European stocks rose as investors awaited data that may show US jobs made the biggest annual gain since 2005. The ESTX 50 (+0.47%), UK Markets (+0.60%), CAC 40 (+0.48%) and the DAX (+0.51%) all posted gains in early trading. Swatch Group AG added +3.7% after disclosing a positive outlook for 2014. Metro AG gained +3.3% after a report its biggest shareholder may push for replacing its CEO and selling some units. Norsk Hydro ASA fell after US peer Alcoa Inc posted earnings below estimates. Serco Group Plc lost -2.4% after the National Audit Office said it is among the two companies that may have to repay £3 million to £4 million to the government as they struggled with 2012 contracts to house asylum seekers. Tullow Oil Plc and IMI Plc added more than +2.5%, posting the biggest gains in the UK this morning.
US stocks were little changed as retailers slumped and investors awaited todays jobs report for clues to whether the Federal Reserve will accelerate the pace of stimulus cuts. The Dow Jones Industrial Average (-0.11%) and the NASDAQ Composite (-0.23%) both declined, while the S&P 500 (+0.03%) was flat. Bed Bath & Beyond slumped -12% after projecting fourth quarter earnings that was less than analysts had estimated. Pier 1 Imports Inc tumbled -12% as it also lowered its quarterly forecast. Macy’s jumped +7.6%, the most in the S&P 500, after forecasting profit for its next fiscal year ahead of analysts’ estimates and disclosed a program to cut costs that includes eliminating about 2,500 jobs. J.C.Penney climbed +3.7% after Piper Jaffray Cos recommended buying the shares. Ford Motor Co climbed +1.9% after boosting its quarterly dividend for common shares and the stock held by its founding family to 12.5 cents, up from 10 cents and topping the 12 cent estimate by Bloomberg analysts.
Asian stocks swung between gains and losses as data showed China’s trade surplus narrowed and investors awaited a report on US payrolls. The Nikkei 225 (+0.20%) and the Hang Seng (+0.26%) both increased, while the S&P/ASX 200 (-0.23%) was down. Luk Fook Holdings (International) Ltd slumped -11% in Hong Kong after its rating was cut at Credit Suisse Group AG on slowing sales momentum. Mitsubishi Materials Corp dropped -1.6% in Tokyo as it plans to halt a plant’s operation after an explosion. Dainippon Sumitomo Pharma Co, which has the distribution rights in Japan and China for a liver disease drug developed by Intercept Pharmaceuticals Inc, jumped +17% after a clinical trial proved successful.
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.