Downcast Fed backs up European shares, poor corporate earnings sag

by   |  VIEW 187
Downcast Fed backs up European shares, poor corporate earnings sag

A telescoped tone from the US federal reserve Chair, Jerome Powell had supported the European Shares throughout the day on Thursday, the 31st of January, while a crude price rally and upbeat Shell sending oil stocks erased the footprints of poor earnings from Unilever and Nokia.

The Pan-European STOXX 600 closed the day nearly flatlined with a 0.04 percent gain, although the morning European trading session had experienced a surge of up to 0.1 percent. As the European market recovers from a disdainful end of 2018, fogged by political and economic worries, the STOXX 600 just posts its best month since October, 2015.

While preparing this report, the 31st of January, GMT. 22.30, the Euro and Great Britain Pound both faltered by 0.28 and 0.05 percent, while the usually contrarian UK’s FTSE 100 closed the day with a 0.39 percent gain to 6,968.85 and the Paris CAC 40 had posted a 0.36 percent rise to 4,992.72.

Meanwhile, the Frankfurt’s DAX 30, heavily exposed to Chinese exports, again remained almost dithered, posting a loss of 0.08 percent to 11,173.10, amid ongoing US-China trade talk. Referring to the knock-knock of Fed’s offbeat monetary policy, an analyst at, Neil Wilson said, “Stocks are riding high on the Fed, but it may prove temporary given the risk around China-U.S.

talks this week and we note another contraction in Chinese factory activity, so beware. ”