quarter ending in September compared to the quarter before due to strength in the manufacturing sector. That was above the 2.2 percent increase seen in the second quarter and the 7.4 percent growth projected in a Reuters poll. Elsewhere, the U.K. cut its growth forecasts as the government delivered its Autumn Budget on Wednesday. Growth in 2017 was projected at 1.5 percent, compared to the 2 percent estimated earlier this year. Ahead, growth is expected to fall to 1.3 percent in 2019 and 2020. Japanese steelmaker JFE Holdings and India's JSW Steel intend to bid for Bhushan Steel, which went into bankruptcy protection earlier this year, Reuters reported, citing sources. Australian retailers were also in focus following media reports about e-commerce giant Amazon's soft launch in the country on Thursday. While the news has yet to be officially confirmed, some Australian retailers were informed by Amazon about an "internal testing phase" starting on November 23, Reuters said Wednesday, citing a source. Retail stocks were mixed: Harvey Norman was off 0.26 percent and Woolworths was higher by 0.25 percent. "[I]t may be some time before investors can gauge [Amazon's] impact on the local retail industry," Ric Spooner, chief market analyst at CMC Markets, said in a note. "The first clue could be signs of extra pressure on margins over the vital Christmas sales period," he added. Oil prices were a touch softer after ending the Wednesday session at a two-year high. U.S. West Texas Intermediate traded 0.19 percent lower at $57.91 per barrel after settling at $58.02 on Wednesday. Brent crude futures were 0.21 percent lower at $63.19. More»
Amwal Al Ghad English - 2017-11-23 05:49:40
European equities are poised to open lower on Thursday following a mixed closed in the U.S. and expected lower trading flows due to Thanksgiving. The FTSE 100 is seen down by 4 points at 7,401; the DAX is set to start lower by 37 points at 12,972; and the CAC 40 is set to open lower by 6 points at 5,347, according to IG. In Asia, markets were mostly lower after Federal Reserve minutes showed that concerns over inflation persist despite a probable rate hike in "the near term." U.S. markets are closed for Thanksgiving. Back in Europe, the focus is on earnings and several data releases. Centrica, London Gatwick Airport, Thyssenkrupp and Rovio are among the firms reporting Thursday. In other corporate news, the German business software giant SAP has started a probe into its Gulf business, Reuters reported. Looking at data, there will be euro zone flash manufacturing and services PMIs at 9.00 a.m. London time and business investment numbers out in the U.K. at 9.30 a.m. London time. More»
Amwal Al Ghad English - 2017-11-22 06:38:42
Asian markets rose on Wednesday, taking overnight cues from Wall Street where stocks rose to record highs after a rally in tech names lifted the broader market. Hong Kong's main index topped the 30,000 level at market open. Australia's ASX 200 finished up 22.87 points, or 0.38 percent, at 5,986.40, with most sectors advancing. The energy subindex was up 1.22 percent and the materials sector rose 0.81 percent. The heavily-weighted financial subindex gained 0.18 percent even as three of the country's so-called Big Four banks fell. Shares of ANZ fell 0.31 percent, Westpac was off by 0.41 percent and the National Australia Bank lost 0.27 percent. Commonwealth Bank shares, however, were up 0.58 percent. Japan's Nikkei 225 gained 0.58 percent in afternoon trade, while the Topix was up 0.44 percent. In South Korea, the Kospi rose 0.39 percent. Chinese markets traded mixed. The Shanghai composite rose 0.76 percent, and the Shenzhen composite slipped 0.12 percent. Hong Kong's Hang Seng index broke the 30,000 level and rose near 1 percent to 30,111.06 at 1:30 p.m. HK/SIN. "Markets have remained mostly range-bound ahead of Thanksgiving holidays, although there was a small easing in the dollar on a broad basis," Wei Liang Chang, a currency strategist at Mizuho Bank, wrote in a morning note. Long-term U.S. government debt yields fell on Tuesday, while short-term Treasury yields rose. That "flattening" trend is usually present before an economic downturn as risk inflates short-term debt yields. One economist said a flattening trend did not necessarily mean that recession was imminent. "We wrote about this some time ago, noting that [the flattening yield curve] was unlikely to be a reliable guide to looming recession risk, despite a slow drift of market names to embrace this view," Rob Carnell, head of research for Asia at ING, wrote in a note. Carnell explained that at the long end of the yield curve, things are "remarkably stable." He pointed out that changes were at the front end of the yield curve. "And what appears to have driven this front-end rise is the final realization by markets that the Fed is not a "one and done" organization, but really will be following up the December hike with another, and then probably another next year," he said. Carnell also pointed out that the market was previously "reluctantly pricing in tightening only one meeting at a time, being prepared to price the next hike slowly, only once the last one was safely in the bag." On Wednesday afternoon