{"id":114871,"date":"2024-10-16T17:50:02","date_gmt":"2024-10-16T10:50:02","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=114871"},"modified":"2024-10-16T17:50:02","modified_gmt":"2024-10-16T10:50:02","slug":"european-stocks-drop-on-weak-earnings-pound-falls-markets-wrap","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=114871","title":{"rendered":"European Stocks Drop on Weak Earnings; Pound Falls: Markets Wrap"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>(Bloomberg) &#8212; European equities fell as weak luxury-sector earnings added to negative sentiment around the profit outlook for the semiconductor industry. The pound slid as a drop in UK inflation spurred increased bets on interest-rate cuts.<\/p>\n<p>Most Read from Bloomberg<\/p>\n<p>The Stoxx 600 index retreated 0.3% after chip-making giant ASML Holding NV extended losses following its profit warning on Tuesday. LVMH and Salvatore Ferragamo SpA led the retreat in luxury stocks after weak updates, both slumping as much as 7%. US equity futures were little changed.<\/p>\n<p>ASML\u2019s slide sent ripples across the industry, resulting in more than $420 billion of market-value losses for an index of US-traded chipmakers and the largest Asian stocks. Nvidia Corp. sank nearly 5% on Tuesday, after reaching a record close earlier this week. The shares were steady in premarket trading Wednesday.<\/p>\n<p>While the weakness in names like Nvidia and ASML has an impact on the broader market, Peter Fitzgerald, chief investment officer for macro and multi-asset at Aviva Investors, pointed to the continued strength of demand for artificial intelligence as well as supportive central bank policy.<\/p>\n<p>\u201cOur view is that there is enough underlying strength in markets,\u201d he said. \u201cParticularly with central banks on an easing path providing broad support.\u201d<\/p>\n<p>Sterling slid 0.6% to $1.2990, its lowest level since Aug. 20. Figures Wednesday showed consumer prices rose just 1.7% in September compared to a year earlier, less than forecast by economists. FTSE 100 outperformed European indexes and UK gilts fell as the data emboldened investors to bet on more aggressive easing from the Bank of England.<\/p>\n<p>Bloomberg\u2019s dollar index ticked higher after climbing to its strongest level in about two months after former President Donald Trump defended proposals to raise tariffs on foreign imports. Atlanta Fed President Raphael Bostic said he expects the US economy to slow this year but to remain robust, adding that the downward path for inflation could see some bumps. Treasury yields edged lower.<\/p>\n<p>In Asia, a Bloomberg gauge of China\u2019s property shares surged as much as 8.3% as markets prepared for a joint news conference to be held by government officials including the housing minister and central bank on Thursday.<\/p>\n<p>Chinese stocks have whipsawed since late September, when a series of stimulus measures by the central bank unleashed a burst of optimism that has begun to unravel. Investors are watching to see if the authorities deploy greater firepower to bolster the economy.<\/p>\n<p><button class=\"link caas-button readmore-button-finance collapse-button readmore-button-class\" data-ylk=\"elm:readmore;slk:Story continues\"><span class=\"readmoreButtonText\">Story continues<\/span><\/button><\/p>\n<p>\u201cWhat is really key for European stocks is what happens to consumer sentiment and consumer spending in China,\u201d said Lilian Chovin, head of asset allocation at Coutts. \u201cTo what extent the measures announced in China are effective at boosting consumer sentiment over there, because that\u2019s what would really help autos, luxury goods and all those very Chinese sensitive sectors in Europe.\u201d<\/p>\n<p>The yen traded at around 149 per dollar after Bank of Japan Board Member Seiji Adachi emphasized the need for taking a gradual approach to raising the benchmark interest rate.<\/p>\n<p>Key events this week:<\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p>Morgan Stanley earnings, Wednesday<\/p>\n<\/li>\n<li>\n<p>ECB rate decision, Thursday<\/p>\n<\/li>\n<li>\n<p>US retail sales, jobless claims, industrial production, Thursday<\/p>\n<\/li>\n<li>\n<p>Fed\u2019s Austan Goolsbee speaks, Thursday<\/p>\n<\/li>\n<li>\n<p>China GDP, Friday<\/p>\n<\/li>\n<li>\n<p>US housing starts, Friday<\/p>\n<\/li>\n<li>\n<p>Fed\u2019s Christopher Waller, Neel Kashkari speak, Friday<\/p>\n<\/li>\n<\/ul>\n<p>Some of the main moves in markets:<\/p>\n<p>Stocks<\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p>The Stoxx Europe 600 fell 0.3% as of 9:37 a.m. London time<\/p>\n<\/li>\n<li>\n<p>S&amp;P 500 futures were little changed<\/p>\n<\/li>\n<li>\n<p>Nasdaq 100 futures were little changed<\/p>\n<\/li>\n<li>\n<p>Futures on the Dow Jones Industrial Average were little changed<\/p>\n<\/li>\n<li>\n<p>The MSCI Asia Pacific Index fell 0.9%<\/p>\n<\/li>\n<li>\n<p>The MSCI Emerging Markets Index fell 0.5%<\/p>\n<\/li>\n<\/ul>\n<p>Currencies<\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p>The Bloomberg Dollar Spot Index rose 0.1%<\/p>\n<\/li>\n<li>\n<p>The euro fell 0.1% to $1.0879<\/p>\n<\/li>\n<li>\n<p>The Japanese yen fell 0.1% to 149.38 per dollar<\/p>\n<\/li>\n<li>\n<p>The offshore yuan rose 0.1% to 7.1277 per dollar<\/p>\n<\/li>\n<li>\n<p>The British pound fell 0.6% to $1.2999<\/p>\n<\/li>\n<\/ul>\n<p>Cryptocurrencies<\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p>Bitcoin rose 1.1% to $67,192.49<\/p>\n<\/li>\n<li>\n<p>Ether rose 1.6% to $2,612.59<\/p>\n<\/li>\n<\/ul>\n<p>Bonds<\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p>The yield on 10-year Treasuries declined two basis points to 4.01%<\/p>\n<\/li>\n<li>\n<p>Germany\u2019s 10-year yield declined three basis points to 2.19%<\/p>\n<\/li>\n<li>\n<p>Britain\u2019s 10-year yield declined seven basis points to 4.09%<\/p>\n<\/li>\n<\/ul>\n<p>Commodities<\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p>Brent crude fell 0.1% to $74.15 a barrel<\/p>\n<\/li>\n<li>\n<p>Spot gold rose 0.6% to $2,677.53 an ounce<\/p>\n<\/li>\n<\/ul>\n<p>This story was produced with the assistance of Bloomberg Automation.<\/p>\n<p>&#8211;With assistance from Winnie Hsu and Sujata Rao.<\/p>\n<p>Most Read from Bloomberg Businessweek<\/p>\n<p>\u00a92024 Bloomberg L.P.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/finance.yahoo.com\/news\/asian-stocks-track-us-selloff-220638744.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Bloomberg) &#8212; European equities fell as weak luxury-sector earnings added to negative sentiment around the profit outlook for the semiconductor industry. The pound slid as a drop in UK inflation &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=114871\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-114871","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/114871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=114871"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/114871\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=114871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=114871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=114871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}