Global market focus turns to Europe after US Labor Day holiday

Posted September 08, 2015 07:48:34

Related Story: Chinese gains limit losses on local market1 Map: China2

It was a quiet night for global markets, with a US Discount Holidays © holiday turning the focus from Wall Street to Europe. The Labor Day Discount Holidays © holiday meant American investors had another day of rest to digest Friday’s losses. It was business as usual across the Atlantic though, with most European indices posting modest gains to take back some of last week’s fall.

The Euro Stoxx index gained 18 points or nearly 0.6 per cent to 3,198, and France’s CAC 40 also rose 0.6 per cent, or 27 points, to 4,550. The German DAX added 0.7 per cent, or 71 points, to 10,109 and the FTSE 100 in London closed up just over 0.5 per cent, or 32 points, at 6,075. Investors took it as a positive that China’s key market, the Shanghai composite index, limited its fall yesterday to just under 2.6 per cent.

They instead paid heed to weekend comments from the governor of the Chinese central bank, saying the market was stabilising. The European gains were shared amongst most industry sectors. Resource stocks were among the best performers, including the UK listing of Glencore, as the company announced it was suspending dividends and would sell assets and additional shares to reduce its hefty debt loading.

The announcement made no specific mention of the company s extensive Australian coal mining operations. Despite Europe’s positive session, futures trade suggests the local share market will open in the red; the ASX SPI 200 futures index was 3 points or 0.1 per cent lower at 5,019 at 7:15am (AEST). West Texas crude oil remained at $US45.97 a barrel, but Tapis crude in Singapore slipped to $US48.61 a barrel.

Spot gold was also down a little at $US1,119 an ounce.

At 7:15am (AEST) the Australian dollar was buying around 69.2 US cents, 62 euro cents, 45.3 British pence and 82.5 Japanese yen.

Topics: markets, business-economics-and-finance, globalisation—economy, china, united-states, european-union345678


  1. ^ Related Story: Chinese gains limit losses on local market (
  2. ^ Map: China (
  3. ^ markets (
  4. ^ business-economics-and-finance (
  5. ^ globalisation—economy (
  6. ^ china (
  7. ^ united-states (
  8. ^ european-union (

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