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Thursday, April 18, 2024

European stocks fall back after mixed results in Asia

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Stock markets fell back Monday as efforts by US companies to buy TikTok ran into resistence from China, and traders waited for more news on the US jobs market.

London was closed for a public holiday, Paris ended the day with a drop of 1.1 percent and Frankfurt gave up 0.7 percent.

In New York, the Dow Jones index had slipped by 0.8 percent in midday trading.

Earlier in the day, Asian shares had closed lower for the most part, with Hong Kong down one percent as Shanghai dipped 0.2 percent.

Tokyo gained more than one percent however, shrugging off concerns over who would succeed Prime Minister Shinzo Abe after news that US investment legend Warren Buffett had bought huge holdings in top Japanese companies.

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Positive service sector data in China helped offset slower manufacturing figures and offered reassurance the world's number two economy is emerging strongly from the coronavirus crisis.

But Beijing's resistence to letting US companies buy into the popular video app TikTok chilled the atmosphere after New York opened, Bloomberg analysts said.

Traders also appeared to be waiting for some guidance from macro-economic data, in particular US jobs figures that are due to be released later this week.

Key figures around 1545 GMT 

London – FTSE 100 closed for public holiday

Frankfurt – DAX: DOWN 0.7 percent at 12,945.38 points (close)

Paris – CAC 40: DOWN 1.1 percent at 4,947.22 (close)

EURO STOXX 50: DOWN 1.3 percent at 3,272.51 

New York – Dow: DOWN 0.8 percent at 28,438.89

Tokyo – Nikkei 225: UP 1.1 percent at 23,139.76 (close)

Hong Kong – Hang Seng: DOWN 1.0 percent at 25,177.05 (close)

Shanghai – Composite: DOWN 0.2 percent at 3,395.68 (close)

Euro/dollar: UP at $1.1957 from $1.1903 at 2100 GMT on Friday

Dollar/yen: UP at 105.89 yen from 105.34 yen 

Pound/dollar: UP at $1.3379 from $1.3349

Euro/pound: UP at 89.38 pence from 89.13 pence

West Texas Intermediate: UP 0.4 percent at $43.14 per barrel

Brent North Sea crude: UP 0.3 percent at $45.94 

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