European indices fail to follow Asian markets higher, hit by downbeat corporate reports
S&P 500 loses race to longest rally since February
Pound hurt by Brexit disputes, Russian Ruble and Turkish Lira by spat with the US
The Chinese stock rally that lifted Asian markets on Thursday seemed to bypass European bourses, where downbeat corporate updates and Brexit headaches weighed on investor sentiment. Futures on the , and , instead, were all trading in positive territory, pointing to a possible equity rebound in the next US session.
The pan-European slipped lower with most of its sectors. from Danish drugmakers Novo Nordisk (CO:) and other corporate trading updates left investors unshielded from ongoing geopolitical jitters. UDG Healthcare (LON:) took a 10-percent hit after in its contract sales and patient support services operations, re-igniting worries over the impact of Brexit on the domestic economy.
Earlier, in Asian trade, China’s outperformed its global peers, jumping 1.83%. This surprising bullishness was driven by positive earnings reports as well as speculation that Chinese policymakers may to offset the potential downward impact of the latest US tariffs. Chinese showed inflation slowed in July, though ticked higher.
Japan’s slid 0.26 percent, after trimming a 0.69 drop, probably upon support of Monday’s lows. Hong Kong’s followed the mainland index higher, gaining 0.88 percent. South Korea’s edged 0.1 percent higher and Australia’s climbed 0.47 percent.
Global Financial Affairs
In the previous US session, stocks halted a four-day rally on mounting trade tensions and fresh US sanctions against Russia.
S&P 500 Daily Chart
The slid 0.03 percent minutes before the close, giving up what would have been its longest rally since February. The index is still about half a percentage point below its all-time high of late January. (-0.76