European stock markets 'checked out' ahead of Easter break

LONDON: European stock markets were mixed on Thursday (Apr 18) as investors wound down their positions before the Easter break, with positivity surrounding China-US trade talks and strong US retail sales data failing to spur much buying action.

On Wall Street, the Dow Jones Industrial Average ticked higher in midday trading after it was reported that US retail sales rose 1.6 per cent in March, handily beating expectations.

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There was also a batch of mostly positive earnings reports, however the broad-based S&P 500 and tech-rich Nasdaq Composite Index edged downwards.

Briefing.com analyst Patrick O’Hare said the market was “jogging in place” before the long weekend.

“It’s hard to tell if the market is just tired after a massive rally, checked out in front of an extended holiday weekend, or genuinely bothered by concerns regarding the economic outlook,” O’Hare said.

The euro meanwhile slid versus the dollar as data showed business growth in the eurozone had hit the lowest level since 2014 on German sluggishness and stagnation in France.

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The single currency’s drop helped support eurozone exporters, pushing up overall stock market values in the region.

Frankfurt’s DAX 30 index closed up 0.5 per cent and the Paris CAC 40 won 0.4 per cent on the day.

Outside the eurozone, London’s benchmark FTSE 100 index lost 0.2 per cent, despite stronger-than-expected British retail sales figures.

Beset by looming political risks such as Brexit and weaker global growth, the eurozone is struggling to keep the economy growing at a healthy pace, a survey from data firm IHS Markit showed.

“Traders are mindful of the Easter break and we might see some trimming their positions ahead of the long weekend,” said David Madden, market analyst at CMC Markets UK.

US-CHINA TRADE TALKS

A wide range of US companies reported first

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European stock markets 'checked out' ahead of Easter break

LONDON: European stock markets were mixed on Thursday (Apr 18) as investors wound down their positions before the Easter break, with positivity surrounding China-US trade talks and strong US retail sales data failing to spur much buying action.

On Wall Street, the Dow Jones Industrial Average ticked higher in midday trading after it was reported that US retail sales rose 1.6 per cent in March, handily beating expectations.

Advertisement

There was also a batch of mostly positive earnings reports, however the broad-based S&P 500 and tech-rich Nasdaq Composite Index edged downwards.

Briefing.com analyst Patrick O’Hare said the market was “jogging in place” before the long weekend.

“It’s hard to tell if the market is just tired after a massive rally, checked out in front of an extended holiday weekend, or genuinely bothered by concerns regarding the economic outlook,” O’Hare said.

The euro meanwhile slid versus the dollar as data showed business growth in the eurozone had hit the lowest level since 2014 on German sluggishness and stagnation in France.

Advertisement Advertisement

The single currency’s drop helped support eurozone exporters, pushing up overall stock market values in the region.

Frankfurt’s DAX 30 index closed up 0.5 per cent and the Paris CAC 40 won 0.4 per cent on the day.

Outside the eurozone, London’s benchmark FTSE 100 index lost 0.2 per cent, despite stronger-than-expected British retail sales figures.

Beset by looming political risks such as Brexit and weaker global growth, the eurozone is struggling to keep the economy growing at a healthy pace, a survey from data firm IHS Markit showed.

“Traders are mindful of the Easter break and we might see some trimming their positions ahead of the long weekend,” said David Madden, market analyst at CMC Markets UK.

US-CHINA TRADE TALKS

A wide range of US companies reported first

Read More Here...

Wall Street edges higher on industrial gains; healthcare drags again

© Reuters. Traders work on the floor at the NYSE in New York

By Amy Caren Daniel and Sruthi Shankar

(Reuters) – U.S. stocks eked out gains in volatile trading on Thursday, ahead of a long Easter weekend, as strong results from industrials countered another drop in healthcare stocks, with investors shrugging off release of the Mueller report.

In a bright spot, U.S. retail sales increased by the most in 1-1/2 years in March, while a labor department report showed the number of Americans filing for unemployment benefits dropped to its lowest in nearly 50 years last week, further underscoring the economy’s strength.

