Sun, June 16, 2024

European Stocks Strengthened Their Positions on Tuesday

stocks, $100 Million Fund for International Expansion – Nreal

On Tuesday afternoon, European stocks strengthened their positions, as investors assessed a key reading of U.S. inflation data.

The pan-European Stoxx 600 gained around 0.2%, with retail stocks adding 1.57%, while the insurance sector slid 0.74%.

Hospital equipment maker Ambu from Denmark jumped more than 8% to lead Stoxx 600. Primark owner AB Foods gained 5.7% after strong results.

Conversely, at the bottom of the European blue-chip index, Swedish Match dropped 4.6%.  JPMorgan’s decision to cut the stock to “underweight” affected Match.

Stocks in Asia-Pacific

The situation was also quite interesting in Asia-Pacific. Stocks were mixed on Tuesday following overnight gains on Wall Street that took Dow Jones, S&P 500, and Nasdaq to record closing highs.

The Dow Jones Industrial Average advanced 104.27 points to 36,432.22. The S&P 500 gained nearly 0.1% to 4,701.70. The Nasdaq Composite rose to 15,982.36.

The shares of SoftBank Group jumped 10.5% after the firm announced a plan to buy back up to one trillion yen of its own shares. This week, it reported a 398 billion yuan ($3.5 billion) net loss in the three-month period ended September 30.

In Japan, the Nikkei 225 dropped 0.75% to end its trading day at 29,285.46, The Topix index dropped 0.81% to 2,018.77.

Mainland Chinese stocks saw gains on the day, with the Shanghai composite gaining 0.24% to 3,507. The Shenzhen component added 0.435% to finish its trading day at 14,571.91.

In Hong Kong, the Hang Seng index rose about 0.1% as of its final hour of trading.

In South Korea, the Kospi closed slightly higher at 2,962.46. Australia’s S&P/ASX 200 dropped 0.24% to end its trading day at 7,434.20.

Bitcoin jumped to a record high during Asia trading hours, with the world’s largest cryptocurrency trading at $68,106.91. 

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