Market update: European stocks retreat from 5-year highs – 19.11.2013

Source: Henderson Global Investors

Wall Street had a mixed close yesterday with the Dow Jones up 0.1% and the S&P 500 down 0.4%. The day’s trading saw markets reach record intraday highs due to a generally encouraging earnings season. Boeing gained 1.7% on news that its new airliner had received strong interest from buyers. The company’s shares are up 83% year-to-date due to consistent orders of passenger jets. Shares in Sony rose 1.2% after investors were encouraged by strong initial sales for the company’s new PS4 video games console.

In Asia, the positive sentiment from the Chinese reforms has abated after a very strong day for Chinese H-shares yesterday. The Hang Seng China Enterprises index is up 1.0% today (following a 5.7% gain yesterday).

European stocks are lower this morning with both the FTSE 100 and the FTSE Eurofirst 300 down 0.5%, retreating from 5-year highs. EasyJet shares are up 3.9% due to well-received earnings news from the budget airline. Shares in Aberdeen Asset Management have dropped 2.1% as a result of profit-taking following news of its purchase of Scottish Widows Investment Partnership.