European stock markets were higher Tuesday, continuing to recoup losses after last week's sell-off. Asian stock markets mostly retreated after China's services industries weakened in July.
European stock markets were higher Tuesday, continuing to recoup losses after last week’s sell-off. Asian stock markets mostly retreated after China’s services industries weakened in July.
KEEPING SCORE: France’s CAC-40 added 0.4 percent to 4,235.89 and Germany’s DAX rose 0.4 percent to 9,190.80. Britain’s FTSE 100 advanced 0.4 percent to 6,703.97. Futures indicated that Wall Street was set for a lukewarm day. Standard & Poor’s 500 futures were down 0.1 percent and Dow futures were little changed.
ASIA’S DAY: Japan’s Nikkei 225 fell 1 percent to 15,320.31 and South Korea’s Kospi was down 0.7 percent to 2,066.26. Australia’s S&P/ASX 200 slipped 0.4 percent to 5,518.60 and stocks in mainland China, Indonesia and Singapore also declined. But Hong Kong’s Hang Seng added 0.2 percent to 24,648.26.
WEAK CHINA: China’s service industries grew at the slowest rate last month since November 2005. The HSBC index of China service businesses activity based on a survey of 400 companies fell to 50.0 in July from 53.1 in the previous month, the bank said. The weak figure shows the impact of a slowdown in China’s property market, said HSBC chief China economist Qu Hongbin.
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ANALYST TAKE: “The positive momentum from U.S. trade has not translated into gains for Asia, with the major bourses struggling on the back of an alarming China HSBC services PMI reading,” said Stan Shamu, an analyst at IG. “With recent manufacturing reports showing activity was expanding, it is disappointing to see services decline sharply. “
PORTUGAL WORRIES: Worries over the collapse of a major Portuguese financial institution have eased after Portugal’s central bank said on Sunday it will rescue the ailing Banco Espirito Santo. The share price of the Banco Espirito Santo was wiped out by 75 percent last week and it was a main reason that the European shares sank last week.
AUTO EARNINGS: In Tokyo, Toyota Motor Corp. said its earnings rose 5 percent thanks to increased vehicle sales in North America and Europe. Toyota’s shares closed flat shortly before earnings announcement. In Frankfurt, German luxury car maker BMW AG said Tuesday its net earnings jumped 27 percent in the second quarter, sending its shares nearly 3 percent higher.
US DATA: The U.S. Commerce Department releases factory orders for June later Tuesday morning and the Institute for Supply Management releases its service sector index.
CURRENCIES, OIL: The dollar rose to 102.59 yen from the previous session’s 102.55 yen. The euro dipped to $1.3394 from $1.3421. Benchmark U.S. crude for September delivery was up 13 cents at $98.42 a barrel.