By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > European stocks follow Asian markets higher after cheering China data
News

European stocks follow Asian markets higher after cheering China data

News Room
Last updated: 2023/07/03 at 8:04 AM
By News Room
Share
4 Min Read
SHARE

Receive free Markets updates

We’ll send you a myFT Daily Digest email rounding up the latest Markets news every morning.

European stocks and US futures rose on Monday, after better than expected data from China added to bullish momentum driven by large US technology stocks such as Tesla.

Europe’s region-wide Stoxx 600 added 0.2 per cent, lifted by strong performance in energy and basic materials stocks. London’s energy-focused FTSE 100 rose 0.3 per cent and France’s Cac 40 gained 0.2 per cent.

Markets received a boost on Monday after a private sector survey pointed to resilient factory activity in China, easing investors’ concerns over the country’s stalled recovery after three years of Covid-19 restrictions. Adding to the optimism, electric-car maker Tesla shares rose 6.7 per cent in pre-market trading in New York after beating expectations.

In China, the Caixin manufacturing purchasing managers’ index fell to 50.5 in June, but was above the 50.2 consensus of economists polled by Reuters. Readings above the neutral 50 mark indicate the majority of respondents reporting an expansion in manufacturing activity.

The People’s Bank of China had last month cut its benchmark lending rates for the first time in almost a year, as policymakers extended cautious monetary support in an effort to spur more robust growth.

“There is still optimism that Chinese growth will come through,” said Michael Metcalfe, head of macro strategy at State Street Global Markets.

The news bolstered Europe’s energy and basic materials sector, which became particularly vulnerable as investors increasingly bet that a high interest rate environment will soon slow big economies across the world.

The London-listed mining companies Anglo American and Glencore gained 4 per cent, while the Stoxx 600 Basic Resources index advanced 2.4 per cent on Monday.

“You don’t need much good news on materials for there to be a rally, because investors are already ready for a recession,” said Metcalfe.

China’s blue-chip indices advanced, with the Hong Kong’s Hang Seng index adding 2.1 per cent, while China’s CSI 300 rose 1.3 per cent. In Japan the Topix index added 1.4 per cent.

Meanwhile, contracts tracking Wall Street’s tech-focused Nasdaq 100 gained 0.2 per cent, while those tracking the benchmark S&P 500 were flat ahead of the New York open. 

That added to a rally on Wall Street on Friday, when the Nasdaq Composite recorded its best first half of the year since 1983, with its 32 per cent gain powered by a handful of large tech stocks. Tesla rose after the electric-car maker announced a day earlier that it delivered a record 466,000 vehicles in the second quarter of the year, exceeding market estimates of about 445,000.

Investors turned to the US ISM manufacturing index, coming out later in the day, which is expected to have remained broadly unchanged at 47 in June, in a sign that the country’s factory activity was stalling amid rising interest rates.

Read the full article here

News Room July 3, 2023 July 3, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Israel and Hamas inch closer to Gaza ceasefire deal

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Donald Trump offers to send more arms to Ukraine via Nato allies

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Return of the Houthis spooks Red Sea commercial vessels

A resurgent campaign by Yemen’s Houthi rebels against commercial ships in the…

Trump is sowing confusion in the markets

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Commodity firms poised for $300mn windfall from US copper tariff trade

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

- Advertisement -
Ad imageAd image

You Might Also Like

News

Israel and Hamas inch closer to Gaza ceasefire deal

By News Room
News

Donald Trump offers to send more arms to Ukraine via Nato allies

By News Room
News

Return of the Houthis spooks Red Sea commercial vessels

By News Room
News

Trump is sowing confusion in the markets

By News Room
News

Commodity firms poised for $300mn windfall from US copper tariff trade

By News Room
News

Google to agree cloud discount as US government squeezes Big Tech

By News Room
News

Elon Musk is still the Tesla wild card

By News Room
News

India on track for record IPO year

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?