In European Equity Markets stocks ended little changed on Tuesday as disappointing earnings updates weighed on banks and pharma stocks, but a well-received outlook from Vodafone helped Britain’s FTSE 100 touch a record high. Germany’s DAX also hit a fresh all-time peak before reversing course to end flat. The pan-European STOXX 600 index ended little changed, while France’s CAC fell 0.2 percent. The FTSE 100 index rose 0.9 percent, however, buoyed by a near 4 percent rise in Vodafone as investors overlooked its 6.1 billion euro ($6.7 billion) net loss for the year through March and focused instead on its forecast for earnings growth in the current year. Healthcare was weakened by a 6.8 percent decline in BTG’s shares after the British healthcare firm published its full year figures, disappointing with a slower-than-expected growth forecast.

 

In Currency Markets the dollar fell against a basket of major currencies on Tuesday, after reports surfaced that President Donald Trump shared sensitive information with Russia at a meeting last week. Elsewhere, a mixed bout of economic data weighed on the greenback, after US housing data fell short of expectations while industrial production expanded at the fastest pace in more than three years. The euro leaped to six-month high of $1.1078, up 0.94 percent. Sterling rose 0.17 percent to $1.2917, after UK inflation rose to highest level in more than three years. Against the Japanese counterpart, the dollar traded at 113.22 yen, down 0.48 percent. The dollar index fell by 0.71 percent to 98.11.

 

In Commodities Markets oil prices were little changed on Tuesday as the market awaited direction from weekly U.S. inventory data and as Kuwait joined top producers Saudi Arabia and Russia in support of prolonging supply cuts through March 2018 to reduce a global crude glut. Brent futures were up 0.1 percent, at $51.86 a barrel. U.S. crude was up 0.1 percent, at $48.89 per barrel. Both benchmarks have risen more than $5 since hitting five-month lows 11 days ago. Spot gold was up 0.3 percent at $1,234.21 per ounce. On Monday, it hit $1,237.26, its highest since May 4. Among other precious metals, silver rose 0.5 percent to $16.67 an ounce. Platinum held near a two-week high hit on Monday, adding 0.5 percent to reach $932. Palladium edged up 0.1 percent to $797.60 an ounce.

 

In US Equity Markets stocks reversed course as some investors locked in gains after the S&P 500 and the Nasdaq hit record highs, with healthcare and industrial stocks leading the decliners. The Dow Jones Industrial Average was down 0.07 percent, at 20,966.21, the S&P 500 was down 0.13 percent, at 2,399.23 and the Nasdaq Composite index was up 0.02 percent, at 6,150.73. Pfizer was down 1.8 percent after Citigroup downgraded the drug developer’s stock to “sell” from “neutral”. Akebia Therapeutics was up 15 percent after the drug developer entered into an agreement with Vifor Pharma Group, which also made a $50 million equity investment in the company. Home Depot’s first-quarter performance was a bright spot. The stock gave the biggest boost to the S&P 500 and the Dow with a 1.7 percent gain.

 

In Bond Markets U.S. Treasury yields fell on Tuesday after data showing U.S. homebuilding unexpectedly fell in April, adding to recent economic weakness that has raised new doubts over how many times the Federal Reserve will raise interest rates this year. Benchmark 10-year notes were last down 2/32 in price to yield 2.35 percent, down from 2.36 percent before the data. Housing starts fell 2.6 percent to a seasonally adjusted annual rate of 1.17 million units, the Commerce Department said on Tuesday.

 

 

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