Asia time, the yield on the benchmark 10-year Treasury note was at 2.3560, while the yield on the 30-year bond was at 2.7577 at 1:31 p.m. HK/SIN. Bond yields move inversely to prices. In the currency market, the dollar retreated against a basket of rivals in Wednesday Asia trade. The dollar index was at 93.910 at 1:31 p.m. HK/SIN, falling from a previous high of 94.165. Among currency majors, the Japanese yen traded at 112.2 to the dollar, which was slightly stronger than the 112.6 level it traded near on Tuesday afternoon local time. Japanese exporters traded mostly higher; shares of Toyota rose 0.91 percent, Honda was up 0.51 percent and Sony added 1.17 percent. The Australian dollar traded at $0.7564, while the euro fetched $1.1740. The common currency struggled to break the $1.176 level since news broke that German Chancellor Angela Merkel's efforts to form a coalition government had failed. Merkel subsequently said she would prefer going to the polls over leading a minority government. Meanwhile, currency experts at Swiss bank UBS predicted that the dollar is set to have a disappointing run against the euro in 2018 despite the Federal Reserve continuing its current cycle of rate hikes into next year. While a rise in benchmark rates is usually beneficial for the greenback as more people flock to U.S. assets in anticipation of higher yields, UBS said it believes the euro will out-muscle anything the dollar does next year. Oil prices rose on Wednesday afternoon Asia time, following overnight gains, ahead of next week's OPEC meeting in Vienna. Major oil producers are set to decide if they will extend an output cut beyond March 2018 to tackle the global supply glut. U.S. crude rose 1.51 percent to $57.69 a barrel at 1:33 p.m. HK/SIN, and global benchmark Brent added 0.66 percent to $62.98. Oil plays in Australia were mostly higher with Santos shares rising 1.18 percent, Oil Search up by 1.26 percent and Woodside Petroleum positive by 1.49 percent. In Japan, Inpex shares rose 1.48 percent and Japan Petroleum added 2.53 percent. Elsewhere, shares of Japanese multinational electronics company TDK rose 6.24 percent, following reports that it introduced a rechargeable solid-state battery overnight. More»
Amwal Al Ghad English - 2017-11-22 06:27:47
European stocks are set to open higher on Wednesday morning as positive world growth data and strong corporate earnings have boosted investor sentiment worldwide. The FTSE 100 is seen higher by 4 points at 7,411; the DAX is set to start up by 9 points at 13,176 and the CAC 40 is set to open higher by 5 points at 5,369, according to IG. In Asia, markets traded higher on Wednesday, boosted by positive sentiment and continuing a trend seen in the U.S. in the previous session. Oil prices were also higher on expectations of a production cut next week at an OPEC meeting. Brent rose 0.6 percent trading at $62.99 and WTI was up by 1.6 percent at $57.77 a barrel at about 4.20 a.m. London time. The main focus for market players on Wednesday will be on earnings, data from the euro zone and a budget update in the U.K. In terms of earnings, the National Bank of Greece will report third quarter results and in the U.K., Sage Group and Thomas Cook will also announce their latest results. Shares of Dutch firm Akzo Nobel will be in focus after Japanese firm Nippon Paint made an all cash offer Tuesday to buy Axalta, Reuters reported, putting an end to Axalta's merger talks with Akzo Nobel. U.K. Finance Minister Philip Hammond will present the government's latest budget at 12:30 p.m. London time. The budget is the first since the general election and it is expected to include lower economic growth expectations than the one presented a year ago. Hammond is also expected to announce measures to boost housing. Later, there will be flash consumer confidence numbers in the euro zone out at 3.00 p.m. London time. More»
Amwal Al Ghad English - 2017-11-21 06:07:24
European equities closed in the black on Monday, as positive trading on Wall Street and weakness in the euro, helping offset concerns surrounding the political instability in Germany. The pan-European Stoxx 600 rallied in afternoon trade, closing up 0.67 percent provisionally, with almost all sectors finishing in positive territory. The France's CAC 40 and Germany's DAX rose 0.40 and 0.50 percent respectively, while the U.K.'s FTSE 100 lagged behind, closing up 0.12 percent. In peripheral bourses, Switzerland's SMI rose 1.26 percent, boosted by stocks such as Roche. Autos was Europe's top performing sector, closing up 1.33 percent overall, with German and French carmakers leading the way. Volkswagen rose 4.19 percent, after news emerged over the weekend that the manufacturer would invest 22.8 billion euros ($26.9 billion) in its main car brand over the course of 2018 to 2022. Porsche, which is owned by Volkswagen, popped 4.48 percent. Health care stocks ended on a positive note Monday following news that President Donald Trump is not going to push for a repeal of Obamacare in a tax bill. The sector was also boosted by news that Roche successfully concluded trials against lung cancer. The stock jumped 5.87 percent on the news. Media stocks posted solid gains with German broadcaster