CAC 40 Edges Higher As China Cuts Bank Reserve Ratio
(RTTNews) - French stocks traded higher on Wednesday after China's central bank said it would cut the amount of cash that banks must hold as reserves from Feb. 5 to help boost the slowing economy.
Meanwhile, investors shrugged off flash survey results from S&P Global showing that France's private sector activity contracted the most in four months in January.
The headline HCOB composite output index dropped to 44.2 in January from 44.8 in December. This was the weakest score since September also below economists' forecast of 45.2.
The benchmark CAC 40 was up 40 points, or half a percent, at 7,428 after losing 0.3 percent in the previous session.
In corporate news, rolling stock maker Alstom slumped 6.6 percent after Q3 sales missed estimates.
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U.S. Jobless Claims Unexpectedly Edge Down To 197,000
A day ahead of the release of its more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended September 26th. The Labor Department said initial jobless claims slipped to 197,000, a decrease of 1,000 from the previous week's revised level of 198,000.
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Accenture Shares Climb On Strong Q4, Positive Outlook, $9.5 Bln Return Plan
Shares of Accenture plc were climbing around 18 percent in pre-market activity on the NYSE after the Irish professional services company reported Thursday strong growth in fourth-quarter earnings, revenues and bookings, with improved performance in all industry groups and regions. Further, the firm issued positive outlook for first quarter and fiscal 2027.
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Bond Yields, Oil Prices Drive European Stocks To Multi-Month Low
European equities declined sharply Thursday amid weak UK housing data and softer French manufacturing reports. Despite easing US inflation concerns, investors remained reluctant to add stock positions. Oil prices climbed on Middle East tensions, with Brent crude reaching $100.79 per barrel.
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U.S. Weekly Jobless Claims Unexpectedly Edge Down To 197,000
A day ahead of the release of its more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended September 26th.
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Materials, Energy Stocks May Climb Higher On Firm Commodity Prices
Bay Street is likely to open on a positive note on Thursday, tracking higher crude oil and precious metals prices. Still, inflation and interest rate concerns and higher bond yields could weigh on sentiment and limit market's upside.
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Sensex, Nifty50 Extend Losses To 4th Session
India's key equity indices Sensex and Nifty50 declined for a fourth consecutive session Thursday, driven by rising oil prices, elevated bond yields, and foreign institutional investor selling ahead of a long weekend. Sensex fell 0.79% while Nifty50 dropped 0.88%.
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Mixed Mood In Asian Markets
Mixed sentiment prevailed in Asian stock markets on Thursday as markets assessed the inflationary situation, the Middle East crisis, the outlook for the technology sector and the movements in bond yields. Sentiment was supported by upbeat results released by U.S. memory chip maker Micron a day earlier.
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FTSE 100 Tumbles On Widespread Selling
U.K. stocks tumbled Thursday morning, pushing the benchmark FTSE 100 down to its lowest level since June, as higher oil prices triggered inflation concerns and raised the prospects of monetary tightening by several central banks.
Data showing a sharp slowdown in house-price growth in UK hurt as well. Bank stocks were among the major losers.
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