European stocks rose on signs that policymakers in China and Japan will do more to support economic growth. The ESTX 50 (+0.77%), UK markets (+0.36%), CAC 40 (+0.72%) and the Dax (+0.86%) all posted gains in early trading. Aveva Group Plc jumped +2.9% after being raised to “overweight” at Barclays Plc. Iliad SA climbed +4% after reporting sales in line with analysts’ estimates. Royal Dutch Shell lost -1.21%, British Sky Broadcasting Group Plc retreated -1.28% and Marks & Spencer Group Plc declined -0.04% as they traded without the right to their latest dividend. Wolseley added +1.7%.
US stocks were mixed as gains among phone and consumer stocks offset losses in utilities and growing concern over slowing growth in Europe. The Dow Jones Industrial Average (-0.02%) and the S&P 500 (-0.07%) both declined, while the Nasdaq Composite (+0.31%) gained. Citigroup declined -0.7% and JPMorgan Chase & Co slipped -1.3% after regulators fined them about $1 billion each. Bank of America dropped -0.2%. JM Smucker dropped -3.5% after cutting its forecast for adjusted earnings in its current fiscal year. Macy’s jumped +5.1% after posting a 23% gain in net income last quarter. Fossil Group Inc jumped +8.4% for the biggest gain in the S&P 500 after announcing a $1 billion share repurchase plan. ADT Corp jumped +3.1% after reporting third quarter earnings and revenue that beat analysts’ estimates.
Asian stocks rose as the yen weakened amid signs policy makers in China and Japan will do more to support economic growth. The Nikkei 225 (+1.14%) and the Hang Seng (+0.34%) both increased, while the S&P/ASX 200 (-1.35%) decreased. Nissan Motor Co, which gets 78% of its revenue overseas, added +1.1%. Tokyo Tire & Rubber Co jumped +7.7% after raising its full year profit forecast. China Taiping Insurance Holdings Co surged +11% in Hong Kong after reporting higher insurance premiums. Golden Agri-Resources Ltd tumbled -7.8% in Singapore after saying third quarter profit plunged 86% from a year earlier.
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.