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Chip Shares Rally as Global Stocks Eke Out Small Gains

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11/12/2019 | 07:05am EST

By Caitlin Ostroff

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

U.S. futures for the S&P 500 were up 0.1%. The Stoxx Europe 600 rose 0.3% and the U.K.'s FTSE 100 edged up 0.4%. German freight-and-logistics group Deutsche Post saw shares rally 4.6% after the company reported a jump in third-quarter earnings.

In premarket trading, shares of industrial gases and engineering company Linde PLC rose 2.4%. It reported higher third-quarter profit as sales more than doubled. CBS Corp. will report later today.

German chip maker Infineon Technologies shares gained 7.4% 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 17.7% after it released third-quarter revenue and said it would buy back up to EUR1.4 billion ($1.54 billion) in shares.

Investors will look to President Trump's speech at the Economic Club of New York later today for clues on U.S. trade policy.

"There's cautious optimism that we will get some fairly positive outlooks from President Trump," said Michael Hewson, chief market analyst at CMC Markets. He said markets are hopeful that no tariffs will be placed against European auto makers and are watching to see whether Mr. Trump goes forward with tariffs on Chinese goods, set to go into effect on Dec. 15.

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 1.940% from 1.930% after the long weekend. Bond markets were closed Monday. Yields rise when prices fall.

In currencies, the British pound fell 0.2% 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.

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

Stocks mentioned in the article
ChangeLast1st jan.
ASM INTERNATIONAL N.V. 2.57% 117.8 Delayed Quote.14.68%
CHINA-SHANGHAI COMP 0.05% 3075.5 End-of-day quote.0.30%
CMC MARKETS PLC 0.92% 154 Delayed Quote.4.09%
DEUTSCHE POST AG -1.00% 34.05 Delayed Quote.1.13%
DIALOG SEMICONDUCTOR PLC -0.38% 44.7 Delayed Quote.-0.53%
DJ INDUSTRIAL 0.17% 29348.1 Delayed Quote.2.66%
EURO / BRITISH POUND (EUR/GBP) 0.17% 0.8524 Delayed Quote.0.73%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
HANG SENG 0.66% 29007.9 Real-time Quote.2.22%
ILIAD 1.69% 123 Real-time Quote.4.67%
INFINEON TECHNOLOGIES AG -0.21% 21.13 Delayed Quote.4.26%
LINDE PLC 0.49% 214.1 Delayed Quote.0.08%
MICROCHIP TECHNOLOGY, INC. 0.54% 109.41 Delayed Quote.3.92%
NASDAQ 100 0.53% 9173.732586 Delayed Quote.3.44%
NASDAQ COMP. 0.34% 9388.944045 Delayed Quote.3.36%
NIKKEI 225 0.45% 24041.26 Real-time Quote.1.56%
S&P 500 0.39% 3329.62 Delayed Quote.2.66%
S&P/CITIC 300 INDEX 0.00% 3616.8 Delayed Quote.1.69%
S&P/CITIC 50 INDEX 0.00% 3755.63 Delayed Quote.0.33%
STOXX EUROPE 600 0.96% 424.56 Delayed Quote.0.90%
STOXX EUROPE 600 NR 0.96% 916.68 Delayed Quote.0.93%
VIACOMCBS INC. -1.37% 39.49 Delayed Quote.-4.60%
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