Chip Shares Rally as Global Stocks Eek Out Small Gains

Date : 11/12/2019 @ 10:31AM
Source : Dow Jones News
Stock : FTSE 100 Index (UKX)
Quote : 7233.9  -5.76 (-0.08%) @ 4:35PM

Chip Shares Rally as Global Stocks Eek Out Small Gains

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1 Month : From Nov 2019 to Dec 2019

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By Caitlin Ostroff 

Global stocks posted slight gains Tuesday, while the microchip sector rallied on a brighter earnings outlook.

The Stoxx Europe 600 rose 0.1% and the U.K.'s FTSE 100 edged up 0.2%. German freight-and-logistics group Deutsche Post saw shares rally 4.8% after the company reported a jump in third-quarter earnings.

German chip maker Infineon Technologies shares gained 6.6% after it reported a rise in fourth-quarter profit despite macroeconomic uncertainty and weakening global auto demand. Shares in U.K. chip specialist Dialog Semiconductor and Netherlands-based ASM International also rose.

Shares of French telecommunication company Iliad surged 17.6% after it released third-quarter revenue and said it would buy back up to EUR1.4 billion ($1.54 billion) in shares.

Stocks traded up in Asia, where the Hang Seng rose 0.5% amid ongoing pro-democracy demonstrations. The Shanghai Composite gained 0.2% and Japan's Nikkei 225 climbed 0.8%.

The yield on the 10-year U.S. Treasury climbed slightly to 1.938% from 1.930% after the long weekend. Bond markets were closed Monday. Yields rise when prices fall.

In currencies, the British pound fell 0.3% against the U.S. dollar, paring back some gains made Monday after Nigel Farage's Brexit Party said it won't contest Conservative-held seats in the December election, decreasing the likelihood of a hung Parliament.

Investors will look to President Trump's speech at the Economic Club of New York later today for clues on progress between the U.S. and China as well as further guidance on whether the U.S. will impose tariffs on European auto makers.

Quarterly earnings out today include chemical company Linde PLC, Tyson Foods, Inc. and CBS Corp.

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com

 

(END) Dow Jones Newswires

November 12, 2019 05:16 ET (10:16 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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