European stocks rose, remaining within tight ranges after the previous session’s fall, led by resilience in luxury stocks following weak China data published over the weekend. The ESTX 50 (+0.27%), UK markets (+0.36%), CAC 40 (+0.30%) and the Dax (+0.32%) all posted gains in early trading. Swatch rose +2.7% after Chief Executive Nick Hayek told a Sunday newspaper he was not worried by economic and market turbulence in China, noting its sales to Chinese customers would rise when stripping out exchange rate swings. RELX rose +1.9% after being raised to “outperform” by Exane BNP Paribas. BHP Billiton Ltd and Rio Tinto Group each added +2% or more. ARM Holdings Plc rose +3.2% ahead of an investor and analyst event tomorrow. Wm Morrison Supermarkets Plc slid -1.2%.
US stocks rose and the S&P 500 posted its biggest weekly gain since July as investors considered whether the Federal Reserve will raise interest rates this week. The Dow Jones Industrial Average (+0.63%), S&P 500 (+0.45%) and the Nasdaq Composite (+0.54%) all increased. Oil prices fell after Goldman Sachs cut its oil price forecast through next year, who cited oversupply and concerns over China’s economy. Goldman said crude could fall as low as $20 a barrel. ConcoPhillips down -2.2%, was the biggest drag on the S&P 500. Gilead rose +2.2% after the company’s $10 billion debt offering this week fuelled speculation it was planning a big acquisition. Zumiez fell -32.5% after forecasting third quarter sales and profit below analysts’ estimates.
Most Asian shares rose, while Japanese stocks fell after Chinese markets were hit by soft economic data, while the dollar sagged as investors questioned whether the US Federal Reserve will be confident enough to raise rates for the first time in almost a decade. The Hang Seng (+0.51%) and the S&P/ASX 200 (+0.50%) both advanced, while the Nikkei 225 (-1.63%) dropped. Softbank Corp Group Corp fell -5.5%, while competitor KDDI Corp fell -8.6% and NTT Docomo tumbled -9.8% after Japanese Prime Minister Abe called on cellphone companies to reduce rates. Inpex Corp declined -5% after Goldman Sachs said the oil price could drop. Haitong Securities Co sank -3.5% in Hong Kong as brokerages declined. Yunnan Copper Co and Hebei Iron & Steel Co both lost -10% as a gauge of material producers slumped -4.1% to its lowest level in a 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.