International markets roundup

NEW YORK: The New York Stock Exchange was closed on Tuesday because of the Independence Day public holiday.

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LONDON: A spate of dealmaking news swept European stocks on Tuesday, with share in Worldpay soaring after approaches to buy the company helped mitigate a broad based pull back from the previous session’s strong gains.

The pan-European STOXX 600 fell 0.3 per cent, in line with a dip in euro zone stocks and Britain’s FTSE index.

The FTSE 100 ended the day 0.27 per cent lower at 7,357.23 points,

On Monday, European shares had their strongest day since April 24, when Emmanuel Macron won the first round of France’s presidential election.

The closure of the US market for the July 4 national holiday also meant volumes were lower than usual.

“Today is a consolidation day after gains yesterday, as we don’t have a US market,” said Angelo Meda, head of equities at Banor Capital.

But dealmaking was back with a vengeance as a key driver of individual share moves.

Payments company Worldpay shares soared 27.7 per cent to a record high after it received rival takeover approaches from credit card tech firm Vantiv and JPMorgan.

This came after Danish rival Nets said on Monday it had received offers. Nets and another German rival Wirecard rose more than four per cent.

“This is one of the most intriguing sub-sectors in the financials space. There are a lot of companies still, and we are probably going to have only one or two big leaders in the payments space,” said Meda.

A further boost to the sector came from news that the European Commission gave its blessing to a state bailout of Monte dei Paschi di Siena, paving the way for a deep restructure of the troubled lender.

TOKYO: Asian shares turned lower on Tuesday as earlier gains were quashed by tensions on the Korean peninsula after North Korea fired a missile that landed in Japanese waters, deepening concerns over the isolated nation’s nuclear capabilities.

European shares were also set to open in the red, with financial spreadbetters expecting Britain’s FTSE 100 and Germany’s DAX to start off 0.2 per cent each, and France’s CAC 40 down 0.3 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6 per cent after rising earlier.

Japan’s Nikkei also surrendered earlier gains to drop 0.1 per cent, and South Korea’s KOSPI extended losses to trade 0.6 per cent lower.

The Shanghai Composite Index lost 13.11 per cent to 3,182.80 points.

North Korea test-launched an intermediate-range ballistic missile on Tuesday, South Korean and US officials said, days before leaders from the Group of 20 nations are due to discuss steps to rein in Pyongyang’s weapons programs.

The missile flew 930 kilometres before landing in Japan’s Exclusive Economic Zone, the South Korean military and Japanese government said.

Tokyo strongly protested what it called a clear violation of UN resolutions, and Japanese Prime Minister Shinzo Abe said he will ask the presidents of China and Russia to play more constructive roles in efforts to stop Pyongyang’s arms program.

The South Korean won dropped 0.4 per cent to 1,151 won to the dollar as of 0532 GMT.

The nervous mood pushed the safe-haven yen up 0.4 per cent to 113.02 yen per dollar.

“As concerns surrounding the firing of ballistic missiles brewed midday, we are seeing the slide in the Japanese market spreading across to the rest of Asia,” said Jingyi Pan, market strategist at IG in Singapore.

WELLINGTON: New Zealand shares were higher on Tuesday, led by Spark New Zealand and Westpac Banking Corp.

The S&P/NZX 50 Index gained 0.4 per cent, or 32.21 points, to 7,620.64.