Global shares gain ground as oil prices extend fall

16:01 • 04.11.14
Economy

European shares gained ground and core bond yields dipped on Tuesday following a raft of company trading updates, bucking a more muted trend in Asia and the United States as oil prices extended their fall and economic growth fears lingered, Reuters reported.

US crude oil was trading down by more than $1 at $77.61 a barrel, while Brent crude futures also fell to $83.66, extending losses after top oil exporter Saudi Arabia cut prices to the United States.

The after-effects of the Bank of Japan's surprise stimulus move last week were also still being felt, with the dollar taking a breather but still near multi-year highs against the yen and euro and with raised expectations that the ECB will eventually have to adopt quantitative easing.

The pan-European FTSEurofirst 300 index was up 0.4 percent at 0750 GMT (2.50 a.m. EST) after Spain's Banco Santander reported a jump in third-quarter net profit and German luxury carmaker BMW AG said its third-quarter operating profit came in ahead of expectations.

The European reporting season is not turning into the rout investors feared, with cost cuts helping to deliver earnings in line with or ahead of downbeat forecasts.

The mood, nevertheless, remained far from euphoric in the wake of disappointing economic signals from China, where data on Monday showed manufacturing activity hit a five-month low, as well as downbeat euro zone manufacturing PMI numbers.

"Earnings have been better than expected overall and this is offsetting the bad macro data seen in Europe lately," said Alexandre Baradez, chief market analyst at IG France. "The dollar is on the rise again, and investors are starting to price in the impact that the lower euro will have on exporters' profits but also on the euro zone economic growth in the long term."

 

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