European stocks climbed after a two week retreat. The ESTX 50 (+0.44%), CAC 40 (+0.37%), Dax (+0.47%) and UK markets (+0.05%) all posted gains in early trading. Shire Plc rose +1.4% after agreeing to buy NPS Pharmaceuticals for $5.2 billion. Roche rose +1% after moving to acquire a majority stake in molecular and genomic analysis firm Foundation Medicine Inc for up to $1.18 billion. Sanofi also climbed +1.5% after the European Medicines Agency agreed to review an application by Sanofi and Regeneron for their cholesterol-lowering treatment Alirocumab. Carnival Plc increased +2.6% after Natixis SA recommended buying shares of the company. CRH Plc climbed +2.1% after J&E Davy Holdings Ltd said the company was a top pick among peers and will benefit from US and UK growth.
US stocks fell following a two day rally as December’s jobs report gave a mixed view on the economy, with financial shares leading the way lower. The Dow Jones Industrial Average (-0.95%), S&P 500 (-0.84%) and the Nasdaq Composite (-0.68%) all retreated. US nonfarm payrolls rose in December, topping Wall Street expectations, but wages unexpectedly fell. Fourth quarter results from S&P 500 companies pick up next week, including JPMorgan Chase & Co and Wells Fargo. Both were among the biggest drags on Friday, with JPMorgan down -1.7% and Wells Fargo down -1.6%. Bed, Bath and Beyond dropped -6.7% after forecasting fourth quarter earnings at the low end of expectations. Macy’s shares fell after it said it would close 14 stores and cut some jobs.
Most Asian stocks fell amid concern Europe’s stimulus plans may not solve the euro region’s economic woes and after an unexpected drop in US wages clouded the outlook for US interest rates. The Nikkei 225 (+0.18%) and the Hang Seng (+0.45%) both advanced, while the S&P/ASX 200 (-0.78%) decreased. Woodside Petroleum Ltd sank -1.9% in Sydney as crude declined. Cheung Kong shares soared as much as 20% before closing 15% higher. Hutchinson Whampoa, which is 50% controlled by Cheung Kong, climbed 13% to cap its steepest daily gain since 1997. Cheung Kong Holdings offered $24 billion in stock to buy out unit Hutchinson Whampoa and will spin off its property assets. Fast Retailing gained +0.8% after reporting strong first quarter profits.
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.