ProSiebenSat.1 leading the pack. Shares of the firm rose 3.22 percent, after news emerged that the broadcaster's CEO, Thomas Ebeling, would be leaving the company in February. On the other hand, insurance stocks struggled to post gains by the close — with financials also having come under pressure during trade — on growing doubts over U.S. plans to update the tax system. Despite the uncertainty, markets in the U.S. ticked higher by Europe's close, as investors digested more individual stock news, while awaiting developments surrounding tax. Looking at individual stocks, Altice jumped over 9 percent before paring gains to close up 5.2 percent on Monday — after denying market speculation that it was preparing to raise capital. Elior Group, meanwhile, sunk to the bottom of the STOXX 600, tumbling 7 percent after Citigroup, Kepler Cheuvreux and Natixis cut their price targets on the stock. The euro was trading lower against the yen, dollar and sterling at Europe's market close (11:30 a.m. ET). The currency was under pressure following news that German Chancellor Angela Merkel failed to reach an agreement with two other political parties to form a new government. The FDP pulled out of the talks citing irreconcilable differences. Merkel is now to consult with the German president on what to do next, but it's possible that new elections could be called. The collapse of the German coalition talks sent the energy group RWE higher. Investors believe that there are fewer chances that the Greens will join the next government and thus its plans to phase out coal power plants will be put on hold. The stock rose 2.75 percent. In other news, oil prices came under severe pressure on Monday, with Brent off more than 1.5 percent by the market close, as investors were on edge ahead of an OPEC meeting due next week. More»
Amwal Al Ghad English - 2017-11-21 05:57:40
Asian markets rose in morning trade on Tuesday, following gains in U.S. equities overnight amid strong economic data. This will be a short week for the U.S. stock market, which is set to be closed Thursday for the Thanksgiving holiday. In Australia, the ASX 200 traded up 0.27 percent, with the heavily-weighted financial sector up 0.14 percent and the country's so-called Big Four banks all traded positive. Shares of ANZ were up 0.15 percent, Commonwealth Bank was up 0.02 percent, Westpac up by 0.22 percent and the National Australia Bank added 0.08 percent. Japan's Nikkei 225 was up 1.14 percent, while the Topix index rose 0.96 percent. In South Korea, the Kospi was up 0.34 percent. Chinese mainland markets were also higher. The Shanghai composite rose 0.6 percent, while the Shenzhen composite added 0.65 percent. In Hong Kong, the Hang Seng index added 0.89 percent. Elsewhere, the dollar rose from levels near 93.600 against a basket of currencies to trade at 94.087 on Monday mid-morning Asia time. The euro traded lower at $1.1731, compared to levels above $1.176 in the previous week. The common currency declined after news emerged on Monday that German Chancellor Angela Merkel's efforts to form a coalition government had failed, thus making the political outlook for Europe's largest economy uncertain. Merkel later said on Monday that she would prefer new elections to leading a minority government. One economist predicted that Germany could soon return to the polls. "It looks like Germany will be heading back to the electorate following the collapsed coalition talks this week, and little sign of any appetite for a resumption of the Grand Coalition," Rob Carnell, head of research for Asia at ING, wrote in a morning note. Carnell added that the uncertainty of another election is "unhelpful for the region, though the [euro] seems to be weathering it quite well." Among other currency majors, the Japanese yen weakened from levels below 112.20 to trade at 112.63 to the dollar. The Australian dollar prices traded at $0.7537, falling from an earlier session high of $0.7557. Earlier, the Reserve Bank of Australia released the minutes from the November monetary policy meeting, where the central bank had left the cash rate unchanged at 1.5 percent. The minutes noted there was "considerable uncertainty around when and how quickly wage pressures might emerge" and how much of that would "add to inflationary pressure." The central bank also "sees some upside risks to non-mining investment, as well as infrastructure spending," Wei Liang Chang, a currency strategist at Mizuho Bank, wrote in a note. He added, "All told, the broad tone reaffirms an unchanged monetary policy stance for now, without more durable signs of an uptick in wage inflation." Oil is also a focus for investors ahead of next week's OPEC meeting in Vienna, where member states will decide if they would support an output cut deal beyond March next year. Energy prices traded slightly higher on Tuesday morning, with U.S. crude up 0.11 percent at $56.48 a barrel. Global benchmark Brent also rose 0.11 percent to $62.29. That followed a 0.8 percent decline on Monday. Reuters reported that Iran's oil minister said Monday that a majority of OPEC members support extending output cuts beyond March next year, but the final decision will be made at next week's meeting. More»