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European Market Updates
11/3/2009 2:06 AM ET
(RTTNews) -
The European markets may open on flat to negative note on Tuesday morning, tracking weak Asian cues ahead of interest rates announcements expected from the U.S, U. K and Eurozone this week.
The Reserve Bank of Australia raised interest rates by 25 basis points to 3.5 percent but said it may pause its tightening cycle in December. Traders look forward to the outcome of the two-day monetary policy meeting from the U.S. Federal Reserve which starts Tuesday.
Investors also await a restructuring plan for Britain's bailed-out banks to be unveiled as soon as Tuesday by the British government.
Asian stocks mostly edged lower on Tuesday on concerns stimulus measures if withdrawn prematurely may undermine a global economic recovery. After a fairly positive opening, most of the markets in the region drifted lower, with participants choosing to tread cautiously ahead of some crucial decision on interest rates.
The Japanese market was closed for a holiday. The Chinese market showed a modest gain on optimism about manufacturing growth in the fourth quarter.
Crude oil held mostly steady in Asian session on Tuesday after rising modestly to $78.13 in New York yesterday.
After a sharp setback on Friday, stocks on Wall Street showed modest gains overnight amid a slew of economic reports and some Fed comments on the financial sector.
While data on manufacturing activity in the month of October and the surge of the pending home sales index lifted sentiment, concerns voiced by Federal Reserve's associate director about the state of the financial system capped gains to an extent. The Dow rose 0.79%, the S&P 500 advanced 0.65% and the Nasdaq edged up 0.2%.
Fiat SpA's domestic car sales in October grew over 15 percent year-over year to 63,716 units from 55,379 a year earlier, auto industry group Unrae said.
Smartcards maker Gemalto NV said it will deliver three million national identity cards to the Kuwait government.
France's auto-components supplier Valeo SA has increased to 100% its shareholding in a Changchun-based joint venture in China.
UBS AG reported third-quarter net loss attributable to UBS shareholders of CHF 564 million, compared with a profit of CHF 283 million a year ago
The European markets rose on Monday, helped by better-than-estimated reports on U.S. manufacturing and pending home sales.
The FTSEurofirst 300 index of pan-European blue chips closed 0.39% higher, while the narrower DJ Stoxx 50 index rose 0.49%. Around Europe, the U.K.'s FTSE 100 index advanced 1.18%, France's CAC 40 index gained 0.88% and Germany's DAX index added 0.29%.
by RTT Staff Writer
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