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European Stocks Shrug Off Asian Losses to Rise

German 10-year government bonds slid to a record low of minus 0.394% on Wednesday on expectations that the European Central Bank’s likely new president, Christine Lagarde, will pursue more easy-money policies.

Other bond yields also fell in Europe as investors bet on more interest-rate cuts and bond buying to come as the continent suffers low growth and low inflation. Italy’s 10-year bond yields also fell to 1.775%, while U.S. yields were down to 1.947% from 1.978% on Tuesday. Bond yields and prices move in opposite directions.

The euro also fell, losing 0.1% against the dollar to $1.13. The WSJ dollar index, which measures the dollar against a basket of its peers, gained was 0.1%.

The Stoxx Europe 600 index rose 0.5%, led by food & beverage sectors, utilities and health care companies. JD Sports Fashion was up almost 3%, taking its gains for this year to 78% and making it one of the best-performing stocks in Europe for 2019.

Asian stock markets fell, with South Korea leading losses as the Kospi slipped 1.2% after the country lowered growth and inflation forecasts. Consumer prices are expected to rise 0.9% in 2019 rather than 1.6% as previously forecast. Chinese stocks in Shanghai were down 0.9%, while Hong Kong’s Hang Seng was 0.3% lower.

In commodities, Brent crude oil gained 0.3% to $62.59 after a steep fall on Tuesday. Gold was also up 1.4% to $1,427.70 per ounce.
Source: Dow Jones

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