Arab Today, arab today china intervention soothes us european stocks
Last Updated : GMT 21:26:57
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China intervention soothes US, European stocks

Arab Today, arab today

Arab Today, arab today China intervention soothes US, European stocks

Markets in London, Frankfurt and Paris
London - AFP

US and European stocks stabilized Tuesday after Beijing pumped cash into the money market to soothe worries over the slowing Chinese economy.
Markets in London, Frankfurt and Paris all finished with modest gains, along with the S&P 500 in the US.

The advance was a reversal from Monday's bruising open to the 2016 trading year, when a deep decline in Chinese stocks prompted a global stock sell-off. Markets had also been rattled by rising tensions between Saudi Arabia and Iran over the Saudi execution of a prominent Iran-backed Shiite cleric.

On Tuesday, the benchmark Shanghai Composite Index ended down 0.3 percent after the People's Bank of China pumped 130 billion yuan ($20 billion) into the money market. News reports also said state-controlled funds bought stocks.

Investors are trying to ascertain whether China and the Saudi-Iran rift "should be something that we should worry about for much of this year, or whether it was simply an opening day flash in the pan," said Sam Stovall, chief investment strategist at S&P Capital IQ.

"It's still unresolved."

Some analysts suggested that the turbulence that afflicted Chinese equities on Monday had not yet run its course.

"It's an unstable situation when local investors are selling to a government buyer, it can only last so long," said Jasper Lawler, a market analyst at CMC Markets UK.

"There are still worries about the stability of the Chinese economy and the ability of the rest of the global economy to come to terms with the new China, one that no longer looks to double-digit GDP growth as the norm," said analyst James Hughes at trading firm GKFX.

"Markets have not coped well with this up to now."
London finished with a gain of 0.7 percent, while Paris and Frankfurt each rose 0.3 percent. The S&P 500 added 0.2 percent.

- Volkswagen, Apple fall -

Volkswagen slumped 4.0 percent after the US Department of Justice sued the automaker over its emissions-cheating technology. Damages could run to $20 billion or higher.

Apple fell 2.5 percent after Nikkei Asian Review reported that it plans to reduce production of its latest iPhone 6s models by around 30 percent due to weak sales.

US auto giants General Motors and Ford fell 2.6 percent and 1.8 percent, respectively, after reporting gains of five percent for 2015. Despite the solid results, December's figures were a bit below some forecasts.

Gunmaker Smith & Wesson surged 11.1 percent after lifting its earnings forecast following a surge in gun sales. The gains came as US President Barack Obama unveiled executive measures that will make it harder to buy and sell weapons.

- Key figures around 2200 GMT -

New York - Dow: UP 0.1 percent at 17,158.66 (close)

New York - S&P 500: UP 0.2 percent at 2,016.71 (close)

New York - Nasdaq: DOWN 0.2 percent at 4,891.43 (close)

London - FTSE 100: UP 0.7 percent at 6,137.24 points (close)

Paris - CAC 40: UP 0.3 percent at 4,537.63 (close)

Frankfurt - DAX 30: UP 0.3 percent at 10,310.10 (close)

EURO STOXX 50: UP 0.4 percent at 3,178.01 (close)

Tokyo - Nikkei 225: DOWN 0.4 percent at 18,374.00 (close)

Euro/dollar: DOWN at $1.0750 from $1.0833 late Monday

Dollar/yen: DOWN 119.06 yen from 119.42 yen

 

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