LONDON: European stock markets mostly retreated on Monday as investors booked profits after last week's rally awaiting some key US earnings updates.
Stocks had jumped on Friday, with Wall Street indices ending at fresh record highs, as solid Chinese economic data brightened the economic outlook following an initial US-China trade deal."Stocks were in a strong position last week so a bit of a pullback isn't a high surprise," noted David Madden, analyst at CMC Markets UK.Focus is increasingly on the release of corporate earnings, with big US names including Netflix, IBM and Hyundai due to report over the coming days.
Friday's broadly-healthy data from China provided some reassurance to traders, indicating a growth slowdown in the world's number two economy may have bottomed out, and suggesting this year could see some improvement."We are entering 2020 on a more stable footing with economies globally stabilising and looking like they're turning up, and the phase one trade deal," Anne Anderson, of UBS Asset Management, told Bloomberg TV.
Elsewhere on Monday, oil prices rose on supply concerns after exports from Libya, which has been riven by fighting between rival factions since a 2011 NATO-backed uprising, were blocked after a pipeline was shut down by armed forces. And in Iraq, which is OPEC's second-biggest producer, a strike at a key oil field hit output. There are also fears that long-simmering tensions could explode into major unrest, with matters not helped by the US killing in the country this month of Iran's top general.Frankfurt - DAX 30: UP 0.2 per cent at 13,548.94 New York - CLOSED for bank holidayHong Kong - Hang Seng: DOWN 0.9 per cent at 28,795.91 Euro/dollar: DOWN at US$1.1084 from US$1.1092 at 2200 GMT FridayDollar/yen: UP at 110.
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