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June 29, 2017

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Europe up but Asian stocks down on China

SEOUL/LONDON,--European stock markets were higher Tuesday, continuing to recoup losses after last week's sell-off. Asian stock markets mostly retreated after China's services industries weakened in July.

France's CAC-40 added 0.4 percent to 4,235.89 and Germany's DAX rose 0.4 percent to 9,190.80. Britain's FTSE 100 advanced 0.4 percent to 6,703.97. Futures indicated that Wall Street was set for a lukewarm day. Standard & Poor's 500 futures were down 0.1 percent and Dow futures were little changed.

Japan's Nikkei 225 fell 1 percent to 15,320.31 and South Korea's Kospi was down 0.7 percent to 2,066.26. Australia's S&P/ASX 200 slipped 0.4 percent to 5,518.60. Hong Kong closed up 0.20 percent or 48.18 points to 24,648.26, while Shanghai slipped 0.15 percent, or 3.38 points, to 2,219.95. Shenzhen rose 0.72 percent, or 8.4 points, to 1,172.76.

China's service industries grew at the slowest rate last month since November 2005. The HSBC index of China service businesses activity based on a survey of 400 companies fell to 50.0 in July from 53.1 in the previous month, the bank said. The weak figure shows the impact of a slowdown in China's property market, said HSBC chief China economist Qu Hongbin.

"The positive momentum from U.S. trade has not translated into gains for Asia, with the major bourses struggling on the back of an alarming China HSBC services PMI reading," said Stan Shamu, an analyst at IG. "With recent manufacturing reports showing activity was expanding, it is disappointing to see services decline sharply."

Worries over the collapse of a major Portuguese financial institution have eased after Portugal's central bank said on Sunday it will rescue the ailing Banco Espirito Santo. The share price of the Banco Espirito Santo was wiped out by 75 percent last week and it was a main reason that the European shares sank last week.

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