(Alliance News) - Stocks in Europe are expected to edge lower, as investors await Wednesday's US inflation print.
Here is what you need to know before the European market open on Tuesday:
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MARKETS
----------
CAC 40: called down 8.0 points, 0.1%, at 8,111.30
DAX 40: called down 31.4 points, 0.2%, at 18,287.57
FTSE 100: called down 2.5 points at 7,940.97
----------
Hang Seng: up 0.6% at 16,824.36
Nikkei 225: up 0.7% at 39,605.20
S&P/ASX 200: up 0.5% at 7,829.80
----------
DJIA: closed down slightly at 38,892.80
S&P 500: closed down slightly at 5,202.39
Nasdaq Composite: closed up slightly at 16,256.27
----------
EUR: flat at USD1.0854 (USD1.0854)
GBP: flat at USD1.2655 (USD1.2652)
USD: flat at JPY151.87 (JPY151.82)
GOLD: up at USD2,343.70 per ounce (USD2,330.93)
OIL (Brent): up at USD90.62 a barrel (USD89.93)
(changes since previous London equities close)
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ECONOMIC CALENDAR
----------
08:45 CEST France trade balance
11:00 IST Ireland industrial production
18:30 CEST Switzerland Swiss National Bank Vice Chair Martin Schlegel speaks
08:55 EDT US Redbook index
----------
TOP ECONOMIC NEWS
----------
China's top diplomat said that Beijing would "strengthen strategic cooperation" with Moscow, Russian state media reported, as he met his counterpart for talks. Russian Foreign Minister Sergei Lavrov arrived in China for a two-day official visit on Monday, with the two countries looking to further solidify diplomatic ties as Russia's war in Ukraine grinds on. In meetings on Tuesday, Wang Yi promised: "China will support Russia's stable development under the leadership of Putin." "Beijing and Moscow will continue to strengthen strategic cooperation on the world stage and provide each other with strong support," Wang said, according to the RIA Novosti news agency.
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Australia, Britain and the US said they were "considering cooperating" with Japan on the AUKUS security pact, setting the scene as the US president prepares to meet his Japanese counterpart. In a statement, AUKUS partners said Japan's "strengths" and close "partnerships" with the countries involved meant it was an obvious ally in the project, which is aimed at checking China's rising military power. "Since the inception of AUKUS, our nations have been clear in our intent to engage others in Pillar II projects," the statement said. Pillar II focuses on developing advanced warfighting capabilities such as artificial intelligence, undersea drones and hypersonic missiles.
----------
Hamas said it is studying a proposal for a truce and hostage-prisoner swap after talks in Cairo, as Israel's defence minister said it is the right time for a deal, six months into the Gaza war. Late Monday a Hamas source close to the negotiations said the group was reviewing a proposal that would see a six-week truce and Israeli women and child hostages from its October 7 attacks freed in exchange for up to 900 Palestinian prisoners. Amid the negotiations, however, Israeli Prime Minister Benjamin Netanyahu said a date had been set for sending troops into Gaza's southern Rafah city. "It will happen – there is a date," Netanyahu said in a video statement which did not specify the timing. He insists "victory" over Hamas militants in Gaza requires troops to go into Rafah, where around 1.5 million people have sought shelter.
----------
David Cameron has held talks with Donald Trump in Florida amid his push to shore up US support for Ukraine. The foreign secretary met with the presumptive Republican presidential candidate on Monday ahead of his trip to Washington DC to appeal to Congress over a stalled package of aid. On his visit to Washington, Cameron will warn that success for Kyiv in defeating Russia is "vital for American and European security" as he urges lawmakers across the Atlantic to approve "urgent" further assistance for the country. Talks will also focus on the Middle East, with Cameron continuing to push for a "full, urgent and transparent" investigation into the deaths of seven aid workers in Gaza.
----------
Business conditions in Australia were little changed in March, according to National Australia Bank's monthly survey. NAB explained that respondents cited business conditions that continued to run slightly above the average, though confidence continued to be below average. The business conditions index fell to 9 points in March, after 10 in February and 7 in January. Trading and employment were "broadly steady", though profitability fell by 4 points. Business confidence increased by 1 point, but remained below the average. By sector, NAB noted positive signs of improvement within retail and construction, though they remained the weakest overall in trend terms.
----------
EU states and the European Parliament agreed tougher restrictions on some Ukraine farm imports, EU presidency holder Belgium said. The accord extends duty-free access the bloc has given to Ukrainian agricultural goods since Russia's 2022 invasion, but sets caps for poultry, eggs, sugar, maize, groats and honey to average volumes seen between mid-2021 and end-2023. No cap was applied to wheat, which countries such as France and Poland had initially argued for. The preliminary agreement still has to be formalised. A late Monday meeting of EU ambassadors gave its approval on behalf of member countries. A European Parliament committee is to weigh it on Tuesday before giving its assent. Diplomats had previously said the caps would trim around EUR240 million from the amount Ukrainian farm products earn in the EU, compared with 2023.
