Stock Market Today - Chinese Stocks Now in Bull Market Territory
Pharmaceutical group AstraZeneca upgraded its outlook after reporting better than expected Q3 results. Societe Generale saw a jump in profits in Q3 as its French retail unit outperformed.
NEW YORK (TheStreet) -- Chinese stock markets closed in bull market territory, having risen more than 20% since the August bottom. The Shanghai Composite Index was up 1.8% at 3522.82, and has risen 20.3% from its close on Aug. 26. The gains follow a 4% jump on Wednesday, when the market rallied after regulators put out by mistake outdated comments about a new link between the Shanghai stock exchange and the Hong Kong stock exchange meant to allow more foreign investment into mainland shares.
- The U.K's power grid asked companies to cut their power use for the first time ever on Wednesday afternoon, as it struggled to meet a sudden supply crunch, the Financial Times reports. Traders on the wholesale electricity market told the paper that National Grid (NGG), the U.K. grid operator, paid 2,500 pounds ($3847) per MWh to one other operator, Severn Power, as it bought emergency supplies, vs. the usual rate of around 60 pounds.
- Pharmaceutical group AstraZeneca (AZN) upgraded its outlook after reporting better than expected results in the third quarter. Core operating profit, which strips out certain items such as finance expenses and one-time restructuring costs, fell 2% to $1.73 billion in the quarter, but was higher than analyst expectations of $1.66 billion. The company now says revenue for the full year will be in line with 2014, rather than declining by a low single digit percentage as it had forecast before.
- Societe Generale (SCGLY), France's third largest bank by assets, saw a jump in profits in the third quarter as its French retail unit outperformed. The bank's net profit increased by 28% to 1.13 billion euros ($1.23 billion) from the same period last year, while at its French retail unit it jumped by 29%.
- The U.K. and the Netherlands ordered a halt to all flights from Egypt after security officials said a bomb planted by Islamic State in Egypt could be the cause of the crash of a plane from the Egyptian resort of Sharm-El-Sheikh to Sankt Petersburg that killed 224 people.
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