Hong Kong stocks end up for fourth straight day, European stock markets steady in early deals

Hong Kong, May 10 (AFP/APP):Hong Kong shares rallied for a fourth straight day on Thursday, tracking a strong lead from Wall Street, as energy firms soared on the back of oil prices.

The Hang Seng Index rose 0.89 percent or 273.08 points to close at 30,809.22.

The benchmark Shanghai Composite Index rose 0.48 percent, or 15.26 points, to 3,174.41 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 0.52 percent, or 9.48 points, to 1,844.04.

Europe's stock markets steadied in early deals on Thursday, with London awaiting an interest rate decision from the Bank of England.

In initial trade, the British capital's benchmark FTSE 100 index of major blue-chip companies added just 0.1 percent to stand at 7,670.82 points.

In the eurozone, the Paris CAC 40 was flat at 5,534.44, while Frankfurt's DAX 30 rose 0.4 percent to 12,992.48 compared with Wednesday's close.

Later on Thursday, at 1100 GMT, London investors will focus on the latest monetary policy announcement from the nation's central bank.

The Bank of England (BoE) is widely expected by pundits to keep its main interest rate at 0.5 percent as a sharp British economic slowdown forces it to postpone a rate hike.

Economists pushed back their hike expectations to at least August after recent official data showed the economy grew at its slowest pace in more than five years in the first quarter of 2018.

“We know that there is almost no chance that the BoE will increase interest rates today as the recent deterioration in the domestic performance prevents this happening,” noted ADS Securities analyst Konstantinos Anthis. Gross domestic product expanded by just 0.1 percent in the three months to the end of March.

Posted on: 2018-05-10T14:57:00+05:00