European stocks rose this morning as investors speculated that the recent selloff was overdone. Credit Suisse rallied +5.8% after posting a smaller than estimated loss. The ESTX 50 (+1.52%), CAC 40 (+1.07%), Dax (+1.14%) and the UK markets (+0.81%) all posted gains in early trading. ING Groep NV gained +5% after its net income beat the average analyst prediction. Volkswagen AG and PSA Peugeot Citroen rose more than +3% after China’s monthly passenger vehicle sales increased. Pandora A/S jumped +9.9% after reporting profit that beat projections and raised its full year forecast. EasyJet Plc added +2.5% after posting a narrower pre-tax loss than estimated.
US stocks were mixed after a rally in the healthcare sector offset a decline in energy shares. The Dow Jones Industrial Average (-0.20%) declined, while the S&P 500 (+0.08%) and the Nasdaq Composite (+0.30%) both increased. Allergan surged +5.98% after Teva Pharmaceutical Industries Ltd said it expected its $40.5 billion acquisition of Allergan’s generic pharmaceutical business to close in June. Chevron Corp fell -1.48% as US crude prices dropped -2.8% and traders assessed the impact of wildfires on Canada’s oil output and a build in inventory. Krispy Kreme Doughnuts Inc jumped +24.32% after agreeing to be taken private for $1.35 billion. Lending Club Corp tumbled -34.93% after the CEO resigned following an internal probe.
Asian stocks rose as Japanese shares jumped on a weaker yen and crime fighting mayor’s decisive victory in the Philippine presidential election spurred a rally in the nations’ equities. The S&P/ASX 200 (+0.42%), Hang Seng (+0.43%) and the Nikkei 225 (+2.15%) all advanced. Japanese exporters advanced with Toyota Motor Corp and Sony Corp rising at least +2.2%. Asics Corp surged +11% in Tokyo after posting earnings that beat analyst estimates. Lenovo Group ltd sank -8.3% in Hong Kong after Morgan Stanley and HSBC Holdings Plc cut their recommendations on the stock.
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.