European stock exchanges open in red

(ABM FN-Dow Jones) The European stock markets are heading for a lower opening on Wednesday.

IG anticipates an opening loss of 121 points for the German DAX, a minus of 62 points for the French CAC 40 and a drop of 23 points for the British FTSE 100.

European stock markets lost ground again on Tuesday after Monday’s spicy losses amid deeper concerns about the public health implications of the coronavirus pandemic.

Rising numbers of infections in Europe and the United States, combined with stricter measures to stop the virus, have weighed on traders’ confidence in the markets.
The market started off quietly on Tuesday, but fears of new lockdowns surfaced as the day began, CMC Markets market analyst David Madden said.

Company news

Two major European banks, HSBC and Santander, posted stronger than expected third-quarter earnings, and both announced cost savings. Barclays previously reported better than expected profit figures. HSBC will cut more than 31,000 jobs and want to cut costs to less than $ 31 billion. Santander also wants to save 1 billion more in costs. HSBC closed 3.4 percent higher. Santander won 1.3 percent.

BNP Paribas was a heavy loser in Paris with a share price drop of 4.8 percent. The French insurer Axa also lost 3 percent. France appears to have become the epicenter of the European corona crisis and is likely to face a severe lockdown.

Shares of oil companies closed lower, despite the gains BP posted after a billion-dollar loss from the previous quarter. Shell, Total and Eni lost all ground. Higher oil prices failed to allay investors’ concerns about the economy. BP lost 2 percent.

Covestro closed unchanged after quarterly figures.

Novartis lost 3 percent. The sales and profitability of the Swiss pharmaceutical company were slightly better than a year earlier in the third quarter.

Aegon has put its Eastern European operations on sale and has asked JPMorgan to guide this process, Reuters news agency wrote on the basis of Tuesday morning. According to investment bank Morgan Stanley, NN Group would benefit more from a takeover than KBC. Both financials would prey on the Aegon companies. Aegon closed 2.3 percent lower.

European non-tech companies that will play a leading role in the new data era include KBC, Schneider Electric, Siemens, L’Oréal, Wolters Kluwer, Deutsche Telekom, Enel and Iberdrola, according to Morgan Stanley. Nestlé, Zalando, Credit Suisse and Roche would also have good credentials.

Unilever won 1 percent in London. The British-Dutch company has initiated the procedure to end the dual structure. By the end of November, Unilever must be completely British.

Euro STOXX 50 3,070.60 (-1.12%)
STOXX Europe 600      352,58 (-0,95%)
DAX                           12.063,57 (-0,93%)
CAC 40 4,730.66 (-1.77%)
FTSE 100 5,728.99 (-1.09%)
SMI 9,887.49 (-0.98%)
AEX                                 545,65 (-0,06%)
BEL 20 3,153.02 (-1.78%)
FTSE MIB                 18.654,95 (-1,53%)
IBEX 35                       6.651,30 (-2,14%)

AMERICAN SHARES

Wall Street opens in red on Wednesday, according to American futures.

The US stock markets closed on Tuesday after the losses on Monday due to the second wave of the corona virus.

The seven-day average for new cases in the United States hit a new record Monday. In Italy, Spain and Russia, measures are being stepped up to stop the virus.

Stocks have often recovered in the past on signals that the economy is recovering from the disruptions caused by the pandemic.

On Tuesday, orders for durable goods were positive, which rose 1.9 percent in September. That was considerably more than 0.4 percent in August and the expectation of analysts. Orders have now been rising for five months in a row.

In contrast, US consumer confidence fell slightly in October, Conference Board reported.

“I think there will be more gains in 2021,” said Edward Jones’s Craig Fehr, despite the uncertainties surrounding the pandemic. ´

Investors continue to hope for a corona support package, although Washington is getting quieter and the odds of a package before the presidential election seem very slim. The Senate is in recess until November 9, so no deal will be approved there.

Market followers also think that investors do not dare to take large positions in the run-up to the US elections.

In the polls, challenger Joe Biden is still ahead of Donald . “It is difficult to translate the information about the US election into something concrete,” said Headwaters Volatility analyst Matt Rowe.

Company news

3M and Caterpillar performed better than expected in the third quarter, but 3M closed 3 percent lower and Caterpillar also lost 3 percent.

Pharmaceutical Eli Lilly lost 7 percent of its value after a profit warning and third-quarter data came in below expectations. Pfizer’s results were mixed, while those of industry rival Merck exceeded market expectations and the outlook was tightened. These two stocks moved little.

The Harley-Davidson share price rose a whopping 22 percent after strong quarterly figures. In the third quarter, profit climbed from $ 87 million to $ 120 million, despite a decline in sales.

Sherwin-Williams won 0.5 percent. Revenues and earnings were up in the third quarter and for the full year, the company has turned slightly more positive.

NXP posted significantly less loss than the previous quarter, but year-on-year it was still worse. NXP is counting on a turnover increase for the current fourth quarter. The stock lost 1.2 percent.

Advanced Micro Devices also announced pre-market that it would acquire Xilinx for a $ 35 billion deal. AMD will own approximately 74 percent of the merged company and Xilinx the rest. The acquisition must be completed before the end of 2021. Xilinx closed 8.5 percent higher and AMD lost 4 percent.

Nabeurs published the cloud and computer giant Microsoft quarterly results that exceeded analyst expectations. High demand for cloud services, PCs and Xbox during the corona crisis drove the results.

S&P 500 index                   3.390,68 (-0,30%)
Dow Jones index            27.463,19 (-0,80%)
Nasdaq Composite           11.431,35 (+0,64%)

ASIA

The Asian stock markets were divided on Wednesday, but predominantly lower.

Nikkei 225                     23.408,69 (-0,3%)
Shanghai Composite      3.267,03 (+0,4%)
Hang Seng 24,750.25 (-0.1%)

EVALUATE

The euro / dollar was trading at 1.1781. When the American stock markets closed on Tuesday, the currency pair was still moving at 1.1809 and when the European stock markets closed, there was still 1.1830 on the plates.

USD/JPY Yen   104,27
EUR/USD Euro  1,1781
EUR/JPY Yen   122,85

MACRO-AGENDA:
00:00 People’s Congress China (Chi)
08:45 Consumer confidence – October (Fra)
12:00 Mortgage applications – Weekly (US)
13:30 Wholesale Stocks – September (US)
3:30 PM Oil Supplies – Weekly (US

COMPANY NEWS:
07:00 BASF – Figures third quarter (Dld)
07:00 Beiersdorf – Figures third quarter (Dld)
07:00 Delivery Hero – Figures third quarter (Dld)
07:00 Deutsche Bank – Figures third quarter (Dld)
12:00 Boeing – Third quarter figures (US)
12:00 Garmin – Third quarter figures (US)
12:00 GlaxoSmithKline – Third quarter figures (UK)
12:00 General Electric – Third quarter figures (US)
12:00 Mastercard – Figures third quarter (US)
12:00 UPS – Third Quarter Figures (US)
21:00 Amgen – Third quarter figures (US)
21:00 eBay – Third quarter figures (US)
21:00 Ford – Third quarter figures (US)
9:00 PM Gilead Sciences – Third Quarter Figures (US)
21:00 Visa – Fourth quarter figures (US)

ABM Financial News; [email protected]; Redactie: +31(0)20 26 28 999.

Share this article via:

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!

These were the details of the news European stock exchanges open in red for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at news1.news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV The Turkish lira falls to a new record low against the...
NEXT Mobily’s quarterly profit increased 25% to 281 million riyals