US equities were mixed on Friday after suffering New Year losses the day before. Signs of the growing consumer confidence were evident in retail sales with Abercrombie & Fitch up 2.44% and The Gap rose 2.10%. Technology and Telecoms were generally weaker with Apple down 2.20%, China Mobile lost 1.33% and Verizon was 1.18% lower. Trading volumes were low, held back in part by a series of snowstorms. There were comments that interest rates were likely to increase in late 2014 and bonds were weaker. Financials were stronger with Citigroup up 2.16%, Bank of America up 1.92% and Morgan Stanley up 1.55%.
Asia was weak overnight as concerns grew over the Chinese economy and it’s falling momentum. A gauge of service sector sentiment fell to 50.9 from 52.5 the previous month. The rail sector was weak with China Railway losing 4.2% after the president of the company was killed in a fall. Other fallers included CSR down 3.9% and Guangshen Railway was down nearly 5%. Coal prices were also weak and China Coal Energy fell 3.4% and Shenhua lost 3.5%. Japan fell as a stronger currency negatively impacted stocks and the Nikkei lost 2.35%. Exporters were in the firing line with Toyota down 2%, Sharp Corporation lost 2.1% and Casio Computer was 2.8% lower. In Australia the Banking sector was poor with Westpac down 0.7% and National Australia Bank fell 0.4%.
Europe has opened on a firmer footing with banks in good order, with Santander up 1.55%, Commerzbank up 2.12% and Societe Generale up 1.50%. Other risers include Metro up 1.47%, Vestas up 2.78% and Peugeot up 1.33%. In the UK, RSA Insurance is 5.6% higher after bullish comment from UBS, that the troubled company is unlikely to need to sell parts of the business or raise fresh funds. Miners are weaker on the Chinese data with Rio Tinto down 1.23%, Randgold is down 1.50% and BHP Billiton is 0.75% lower.
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.
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Morning Spread 10th October 2016 Asian stocks were mixed following the second US presidential debate between Hilary Clinton and Donald Trump.
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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.