european stocks stage rebound
Last Updated : GMT 17:16:24
Arab Today, arab today
Arab Today, arab today

European stocks stage rebound

Arab Today, arab today

Arab Today, arab today European stocks stage rebound

London - AFP

Europe's main stock markets rebounded on Wednesday after two daysof losses as optimistic investors eyed the upcoming US results season, dealers said.London's FTSE 100 climbed 0.68 percent to 6,635.61 points, while in Paris the CAC 40added 0.40 percent to 4,442.68 points and the DAX 30 in Frankfurt tacked on 0.16percent to 9,506.35 points."Having followed US markets lower in the last few days, European markets are nowfollowing them back up again today with those most beaten down leading thecharge, namely the housing and tech sectors," said market analyst Jasper Lawler atCMC Markets UK.On Tuesday, Wall Street enjoyed a pick-up after suffering three successive sessionsof losses led by the Nasdaq, as investors had feared that big-name tech firms suchas Facebook, Google and Tesla were overpriced.Analyst Alastair McCaig at trading firm IG said the "more optimistic outlook hasbeen replicated around Europe, as traders conscious of the potential boost the USreporting season might bring have decided this outweighs their worries over theescalations in Ukraine."Overnight, US aluminium giant Alcoa reported a quarterly loss of $178 million dueto heavy restructuring expenses after it shut smelters and rolling mills in responseto low aluminium prices.But absent the restructuring charges, Alcoa earned $98 million, or nine cents ashare, beating analyst forecasts of five cents per share and boosting marketsentiment."Positive earnings from Alcoa after yesterday's close capped off the stabilisation ofdeclines seen in the previous two sessions as traders took the opportunity to re-enter the market at lower prices," added Lawler.US stocks pushed firmly in positive territory on Wednesday, with the Dow Jonesindustrial Average rising 0.22 percent to 16,291.39 points in midday trading.The broad-based S&P 500 advanced 0.26 percent to 1,856.86, while the tech-richNasdaq Composite Index gained 0.60 percent to 4,137.78.IG's McCaig noted that the market is now looking towards "Friday's double USbanking hit, as both JP Morgan and Wells Fargo are due to report".Later on Wednesday, dealers will examine minutes from the US Federal Reserve'smost recent monetary policy meeting for fresh clues on the interest rate outlook.- Euro rises -In foreign exchange deals, the European single currency rose to $1.3820 from $1.3797 late on Tuesday in New York. The dollar edged up to 101.81 yen from101.75.The euro lifted to 82.49 British pence from 82.36 pence on Tuesday, while the poundedged up to $1.6753 from $1.6749.On the London Bullion Market, the price of gold slid to $1,301.75 an ounce from$1,309.50 on Tuesday.European equities had retreated Tuesday on simmering Ukraine-Russia tensions andafter the IMF cut its forecast for global economic growth.That came after markets slumped on Monday as investors fretted over the globaltechnology sector, fresh unrest in Ukraine and the US interest rate outlook, dealerssaid.Elsewhere on Wednesday, Asia's markets mostly rose following a slight rebound onWall Street.Hong Kong added 1.09 percent, Seoul rose 0.30 percent and Shanghai finished 0.33percent higher.However, Tokyo stocks tumbled 2.10 percent, taking another hit from astrongeryenwhich hurts exporters.But Sydney rallied 0.98 percent to 5,463.8, its highest close since June 2008,supported by a surge in retailer David Jones after it received a massive takeoveroffer.The upmarket department store has recommended that shareholders accept abuyout from South Africa's Woolworths that values it at $2.01 billion.

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