Stocks recover at end of volatile week | daily-sun.com

Stocks recover at end of volatile week

AFP     19th May, 2017 05:29:53 printer

Stocks recover at end of volatile week

European stock markets rebounded Friday following similar recoveries across Asia and on Wall Street, in the wake of heavy losses earlier this week caused by concerns over Donald Trump's ability to push through economic reforms with the US President rocked by a crisis involving Russia.

 

Around 1030 GMT, London's benchmark FTSE 100 index was up 0.4 percent compared with Thursday's close. In the eurozone, Frankfurt's DAX 30 won 0.3 percent and the Paris CAC 40 gained 0.5 percent.

 

The dollar fell against its main rivals, while oil prices climbed awaiting next week's OPEC meeting that markets expect to result in the cartel at least sticking by a recent deal to cut crude output.

 

Oil traders were also closely following the presidential election in Iran, one of the world's biggest crude producers and a key member of the Organization of Petroleum Exporting Countries (OPEC).

 

"With no fresh news regarding the Trump-Russia scandal the European indices could catch their breath this Friday, clawing back some of their recent losses," said Connor Campbell, analyst at Spreadex trading group.

 

After US and European indices had reached record peaks at the start of the week, global markets proceeded to slump on claims that Trump pressed his former FBI chief James Comey to drop a probe into ex-national security advisor Michael Flynn's links to Moscow.

 

- White House crisis -

It has meanwhile been reported that Trump divulged classified information to Russia's foreign minister, fanning further allegations about his own ties to the country's leaders.

 

The reports compounded a crisis at the White House that has led to calls for the tycoon to be impeached, fanning fears that his plans for tax cuts and ramped up infrastructure spending could be knocked off course.

 

Trump on Thursday slapped down the accusations against him and said he was the victim of the "greatest witch hunt" in American political history.

 

US dealers -- who on Wednesday saw Wall Street suffer its heaviest losses since Trump's November election -- were cheered Thursday by better-than-forecast jobs claims figures and manufacturing data, helping the three main indexes to post small gains.

 

The dollar struggled against the yen, seen as a haven investment.

Analysts said Trump's troubles were unlikely to throw the Federal Reserve off its course of raising interest rates next month and the unit would continue to face headwinds.

 

- Key figures around 1030 GMT -

London - FTSE 100: UP 0.4 percent at 7,396.31 points

 

Frankfurt - DAX 30: UP 0.3 percent at 12,626.50

 

Paris - CAC 40: UP 0.5 percent at 5,317.11

 

EURO STOXX 50: UP 0.4 percent at 3,577.38

 

Tokyo - Nikkei 225: UP 0.2 percent at 19,590.76 (close)

 

Hong Kong - Hang Seng: UP 0.2 percent at 25,174.87 (close)

 

Shanghai - Composite: FLAT at 3,090.63 (close)

 

New York - Dow: UP 0.3 percent at 20,663.02 (close)

 

Euro/dollar: UP at $1.1161 from $1.1105 at 2100 GMT

 

Dollar/yen: DOWN at 111.44 yen from 111.55 yen

 

Pound/dollar: UP at $1.3009 from $1.2928

 

Oil - Brent North Sea: UP 60 cents at $53.11 per barrel

 

Oil - West Texas Intermediate: UP 54 cents at $49.90


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