(RTTNews) - European stocks are set to reverse the previous session’s gains, weighed down by weakness in Chinese and Japanese stocks and due to the absence of clear directional cues from the U.S on account of the Thanksgiving holiday.

After a buoyant start, Asian stock markets slipped into the red on Thursday with participants taking profits at higher levels. China’s benchmark Shanghai Composite is currently down nearly 3%, led by banks on worries they may accelerate fund raising to improve their balance sheet.

Japan’s Nikkei declined 0.62% to a four-month closing low Thursday, led by exporters after the yen hit a 14-year high against the dollar. Crude oil prices fell by nearly a percent towards $77 a barrel in Asian trading after rising sharply yesterday.

On Wall Street, stocks shrugged off early weakness and moved higher on Wednesday on some upbeat economic data. Better-than-expected increase in new home sales, a sharp decline in jobless claims in November and the upward revision to pace of order growth in September aided sentiment.

However, stocks failed to sustain the upward move as traders appeared reluctant to continue buying stocks ahead of the Thanksgiving Day holiday. The Dow ended up 0.29%, the Nasdaq by 0.32% and the S&P 500 by 0.45%.

In corporate news, Paris-based Carrefour SA appointed Jose Carlos Gonzalez-Hurtado, former president of Procter & Gamble unit Global Braun, as chief commercial officer on its executive committee.

Chemring Group Plc said Wednesday that it has completed its $132 million acquisition of Hi-Shear Technology Corp.

Spanish phone company Telefonica SA said it had agreed to buy a 21% stake in pay-TV company Digital Plus for 470 million euros.

German potash miner K+S AG plans to raise 686.4 million euros by issuing 26.4 million news shares at a 40% discount to Wednesday’s closing price.

The European markets rose on Wednesday, as a flurry of upbeat U.S. economic data boosted investor sentiment and firmer metals prices lifted mining stocks.

The FTSEurofirst 300 index of pan-European blue chips closed 0.52% higher, while the narrower DJ Stoxx 50 index rose 0.63%. Around Europe, the U.K.’s FTSE 100 index advanced 0.77%, France’s CAC 40 index gained 0.65% and Germany’s DAX index added 0.58%.

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Posted in Categories: Releases, Stocks.

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