uropean stocks gained this morning after Greece submitted fresh reform proposals to its euro zone creditors, making substantial concessions in a bid to win new funds and avert bankruptcy. The ESTX 50 (+2.62%), CAC 40 (+2.66%), Dax (+2.08%) and UK markets (+1.01%) all posted gains in early trading. InterContinental Hotels Group Plc climbed +4.5% after it agreed to sell its Hong Kong hotel to a group of investors advised and managed by Gaw Capital Partners for $938 million. EMS-Chemie Holding AG rallied +4.6% after reporting an increase in first half earnings. DNB ASA rose +3.2% after Norway’s biggest bank reported profit that beat analyst estimates. Tryg A/S gained +1.4% after posting better than forecast quarterly net income.
US stocks advanced after Wall Street found relief in Beijing’s efforts to halt a rout in Chinese stocks, which lifted markets around the world. The Dow Jones Industrial Average (+0.19%), S&P 500 (+0.23%) and the Nasdaq Composite (+0.26%) all increased. Today’s press conference by Federal Reserve Chair Janet Yellen could provide clues about when the central bank will begin to raise interest rates for the first time since 2006. Walgreens Boots Alliance jumped +4.24% after raising its full year profit forecast. Coty’s shares fell -4.7% after Proctor & Gamble agreed to sell its beauty business to the company in a deal that values the business at $12.5 billion. P&G shares dipped -0.41%. Apple dropped -2.04% for a five day losing streak, as investors worried that consumers in China might have less money to spend on iPhones.
Asian stocks rose, following gains in global equities, after Greece submitted a bailout proposal similar to that proposed by its creditors. The Hang Seng (+2.32%) and the S&P/ASX 200 (+0.39%) both rallied, while the Nikkei 225 (-0.38%) decreased. Tencent appeared to be unaffected by news that around six former employees had been detained by authorities as part of an ongoing graft investigation. Shares of the social network and online media company closed +2%, while Alibaba Pictures jumped nearly +4%. Fast Retailing dropped -6% as a weak outlook for domestic sales during the June-August period eclipsed a 36% jump in the company’s nine month profit. BHP Billiton and Rio Tinto both gained more than +2% each after the price of iron ore bounced back to $48.30 a tonne.
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.