On 29 May, 2017 – Markets were weak in thin trading
Markets in the US and UK were closed on Monday, while a number of Asian markets are closed today.
Europe
European stocks started the week in slightly negative territory on Monday given thin trading due to market holidays in the US and UK. The Stoxx Europe 600 index fell 0.03%, marking a third straight day of losses. France’s CAC 40 index lost 0.1%, while Germany’s DAX 30 index ended 0.2% higher. Italy’s FTSE MIB Index slid 2% due to reports over the weekend that an election could take place as early as September.
Shares in Intesa Sanpaolo slid on reports that the Italian bank is set to close branches and cut costs in a strategy shift. Other Italian banks were also lower, with UniCredit and Unione di Banche Italiane SpA among the major decliners. Shares in Lanxess rallied strongly on reports that Warren Buffett bought shares in the chemicals group.
Asia Pacific
China, Hong Kong and Taiwan markets are closed for holidays on Tuesday. In Japan, the Nikkei share average slipped on Tuesday, with the equity market feeling downward pressure from a stronger yen, which hurts big manufacturers’ export revenues. The Nikkei lost 0.5%, while the broader Topix and the JPX-Nikkei Index 400 dropped 0.4% each.
Shares in biotechnology company Takara Bio rose after it announced that it started the first test in a Phase II clinical trial for a drug that could be used for the treatment of cancer. Tokyo Keiki advanced as investors were positive about its mid-term business plan. Shares in Takemoto Yohki, a manufacturer and distributor of plastic packaging containers, plummeted due to concerns over share dilution. The company will issue 500,000 shares of its common stock via a public offering and another 82,000 shares to a third party via a private placement.
Looking forward
Europe
May 30
Eurozone
EC Consumer & Business Confidence
France
Gross Domestic Product (Q1.2017 preliminary)
Consumption of Manufactured Goods (April)
Asia Pacific
May 30
Japan
Household Spending (April)
Unemployment (April)
Retail Sales (April)
Americas
May 30
Canada
Industrial Product Price Index (April)
United States
Personal Income & Spending (April)
Consumer Confidence (May)
Global Stock Markets
*Note — all releases are listed in local time.
Source: Fidelity
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