Stock Market

Mining stocks climb as copper trades near decade high

Mining shares jumped on Thursday, getting a lift as copper futures rallied while broader European stock markets struggled for direction.

Rio Tinto
RIO,
+3.69%

shares rose 4%, as other miners including KGHM Polska Miedz
KGH,
-0.80%
,
BHP Group
BHP,
+2.81%
,
and Antofagasta
ANTO,
+2.71%

gained, with copper futures surging nearly 4%. The copper contract on the London Metal Exchange touched its highest level since April 2012.

The broader Stoxx Europe 600
SXXP,
-0.07%

wobbled between gains and losses, losing 0.1% in midmorning trade after two days of declines. Stocks are beginning to struggle, with the yield on the benchmark U.S. 10-year Treasury rising on hopes the global economy will reflate.

“Momentum has started to fade as U.S. equities were slowed by the tech sector and 10 year Treasury yields
TMUBMUSD10Y,
1.287%
,
and the dollar
DXY,
-0.26%

is being boosted by positive U.S. retail sales figures,” said Rony Nehme, chief market analyst at Squared Financial.

U.S. stock futures
ES00,
-0.26%

were weaker, heading into Thursday’s session, which will feature retailer Walmart’s
WMT,
+1.06%

earnings, a busy slate of economic releases, and a hearing on videogames retailer GameStop
GME,
-7.21%
.

Traders in Europe digested a busy slate of earnings.

Airbus
AIR,
-3.89%

shares fell 4%, as the European aircraft maker forecast delivering the same number of aircraft and break-even free cash flow. It is targeting an adjusted earnings before interest and tax of €2 billion, after earning €1.7 billion on the same measure in 2020 and €6.95 billion in 2019.

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Smith & Nephew
SN,
-5.45%
,
the medical equipment maker, fell 5% as the company said its profit margins for 2021 will be worse than 2019, due to reduced production volumes, increased research and development investments, acquisitions and foreign-exchange moves.

Varta
VAR1,
-12.82%
,
the automotive battery company, dropped 10% amid reporting a 145% rise in adjusted operating profit on a 140% rise in revenue for 2020 and deciding to pay a special dividend of €2.50 per share. Varta stock nonetheless has jumped 67% over the last 12 months.

Temenos
TEMN,
+14.42%

shares jumped 14%, as the Swiss enterprise-software maker forecast revenue growth between 10% and 15% through 2025, ahead of its capital markets day.

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