AGL 40.02 Increased By ▲ 0.02 (0.05%)
AIRLINK 127.35 Increased By ▲ 0.31 (0.24%)
BOP 6.62 Decreased By ▼ -0.05 (-0.75%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.62 Increased By ▲ 0.07 (0.82%)
DFML 41.79 Increased By ▲ 0.35 (0.84%)
DGKC 87.70 Increased By ▲ 0.85 (0.98%)
FCCL 32.68 Increased By ▲ 0.40 (1.24%)
FFBL 65.10 Increased By ▲ 0.30 (0.46%)
FFL 10.28 Increased By ▲ 0.03 (0.29%)
HUBC 109.55 Decreased By ▼ -0.02 (-0.02%)
HUMNL 14.75 Increased By ▲ 0.07 (0.48%)
KEL 5.10 Increased By ▲ 0.05 (0.99%)
KOSM 7.58 Increased By ▲ 0.12 (1.61%)
MLCF 41.41 Increased By ▲ 0.03 (0.07%)
NBP 59.70 Decreased By ▼ -0.71 (-1.18%)
OGDC 193.85 Increased By ▲ 3.75 (1.97%)
PAEL 28.36 Increased By ▲ 0.53 (1.9%)
PIBTL 7.79 Decreased By ▼ -0.04 (-0.51%)
PPL 151.75 Increased By ▲ 1.69 (1.13%)
PRL 26.40 Decreased By ▼ -0.48 (-1.79%)
PTC 16.17 Increased By ▲ 0.10 (0.62%)
SEARL 84.00 Decreased By ▼ -2.00 (-2.33%)
TELE 7.69 Decreased By ▼ -0.02 (-0.26%)
TOMCL 35.40 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.08 Decreased By ▼ -0.33 (-2.01%)
TRG 52.60 Decreased By ▼ -0.69 (-1.29%)
UNITY 26.37 Increased By ▲ 0.21 (0.8%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,812 Increased By 456.3 (0.49%)
KSE30 29,062 Increased By 130.9 (0.45%)
Markets

European stocks aided by Fed hopes even as worst week in a year looms

European stocks hovered in positive territory on Friday, propped up by hopes of easing measures from the U.S. Feder
Published October 4, 2019
  • European stocks hovered in positive territory on Friday, propped up by hopes of easing measures from the U.S. Federal Reserve.
  • The pan-European STOXX 600 rose 0.3pc after three straight sessions of declines that erased about 4pc of value.

European stocks hovered in positive territory on Friday, propped up by hopes of easing measures from the U.S. Federal Reserve, but gains were slim as markets threatened to log their worst weekly performance in a year.

The pan-European STOXX 600 rose 0.3pc after three straight sessions of declines that erased about 4pc of value.

Sectors considered stable during times of economic uncertainty such as healthcare, telecoms and food and beverage, were among the prominent gainers.

Technology stocks rose 0.4pc, with chipmakers jumping after a report said Apple Inc would increase its iPhone 11 production.

Shares of chipmakers AMS, Infineon Technologies, STMicro and Dialog Semiconductor jumped between 1pc and 3.4pc.

With corporate news light, investors now wait for the latest U.S. payrolls data, due at 12:30 GMT, to gauge the health of the world's largest economy - particularly after a dismal set of data this week bolstered hopes of an interest rate cut in October from the Fed.

"If we have a soft number today, that's going to trigger another sell-off. This will be confirmation that the slowdown is real," said David Madden, analyst at CMC Markets in London.

In a turbulent week for markets roiled by weak readings on factory and services sector activity in the United States and the euro zone, as well as U.S. tariffs on European Union goods, the STOXX 600 was on course to post its worst weekly performance in about a year.

London-listed shares, also on course for their worst weekly performance in a year, took the biggest hit due to fresh Brexit worries and recession fears, while eurozone shares  were set to post their biggest weekly decline in two months.

The basic resources index was among the worst performing sectors on the day, losing about 0.7pc as copper prices retreated on fears of slowing global demand. Heavyweight miner BHP Group Plc fell about 0.5pc.

Automakers fell 0.7pc, with BMW shedding 1.7pc after an Australian regulator called for 20,000 cars with faulty Takata airbags to be kept off the roads, many of which include BMW cars.

Shares of London Stock Exchange Group plc rose 2pc after reports that some of the bourse operator's shareholders  told Hong Kong Exchanges and Clearing to increase its takeover offer by 20pc.

Comments

Comments are closed.