Global markets update: European stocks flat, oil rises
European stocks closed flat on Monday after paring gains. Earlier in the session, the stocks rose on fresh Chinese stimulus measures aimed at supporting the country’s beleaguered property sector.
The pan-European STOXX 600 index ended at 457.96 points after rising as much as 0.9% earlier in the session.
China’s financial regulators have lowered down-payment requirements for first and second-time home buyers and cut rates on existing mortgages.
In the property sector, another positive news also arrived that China’s battered developer Country Garden had won approval from its creditors to extend a deadline for a key bond repayment.
Britain’s FTSE 100 fell 0.2% at 7,279.51 points. Germany’s DAX edged down 0.1% at 15,284.85. France’s CAC 40 slipped 0.2% at 7,279.51.
Europe’s technology index gained 0.5%. Shares of Dutch semiconductor equipment maker ASML rose 0.8%.
Miners added 0.6% after rising nearly 2% on a rally in iron ore futures. Automakers gained 0.3%.
Danish drugmakerNovo Nordisk rose 0.7% after it launched its weight-loss injection Wegovy in Britain.
Ahead of the European Central Bank’s policy meeting on September 14, investors are keenly awaiting data on German inflation and euro zone gross domestic product (GDP) due later in the week.
Stock markets in the United States were closed for a public holiday on Monday on account of Labor Day.
Asia
Asian markets climbed on Monday on Chinese stimulus.
A report showed a jump in new home sales in China.
Hong Kong’s Hang Seng index climbed 2.5% at 18,844.16.
China’s Shanghai Composite added 1.4% at 3,177.06.
South Korean shares on Monday rose to three-week high, led by gains in battery makers. The benchmark Kospi closed up 20.84 points, or 0.81%, at 2,584.55.
Japan’s Nikkei 225 edged up 0.7% at 32,939.18. Australian shares gained on Monday ahead of the central bank’s decision on interest rate. The S&P/ASX 200 index ended 0.6% higher at 7,318.80.
In New Zealand, the benchmark S&P/NZX 50 index fell 0.1% at 11,513.04.
Bullion
Gold prices were steady on Monday. Spot gold was little changed at $1,939.61 per ounce by 9:52 am EDT (1352 GMT).
Energy prices
Crude oil prices rose near to seven-month highs on hopes that Saudi Arabia and Russia will extend their production caps.
Brent crude, the main international contract briefly hit $89 per barrel.
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Updated: 05 Sep 2023, 01:32 AM IST
