European stocks advanced after several companies rallied on better than estimated financial results and improving forecasts. The ESTX 50 (+0.50%), UK markets (+0.10%), CAC 40 (+0.43%) and the Dax (+0.26%) all posted gains in early trading. Vodafone jumped +4.9% after saying revenue fell slower than analysts’ estimated. Royal Vopak NV added +3.5% after saying earnings increased in the third quarter. Henkel AG gained +4% after posting third quarter earnings above projections and raising its full year margin forecast. Land Securities Group Plc added +3% after first half profit excluding some items climbed +8.6%. Randgold Resources Ltd, BHP Billiton Plc and Anglo American Plc declined more than -1% as miners retreated.
US stocks advanced as investors watched corporate results and speculated the economy is strong enough to withstand a global slowdown. The Dow Jones Industrial Average (+0.23%), S&P 500 (+0.31%) and the Nasdaq Composite (+0.41%) all advanced. Dean Foods Co rallied +14% after reporting profit that topped forecasts. Toll Brothers Inc climbed +2.3% after saying it expects to report sales the beat analysts’ estimates. Time Warner Cable Inc and Comcast Corp dropped at least -4% after President Barack Obama called for rules protecting an open internet. Abercrombie & Fitch Co retreated -2.8% after Oppenheimer & Co downgraded the shares to “market perform” from “outperform”.
Most Asian stocks rose as Japanese shares climbed after the yen extended losses and corporate earnings beat estimates. The Nikkei 225 (+2.05%) and Hang Seng (+0.27%) both advanced, while the S&P/ASX 200 (-0.12%) retreated. Nissan Motor Co, which gets 43% of its revenue in North America, gained +1.4%. Amorepacific Corp surged +9.3% in Seoul after reporting higher earnings. Bank of China Ltd soared +10% in Shanghai after a report it was chosen as the exclusive settlement bank for mainland shares traded through the bourse link with Hong Kong. Newcrest Mining Ltd slid -3.1% as bullion traded near a four year low.
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.