European stocks in a positive territory - market wrap

31.07.2017 / 12:45

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European stocks headed for the first gain in three days, led by raw-material producers after commodity prices surged on optimism the global economy is gathering momentum. We expect the European markets session to end higher today.

Stocks have rallied to unprecedented levels globally this year as evidence emerged of a resilient worldwide economy. Friday data showed the U.S. economy accelerating in the second quarter.

Corporate earnings remain of interest, with Apple Inc., Tesla Inc., Berkshire Hathaway Inc. and Toyota Motor Corp. set to unveil results this week. HSBC’s second-quarter profit beat analysts’ estimates.

Japan’s Topix index closed 0.2 percent lower after swinging between gains and losses. Australia’s S&P/ASX 200 Index rose 0.3 percent and South Korea’s Kospi index added 0.1 percent. Hong Kong’s Hang Seng Index added 1.1 percent.

The Stoxx Europe 600 Index increased 0.4 percent as of 8:45 a.m. in London. Basic resources stocks gained 1.3 percent. Futures on the S&P 500 Index rose 0.1 percent. Germany’s DAX Index advanced 0.1 percent. France’s CAC 40 Index climbed 0.2 percent. The U.K.’s FTSE 100 Index jumped 0.5 percent.

The Bloomberg Dollar Spot Index advanced 0.1 percent. The euro dipped 0.2 percent to $1.1727. The British pound decreased 0.1 percent to $1.3117.

The yield on 10-year Treasuries fell less than one basis point to 2.29 percent. Germany’s 10-year yield declined less than one basis point to 0.54 percent. Britain’s 10-year yield decreased less than one basis point to 1.213 percent.

West Texas Intermediate crude advanced 0.4 percent, hitting the highest in eight weeks. Copper climbed 1.2 percent to $2.91 a pound, the highest in more than two years. Gold declined 0.2 percent to $1,267.07 an ounce.

Source: Bloomberg Pro Terminal

Jr Trader Ivan Ivanov

Varchev Traders

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European stocks in a positive territory - market wrap

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