European stocks were negative this morning as Greece’s parliament prepared to vote on a package aimed at winning more aid. The ESTX 50 (-0.16%), UK markets (-0.16%), CAC 40 (-0.25%) and the Dax (-0.16%) all posted losses in early trading. Greek Prime Minister Alexis Tsipras is pitching for a set of reforms he claims to have accepted reluctantly and that has members of his own party revolting. The IMF said the country’s need for debt relief exceeds what’s on offer. Syngenta AG added +2.9% after it was reported that Paulson & Co took a stake in the company in a sign of supporting a takeover attempt by Monsanto Co. ASML Holding NV advanced +1.9% after the upper end of its third quarter sales exceeded analysts’ estimates. Burberry Group Plc slid -2.8% after saying Asian revenue declined as a drop in Hong Kong sales worsened.
US stocks gained for a fourth straight session, buoyed by the energy sector as oil prices rebounded from early declines. The Dow Jones Industrial Average (+0.42%), S&P 500 (+0.45%) and the Nasdaq Composite (+0.66%) all increased. Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions on Tehran’s crude exports would not be removed immediately. Brent settled up +1.1% to $58.51 and US crude settled up 84 cents to $53.04 a barrel. Exxon Mobil Corp gained +0.8%. JPMorgan rose +1.4% and Wells Fargo climbed +0.9%. Twitter jumped as much +8.5% after a false report, attributed to Bloomberg, said the social media company received an offer to be acquired for $31 billion. Bloomberg and Twitter said the report was fake and the stock ended the session up +0.9%. Micron Technology jumped +12.7% and was the biggest gainer in the S&P 500.
Asian stocks rose before a Bank of Japan policy decision and data on China’s economy as a fall in US retail sales fuelled bets the Federal Reserve won’t raise interest rates in September. The Nikkei 225 (+0.38%) and the S&P/ASX 200 (+1.05%) both increased, while the Hang Seng (-0.41%) decreased. Toyota Motor Corp added +0.9% as exporters gained. Takashimaya Co jumped +4.2% after Mizuho Financial Group Inc raised its rating on the company. Toei Co slumped -1.4% as Nomura Holdings Inc cut its assessment of the company’s stock. Canon Inc gained +1.8%.
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.