Overseas Trading: Europe Edges Higher After ECB Rate Decision

Traders are currently focusing on comments from ECB President Mario Darghi

by Kirra Fedyszyn

Published on Oct 20, 2016 at 8:51 AM
Updated on Oct 20, 2016 at 10:10 AM

Markets in Asia closed mostly higher after last night's final presidential debate in the U.S., and got an additional boost from strong corporate earnings on Wall Street. Japan's Nikkei led the way -- adding 1.4% for its highest close in six months -- thanks to a weaker yen and big gains in tech. Specifically, electronics maker Sharp soared on reports that parent Foxconn is trying to expand into the semiconductor space, while Nintendo jumped after teasing its trailer for the upcoming NX video game system.

Hong Kong's Hang Seng also ended the day higher, up 0.3%. Elsewhere, though, China's Shanghai Composite and South Korea's Kospi both settled essentially flat. Meanwhile, on the commodity front, crude oil couldn't sustain its overnight momentum, giving up ground on profit-taking -- though energy stocks still climbed for the most part.

European stocks are also largely higher at midday, following a meeting of the European Central Bank (ECB), which left interest rates unchanged, as expected. Traders are now keying in on comments from ECB President Mario Draghi for clues on future quantitative easing plans.

Drilling down, airline stocks in the region are getting a lift after Germany-based Lufthansa raised its full-year earnings outlook. At last check, France's CAC 40 and Germany's DAX have tacked on 0.1% apiece. However, London's FTSE 100 is down 0.1%, as disappointing retail sales weigh and Brexit fears pressure homebuilder stocks. 

overseas stocks october 20

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