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Chip Shares Rally as Global Stocks Eek Out Small Gains

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11/12/2019 | 05:17am EST

By Caitlin Ostroff

Global stocks posted slight gains Tuesday, while the microchip sector rallied on a brighter earnings outlook.

The Stoxx Europe 600 rose 0.1% and the U.K.'s FTSE 100 edged up 0.2%. German freight-and-logistics group Deutsche Post saw shares rally 4.8% after the company reported a jump in third-quarter earnings.

German chip maker Infineon Technologies shares gained 6.6% after it reported a rise in fourth-quarter profit despite macroeconomic uncertainty and weakening global auto demand. Shares in U.K. chip specialist Dialog Semiconductor and Netherlands-based ASM International also rose.

Shares of French telecommunication company Iliad surged 17.6% after it released third-quarter revenue and said it would buy back up to EUR1.4 billion ($1.54 billion) in shares.

Stocks traded up in Asia, where the Hang Seng rose 0.5% amid ongoing pro-democracy demonstrations. The Shanghai Composite gained 0.2% and Japan's Nikkei 225 climbed 0.8%.

The yield on the 10-year U.S. Treasury climbed slightly to 1.938% from 1.930% after the long weekend. Bond markets were closed Monday. Yields rise when prices fall.

In currencies, the British pound fell 0.3% against the U.S. dollar, paring back some gains made Monday after Nigel Farage's Brexit Party said it won't contest Conservative-held seats in the December election, decreasing the likelihood of a hung Parliament.

Investors will look to President Trump's speech at the Economic Club of New York later today for clues on progress between the U.S. and China as well as further guidance on whether the U.S. will impose tariffs on European auto makers.

Quarterly earnings out today include chemical company Linde PLC, Tyson Foods, Inc. and CBS Corp.

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ASM INTERNATIONAL N.V. 1.04% 102.5 Delayed Quote.179.28%
CBS CORPORATION -20.20% 40.86 Delayed Quote.-6.54%
CHINA-SHANGHAI COMP 0.74% 2899.47 End-of-day quote.16.08%
DEUTSCHE POST AG 0.92% 34.01 Delayed Quote.40.72%
DIALOG SEMICONDUCTOR PLC 1.08% 44.97 Delayed Quote.96.41%
EURO / BRITISH POUND (EUR/GBP) -0.04% 0.8436 Delayed Quote.-5.99%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
HANG SENG 1.07% 26487.17 Real-time Quote.1.40%
ILIAD 0.26% 115.05 Real-time Quote.-6.52%
INFINEON TECHNOLOGIES AG 2.62% 19.824 Delayed Quote.10.92%
LINDE PLC 0.49% 203.75 Delayed Quote.30.58%
MICROCHIP TECHNOLOGY, INC. 0.18% 96.71 Delayed Quote.34.47%
NIKKEI 225 0.23% 23354.4 Real-time Quote.16.81%
STOXX EUROPE 600 0.93% 406.38 Delayed Quote.18.02%
STOXX EUROPE 600 NR 0.94% 876.65 Delayed Quote.21.45%
TYSON FOODS 0.25% 89.46 Delayed Quote.67.53%
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