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Stocks Try To End Week Of Summer Blues

Published 23/08/2016, 11:40
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UK stocks rose on Tuesday led by gains in mining and homebuilding firms as well as Tesco (LON:TSCO) after the supermarket slowed its loss of market share according to data from Kantar Worldpanel. Shares of Persimmon (LON:PSN) dragged homebuilder shares higher after it said customer interest had been robust. Miners rose after an upbeat report on the sector from Jefferies.

Shares in France, Germany and Italy were also higher, though a report suggesting the French government-led report of Renault’s emission policies left out some “crucial details” weighed on automakers.

Futures markets indicate a higher open for US stocks. The economic calendar for the US session includes July New home sales and Markit’s preliminary manufacturing PMI for August, both of which are expected to deteriorate slightly from previous readings. Electronics retailer Best Buy and packaged goods producer JM Smucker are amongst the notable earnings releases.

There had been a brief spell of summer blues amid a lack of economic and earnings data, but the generally supportive picture of central bank support for equities remains in place. With the referendum volatility having died down and the August bank holiday coming up, this will likely be one of the quietest weeks of the year for markets.

USA pre-opening levels

S&P 500: 6 points higher at 2,188

Dow Jones: 54 points higher at 18,583

Nasdaq 100: 18 points higher at 4,826

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