Global stocks rose Wednesday amid robust data out of China and a fresh batch of strong corporate earnings reports in Europe.
The Stoxx Europe 600 rose 0.6%, having fallen slightly in the previous session. In the U.S., futures contracts showed the S&P 500 opening around 0.3% higher. Futures, however, don’t always accurately reflect moves after the opening bell.
One of the biggest gainers in Europe was Socié té Gé né rale SA. Shares in the French bank added more than 8% after the lender said that second-quarter net profit jumped 25%.
Shares in Germany’sBeiersdorf AG, the maker of Nivea skin care products, also climbed after the group reported that profit during the first half of the year had been boosted by strong sales in Latin America.
More than half of the constituents of the pan-European index have now reported quarterly results. Of those that have reported, more than 58% have beaten analyst expectations, compared with 37.6% that have missed, according to FactSet data.
The National Bank of Greece led losses, falling more than 20% after sharp declines in the previous two sessions. Athens’s main stock exchange, the Athex Composite, opened for the first time in more than five weeks on Monday and fell around 16% on the day, marking its biggest single-day fall in percentage terms in at least two decades. On Wednesday, the index was down 3.8%.
SouFun Holdings Ltd (NYSE:SFUN) operates a real estate Internet portal, and home furnishing and improvement Websites in the People’s Republic of China. SouFun Holdings Ltd shares are trading 32.00% above their 52 week low price after the last close and -43.25% below the 52 week high. Its latest closing price was down -7.55% from the average-price of 200 days while it kept its distance from the SMA50 at -13.00% and -3.72% compared with the SMA 20.
Shares of Vipshop Holdings Ltd – ADR (NYSE:VIPS) were 27.73% off 52 week lows as of the latest close and -29.52% below the 52 week high. Its latest closing price was down -9.49% from the average-price of 200 days while it maintained a distance from the SMA 50 at -4.77% and 2.16% compared with the SMA 20. VIPS through its subsidiaries, operates as an online discount retailer for various brands in the People’s Republic of China.
Baidu Inc (ADR) (NASDAQ:BIDU) offers Chinese language search platform on its Baidu.com Website that enables users to find relevant information online, including Web pages, news, images, documents, and multimedia files through links provided on its Website; and international products and services to users in other countries. The stock’s latest price traded at 6.63% off 52 week lows after the closing bell and was -31.45% behind its 52 week high. Its latest closing price was -18.99% below the SMA200 while the distance from the SMA 50 and SMA 20 was -12.43% and -8.20% respectively.
Alibaba Group Holding Ltd (NYSE:BABA) is trading 4.74% higher than the 52 week low price and -33.48% below the 52 week high. The stock’s latest closing price was -13.18% down from the average-price of 200 days while it kept its distance from the SMA50 at -5.45% and -1.45% compared with the SMA 20. Alibaba Group Holding Ltd (NYSE:BABA through its subsidiaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally.
AirMedia Group Inc (ADR) (NASDAQ:AMCN) operates out-of-home advertising platforms primarily in the People’s Republic of China. AirMedia Group Inc so far this year has moved up 87.50% and its monthly performance stands at 20.00%. The stock was up190.91% from its 52 week low and was -37.66% below the 52 week high. Its latest closing price was up 39.66% from the average-price of 200 days while it kept its distance from the SMA50 at -9.99% and 1.78% compared with the SMA 20.