European stocks advanced on better than forecast earnings reports from several companies. The ESTX 50 (+0.94%), UK markets (+0.07%), CAC 40 (+0.84%) and the Dax (+0.97%) all posted gains in early trading. EON gained +4.7% after reporting first half underlying net income that surpassed the average analyst projection. Salzgitter rose +1.9% after reporting a pre-tax profit of €4.5 million that beat the €5.38 million loss that analysts’ had predicted. Swiss Life advanced +4.3% after reporting first half net income that beat the average estimate of analysts. Nobel Biocare Holding AG rose +2.5% after Credit Suisse Group AG raised its rating on the company to “outperform” from “neutral”. Admiral lost -2.3% after saying turnover dropped in the first half of the year.
US stocks declined as investors watched geopolitical developments and energy shares sank after Brent crude fell to a 13 month low. The Dow Jones Industrial Average (-0.06%), S&P 500 (-0.16%) and the Nasdaq Composite (-0.27%) all retreated. Nuance Communications Inc tumbled -9% after posting third quarter revenue that missed analysts’ estimates. Intercept Pharmaceuticals Inc soared +17% after a clinical trial met its primary goal. Consol Energy lost -2.4%, while Kinder Morgan Inc fell -1.6% as Breny crude settled at the lowest level since July 2013. Pioneer Natural Resources Co slid -2%. Newmont Mining rose +2% for the biggest gain in the S&P 500 and its highest level since November 2013.
Asian stocks swung between gains and losses as investors weighed earnings reports. The Nikkei 225 (+0.35%) and the Hang Seng (+0.88%) both advanced, while the S&P/ASX 200 (-0.28%) declined. CSL Ltd rose +2.5% in Sydney after posting an increase in annual profit and saying it will consider buying back more shares. Dentsu Inc advanced +3.2% after its quarterly loss narrowed. Eclat Textile Co slumped -6.9% in Taipei after quarterly profit missed estimates. Amorepacific Group jumped +6.1% after brokers raised their target prices on South Korean maker of cosmetics.
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.