- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
CMSC | -0.21% | 24.72 | $ | |
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VOD | -0.7% | 10.02 | $ |
Europe stocks shine but US mixed as Netflix plunges
European stocks rose Wednesday as investors tracked corporate earnings and developments in the Ukraine conflict, while US stocks were mixed as Netflix shares tumbled after the streaming giant reported a drop in subscribers.
Oil prices slid further after having slumped the previous day on demand concerns.
"The upbeat market mood which helped Wall Street close firmly higher yesterday has followed through into Europe," City Index senior market analyst Fiona Cincotta told AFP.
Frankfurt won 1.5 percent and Paris rose 1.4 percent, aided by news of a return to growth in eurozone industrial output in February.
London added 0.4 percent, held back by mining shares that were penalised following disappointing performance by Rio Tinto due to the pandemic and production issues.
Europe equities and oil had dropped Tuesday as Moscow launched its eastern offensive in Ukraine and after the International Monetary Fund slashed its global 2022 economic growth forecasts by 0.8 percentage points, largely over inflationary crises linked to the war and the coronavirus pandemic.
"Whilst the Russian war remains a key driver in the markets, the bad news has been priced in for now," Cincotta said.
"Instead, some areas of optimism are arising with banks outperforming after the ECB (European Central Bank) soothed nerves with news that all big banks in the eurozone can withstand Russian write-offs," she added.
- Netflix 'shocker' -
Wall Street was mixed in late morning trading, with the Dow adding 0.7 percent.
But Netflix shares plunged 36 percent after the streaming giant reported its first drop in quarterly subscriptions in a decade, blaming the quarter-over-quarter erosion to suspension of its service in Russia due to Moscow's invasion of Ukraine.
"There is no two ways to look at it, Netflix was a shocker and is likely to take the wind out of the Nasdaq’s recent rally, or at least put it on pause," Cincotta said.
The Nasdaq Composite was down 0.9 percent.
"That said, broadly speaking earnings season has been reasonably solid so far, economic data hasn't revealed any major cracks either, which is helping to keep risk sentiment buoyant," she added.
Michael Hewson at CMC Markets said that the slump in Netflix shares "appears to be prompting a significant de-risking in the more highly valued areas of the US market".
In Asia trading, concerns about China's economy hit trading in Shanghai and Hong Kong.
Shanghai's main stocks index was Asia's biggest faller, losing 1.4 percent as the People's Bank of China (PBoC) kept key lending rates unchanged amid uncertainty over the impact of ongoing Chinese Covid restrictions.
Hong Kong -- which plummeted on Tuesday over concerns about Beijing's ongoing tech-sector crackdown -- also ended down.
"PBoC policymakers realise the futility of cutting rates during a lockdown as policies incentivising lending will have a minimal short-term positive impact on activity so long as mobility restrictions remain in place," noted independent analyst Stephen Innes.
- Key figures around 1530 GMT -
New York - Dow: UP 0.7 percent at 35,170.23 points
EURO STOXX 50: UP 0.7 percent at 3,770.86
London - FTSE 100: UP 0.4 percent at 7,629.22 (close)
Frankfurt - DAX: UP 1.5 percent at 14,362.03 (close)
Paris - CAC 40: UP 1.4 percent at 6,624.91
Tokyo - Nikkei 225: UP 0.86 percent at 27,217.85 (close)
Shanghai - Composite: DOWN 1.4 percent at 3,151.05 (close)
Hong Kong - Hang Seng Index: DOWN 0.4 percent at 20,944.67 (close)
Euro/dollar: UP at $1.0855 from $1.0788 late on Tuesday
Dollar/yen: DOWN at 127.77 yen from 128.91 yen
Pound/dollar: UP at $1.3048 from $1.2998
Euro/pound: UP at 83.21 pence from 82.99 pence
Brent North Sea crude: DOWN 0.5 percent at $106.71 per barrel
West Texas Intermediate: DOWN less than 0.1 percent at $102.48 per barrel
burs-rl/rlp
D.Philippon--CPN