European stocks followed global markets higher this morning as funding plans from the European Central Bank buoyed the sector. ESTX 50 (+0.81%), CAC 40 (+0.45%), Dax (+1.61%) and the UK markets (+0.54%) all posted gains in early trading. Banks such as Monte dei Paschi and Banco Comercial Portugues were among top performers, rising +7.3% and +5% respectively. Home Retail Group Plc gained +1.2% on reports J Sainsbury Plc is considering to raise its offer for the owner of Argos stores. Stagecoach Group Plc lost -3.3% after HSBC Holdings Plc cut its rating on the shares to “reduce” from “neutral”, citing weakness across its rail businesses. Admiral Group Plc declined -1.1% after Bank of America Corp and HSBC downgraded the company.
US stocks advanced as investors embraced the ECB stimulus measures and steadying oil prices drove up energy shares. The Dow Jones Industrial Average (+1.28%), S&P 500 (+1.64%) and the Nasdaq Composite (+1.85%) all rallied. US crude pared some of their gains, but were up more than 1% after the International Energy Agency said oil prices might have bottomed as output in the United States and other non-OPEC countries was beginning to fall quickly. Devon Energy rose +11.4% for the largest percentage gain in the S&P 500. Pepco Holdings dropped -9% for the largest decline in the S&P 500. Anadarko rose +6.4% after Goldman Sachs raised its rating on the stock to “buy”. Home Depot rose +1.8%.
Asian stocks rose led by Chinese and Japanese shares ahead of policy reviews by the Bank of Japan and the US Federal Reserve. The S&P/ASX 200 (+0.37%), Hang Seng (+1.17%) and the Nikkei 225 (+1.74%) all advanced. China Vanke Co surged +10% after announcing plans to buy a stake in a unit of Shenzhen Metro Group Co for as much as 60 billion yuan in a deal that could thwart a hostile takeover bid. Philippine Long Distance Telephone Co jumped +12% in Manila after talks between San Miguel Corp and Telstra Corp to enter the country’s telecommunications industry collapsed. Nippon Kayaku Co sank -8.3% after Nomura Holdings Inc cut its rating on the company to “neutral” from “buy”.
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.