Asian markets were broadly higher on investor optimism following the US Federal Reserve comments overnight and also plans to link two of China’s equity indices. In Australia the currency hit a new high for the year and the banking sector was also very positive. ANZ Banking was up for the eleventh straight session and closed at an all time high up 1% on the day. Commonwealth Bank was up 0.52% and both National Australia Bank and Westpac gained 0.46%. The equity market news in Hong Kong saw a strong performance from the broking sector with Citic Securities up 11%, Haitong Securities gained 12% and Huatai Securities was up just over 6%.
In the US there were decent gains across the board with Alcoa climbing nearly 4% on the positive earnings release. The healthcare sector was also in strong shape with Regeneron Pharmaceuticals up nearly 7%, Merck was up 3.75% and Amgen was up 1.7%. Other notable risers included Facebook up 7.25%, Morgan Stanley was up 2.33% and Boeing was up 2.2%. The only real sector which experienced weakness was the auto makers, as the broker Morgan Stanley downgraded General Motors. It questioned the speed of the replacement cycle and greater competition. The shares were down 2.7% and Ford was also lower, with the shares down 1.6% on the day.
Europe is forging ahead this morning with most indices up 0.7% on the day. Banks such as Credit Suisse are up 1.6% and luxury brands are also being boosted by the optimism with LVMH up 4.1% and Richemont is up 2%. LVMH is being driven by strong fashion and leather sales despite a struggling cognac market in China. Auto stocks are also in focus with Peugeot up 1.5%, Renault up 1.8% and Porsche up 1%. In the UK, Marks & Spencer is up nearly 2% as the retailer announced sales ahead of expectations, although management cited pressure on margins. The mining sector is strong with Fresnillo up 2.2% and Randgold Resources is up nearly 2%.
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.
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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.
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.
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