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Global stocks meander after strong start to week US stocks waver early as investors eye company earnings
(about 1 hour later)
LONDON — Global stock markets meandered round fairly narrow ranges Wednesday following a stellar start to the week that its roots in a rebounding oil prices. U.S. stock indexes wavered between small gains and losses in early trading Wednesday as investors sized up the latest company earnings and deal news. Consumer staples companies were down the most, while health care and financial companies moved higher.
KEEPING SCORE: In Europe, Germany’s DAX rose 0.2 percent to 10,366 while the CAC- 40 of France was up 0.1 percent at 4,571. The FTSE 100 of leading British shares was down 0.2 percent to 6,392. Wall Street was set for a flat opening, with Dow futures and the broader S&P 500 futures up 0.1 percent. KEEPING SCORE: The Dow Jones industrial average rose six points to 18,060 as of 10:07 a.m. Eastern time. The Standard & Poor’s 500 index slipped less than one point to 2,100. The Nasdaq composite index gained six points, or 0.1 percent, to 4,947.
OIL PRICES: Crude has been at the heart of stock market moves this year and their rebound this week have been viewed as a sign that the global economic outlook has improved. On Wednesday, the benchmark New York rate was down 61 cents at $41.86 a barrel while the international standard, Brent, fell 54 cents to $43.49. PRINT IT: Lexmark International surged 10.1 percent after the printer maker agreed to be bought by a group that includes Apex Technology and PAG Asia Capital for about $2.51 billion. The stock added $3.52 to $38.18.
ANALYST TAKE: “After such an incredible start to the week, the ability to maintain such an intense pace of stock market gains was always questionable,” said Joshua Mahony, market analyst at IG. “For now, it feels like where oil prices go, everything follows.” CHARGE IT: Discover Financial Services climbed 6.5 percent after the credit card issuer and lender reported better-than-anticipated quarterly profit and sales as loan volume improved. The stock gained $3.32 to $55.87.
EUROPE FOCUS: Investors are also turning their eyes to Thursday’s policy meeting of the European Central Bank. Though the bank is not expected to announce any further stimulus measures, investors will be interested to hear what ECB President Mario Draghi might say at the news conference. Doubts persist whether the stimulus measures the bank has taken are really working, such as cutting interest rates and expanding a government bond-buying. NO FIZZ: Coca-Cola slid 4.7 percent after the world’s biggest beverage maker reported a lower profit for the first quarter. The company was squeezed by a strong dollar and charges related to the transformation of its North American operations. Coca-Cola fell $2.27 to $44.32.
ASIA’S DAY: Japan’s benchmark Nikkei 225 edged up 0.2 percent to finish at 16,906.54 and Australia’s S&P/ASX 200 added 0.5 percent to 5,281.20. But most other regional markets fell. South Korea’s Kospi fell 0.3 percent to 2,005.83. Hong Kong’s Hang Seng fell 0.9 percent to 21,236.31, while the Shanghai Composite slipped 2.3 percent to 2,972.58, after dipping by over 4 percent toward the end of the day. STRONG QUARTER: VMWare jumped 12.6 percent after the cloud-computing company reported better-than-expected earnings. The stock climbed $6.47 to $57.93.
CURRENCIES: In currency markets, the euro was up 0.2 percent at $1.1382 while the dollar fell 0.1 percent to 109.18 yen. FOR SALE: Yahoo rose 2.7 percent a day after the Internet pioneer said that it is considering the sale of part or all of its Internet business. The news overshadowed its latest quarterly loss. The stock shed $1 to $37.32.
NOT RECOMMENDED: Angie’s List slumped 7 percent after the online ratings service reported an unexpected loss and disappointing sales in the first quarter. The stock slid 57 cents to $7.18.
ENERGY: U.S. crude was down 77 cents, or 1.9 percent, at $40.31 a barrel in New York. Brent crude, the international benchmark, was down 80 cents, or 1.8 percent, at $43.23 a barrel in London.
OVERSEAS: In Europe, Germany’s DAX was up 0.3 percent, while the CAC-40 of France was up 0.1 percent. The FTSE 100 of leading British shares was down 0.3 percent. Earlier in Asia, most markets closed lower. South Korea’s Kospi fell 0.3 percent and Hong Kong’s Hang Seng slid 0.9 percent. Japan’s benchmark Nikkei 225 edged up 0.2 percent, while Australia’s S&P/ASX 200 added 0.5 percent.
BONDS AND CURRENCIES: Bond prices barely budged. The yield on the 10-year Treasury note held steady at 1.78 late Tuesday. In currency markets, the euro fell to $1.1331 from $1.1377, while the dollar rose to 109.40 yen from 109.13.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.