European equities advanced this morning on optimism that China’s economy is stabilising. The ESTX 50 (+1.73%), CAC 40 (+1.89%), Dax (+1.93%) and the UK markets (+1.25%) all posted gains in early trading. Axa SA rose +2.6% after it was reported that the company is in talks to sell most of its UK life insurance and wealth investment units. Standard Life Plc was up +1.8% as it bids for its platform that helps UK independent financial advisors manage clients’ investments. Premier Foods Plc tumbled -29% after McCormick & Co abandoned plans to make a takeover bid for it, saying the company’s board want to high a price. Tesco Plc dropped -3.2% after saying profit this year will be held back by the cost of improving its product range.
US stocks gained as investors bought equities at the start of corporate earnings season. The Dow Jones Industrial Average (+0.94%), S&P 500 (+0.97%) and the Nasdaq Composite (+0.80%) all increased. Global oil prices rose, hovering just under $45 a barrel after a report that top producers Russia and Saudi Arabia have agreed to freeze output ahead of a much anticipated producers meeting on Sunday. Alcoa fell -2.7% after reporting a lower quarterly profit, with results hurt by low commodity prices. Juniper Networks sank -7.4% after projecting lower than expected quarterly profit and revenue.
Asian stocks rose as trade data added to signs of a pickup in China and a rebound in commodity prices helped raw material producers. The S&P/ASX 200 (+1.59%), Hang Seng (+3.19%) and the Nikkei 225 (+2.84%) all rallied. China’s exports jumped by the most in a year in March and declines in imports narrowed, adding to evidence of stabilisation in the world’s second largest economy. Yanzhou Coal Mining Co jumped +8.2% after China International Capital Corp said prices of some coal products will increase on strained supply. Jiangxi Copper Co surged +8.4% to pace commodity shares. Inpex Corp climbed +3.9%, while Japan Petroleum Exploration Co added +3.7%.
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.