European Stocks Edge Lower on Weak Chinese Manufacturing Data
May 03 2016 - 4:30AM
Dow Jones News
European stocks and U.S. futures were mostly lower Tuesday, as a
downbeat reading on Chinese manufacturing weighed on shares of
mining companies.
The Stoxx Europe 600 edged down 0.5% in early trade, dragged
down by losses in the basic resources sector. Copper and iron ore
prices fell sharply after a private gauge of Chinese manufacturing
showed a dip in April, following an official report earlier this
week.
Investors in Europe also digested a fresh batch of corporate
earnings reports. Shares in France's BNP Paribas and the U.K.'s
HSBC Holdings both gained after the banks posted first-quarter
results, while shares in Switzerland's UBS fell after the lender
reported a sharp fall in first-quarter profit.
In currencies, the euro continued to gain against the dollar to
$1.1584, weighing on shares of exporters. The dollar was down 0.6%
against the yen at ¥ 105.7730.
Earlier, shares in Shanghai gained 1.9% as markets reopened from
a holiday, spurred by President Xi Jinping's recently stated
support of the "healthy development" of the country's stock
markets.
Australia's S&P ASX 200 gained over 2% after its central
bank cut interest rates for the first time in a year. Shares in
Hong Kong, however, ended down 1.1%, while markets in Japan were
closed for a holiday.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
May 03, 2016 04:15 ET (08:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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