European stocks boosted by rebound in Chinese markets

TOKYO - European shares got off to a strong start to the week Monday, helped by a rebound in the wobbly Shanghai Composite index, though other markets in Asia were mostly lower.

See Full Article

KEEPING SCORE: Germany's DAX gained 1.2 per cent to 4,858.70 and the CAC 40 of France was up 1.0 per cent. Britain's FTSE 100 rose 0.7 per cent to 5,848.09. U.S. markets are closed for a public holiday on Monday. But Dow futures were up 0.8 per cent and S&P futures gained 0.7 per cent, suggesting an improvement in sentiment following Friday's rout on Wall Street.

CHINA ECONOMY: Fourth-quarter growth figures due Tuesday will likely show that strong consumer spending offset slowing investment, keeping growth in the last quarter at about 6.8 per cent or higher, analysts say. But recent volatility in Chinese markets has overshadowed those trends toward stabilization in China's growth picture.

THE QUOTE: "Nerves are still heavily focused on China as we approach a major economic data dump from China," Angus Nicholson of IG said in a commentary. "However, the calmer waters seen in mainland (Chinese) equities seems to have stemmed some of the sell-off in other regional markets from the initial horror open seen in Australia and Japan."

ASIA'S DAY: Japan's Nikkei 225 fell 1.1 per cent to 16,955.57 and Hong Kong's Hang Seng lost 1.5 per cent to 19,237.45. The Shanghai Composite rebounded from early losses, gaining 0.4 per cent to 2,913.84 and South Korea's Kospi was nearly unchanged at 1,878.45. Australia's S&P/ASX 200 fell 0.7 per cent to 4,858.70. Shares in Taiwan were higher but markets in New Zealand and Southeast Asia declined.

ENERGY: The nuclear deal between Iran, the U.S. and five other world powers took effect over the weekend, ending a European oil embargo on the world's seventh-largest oil producer. That is reinforcing expectations that prices will remain weak as supply overwhelms demand. Benchmark U.S. crude was down 39 cents to $29.03 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.78 on Friday to $29.42 a barrel. Brent crude, a benchmark for international oils, fell 54 cents to $28.39 per barrel. It fell $1.94 to $28.94 in London on Friday.

CURRENCIES: The dollar rose to 117.33 yen from 117.00 yen. The euro fell to $1.0883 from $1.0913.



Advertisements

Latest Economic News

  • Barrick, Goldcorp joining forces to work on projects in Chile

    Economic CTV News
    TORONTO - Two of Canada's biggest gold companies are creating a new joint venture to advance several mining projects clustered in northern Chile. The joint venture will be owned equally by Toronto-based Barrick Gold Corp. Source
  • What makes a cyberattack? Experts lobby to restrict the term

    Economic CTV News
    LONDON -- When U.S. senator John McCain told Ukrainian television that the allegedly Russian-backed breach of the Democratic National Committee's server was "an act of war," Michael Schmitt cringed. Schmitt, a professor of law at the U.S. Source
  • CEO of International Air Transport Association criticizes electronics device ban

    Economic CTV News
    MONTREAL -- The head of the International Air Transport Association says it's difficult to understand how banning electronic devices in carry-on baggage on flights will improve security. In a prepared text of a speech Tuesday, IATA CEO Alexandre de Juniac called on governments to work with the transport industry to ensure passengers aren't separated from their laptops, tablets and other devices. Source
  • Former Valeant CEO suing company over unpaid shares

    Economic CBC News
    Former Valeant Pharmaceuticals CEO Michael Pearson is suing his former employer for breach of contract for failing to deliver more than three million shares and consulting fees. In a lawsuit filed Monday in the U.S., Pearson alleges that Valeant breached his separation agreement by refusing to hand over 580,676 restricted share units and about 2.4 million performance share awards he was granted. Source
  • Cruise line stops port calls at Mexican resort of Acapulco

    Economic CTV News
    MEXICO CITY - The U.S. cruise ship line Holland America says it has halted port calls at Mexico's troubled resort city of Acapulco and will sail to other destinations in the country "due to recent security concerns. Source
  • Home Capital shares dive after company terminates CEO

    Economic CBC News
    Shares of Home Capital Group Inc. traded down more than seven per cent on the TSX on Tuesday, a day after the company said it had terminated its top executive. Home Capital announced Monday after stock markets had closed that that Martin Reid, its president and CEO, was out, effective immediately. Source
  • Elon Musk's latest venture: Brain-computer interfaces

    Economic CTV News
    NEW YORK -- Tech billionaire Elon Musk is announcing a new venture called Neuralink focused on linking brains to computers. The company plans to develop brain implants that can treat neural disorders and may one day be powerful enough to put humanity on a more even footing with future superintelligent computers, according to a Wall Street Journal report citing unnamed sources. Source
  • Former Valeant CEO Michael Pearson sues for breach of contract

    Economic CTV News
    MONTREAL -- Former Valeant Pharmaceuticals CEO Michael Pearson is suing his former employer for breach of contract for failing to deliver more than three million shares and consulting fees. In a lawsuit filed Monday in the U.S. Source
  • Ford investing $1.2B in 3 Michigan plants, adding 130 jobs

    Economic CTV News
    DETROIT -- Ford Motor Co. is investing US$1.2 billion in three Michigan facilities, including an engine plant where it plans to add 130 jobs. U.S. President Donald Trump applauded the move in an early morning tweet. Source
  • Purolator stops accepting new shipments as strike deadline nears

    Economic CTV News
    TORONTO - Purolator stopped accepting shipments today ahead of a strike deadline this afternoon issued by the union representing some of the courier's employees. Teamsters Canada issued the 72-hour strike notice Sunday after its members voted to reject Purolator's final offer. Source