Thu, March 28, 2024

Important Details About European and Asian Stocks

Important Details About European and Asian Stocks

It was a good day for European stocks, they closed slightly higher on Monday as investors monitored the steady drip of economic data as well as earnings around the world.

On Monday, the pan-European Stoxx 600 provisionally closed up by around 0.3%. Retail and utility stocks gained 0.8%, while the basic resources sector sank 1.2%.

When it came to individual share price movement in Europe, Philips fell 10.5%. The company’s shares declined after the company’s statement on Sunday. The Dutch medical equipment maker said is speaking to U.S. regulators following a recent inspection at one of its facilities. The company is in the midst of a recall of ventilators owing to the use of parts alleged to contain a potentially hazardous foam.

At the top of the Stoxx 600, Avast added 7.1% after clearing a key regulatory hurdle in its sale to U.S. rival NortonLifeLock.

Stocks in Asia-Pacific

Stocks in Asia-Pacific were mixed on the first day of the week, as investors reacted to the Chinese economic data.

Mainland Chinese stocks suffered losses on Monday. The Shanghai composite fell 0.16% to end its trading day at 3,533.30. The Shenzhen component dropped 0.469% to 14,636.39.

In Hong Kong, the Hang Seng index saw little changed, as of its final hour of trading.

Mainland Chinese stocks fell in spite of Chinese economic data coming in better than expected. Retail sales in the world’s second-largest economy rose 4.9% year-on-year in October. Industrial output for the second month of autumn also grew 3.5% compared to a year ago.

In South Korea, Kospi gained 1.03% to finish its trading day at 2,999.52, leading gains among the region’s major markets as shares of chipmaker SK Hynix jumped 4.23%.

 Japan’s Nikkei 225 gained 0.56% to close at 29,776.80 as shares of SoftBank jumped 2.23%. Meantime, the Topix index advanced 0.39% to 2,048.52.

 The S&P/ASX 200 in Australia advanced 0.36% to 7,470.10. 

U.S. stocks were flat on Monday. The Dow Jones Industrial Average dropped 12.86 points or 0.4% to 36,087.45. The S&P 500 closed at 4,682.80. The Nasdaq Composite fell 0.4% to close at 15,853.85.

 Shares of Dollar Tree advanced 14.2% following a report. Activist investor Mantle Ridge took a stake worth at least $1.8 billion in the discount store chain. 

On Monday, Boeing jumped nearly 5.5% following news that Saudi Arabian Airlines is in talks with Boeing and Airbus for a wide-body jet order.c

 

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