European stocks extended gains on Wednesday led by brewers and supported by positive earnings reports. The euro edged 0.3% higher against the dollar. The Stoxx Europe 600 gained 0.7%. Shares of Danish brewer Carlsberg were among the biggest gainers after rising 9% as the company said it will cut 2000 jobs to boost earnings. SABMiller PLC shares ended 1.9% higher as the maker of Miller Lite and Peroni agreed to be bought out for about $106 billion by rival Anheuser-Busch InBev. A 6.7% jump in Henkel shares after German consumer goods maker posted a bigger-than-expected increase in third-quarter earnings helped push German DAX 30 up 0.7% to close at 10,907.87. In economic news German exports fell 0.6% in the third quarter due to slowdown in China’s economy, as well as recessions in Brazil and Russia. Today at 9:30 CET European Central Bank President Draghi testifies to lawmakers at European Parliament. At 11:00 CET September final Industrial Production will be released in euro-zone. The tentative outlook is positive.
Nikkei edged 0.03% higher today as core machinery orders, a leading indicator of capital expenditure, rose 7.5% in September, the first increase in four months. But companies forecast only 2.9% rise in October-December after a 10% decline in July-September, indicating a slow recovery from an expected recession.
Oil prices are edging higher today after falling 3% on Wednesday as data from the American Petroleum Institute late Tuesday showed a surprise jump in US crude-oil supplies of 6.3 million barrels for the week ended November 6. Traders are waiting for the official report on US stockpiles today which will be released at 17:00 CET.
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