Yahoo Finance Wall Street pushes higher as FTSE 100 closes in green
The FTSE 100 bounced back while European stocks finished in the red this Monday following a rally last week amid hopes that interest rates have peaked.
The FTSE 100 (^FTSE) rose 0.14% to close at 7,425 points, while the CAC 40 (^FCHI) in Paris slipped 0.48% to 7,013 points. In Germany, the DAX (^GDAXI) lost 0.33% to 15,140. The Stoxx 600 (STOXX) lost 0.14% after jumping more than 3% last week.
Across the pond, US stocks were higher after logging their best week this year, buoyed by optimism that the Federal Reserve is done raising interest rates.
The Dow Jones (^DJI) gained 0.16% to 34,116 points. The S&P 500 (^GSPC) rose 0.20% to 4,366 points and the tech-heavy NASDAQ (^IXIC) climbed 0.32% to 13,521 points.
Uber (UBER) and Lyft (LYFT) are among the major names reporting earnings this week. Instacart (CART) is also scheduled to report after going public in September. Disney (DIS), Robinhood (HOOD) and eBay (EBAY) are also slated to post earnings.
Read more: Trending tickers: Berkshire Hathaway | Ryanair | Novo Nordisk | Tesla
Yahoo Finance's Brent Sanchez has the week ahead with what investors need to watch:
Back in London, Melrose Industries (MRO.L) gained 3.8% after the aerospace supplier said GKN Aerospace Engines business expanded its partnership with GE Aerospace.
Investors are also waiting on data to assess the strength of the British economy.
All eyes will be on the UK GDP this week, which is expected to show a contraction of 0.1% on a monthly basis in September, compared with growth of 0.2% a month ago.
Monday’s construction PMI showed that purchasing prices decreased at the fastest pace for over 14 years, as lower timber, steel and transportation costs were passed on by vendors.
The S&P Global / CIPS UK construction PMI came in at 45.6 for October, up from September’s 45.0.
Read more: Ryanair ticket fares to rise over winter
That’s the second-lowest reading since May 2020 and shows a marked decline in total construction activity as any reading below 50 shows a contraction.
Across the FTSE 250 (^FTMC), Ryanair (RYA.IR) shares made their largest gain since January after the airline announced its first ever dividend.
Ryanair share price climbs 6% on open after it forecasts record annual profit and announces its maiden ordinary dividend of €400Mln.$RYA pic.twitter.com/AlAHl6r9vn
— IG (@IGcom) November 6, 2023
In Asia, Hang Seng (^HSI) in Hong Kong rose 1.68% to 17,960 while the Shanghai Composite (000001.SS) climbed 0.91% to 3,058 points. Japan’s Nikkei 225 (N225) gained 2.37% to 32,708.
However, Japan's services activity expanded at the slowest pace this year in October, a business survey showed on Monday, reinforcing concerns about weakness in a key sector driving Japanese economic activity.
Meanwhile, Brent crude (BZ=F) rose as turmoil continued in the Middle East to trade at around $85 per barrel.
Watch: Berkshire Hathaway, Disney, Fed: What to watch this week
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