Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

U.S. Stocks Poised to Extend Gains

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/17/2018 | 09:47am CEST
By Riva Gold and Ese Erheriene 
   -- Asian tech under pressure following ZTE action 
 
   -- Sterling around post-Brexit high 
 
   -- Earnings from Goldman Sachs, IBM eyed 

European stocks and S&P 500 futures climbed Tuesday, even as U.S. and U.K. warnings over a Chinese telecommunications-equipment giant put pressure on Asian markets.

The Stoxx Europe 600 inched up 0.2% in the early minutes of trading after solid earnings reports helped stocks inch higher on Wall Street Monday in the lowest volume day so far this year.

The multinational-heavy FTSE 100 index was flat, however, after a bruising start to the week, as the index continued to struggle under a strengthening British pound. A stronger U.K. currency typically means corporate earnings generated overseas are worth less translated back into pounds.

The British pound was last up 0.2% at $1.4363 after settling at its highest afternoon level against the dollar since the U.K. referendum in June 2016.

Stock futures pointed to continued gains in the U.S. later Tuesday, with shares of Netflix jumping in after-hours trading after reporting subscriber growth that beat its own forecast and analysts' expectations.

"Netflix is the first real gauge" of whether world-wide demand picked up in the first quarter, said JJ Kinahan, chief market strategist at TD Ameritrade.

"You really want to hear that tech stocks are doing well, and seeing demand and growth world-wide," he said.

Earnings from Goldman Sachs are also due later Tuesday and will be closely watched by market participants. U.S. banks have broadly beaten analysts' forecasts for the first quarter, but the reaction in share prices has been muted as investors entered the earnings season with high expectations.

In Asian trading, Japan's Nikkei Stock Average edged up 0.1% but Chinese equities lagged despite better-than-expected economic growth figures to start 2018 as parts of the smartphone supply chain came under pressure.

China's gross domestic product increased 6.8% from a year earlier in the first quarter, beating expectations slightly and equaling 2017's growth. March retail sales also rose slightly more than analysts expected, though industrial-production growth fell short.

While Chinese stock indexes rose after the data, the rebound proved to be fleeting. The Shanghai Composite Index was last down 1.4% while the startup-heavy ChiNext Price Index in Shenzhen shed 2.6%.

Hong Kong's Hang Seng Index gave up earlier gains to edge down 0.3% in late trading.

Taiwan's Taiex Index fell 1.3%, hit by the U.S. and U.K. taking fresh action against Chinese telecom-equipment heavyweight ZTE. The company, which has been in the crosshairs of Western governments, has been barred by the U.S. from receiving goods from American companies.

ZTE is a maker of smartphones, and the prospects of the company seeing reduced business hit stocks of Asian companies in the smartphone supply chain. Taiwan Semiconductor, the island's largest company, ended down 2.3%.

In Hong Kong, component makers Sunny Optical and AAC Tech fell more than 4%. ZTE, which is listed in Hong Kong, didn't trade Tuesday, though Jefferies slashed its stock target by more than half.

In commodities, Brent crude oil rose 0.5% to $71.77 a barrel.

Write to Riva Gold at riva.gold@wsj.com and Ese Erheriene at ese.erheriene@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CHINA-SHANGHAI COMP 2.50% 2797.48 End-of-day quote.-15.59%
DJ INDUSTRIAL 0.32% 26743.5 Delayed Quote.8.19%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
HANG SENG 1.69% 27930.53 Real-time Quote.-6.69%
NASDAQ 100 -0.50% 7531.0719 Delayed Quote.17.74%
NASDAQ COMP. -0.51% 7986.9551 Delayed Quote.16.29%
NIKKEI 225 0.82% 23869.93 Real-time Quote.4.85%
S&P 500 -0.04% 2929.48 Real-time Quote.9.62%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
09/23MARKET SNAPSHOT: Perma-bear Albert Edwards Warns Stocks Have 'drunk The Kool-Aid' As Recession Looms
DJ
09/22MARKET SNAPSHOT: Dow Posts Back-to-back Records, But Tech Woes Weigh On Broader Market
DJ
09/22MARKET SNAPSHOT: Dow Posts Back-to-back Records, Books Best Weekly Since July As Broader Market Lags
DJ
09/21Dow Industrials Rise as Trade Worries Dampen
DJ
09/21Receding trade fears propel stocks to six-month peak
RE
09/21Receding trade fears propel stocks to six-month peak
RE
09/21WALL STREET STOCK EXCHANGE : Dow hits new closing high ahead of index reshuffle
RE
09/21Dow Industrials Rise as Trade Worries Dampen
DJ
09/21TSX rises 0.06 percent
RE
09/21Dow Industrials Rise, Led by Trade-Sensitive Stocks
DJ
Latest news "Markets"
Advertisement