EUROPE MARKETS: Europe Stocks Inch Higher After Pounding Over Economy Fears
August 15 2019 - 05:43AM
Dow Jones News
By Steve Goldstein, MarketWatch
Europe stocks nudged higher at the start of trade on Thursday,
holding ground after the previous day's battering on fears for the
global economy in the wake of weak German and Chinese data.
After a 1.68% tumble on Wednesday, the Stoxx Europe 600 added
0.02% to 366.25.
The German DAX added 0.06% to 11499.18 and the French CAC 40
increased 0.08% to 5255.51.
The U.K. FTSE 100 , weighed down by companies trading without
the right to the next dividend payment, weakened 0.21% to
7132.87.
What's happening
In the wake of weak German and Chinese economy data, the U.S.
yield curve inverted on Wednesday, with the 2-year yield rising
above the 10-year yield -- which has happened ahead of the last
five recessions.
(https://fred.stlouisfed.org/graph/graph-landing.php?g=oCUz)
On Thursday, the yield curve uninverted -- the 10-year yield was
once again higher than the 2-year . Also, the 30-year yield moved
back above the key 2% level.
"While the global economy continues to slow and trade tensions
weigh on the outlook, we still believe that we are not on the brink
of a U.S. or global recession. At the moment, data is generally
pointing towards trend growth, with some exceptions such as
Germany, which contracted in the second quarter," said Esty Dwek,
head of global market strategy at Natixis Investment Managers'
Dynamic Solutions unit.
U.S. stock futures rose ahead of data on weekly jobless claims,
retail sales and readings of manufacturing sentiment in New York
and Philadelphia, after the Dow Jones Industrial Average tumbled
800 points on Wednesday.
In the U.K., retail sales grew a surprisingly strong 3.3% in
July compared to a year ago, according to the Office for National
Statistics.
Focus stocks
Carlsberg (CARL-A.KO) rallied 5% as the brewer reported largely
in-line first-half results, with particularly strong results in
Asia. Carlsberg shares have surged 44% this year.
A.P. Moller-Maersk (MAERSK-B.KO) (MAERSK-B.KO) shares rose 2.6%
as the shipping group reported a better than forecast
second-quarter profit on slight 0.5% revenue growth.
Aegon (AGN.AE) shares tumbled 7% as the Dutch insurer reported a
decline in its solvency ratio, which is a measure of its
balance-sheet strength.
(END) Dow Jones Newswires
August 15, 2019 05:28 ET (09:28 GMT)
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