European stocks were little changed as investors assessed gains after the European equities recouped their Brexit losses. The ESTX 50 (-0.20%), CAC 40 (-0.09%) and the Dax (-0.33%) all posted small declines in early trading, while the UK markets (+0.09%) were slightly positive. Energy producers gained as crude jumped amid speculation informal OPEC talks next month may lead to stabilisation measures. Tullow Oil Plc led gains, rising +4.4% after Bank of America Merrill Lynch upgraded its recommendation on the explorer to “buy” from “neutral”. A.P.Moeller Maersk A/S rose +4.3% after reporting earnings before interest and tax came in at $656 million, beating an estimate of $551 million.
All three major US stock indexes closed at record highs for the first time since 1999 as surging oil prices and strong earnings buoyed investor sentiment. The Dow Jones Industrial Average (+0.64%), S&P 500 (+0.47%) and the Nasdaq Composite (+0.46%) all Increased. Crude oil jumped 5% on comments from Saudi oil minister about potential action to stabilise prices and an International Energy Agency forecast that crude oil markets would rebalance in the next few months. Chevron rose +1.6%. Macy’s soared +17.09% after it reported a smaller than expected drop in quarterly comparable store sales and said it would close 100 stores. Kohl’s rose +16.17% after its quarterly profit beat estimates.
Asian stocks rose, following Wall Street’s lead and hopes that weaker than expected Chinese economic data would spur policy easing. The S&P/ASX 200 (+0.42%), Hang Seng (+0.83%) and the Nikkei 225 (+1.10%) all increased. China’s fixed asset investment from January to July increased by 8.1% from a year earlier, the slowest rate in more than 16 years, compared with expectations. Sharp Corp surged +19.1% after Taiwan’s Foxconn said China’s anti-monopoly authorities have approved its acquisition for the company. Poly Real Estate Group Co climbed +7.7% in Shanghai and Gemdale Corp surged by the +10% daily limit.
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.