Mining stocks jumped and got a boost on Thursday as copper futures rose as broader European stock markets struggled for direction.
Rio Tinto RIO,
shares rose 4% as other miners, including KGHM Polska Miedz KGH,
BHP Group BHP,
and Antofagasta ANTO,
achieved, with buyer futures HG00,
styg byna 4%. The copper contract on the London Metal Exchange reached its highest level since April 2012.
The wider Stoxx Europe 600 SXXP,
wound between gains and losses, and lost 0.1% in the morning trade after two days of declines. Stocks are starting to struggle, with yields on the standard US treasury for ten years rising in hopes of reflecting on the world economy.
“Momentum began to fade as US equities were delayed by the technology sector and TMUBMUSD10Y’s treasury returns for ten years,
and the dollar DXY,
is boosted by positive U.S. retail sales figures, ”said Rony Nehme, chief market analyst at Squared Financial.
US futures contracts ES00,
was weaker on the way to Thursday’s session, in which the WMT of the retailer,
earnings, a busy amount of economic spending, and a congressional hearing on game retailer GameStop GME,
Traders in Europe are consuming a busy earnings.
Airbus AIR,
The shares fell by 4% as the European aircraft manufacturer predicted that the same number of aircraft and free cash flow would be delivered. It is aimed at adjusted earnings before interest and taxes of € 2 billion, after earning € 1.7 billion on the same scale in 2020 and € 6.95 billion in 2019.
Smith & Nephew SN,
the medical device manufacturer, fell 5% as the company said its profit margins for 2021 would be worse than 2019 due to reduced production volumes, increased research and development investments, acquisitions and exchange rates.
Varta VAR1,
the car battery business fell by 10% amid a 145% increase in adjusted operating profit against a 140% increase in revenue for 2020 and decided to pay a special dividend of € 2.50 per share. The Varta share has nevertheless risen by 67% over the past twelve months.
Temenos TEMN,
Shares rose 14% as the Swiss-based enterprise software maker predicted revenue growth of 20% to 15% by 2025, ahead of its capital market day.