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UK retail sales improved in March, largely driven by an early Easter but providing a boost to firms after a difficult start to the year, figures suggest. Total UK retail sales were up by 3.5% on last March, above the three-month average of 2.1% and the 12-month average of 2.9%, according to the British Retail Consortium-KPMG retail sales monitor. Food sales increased by 6.8% year on year, driven by Easter falling unusually early and the subsequent uplift ahead of the long weekend.
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Simon Harris will be formally appointed as Ireland's prime minister by parliament Tuesday, replacing Leo Varadkar after he abruptly quit last month citing personal and political reasons. The centre-right Fine Gael party – part of a three-party governing coalition – selected the 37-year-old Harris as leader following an uncontested election after Varadkar's resignation. Pledging to re-energise and "reset" his party, Harris told a weekend conference of its members that he plans to steer it back towards "core values" like promoting business, farming, and law and order. Harris will become Ireland's youngest ever "taoiseach" – a Gaelic word for "chieftain" or "leader" pronounced "tee-shock" – beating Varadkar who was 38 when he took the role in 2017.
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COMPANY CALENDAR
----------
Imperial Brands PLC - Trading Statement
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TOP COMPANY NEWS
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Tesla has settled with the family of an engineer killed when his Model X crashed in Silicon Valley six years ago, avoiding a trial, according to court filings. A jury trial was to start next week in a wrongful death suit that accused Tesla of not living up to its marketing when it came to driver-assistance and safety technology in its cars. Court documents filed Monday said Tesla and the family of Wei Lun Huang had reached a settlement, and that Tesla is asking the amount involved remain under seal.
----------
Apple has decided to embrace gaming emulation apps, a move which is perceived as a preemptive measure to retain users amidst the EU's ruling mandating the allowance of third-party app stores. Apple recently announced the significant change in its App Store regulations, which will allow developers to incorporate retro game console emulator apps on its platform. The decision was communicated to developers by email. The updated guidelines not only permit developers to offer game emulators for iOS, but they also allow retro game emulator apps to provide downloadable games.
----------
Apple is pairing up with Shutterstock on artificial intelligence image training to upgrade Apple's devices with the latest technology, Apple said on Monday. The tech giant has recently signed a deal, worth up to USD50 million, with Shutterstock to license millions of images, video and audio content to train its AI large language models, according to Apple Insider. The alleged deal could improve the image generation and editing capabilities of iPhones, by enhancing the AI image recognition technology. Moreover, iPhone users could take advantage of improved voice recognition and automatic transcription with the help of video and audio content from Shutterstock.
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By Elizabeth Winter, Alliance News senior correspondent
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News
GLOBAL BRIEFING: China, Russia to 'strengthen strategic cooperation'
(Alliance News) - Stocks in Europe are expected to edge lower, as investors await Wednesday's US inflation print.
Here is what you need to know before the European market open on Tuesday:
----------
MARKETS
----------
CAC 40: called down 8.0 points, 0.1%, at 8,111.30
DAX 40: called down 31.4 points, 0.2%, at 18,287.57
FTSE 100: called down 2.5 points at 7,940.97
----------
Hang Seng: up 0.6% at 16,824.36
Nikkei 225: up 0.7% at 39,605.20
S&P/ASX 200: up 0.5% at 7,829.80
----------
DJIA: closed down slightly at 38,892.80
S&P 500: closed down slightly at 5,202.39
Nasdaq Composite: closed up slightly at 16,256.27
----------
EUR: flat at USD1.0854 (USD1.0854)
GBP: flat at USD1.2655 (USD1.2652)
USD: flat at JPY151.87 (JPY151.82)
GOLD: up at USD2,343.70 per ounce (USD2,330.93)
OIL (Brent): up at USD90.62 a barrel (USD89.93)
(changes since previous London equities close)
----------
ECONOMIC CALENDAR
----------
08:45 CEST France trade balance
11:00 IST Ireland industrial production
18:30 CEST Switzerland Swiss National Bank Vice Chair Martin Schlegel speaks
08:55 EDT US Redbook index
----------
TOP ECONOMIC NEWS
----------
China's top diplomat said that Beijing would "strengthen strategic cooperation" with Moscow, Russian state media reported, as he met his counterpart for talks. Russian Foreign Minister Sergei Lavrov arrived in China for a two-day official visit on Monday, with the two countries looking to further solidify diplomatic ties as Russia's war in Ukraine grinds on. In meetings on Tuesday, Wang Yi promised: "China will support Russia's stable development under the leadership of Putin." "Beijing and Moscow will continue to strengthen strategic cooperation on the world stage and provide each other with strong support," Wang said, according to the RIA Novosti news agency.
----------
Australia, Britain and the US said they were "considering cooperating" with Japan on the AUKUS security pact, setting the scene as the US president prepares to meet his Japanese counterpart. In a statement, AUKUS partners said Japan's "strengths" and close "partnerships" with the countries involved meant it was an obvious ally in the project, which is aimed at checking China's rising military power. "Since the inception of AUKUS, our nations have been clear in our intent to engage others in Pillar II projects," the statement said. Pillar II focuses on developing advanced warfighting capabilities such as artificial intelligence, undersea drones and hypersonic missiles.