Stocks have rallied from a slump late-last year, putting the benchmark about 1% away from its closing record high hit in September.

“We have had a big run-up here on the belief that economic data would improve and it has come to fruition,” said Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co in Milwaukee.

Details of Special Counsel Robert Mueller’s investigation into Russia’s role in the 2016 U.S. election were released during the session and showed a series of incidents in which President Donald Trump took actions to impede the probe that raised questions of whether he committed the crime of obstruction of justice.

Mueller did not make a conclusion on whether Trump had committed obstruction of justice, but did not exonerate him either.

“I don’t think there is much of a surprise, we’ll see what comes out over the next few days and maybe we’ll get more information,” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

Providing the biggest support to markets was a 1.09% rise in industrial stocks, after a batch of upbeat earnings reports.

Union Pacific Corp (NYSE:) jumped 4.6%, while Honeywell International (NYSE:) Inc’s shares rose 3.4% after

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Nasdaq Welcomes Zoom Video Communications, Inc. (Nasdaq: ZM) to The Nasdaq Stock Market

Nasdaq Welcomes Zoom Video Communications, Inc. (Nasdaq: ZM) to The Nasdaq Stock Market – NASDAQ News Today – EIN News

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Pinterest shares soar in stock market debut

Shares in online scrapbook company Pinterest have surged 25% after it floated on the New York Stock Exchange.

The shares opened at $23.75 and rose to $24.89, after being priced at $19.

This was above the expected range of $15 and $17, and raised $1.4bn in net proceeds.

Meanwhile, video-conferencing firm Zoom Video Communications opened on its Nasdaq debut at $65, more than 80% above its initial public offering price of $36 per share.

Pinterest is a social-scrapbooking website that allows users to search for various topics, from DIY projects to travel tips, with results often showing infographics.

It also allows users to create social “boards”, which relate to certain topics or themes, and encourages users to follow each other and their boards.

The company earns money through advertisements, which are placed among the “pins” or posts that users upload on the site.

Pinterest’s stock market listing is a bellwether for investor appetite for “unicorns” – private, venture capital-backed firms valued at more than $1bn.

The flotation comes before the widely-anticipated stock market debut of ride-hailing firm Uber next month.

The loss-making firm is expected to raise about $10bn and be valued at $100bn.

Uber rival Lyft was one of the first unicorns to float this year, but since listing on the Nasdaq index in March at $72 a share its stock has dropped by more than 22%.

Other firms expected to float in 2019 include home-sharing site AirBnB and WeWork, the office provider.

At its last private fundraising round in 2017 Pinterest was valued at $12bn. It is now valued at about $15.8bn.

Pinning or pining?

Losses are narrowing at Pinterest and sales are growing.

Last year pre-tax losses dropped to $62.5m compared with $181.8m two years ago. Revenue rose to $755.9m last year from $298m in 2016.

Pinterest has said that its business is heavily dependent on advertisers and a downturn in spending could

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Financial Literacy Rocks Pontiac All Week Long – Come Rock with Us to Empower Pontiac's Youth Through Music

Financial Literacy Rocks Pontiac All Week Long – Come Rock with Us to Empower Pontiac’s Youth Through Music – NASDAQ News Today – EIN News

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A service for global professionals · Thursday, April 18, 2019 · 482,608,082 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

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Financial Literacy Rocks Pontiac All Week Long – Come Rock with Us to Empower Pontiac's Youth Through Music

Financial Literacy Rocks Pontiac All Week Long – Come Rock with Us to Empower Pontiac’s Youth Through Music – NASDAQ News Today – EIN News

Trusted News Since 1995

A service for global professionals · Thursday, April 18, 2019 · 482,633,360 Articles · 3+ Million Readers

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Stocks erase weekly gains on lackluster manufacturing data

NEW YORK (Reuters) – A gauge of global stocks erased this week’s gains on Thursday after underwhelming manufacturing surveys from Asia and Europe and continued weakness in U.S. healthcare shares spurred profit-taking ahead of an extended Easter holiday weekend.

FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville

The MSCI All-Country World Index fell 0.3% to wipe out its advance earlier in the week, though it still traded near six-month highs.

