US equities gave back early strong gains but still managed to close in positive territory, as investors were encouraged by positive economic data, although further falls in crude oil continued to spook investors. Estimates of retail sales rose 0.7% in November, boosted by online and auto sales. This boosted the retail sector with The Gap up 1.7%, Wal-Mart was up just over 1% and Home Depot gained 1.34%. Ford was up 0.8%, Facebook rose just over 2%, McDonalds was up 1.07% and Frontier Communications was up 1.39%.
Asia was broadly higher, although trading volumes were relatively light. The latest economic data from China was poor with November industrial output growth running at 7.2% year on year against an 8% reading in September. SAIC Motor, the largest car manufacturer was down 2.6% on the data, with China Eastern Airlines down 3.1% and Cosco Shipping down 2.5%. In Japan, Canon was up 3.9% after raising its dividend forecast. However the chemical company, Showa Denko, tumbled 9.5% after issuing a profit warning. In Australia there was some weakness in the Gold sector with Medusa down 4.5% and Regis down 3.6%.
Europe is weak once more with falls of 1-1.5% in most equity indices. Notable fallers include Carlsberg, the Danish brewer is down over 4% as a result of the exposure to the Russian market and the weak Ruble. Other stocks down include ING down 1.2%, Cap Gemini down 2% and BASF down 2.65%. In the UK, the FTSE 100 index is heading for it’s worst weekly performance since 2012 as commodity prices continued to be under pressure. Anglo American is down 2.13%, Centrica is 2.04% lower and Petrofac is down just over 4.5%. A less harsh than expected pricing review by the watchdog has left Water stocks higher with United Utilities up 3.44% and Severn Trent up 1.67%.
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.