European stocks were mixed this morning ahead of a meeting between Greek Finance Minister Yanis Varoufakis and his euro-area counterparts in Brussels. The ESTX 50 (-0.06%) and the CAC 40 (-0.18%) were both slightly negative in early trading, while the UK markets (+0.01%) were flat and the DAX (+0.10%) was slightly positive. ING Groep NV rose +2.1% after announcing plans to pay a dividend for the first time in almost seven years after repaying a state bailout, even as profit from its banking activities fell in the fourth quarter. Reckitt Benckiser Group Plc added +3.9% after announcing that it plans a new cost saving initiative to counter tough market conditions even as fourth quarter sales growth beat estimates. Tullow Oil Plc fell -3.3% after it suspended its dividend. Telenor ASA retreated -5.7% after forecasting a margin of no more than 35% for sales this year, compared with 35.4% in 2014. Sky Plc slid -4.1% after agreeing to pay the bulk of a record £5.14 billion to broadcast live English Premier League football.
US stocks rose on hopes that Greek debt negotiations could result in a deal that stabilises Europe, while Apple helped lift the S&P 500 and Nasdaq as it became the first US company worth more than $700 billion. The Dow Jones Industrial Average (+0.79%), S&P 500 (+1.07%) and the Nasdaq composite (+1.30%) all advanced. Coca-Cola rose +2.8%, helping lead the Dow higher after the company reported fourth quarter profit and revenue that topped analyst expectations. Qualcomm Inc rose +4.7% after reaching a settlement with the Chinese government in its investigation into whether the company violated the country’s antimonopoly law. Starwood Hotels & Resorts Worldwide Inc rose +6.6% after announcing plans to spin off its vacation ownership business into a separate company, a move it said would take advantage of increasing growth opportunities in the timeshare industry. Apple Inc shares closed +1.9% up.
Asian stocks fell amid low trading volume as concern about corporate earnings offset optimism that a compromise will be reached over Greece’s debt obligations. The Nikkei 225 (-0.33%), Hang Seng (-0.87%) and the S&P/ASX 200 (-0.54%) all declined. CSL Ltd tumbled -7.8% after cutting its profit forecast. Suncorp Group Ltd declined -2.9% in Sydney after profit missed estimates. Taiwan Semiconductor Manufacturing Co surged +3.9% in Taipei after saying it will increase its dividend by 50%. Hisense Electric Co surged +10% to lead gains for Chinese consumer companies reliant on economic growth. TCL Corp jumped +9.9% after estimating profit jumped 51% in 2014. ZTE surged +5.1% after Qualcomm agreed new terms to licence the company’s technology.
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.