Mining stocks rose on Thursday, rising with copper futures rising as broader European stock markets struggled for direction.
Rio Tinto RIO,
the shares rose 4% as other miners, including KGHM Polska Miedz KGH,
BHP Group BHP,
and Antofagasta ANTO,
won, with HG00 copper futures,
increasing almost 4%. The copper contract on the London Metal Exchange reached its highest level since April 2012.
The wider Stoxx Europe 600 SXXP,
fluctuated between gains and losses, losing 0.1% in mid-morning trading after two days of declines. Stocks are starting to struggle, with 10-year US Treasury yields rising in the hope that the global economy will ebb.
“The momentum started to wane as US stocks were slowed by the technology sector and the 10-year Treasury yields TMUBMUSD10Y,
and the DXY dollar,
is being driven by positive US retail sales figures, ”said Rony Nehme, chief market analyst at Squared Financial.
US stock futures ES00,
were weaker at the beginning of Thursday’s session, which will feature WMT from retailer Walmart,
earnings, a busy list of economic releases and a Congressional hearing on video game retailer GameStop GME,
Traders in Europe have digested a busy list of profits.
Airbus AIR,
the shares fell 4%, with the forecast of the European aircraft manufacturer delivering the same number of aircraft and equilibrium free cash flow. Its goal is an adjusted profit before interest and taxes of € 2 billion, after earning € 1.7 billion in the same measure in 2020 and € 6.95 billion in 2019.
Smith & Nephew SN,
the medical equipment maker fell 5% as the company said its profit margins for 2021 will be worse than for 2019, due to reduced production volumes, increased investments in research and development, acquisitions and currency movements.
Varta VAR1,
the automotive battery company fell 10% amid reporting a 145% increase in operating profit adjusted to a 140% increase in revenue for 2020 and the decision to pay a special dividend of € 2.50 per share. However, Varta’s shares jumped 67% in the last 12 months.
We have TEMN,
the shares rose 14% as the Swiss enterprise software maker predicted revenue growth between 10% and 15% until 2025, before the capital market day.