European stocks rebound

GMT 12:10 2016 Thursday ,05 May

Arab Today, arab today European stocks rebound

European stock markets advanced
London - AFP

European stock markets staged a modest rebound on Thursday following two days of heavy losses on concerns over slowing global growth.

Asia's indices mainly fell however following a negative lead overnight from Wall Street, as markets geared up for key US jobs data due Friday. 

Around 0945 GMT, London's benchmark FTSE 100 index was up 0.2 percent compared with Wednesday's close. 

In the eurozone, Frankfurt's DAX 30 index rose 0.6 percent and the Paris CAC 40 gained 0.3 percent in value.

In foreign exchange, the euro fell against the dollar as the US currency extended its recovery against rival units after recent sharp falls that were triggered by concerns over the world's biggest economy.

A disappointing set of readings and announcements from leading economies over the past week have cast a pall over financial markets, reversing recent gains that were fuelled by hopes a recovery was taking hold.

Markus Huber, trader at City of London Markets, said that "with stocks having declined for four straight sessions... lower prices are starting to attract bargain hunters".

"However overall sentiment remains negative as uncertainty concerning global growth, a potential US rate hike in the third quarter and disappointing corporate earnings continue to take a toll on markets," he added.

Asian stock markets moved cautiously Thursday as worries over the global economy sap confidence, but the dollar held the previous day's gains and oil prices extended a rally.

New York provided another negative lead, with the city's three main indices ending deep in the red after a payrolls group said far fewer private-sector US jobs were created last month than expected.

The figures came after data showing sluggish manufacturing activity in China and a lower growth forecast for the eurozone, while data last week indicated US first-quarter economic growth was sharply lower than expectations.

The weak report also raised fears about Friday's closely-watched US government jobs report.

In Asian trade Thursday, Hong Kong was off 0.4 percent and Singapore dipped 0.6 percent. There were also losses in Taipei and Manila. But Shanghai and Sydney ended 0.2-percent higher.

Tokyo and Seoul were closed for public holidays.

"Markets seem to be at something of a crossroads at present, waiting for clearer signals on whether US activity will bounce back in the second quarter," Sharon Zollner, a senior economist in Auckland at ANZ Bank New Zealand, said in a note to clients.

- Key figures around 0945 GMT -

London - FTSE 100: UP 0.2 percent to 6,122.38

Frankfurt - DAX 30: UP 0.6 percent at 9,886.29

Paris - CAC 40: UP 0.3 percent at 4,336.02 

EURO STOXX 50: UP 0.5 percent at 2,952.33  

Hong Kong: DOWN 0.4 percent at 20,449.82 (close)

Shanghai: UP 0.2 percent at 2,997.84 (close)

Tokyo: Nikkei 225: Closed for public holiday

New York - Dow: DOWN 0.6 percent at 17,651.26 (close)

Euro/dollar: DOWN at $1.1440 from $1.1488 Wednesday 

Dollar/yen: UP at 107.29 yen from 107.03 yen

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