Global markets update: European stocks gain, led by real estate and healthcare

The pan-European STOXX 600 index inched 0.1% higher at the close.

Britain’s FTSE 100 fell 0.1% at 7,519.72 points. France’s CAC 40 dropped 0.2% at 7,369.93.

Germany’s DAX fell 0.3% at 16,039.17.

Among sectors, real estate stocks increased 2.7% and healthcare stocks rebounded from the previous day’s sharp declines.

Miners fell 0.4% as metal prices slipped on concerns about the demand outlook from China.

Semiconductor stocks declined after China imposed restrictions on the export of gallium and germanium. Both metals are crucial to the chip industry.

The euro dipped 0.1% lower against the US dollar to $1.0898.

The US stock market was closed on Tuesday for Independence Day.

Asia

In Asia, most stock markets rose on Tuesday as investors hope that the US Federal Reserve’s interest rate hiking campaign could be nearing its end.

Hong Kong’s Hang Seng index added 0.6% at 19,415.68. China’s Shanghai Composite ended flat at 3,245.35.

Japan’s Nikkei 225 fell 1% at 33,422.52.

Australia’s S&P/ASX 200 index closed 0.5% higher at 7,279 points. New Zealand’s benchmark S&P/NZX 50 index advanced 0.5% at 11,980.33 points.

Australia’s central bank held interest rates steady, but reiterated its warning that further tightening might be needed to tame inflation.

Stock markets in Taiwan, Philippines, India and Thailand edged up, but in Singapore and South Korea fell.

Oil prices Crude oil prices rose on Tuesday, after Saudi Arabia and Russia’s announcement of further output cuts.

Brent crude futures climbed 1.5% to $75.74 a barrel, with West Texas Intermediate crude up by the same amount at $70.87.

Bullion

Gold was slightly higher, with spot gold up 0.4% at $1928.28 per ounce. 

Updated: 05 Jul 2023, 02:04 AM IST