European stocks climbed helped by positive growth figures from Germany. The ESTX 50 (+0.87%), UK markets (+0.65%), CAC 40 (+0.76%) and the Dax (+0.59%) all posted gains in early trading. Data showed German GDP surged 0.7% in the fourth quarter, following a 0.1% expansion in the previous three months. L’Oreal SA rose +2.1% after the cosmetics maker reported faster than estimated quarterly revenue growth and expressed confidence for 2015. Anglo American Plc gained +2.6% after posting full year earnings that beat analysts’ projections and writing down assets by $3.9 billion. ArcelorMittal dipped -1% after saying its profit would fall in 2015, rather than improve as expected as iron ore prices sapped mining earnings and steel market growth cooled from last year.
US stocks advanced as a rally in technology shares led the Nasdaq to a 15 year high and a ceasefire agreement between Russia and Ukraine also ended tensions. The Dow Jones Industrial Average (+0.62%), S&P 500 (+0.96%) and the Nasdaq Composite (+1.18%) all increased. Tesla Motors dropped -4.7% after it missed fourth quarter sales targets and analysts’ profit expectations. American Express shares dropped -6.4% for the biggest drag on the Dow after it said Costco Wholesale would stop accepting its cards in the United States from next April, after a renewal agreement could not be reached. Cisco Systems climbed +9.4% for the company’s biggest one day jump since May 2013 after earnings and revenue beat expectations. TripAdvisor Inc soared +22.5% a day after revenue topped forecasts. Expedia jumped +14.5% after agreeing to buy Orbitz Worldwide for about $1.33 billion.
Asian stocks climbed after equity indexes in the US and Europe posted multi year highs on developments in Ukraine and Greece. The Nikkei 225 (-0.37%) declined, while the Hang Seng (+1.07%) and the S&P/ASX 200 (+2.33%) both advanced. Rio Tinto Group soared +6.5% in Sydney after announcing a $2 billion share buyback and full year profit that beat estimates. Galaxy Entertainment Group Ltd advanced +4% leading gains in Hong Kong. Among the most actively traded stocks in Hong Kong were Shanghai Zendai Property Ltd, up +17.5%, SMIC up +2.8% and China Construction Bank up +1.1%. State owned companies Shanghai Jinfeng Investment Co and Beijing Huaye Real Estate Co advanced more than +7% after the Economic Information Daily reported the government may announce a reform plan for SOE’s next month.
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.