EUROPE MARKETS: European Stocks Pull Back After Biggest Rally In 2 Months
04 Julho 2017 - 5:57AM
Dow Jones News
By Sara Sjolin, MarketWatch
Trading volumes are expected to be thin because of July 4th
holiday in the U.S.
European stocks edged lower on Tuesday, with the benchmark index
pulling back after its biggest rally in two months as a North
Korean missile launch rattled investors.
The Stoxx Europe 600 index fell 0.2% to 382.70, setting it on
track for its first loss this week. The index on Monday rallied
1.1%
(http://www.marketwatch.com/story/european-stocks-rebound-from-2-month-low-as-banks-oil-giants-climb-2017-07-03)
for its biggest one-day percentage gain since April 24, buoyed by
rises for banks and oil giants.
Trading volumes on Tuesday could be lower than usual as
Americans traders are out for the Independence Day holiday.
Read:July 4th: Which markets are closed?
(http://www.marketwatch.com/story/july-4th-which-markets-are-closed-2017-06-30)
North Korea tensions: The pullback on Tuesday came as investors
assessed the latest developments in North Korea. State media
claimed the country has successfully test-launched an
intercontinental ballistic missile, an advance in its attempt to
threaten the U.S. with a nuclear weapon.
Traditional safe haven trades, such as gold and the yen,
benefited from the geopolitical uncertainty. Gold added 0.4% to
$1,224.60 an ounce, while the dollar bought Yen113.07, compared
with Yen113.38 late Monday in New York.
"The market reaction to geopolitical tensions may be elevated
slightly with the U.S. on public holiday for Independence Day
today, however, once the moves begin to settle, the market is
likely to view the rebounds on the safe haven plays such as gold
and the yen as another chance to sell," said Richard Perry, market
analyst at Hantec Markets, in a note.
Stock movers: Shares of J Sainsbury PLC (SBRY.LN) pared earlier
gains, but were still up 0.3% after the supermarket chain said
first-quarter same-store sales rose 2.3%
(http://www.marketwatch.com/story/sainsbury-sales-rise-cost-savings-on-track-2017-07-04)
and that its cost savings plan is on track.
Stada Arzneimittel AG (SAZ.XE) shares rose 2.5% after the German
drugmaker said Bain Capital and Cinven were considering asking for
regulatory permission to launch a new takeover offer. The financial
investors' earlier offer valuing Stada at 5.3 billion euros failed
in June
(http://www.marketwatch.com/story/stada-takeover-by-baincinven-fails-2017-06-27),
as shareholders didn't tender enough shares to reach the minimum
acceptance required.
SKF AB (SKF-B.SK) lost 0.8% after the ball bearings manufacturer
said it is being sued by German car maker Daimler AG (DAI.XE) as a
consequence of a 2014 European Union settlement decision over
violation of competition rules.
Ryanair Holdings PLC (RYAAY) put on 1.2%. The discount airline
said passenger traffic had increased to 11.8 million customers in
June, a gain of 12% year-on-year.
Individual indexes: The FTSE 100 index shed 0.3%
(http://www.marketwatch.com/story/ftse-100-falls-back-into-the-red-as-oil-majors-and-miners-decline-2017-07-04)
to 7,353.77, under pressure from falls for the U.K. benchmark's oil
companies and banks.
Germany's DAX 30 index slipped 0.1% to 12,458.25, while France's
CAC 40 index lost 0.2% to 5,187.88.
The euro was flat around $1.1362, before the release of an
update on eurozone producer prices in May.
(END) Dow Jones Newswires
July 04, 2017 04:42 ET (08:42 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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