US equities were positive in Thursday trading, with the S&P 500 Index closing at an all-time high. After recent weakness there was a bounce in the crude oil price which boosted the Energy sector. Conoco was up 1.25%, Nabors rose 2.79%, Transocean gained 4.3% and Halliburton was 2.64% higher. Generally the equity market is pretty trendless at the moment with little drama to shake investors either way. It could be a quiet summer. The retailer, Best Buy, released positive results boosted by iPhone and television sales. The stock gained 3.9%. In the Technology sector, Salesforce also reported decent numbers and the stock rose 4%. Other gainers included Apple up 1%, Qualcomm up 1.17% and Hewlett-Packard up 2.29%.
Asian markets were also positive in overnight trading, with Shenzhen stocks closing at the highest level since 1992. In Japan, the Bank of Japan has decided to put further stimulus on hold for the time being as economic growth has picked up. GDP in the first three months of this year has grown at an annualised rate of 2.4% with resilient levels of private consumption. In the Energy sector, Inpex Corp gained 2.4% and Marubeni was up 1.5%. In Hong Kong, there was weakness in Lenovo as the company reported the slowest profit growth in 5 years and weak PC demand, the shares fell nearly 4%.
Europe is quiet in early trading, although the UK market is positive. European Banks are experiencing some weakness with UBS down 2.15%, Deutsche Bank down 2.48% and Societe Generale down 1.05%. In the UK, Vodafone is leading the FTSE 100 rise with a gain of nearly 4%. The broker, Goldman Sachs, suggests that the company could become more active in disposals of non-core assets. Severn Trent is down just over 1% on final results which were broadly in line but contained few surprises. The luxury products company Richemont is down 1.8% after reporting a poor April in terms of sales. Currency volatility created uncertain buying patterns and this impacted markets such as Hong Kong. Kering is also down 2.58%.
Morning Spread 8th March 2017 European shares traded flat this morning, the modest moves masking significant results driven games by several companies on a bust day for European earnings.
Morning Spread 2nd November 2016 Asian stocks followed global equities lower despite gauges of manufacturing in China topping estimates and the Bank of Japan maintained its record stimulus program.
Morning Spread 1st November 2016 Asian stocks were mixed as declines in oil prices dragged energy shares lower and investor anxiety grew over next week’s US presidential election.
Morning Spread 28th October 2016 Asian stocks fell as oil explorers pushed down Hong Kong gauges, while investors digested earnings from several companies.
Morning Spread 27th October 2016 US stocks were mixed following the release of earnings from several companies.
Morning Spread 24th October 2016 US stocks were little changed as a record day for Microsoft and earnings from McDonald’s helped offset a fall in energy and healthcare shares.
Morning Spread 19th October 2016 Asian shares rose as a barrage of Chinese data confirmed the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount.
Morning Spread 10th October 2016 Asian stocks were mixed following the second US presidential debate between Hilary Clinton and Donald Trump.
Morning Spread 5th October 2016 Most Asian stocks outside Japan slid on concern central banks will reduce stimulus, while the Nikkei climbed after the yen weakened.
Morning Spread 27th September 2016 Asian stocks advanced with investors viewing Democratic candidate Hillary Clinton as having gotten the upper hand in the first US presidential debate.