AGL 6.77 Increased By ▲ 0.10 (1.5%)
ANL 9.80 Decreased By ▼ -0.05 (-0.51%)
AVN 76.50 Increased By ▲ 0.50 (0.66%)
BOP 5.47 Increased By ▲ 0.10 (1.86%)
CNERGY 4.97 Decreased By ▼ -0.02 (-0.4%)
EFERT 78.15 Increased By ▲ 0.12 (0.15%)
EPCL 55.90 Increased By ▲ 0.20 (0.36%)
FCCL 15.10 Decreased By ▼ -0.28 (-1.82%)
FFL 6.51 Decreased By ▼ -0.03 (-0.46%)
FLYNG 7.24 Decreased By ▼ -0.04 (-0.55%)
GGGL 10.64 Increased By ▲ 0.09 (0.85%)
GGL 16.80 Increased By ▲ 0.05 (0.3%)
GTECH 8.33 Decreased By ▼ -0.17 (-2%)
HUMNL 6.44 Decreased By ▼ -0.06 (-0.92%)
KEL 3.00 Decreased By ▼ -0.05 (-1.64%)
LOTCHEM 28.92 Decreased By ▼ -0.09 (-0.31%)
MLCF 28.40 No Change ▼ 0.00 (0%)
OGDC 75.46 Decreased By ▼ -0.59 (-0.78%)
PAEL 15.58 Decreased By ▼ -0.10 (-0.64%)
PIBTL 5.40 Increased By ▲ 0.10 (1.89%)
PRL 17.79 Increased By ▲ 0.17 (0.96%)
SILK 1.08 Increased By ▲ 0.02 (1.89%)
TELE 10.68 Decreased By ▼ -0.02 (-0.19%)
TPL 8.17 Decreased By ▼ -0.09 (-1.09%)
TPLP 21.10 Decreased By ▼ -0.27 (-1.26%)
TREET 23.20 Decreased By ▼ -0.41 (-1.74%)
TRG 126.83 Increased By ▲ 1.58 (1.26%)
UNITY 22.72 Increased By ▲ 0.12 (0.53%)
WAVES 11.50 Decreased By ▼ -0.07 (-0.61%)
WTL 1.14 Decreased By ▼ -0.01 (-0.87%)
BR100 4,121 Decreased By -33.7 (-0.81%)
BR30 15,617 Increased By 7 (0.04%)
KSE100 41,113 Decreased By -322 (-0.78%)
KSE30 15,375 Decreased By -129 (-0.83%)
Follow us

LONDON: US and European equities rebounded on Tuesday after fears over the possible collapse of Chinese property giant Evergrande sparked a rout across global markets. London stocks closed 1.0 percent higher, while Frankfurt added 1.2 and Paris 1.3 percent.

On Wall Street, the Dow Jones Industrial Average climbed 0.4 percent in morning trades, while the tech-heavy Nasdaq gained around 0.7 percent. Major European markets had fallen by around one or two percent on Monday, similar to drops seen across the Atlantic. But concerns that a collapse of Evergrande could send shockwaves through the global financial system appeared to have ebbed.

The picture was mixed in Asia on Tuesday, with Hong Kong closing up 0.5 percent, while Tokyo slumped 2.2 percent and Shanghai was closed for a Chinese public holiday. Evergrande founder Xu Jiayin said in a letter to staff that he "firmly believes Evergrande will be able to step out of the darkest moment soon".

Beyond the Chinese real estate saga, "Worries about stretched valuations, peak policy support, and political gamesmanship between - and within - the parties in Washington have kept the market's bullish bias in check," wrote Briefing.com analysts. Observers predict the US Federal Reserve will use its policy meeting beginning on Tuesday to set out its timetable for tapering the vast bond-buying monetary easing programme that has been a key driver of a global recovery for more than a year.

A battle in Washington to raise the US debt limit was also fuelling concern that the government could miss payments on its debt obligations, sparking a disastrous default. On the corporate front, shares in Universal Music, the world's biggest label with a lineup of megastars from The Beatles to Taylor Swift, surged on its stock market debut, giving the company a valuation exceeding $50 billion.

Key figures around 1530 GMT

New York - Dow: 34,116.49 points

FTSE 100: 6,970.24

Frankfurt: 15,313.05

Paris: 6,539.52

EURO STOXX 50: 4,087.92

Hong Kong: 24,221.54

Tokyo: 29,839.71

Euro/dollar: DOWN at $1.1723

Pound/dollar: DOWN at $1.3655

Euro/pound: DOWN at 85.85 pence

Dollar/yen: DOWN at 109.28

Brent North Sea crude: $74.21

West Texas Intermediate: $70.45.

Comments

Comments are closed.