European stocks were little changed as deal activity offset a report showing that Chinese exports unexpectedly slumped. The ESTX 50 (+0.80%), UK Markets (+0.44%), CAC 40 (+0.92%) and the DAX (+0.12%) all posted gains in early trading. Iliad SA surged +11% after Bouygues SA said it is in talks to sell some of its mobile phone assets to the company. Rolls-Royce Holdings Plc gained +2.5% after Daimler AG said it will sell a 50% stake in an engine joint venture to Rolls-Royce. Rio Tinto Group and BHP Billiton Plc lost more than -1.9% each as mining stocks declined. Centrica Plc advanced +1.6% after the Financial Times reported that the company plans to double its earnings from North America. Anglo American Plc and Antofagasta Plc each dropped more than -1% as copper slid.
US stocks rose last week to a record as better than forecast data on hiring and manufacturing fuelled optimism in the economy and overshadowed concern on Ukraine. The Dow Jones Industrial Average (+0.19%) and the S&P 500 (+0.05%) both increased, while the NASDAQ Composite (-0.37%) declined. Financial stocks paced gains with Goldman Sachs climbing +4.7% for the biggest gain in the Dow. JPMorgan Chase jumped +4.5%. Berkshire Hathaway Inc’s Class B shares surged +6% after Warren Buffett told investors that the true value of his company has been rising faster than accounting metrics suggest. Valero Energy Corp soared +10% for the biggest gain in the S&P 500. Marathon Petroleum Corp jumped +7.1%. Staples tumbled -16% after announcing it will close as many as 12% of its North American stores and cut as much as $500 million in costs as online competition continues to hurt sales. Exxon Mobil Corp slipped -1.3% for the worst performance in the Dow. Exxon’s biggest international exploration opportunity in the Russian Arctic may be at risk is Russia is slapped with sanctions by western governments or the UN.
Asian stocks fell after reports showed an unexpected slump in Chinese exports and slower growth in Japan than economists had projected. The Nikkei 225 (-1.01%), Hang Seng (-1.75%) and the S&P/ASX 200 (-0.93%) all retreated. Fortescue Metals Group Ltd sank -9.4% after futures for iron fell into a bear market. Malaysian Air dropped -4% as the missing plane that may have crashed in the Gulf of Thailand made it harder for the loss making airline to revive profits. China Southern Airlines Co, which sold seven tickets for the Beijing bound flight, slipped -3.9% in Hong Kong. Leighton Holdings Ltd climbed +11% in Sydney after Hochtief AG offered $1.05 billion to increase its stake in Australia’s largest construction company.
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.