----------
Hamas said it is studying a proposal for a truce and hostage-prisoner swap after talks in Cairo, as Israel's defence minister said it is the right time for a deal, six months into the Gaza war. Late Monday a Hamas source close to the negotiations said the group was reviewing a proposal that would see a six-week truce and Israeli women and child hostages from its October 7 attacks freed in exchange for up to 900 Palestinian prisoners. Amid the negotiations, however, Israeli Prime Minister Benjamin Netanyahu said a date had been set for sending troops into Gaza's southern Rafah city. "It will happen – there is a date," Netanyahu said in a video statement which did not specify the timing. He insists "victory" over Hamas militants in Gaza requires troops to go into Rafah, where around 1.5 million people have sought shelter.
----------
David Cameron has held talks with Donald Trump in Florida amid his push to shore up US support for Ukraine. The foreign secretary met with the presumptive Republican presidential candidate on Monday ahead of his trip to Washington DC to appeal to Congress over a stalled package of aid. On his visit to Washington, Cameron will warn that success for Kyiv in defeating Russia is "vital for American and European security" as he urges lawmakers across the Atlantic to approve "urgent" further assistance for the country. Talks will also focus on the Middle East, with Cameron continuing to push for a "full, urgent and transparent" investigation into the deaths of seven aid workers in Gaza.
----------
Business conditions in Australia were little changed in March, according to National Australia Bank's monthly survey. NAB explained that respondents cited business conditions that continued to run slightly above the average, though confidence continued to be below average. The business conditions index fell to 9 points in March, after 10 in February and 7 in January. Trading and employment were "broadly steady", though profitability fell by 4 points. Business confidence increased by 1 point, but remained below the average. By sector, NAB noted positive signs of improvement within retail and construction, though they remained the weakest overall in trend terms.
----------
EU states and the European Parliament agreed tougher restrictions on some Ukraine farm imports, EU presidency holder Belgium said. The accord extends duty-free access the bloc has given to Ukrainian agricultural goods since Russia's 2022 invasion, but sets caps for poultry, eggs, sugar, maize, groats and honey to average volumes seen between mid-2021 and end-2023. No cap was applied to wheat, which countries such as France and Poland had initially argued for. The preliminary agreement still has to be formalised. A late Monday meeting of EU ambassadors gave its approval on behalf of member countries. A European Parliament committee is to weigh it on Tuesday before giving its assent. Diplomats had previously said the caps would trim around EUR240 million from the amount Ukrainian farm products earn in the EU, compared with 2023.
----------
UK retail sales improved in March, largely driven by an early Easter but providing a boost to firms after a difficult start to the year, figures suggest. Total UK retail sales were up by 3.5% on last March, above the three-month average of 2.1% and the 12-month average of 2.9%, according to the British Retail Consortium-KPMG retail sales monitor. Food sales increased by 6.8% year on year, driven by Easter falling unusually early and the subsequent uplift ahead of the long weekend.
----------
Simon Harris will be formally appointed as Ireland's prime minister by parliament Tuesday, replacing Leo Varadkar after he abruptly quit last month citing personal and political reasons. The centre-right Fine Gael party – part of a three-party governing coalition – selected the 37-year-old Harris as leader following an uncontested election after Varadkar's resignation. Pledging to re-energise and "reset" his party, Harris told a weekend conference of its members that he plans to steer it back towards "core values" like promoting business, farming, and law and order. Harris will become Ireland's youngest ever "taoiseach" – a Gaelic word for "chieftain" or "leader" pronounced "tee-shock" – beating Varadkar who was 38 when he took the role in 2017.
----------
COMPANY CALENDAR
----------
Imperial Brands PLC - Trading Statement
----------
TOP COMPANY NEWS
----------
Tesla has settled with the family of an engineer killed when his Model X crashed in Silicon Valley six years ago, avoiding a trial, according to court filings. A jury trial was to start next week in a wrongful death suit that accused Tesla of not living up to its marketing when it came to driver-assistance and safety technology in its cars. Court documents filed Monday said Tesla and the family of Wei Lun Huang had reached a settlement, and that Tesla is asking the amount involved remain under seal.
----------
Apple has decided to embrace gaming emulation apps, a move which is perceived as a preemptive measure to retain users amidst the EU's ruling mandating the allowance of third-party app stores. Apple recently announced the significant change in its App Store regulations, which will allow developers to incorporate retro game console emulator apps on its platform. The decision was communicated to developers by email. The updated guidelines not only permit developers to offer game emulators for iOS, but they also allow retro game emulator apps to provide downloadable games.
----------
Apple is pairing up with Shutterstock on artificial intelligence image training to upgrade Apple's devices with the latest technology, Apple said on Monday. The tech giant has recently signed a deal, worth up to USD50 million, with Shutterstock to license millions of images, video and audio content to train its AI large language models, according to Apple Insider. The alleged deal could improve the image generation and editing capabilities of iPhones, by enhancing the AI image recognition technology. Moreover, iPhone users could take advantage of improved voice recognition and automatic transcription with the help of video and audio content from Shutterstock.
----------
By Elizabeth Winter, Alliance News senior correspondent
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News