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European Markets Struggling For Direction After Asia Closed Mixed

ByAvaTrade
AuthorAvaTrade
Published 05/21/2013, 07:42 AM
Updated 02/02/2022, 05:40 AM
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Asian Session

Asian markets pulled back from their winning streak and closed mixed today, with some minor losses. Investors took their hint from Wall Street which also closed with mild losses, as talks about the Fed tapering their asset purchase started to heat up. The Hang Seng index dropped by -0.60% and was the worst performer among Asian markets.

The Japanese Nikkei 225 was still able to log some gains and closed in a positive territory with a gain of 0.13%. Thanks to the weaker yen and ultra-loose monetary policy by Tokyo, the index is up almost 10% so far this month and 48% year to date.

Banks came under pressure during the Asian session especially industrial & Commercial Bank of China whose shares plunged by 1.8% after Goldman Sachs sold their stake in the Chinese bank.

European Session
European markets have decided to take a breather and are struggling for direction during the early hours of the trading. The Stoxx 600 is leading the losses and it is down by almost -0.25% after reaching to a record level yesterday, since June 2008.

Carnival PLC, is leading the losses after the company has reduced its full year guidance and shares have plunged more than 14%. On the other hand, Marks and Spencer is among the gainer with 2.1% after reporting their full year pre-tax results, which are in line with analyst’s expectations.

DISCLOSURE & DISCLAIMER:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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