Stock market snapshot as of [30/5/2019 3:29 PM]
- The European stock market bounce was going so well before more ructions in Italy opened a fresh seam of negative sentiment
- Italy’s FTSE MIB has duly swung into the red and was down 0.3% at last look. It comes as Deputy Prime Minister Matteo Salvini resumes the Northern League’s antipathy with the European Union. He’s insisting he’d rather end the coalition government than backtrack on a plan to cut taxes for most Italians. That would probably move Rome even further away from EU fiscal prescriptions
- Most other large EU stock markets are off highs though still positive. It’s due to a combination of profit taking, oil shares tracking bullish inventory data and bank stocks
- Investors anticipate favourable details about the ECB’s new short-term lending programme when the central bank meets next week
- U.S. stock markets have opened firm, partly tracking a rebound in Treasury yields, with profit taking also seeping into that key safe-haven market after an eye-catching ramp of late, in step with dwindling risk appetite
- A firm print by the second assessment of U.S. GDP is also helping underpin U.S. shares. Year-on-year growth printed at 3.1% compared to a consensus compiled by Bloomberg of 3%
- As well, the weak core inflation component is being interpreted as likely to keep Fed policy on the backfoot – a de facto positive for risk assets
Corporate News
- U.S. car shares are among the sectors leading from the front. In itself, that tends to back the profit realisation thesis for the more optimistic look of Wall Street on Thursday
- Note MSCI’s global auto makers index is down about 2% since the beginning of the year
- Dollar General beats first-quarter estimates enabling shares of the discount retailer to surge 7%
Upcoming corporate highlights
Latest market news
Yesterday 01:26 PM
Yesterday 01:00 PM
Yesterday 10:30 AM
March 27, 2024 11:52 PM
March 27, 2024 01:41 PM
March 27, 2024 01:14 PM