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Wall Street edges up in early trading


News » Sports
Nigeria

July.09.2014

US stocks inched higher in early trading today, bouncing back after two days of declines and following a positive early read on earnings.

The Dow Jones industrial average rose 20.23 points or 0.12 percent, to 16,926.85, the S&P 500 gained 3.68 points or 0.19 percent, to 1,967.39 and the Nasdaq Composite added 10.13 points or 0.23 percent, to 4,401.60.

Portuguese shares lagged European markets today, hit by concerns about the financial health of one of the country's largest financial groups.

Lisbon's PSI index fell 2.2 percent, led by an 11 percent fall in Espirito Santo Financial Group (ESFG), the largest shareholder of Portugal's largest listed bank, Banco Espirito Santo.

Business daily Diario Economico reported Portugal's Espirito Santo banking family, who control ESFG, is set to propose to creditors an extension of the maturities of the debts issued by its Luxembourg-registered holding company.

The PSI, which has risen 24 percent in the past 12 months, has underperformed other European markets since concerns surrounding Espirito Santo arose as well as after some disappointing economic data came out last month.

The pan-European FTSEurofirst 300 index, which hit a 6-1/2 year high in late June, was down 0.2 percent at 1,361.08 points.

The euro zone's blue-chip Euro STOXX 50 index, meanwhile, was up 0.2 percent, recovering some ground after a 1.4 percent fall in the previous session.

A disappointing trading update from French caterer Sodexo , coming hard on the heels of a profit warning from Air France-KLM on Tuesday, fuelled concerns about weak corporate earnings ahead of the second-quarter reporting season.

Sodexo saw its shares fall 1.4 percent after it said its fourth quarter would be weaker than expected due to the delayed start-up of some major contracts. The group cut its full-year sales growth goal.

Meanwhile, Japan's Nikkei share average fell to a 1-1/2-week low as the stronger yen hurt exporters, while cooler-than-expected China inflation data also soured sentiment.

Risk appetite was also curbed as investors stayed cautious before the earnings season.

The Nikkei ended 0.1 percent lower to 15,302.65, its lowest closing level since June 30. The broader Topix slipped 0.4 percent to 1,270.82, and the JPX-Nikkei Index 400 dropped 0.2 percent to 11,551.84.

Article Credit: buenosariesherald

Updated 5 Years ago
 

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Tags:     Dow Jones industrial     Portuguese     lagged European     US stocks

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