European markets recover losses after Belgian attacks
Stocks decline broadly in early trading in US
(about 1 hour later)
TOKYO — European stocks rose Wednesday, largely recovering the losses that had followed the deadly bombings in Belgium, while Asian markets mostly fell moderately.
Stocks are opening broadly lower, led by declines in mining companies as prices for metals and other commodities weaken.
KEEPING SCORE: France’s CAC 40 was up 0.4 percent at 4,450.62 while Germany’s DAX rose 1.1 percent to 10,098.13. Belgium’s main index was up 0.7 percent, while Britain’s FTSE 100 edged 0.1 percent higher. Ahead of the Wall Street open, the Dow futures were unchanged while S&P 500 futures inched up 0.1 percent.
Several companies were also moving lower Wednesday after reporting disappointing results or outlooks.
ATTACK WOES: News of the attacks in Belgium, which killed at least 34 people, had pulled global markets lower, and airlines and travel companies continued to slip in Asia. But in Europe, the shares’ recovery suggested the long-term impact on the economy may not be as big as some feared.
Nike, one of the 30 stocks in the Dow Jones industrial average, sank 5 percent after reporting revenue that fell far short of what analysts were looking for.
THE QUOTE: “As terrible as the events in Brussels have been, economic activity is typically pretty resilient to terrorist attacks,” said Francesca Peck, analyst at IHS Global Insight. She expects a small slowdown in Belgium’s economic growth due mainly to a short-term hit to consumer spending on recreation, leisure and tourism.
Software maker Red Hat gave up 3 percent after delivering disappointing forecasts.
ASIA’S DAY: Japan’s benchmark Nikkei 225 fell 0.3 percent to 17,000.98. South Korea’s Kospi edged 0.1 percent lower to 1,995.12. Hong Kong’s Hang Seng fell 0.3 percent to 20,615.23, while the Shanghai Composite rose nearly 0.4 percent to 3,009.96. Australia’s S&P/ASX 200 lost 0.5 percent at 5,142.30. Southeast Asian markets were mostly lower.
The Dow average gave up 34 points, or 0.2 percent, to 17,550 as of 9:35 a.m. Eastern time.
ENERGY: U.S. crude slipped 29 cents to $41.16 a barrel in electronic trading on the New York Mercantile Exchange. It fell 7 cents on Tuesday. Brent crude, the benchmark for international oils, fell 21 cents to $42.30 a barrel in London.
The Standard & Poor’s 500 index edged down three points, or 0.2 percent, to 2,046. The Nasdaq composite fell five points, or 0.1 percent, to 4,816.
CURRENCIES: The euro fell slightly to $1.1196 from $ $1.1200, while the dollar rose to 112.70 yen from 111.65 yen.
Bond prices rose. The yield on the 10-year Treasury note rose to 1.93 percent.
