23rd July 2015
Stocks were trending higher in Europe on Thursday (July 23rd) after positive corporate earnings from some of the continent’s largest companies.
Credit Suisse led the way, with a bumper quarterly result sending its shares up seven per cent. Unilever also climbed three per cent after better-than-forecast earnings.
The FTSE 100 was up 0.2 per cent by midday, with gains capped by a seven per cent drop for Aberdeen Asset Management after it suffered further outflows of funds in the second quarter.
Shares in London had fallen sharply the day before, with chip-designer Arm Holdings down more than six per cent after Apple’s woes. Mining shares were also badly hit on Wednesday, BHP Billiton leading the trend downwards with a 5.7 per cent drop.
US index futures were up before the opening bell on Wall Street and hotly-anticipated results from Amazon, Starbucks, 3M and Caterpillar.
Oil crumbled towards the $49-a-barrel mark, approaching a bear market as prices have fallen almost 20 per cent in six weeks.
US light crude for September delivery slipped more than three per cent in New York to $49.19 as a report showed inventories rose.
Gold snapped a ten-day losing streak as prices firmed, but held below $1,100/oz as expectations the Federal Reserve will hike rates in September continued to weigh on the precious metal.
On the currency markets, the euro rose 0.6 per cent against the dollar to touch on 1.10, its strongest in over a week as Greece’s parliament approved the package of economic reforms demanded by creditors.
Sterling was lower after UK retail sales disappointed, with GBP/USD trading around 1.56 as the Office for National Statistics said sales were down 0.2 per cent in June from May.
New Zealand’s dollar rose 1.5 per cent after the country’s central bank cut rates by 0.25 per cent to three per cent. The kiwi has shed 13 per cent against the greenback this year, making it the worst-performing currency.
Australia’s dollar climbed half a per cent, but AUD/USD remains near its lowest in six years at 74 cents.
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