- 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
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
- Drought reduces Amazon River in Colombia by as much as 90%: report
- Stay or go? Pacific Islanders face climate's grim choice
- Florida bracing for 'unsurvivable' Hurricane Helene
RBGPF | 7.18% | 64.75 | $ | |
RYCEF | -0.14% | 7.03 | $ | |
AZN | 0.16% | 77.745 | $ | |
CMSC | -0.17% | 24.7307 | $ | |
GSK | -0.04% | 40.695 | $ | |
SCS | 2.16% | 13.44 | $ | |
NGG | 0.02% | 69.747 | $ | |
RIO | -0.11% | 71.15 | $ | |
VOD | -0.69% | 10.021 | $ | |
BTI | -0.83% | 36.537 | $ | |
BP | 0.21% | 31.485 | $ | |
RELX | -0.61% | 47.27 | $ | |
BCC | -0.08% | 141.38 | $ | |
CMSD | -0.95% | 24.845 | $ | |
JRI | 0.88% | 13.7 | $ | |
BCE | -0.44% | 35.035 | $ |
China stocks soar on stimulus, but US and Europe retreat
Chinese stocks surged higher Monday after further economic stimulus measures, while investor caution weighed on US and European stocks after solid gains chalked up last week.
A profit-warning from auto giant Stellantis and from Britain's Aston Martin sent shivers through the industry, adding to the temptation to lock in gains on the final trading session of the third quarter.
A week of US labour market data, capped by nonfarm payrolls on Friday, will be closely watched for signs of further interest rate cuts for the world's largest economy, as will a speech by Federal Reserve chief Jerome Powell on Monday.
Expectations the Fed has won its war on inflation, giving it room to cut rates even more to boost growth, had sent US indices to record highs last week.
"There are no obvious reasons for investors to turn bearish. But there is some caution creeping in as the major indices trade at or near their all-time highs," said David Morrison, market analyst at Trade Nation.
In Paris, Stellantis -- whose brands include Jeep, Fiat and Peugeot -- saw its shares plummet 14 percent after slashing its operating margin target, citing costs for improving its North America operations and increased Chinese competition.
Britain's Aston Martin also lowered its financial guidance for 2024, sending its shares down 23 percent in afternoon deals.
"Aston Martin is a prime example of how China's economic woes have been making well-off Chinese consumers more cautious," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
"The property crisis has affected perceptions of wealth and put people off buying big-ticket items, like high-end cars," she said.
Shares in other major carmakers also suffered, with Renault losing 4.7 percent and Volkswagen one percent.
In Asia, Shanghai's stock market jumped more than eight percent -- its best day since 2008 -- while Hong Kong briefly leapt around four percent, a day before Chinese markets shut for the Golden Week holiday.
They extended a rally begun last week as Chinese officials announced fiscal measures -- notably interest-rate cuts and eased rules on buying homes -- aimed at igniting growth in the world's second-biggest economy.
Developers were among the best performers in Hong Kong, with Kaisa rocketing more than 80 percent, Sunac jumping over 55 percent and Agile Group up 19 percent.
Tech firms also enjoyed strong gains, with e-commerce giant JD.com advancing more than 11 percent and rival Alibaba up almost eight percent.
"The Chinese stock market rally will take a breather during the October holiday, which will give investors time to take stock and to decide whether the Asian powerhouse's shares have further to run," said Kathleen Brooks, research director at XTB.
But elsewhere in Asia, Tokyo stocks dropped nearly five percent on expectations incoming prime minister Shigeru Ishiba would pursue policies keeping the yen strong -- which would weigh on Japanese exporters.
Oil prices retreated Monday as high supplies offset further Middle East unrest with the killing of Hezbollah chief Hassan Nasrallah in Lebanon by an Israeli airstrike analysts said.
- Key figures around 1400 GMT -
New York - Dow: DOWN 0.5 percent at 42,090.41 points
New York - S&P 500: DOWN 0.2 percent at 5,7229.67
New York - Nasdaq: UP 0.1 percent at 18,136.42
London - FTSE 100: DOWN 0.7 percent at 8,266.43
Paris - CAC 40: DOWN 1.8 percent at 7,653.13
Frankfurt - DAX: DOWN 0.7 percent at 19,334.22
Tokyo - Nikkei 225: DOWN 4.8 percent at 37,919.55 (close)
Hong Kong - Hang Seng Index: UP 2.4 percent at 21,133.68 (close)
Shanghai - Composite: UP 8.1 percent at 3,336.50 (close)
Euro/dollar: UP at $1.1170 from $1.1169 on Friday
Pound/dollar: UP at $1.3386 from $1.3375
Euro/pound: DOWN at 83.45 pence from 83.47 pence
Dollar/yen: UP at 143.11 yen from 142.15 yen
West Texas Intermediate: DOWN 0.3 percent at $67.98 per barrel
Brent North Sea Crude: DOWN 0.3 percent at $71.29 per barrel
S.F.Lacroix--CPN