European shares advanced this morning after sharp decline in the previous session, with a recovery in metals and crude oil prices boosting commodity related stocks. The ESTX 50 (+2.47%), CAC 40 (+2.38%), Dax (+1.91%) and the UK markets (+1.58%) all posted gains in early trading. Glencore, Anglo American and Rio Tinto rose between 3% and 4%. Deutsche Bank AG rose +3.1% after it was reported that it was in talks with lenders to sell the last batch of its €1 trillion portfolio of complex financial instruments. Old Mutual Plc climbed +1.6% after saying it will separate into four units. Brunello Cucinelli SpA gained +2.3% as the luxury fashion company predicted double digit growth for this year.
US stocks ended the session little changed after the European Central Bank reduced interest rates but Mario Draghi confounded investors who expected multiple rate cuts by saying more were unlikely. The Dow Jones Industrial Average (-0.03%) and the S&P 500 (+0.02%) were both flat, while the Nasdaq Composite (-0.26%) decreased. US jobless claims fell more than expected last week to their lowest since October, pointing to sustained strength in the labour market that should further dispel fears of a recession. Dollar General were up +10.7% after it reported better than expected same store sales growth. Dollar Tree was up +4%.
Asian stocks climbed as investors assessed the European Central Bank’s fresh stimulus measures. The S&P/ASX 200 (+0.32%), Hang Seng (+1.08%) and the Nikkei 225 (+0.51%) all advanced. Japanese exporters reversed losses as the yen weakened. Canon Inc rose +1.9% while Sony Corp gained +0.3%, erasing a drop of as much as -2.2%. Cyberdyne Inc jumped +2.2% after Chief Financial Officer Shinji Uga said it plans a Nasdaq listing next year. Kawasaki Heavy Industries Ltd sank -1.8% after SMBC Nikko Securities Inc cut its rating on the 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.