Little Change in European Stocks, Asian Stocks Rise Today

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Little Change in European Stocks, Asian Stocks Rise Today
Little Change in European Stocks, Asian Stocks Rise Today

Little Change in European Stocks, Asian Stocks Rise Today

European stocks were little changed yesterday; however, there is better trading for stocks in the Asian regional market. Earlier, yesterday, following a two-day gain, the stock market Europe received a slight increase amidst the news that house prices and consumer confidence increased in America.

There was little change in the U.S. index futures and Asian shares. Whereas Repsol SA advanced 3.7 percent as the Spanish governments and Argentina reached a preliminary agreement to compensate the Madrid-based oil company for its stake in YPF SA, the stocks of Algeta ASA rallied to a great extent.

A major reason behind an increase in Algeta ASA stock was that Bayer AG has started talks to buy the Norwegian company. However, there was not much for the Stoxx Europe 600 Index which declined to an extent and slipped 0.1 percent to 323.77 at 8:41 a.m. London. Investors believe that there is a little hurdle for investors as the long U.S. holiday is on the corner.

Whereas the equity benchmark has gone up by 16 percent this year amidst the news that central banks around the world are pledging to leave interest rates near record lows for a prolonged period, investors see hope in investing in the virtual currency Bitcoin which is touching new heights and expected to trade above $1000.

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Following a positive trend in the market, Standard & Poor’s 500 Index futures added 0.1 percent today and Asian shares rose for the third straight day. The reports claim that oil prices regained some semblance of stability; however, these are expected to decline further in consequence of Iran nuclear deal with the US.

Robust Asian Market Except for Indonesia

Japanese stocks are rallying as the yen is falling and that is helping their exports to a great extent. Thailand stock market is following the positive web in the regional market and expected to close higher today. Whereas MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 percent, Tokyo’s Nikkei benchmark .N225 bucked the region and eased 0.4 percent.

However, contrary to the trend in the Asian market, Jakarta stocks shed 1 percent as the Indonesian rupiah dropped 0.4 percent to 11,785 to a dollar. The declining of the national currency is a major issue for the country as it has gone down below the levels of March 2009. It is generating huge trouble for traders citing dollar demand for month-end debt payments and repatriation.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com