On Wall Street, a sell-off in healthcare shares, which have been under pressure from Democratic proposals to extend Medicare coverage to more Americans, overshadowed strong March retail sales data showing the greatest increase in 1-1/2 years.

Lackluster French and German surveys of purchasing managers in the manufacturing sector for April, which showed activity continuing to contract, also prompted selling among some investors, said Darrell Cronk, chief investment officer for wealth and investment management at Wells Fargo in New York.

Activity in Germany’s services sector rose to a seven-month high in April, but investors focused on the 44.5 reading for the manufacturing sector, well below the 50.0 mark separating growth from contraction even if it was above the 44.1 reading last month.

The weak surveys out of Europe added to a reading of Japanese manufacturing activity which showed new export orders fell at the fastest pace in almost three years.

“The euro zone PMIs showed a lackluster start to the second quarter,” Cronk said. “There’s a little bit of profit-taking here.”

The release of Special Counsel Robert Mueller’s report on Russia’s role in the 2016 U.S. election had little impact on Wall Street.

“It’s probably the news story of the day, but there’s probably no epiphanies or surprises that the market hadn’t anticipated,” Cronk said.

The Dow Jones Industrial

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TSX hits all-time high on lift from health care, financials and industrials sectors

TORONTO — Canada’s main stock index hit an all-time high on strength in the health-care sector, which includes many of the country’s big cannabis companies, as well as gains in the financial and industrial sectors.

The S&P/TSX composite index was up 22.70 points at 16,566.94 after hitting 16,597.37 in early trading.

In New York, the Dow Jones industrial average was up 55.68 points at 26,505.22. The S&P 500 index was down 2.23 points at 2,898.22, while the Nasdaq composite was down 21.61 at 7,974.47.

The Canadian dollar traded for 74.78 cents US compared with an average of 75.01 cents US on Wednesday.

The June crude contract was down 13 cents at US$63.74 per barrel and the May natural gas contract was unchanged at US$2.52 per mmBTU.

The June gold contract up 70 cents at US$1,277.50 an ounce and the May copper contract was down 3.95 cents at US$2.93 a pound.

Companies in this story: (TSX:GSPTSE, TSX:CADUSDX)

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Stocks slip as investors digest earnings, eurozone economic data

Americans still wary of US economic outlook?

Hedge fund manager Jonathan Hoenig and Altium Wealth Portfolio Manager Michael Lee on the Pinterest and Zoom IPOs, the lawsuit against Lyft by an investor and the outlook for the U.S. economy.

Stocks were mixed Thursday as investors digested weakness in the health care sector, a weaker-than-expected manufacturing report from Europe’s largest economy and two initial public offerings (IPO) of tech companies.

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Pfizer and Centene paced decliners, and UnitedHealth’s CEO said earlier this week that Democratic Party proposals like Medicare for All could destabilize the nation’s health care system and hit insurance company profits.

Ticker Security Last Change %Chg PFE PFIZER INC. 39.08 -0.80 -2.01% CNC CENTENE CORP 46.19 -0.82 -1.74% UNH UNITEDHEALTH GROUP INCORPORATED 219.75 +2.91 +1.34%

A purchasing managers index from Germany edged up but remained in negative territory and was lower than expected.

The news follows a report the day before from China that showed the world’s second-largest economy grew at a robust and better-than-expected rate in the first three months of the year.

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Wall Street will also be looking for signs of progress in U.S.-China trade talks. Earlier this week, White House economic adviser Larry Kudlow said the U.S. is continuing to make good progress “on all the key points” in its trade negotiations with China.

“We continue to make very good progress across the board,” he told FOX Business’ Stuart Varney on Tuesday. “These are the largest in scope negotiations in U.S. China trade-relations history.”

Ticker Security Last Change %Chg I:DJI DOW JONES AVERAGES 26545.02 +95.48 +0.36% SP500 S&P 500 2899.77 -0.68 -0.02% I:COMP NASDAQ COMPOSITE INDEX 7978.63812 -17.44 -0.22%

In addition, two highly anticipated IPOs boosted investor sentiment.

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