European stocks were mixed as euro area creditors voiced scepticism that a breakthrough was within reach over Greece’s financing. The ESTX 50 (-0.09%), UK markets (-0.12%), CAC 40 (+0.04%) and the Dax (-0.20%) all alternated between gains and losses in early trading. Actelion Ltd lost -1.1% after forecasting annual profit growth will slow and said the strength of the Swiss franc will hurt earnings. Altice SA rose +4.3% and Bouygues SA added +2.9% after it was reported that Altice is stepping up plans for a potential takeover of Bouygues Telecom. SABMiller Plc added +2.1% after a report that a consortium led by 3G Capital Partners is considering a bid for the company. Conwert Immobilien Invest SE jumped +8% after Deutsche Wohnen AG said it will bid for its Austrian competitor.
US stocks closed with the S&P at a record high on Friday, as energy shares gained with oil prices. The Dow Jones Industrial Average (+0.26%), S&P 500 (+0.41%) and the Nasdaq Composite (+0.75%) all advanced. The S&P energy sector closed up +1.95% as oil topped $60 for the first time in 2015 despite persistent worries about oversupply. In contrast, the S&P utilities sector was the worst performer, falling -1.6%, closing down for the third day in a row, as many investors are leaving safe haven utilities stocks as they anticipate US Federal Reserve interest rate increases later this year. American Express dropped -3% after several brokers slashed price targets for the company after Costco said it would stop accepting its card in its US stores. Kraft Foods lost -3.3% after posting quarterly results and said its CFO would leave her role and two other senior executives would depart the company. Cisco Systems was the top gainer in the Dow, jumping +8.2%. Apple advanced +1.2%, gaining +6.3% over the previous four sessions.
Asian stocks rose as data showed Japan’s economy exiting recession. The Nikkei 225 (+0.51%), Hang Seng (+0.18%) and the S&P/ASX 200 (+0.19%) all advanced. BYD Co jumped +11% in Hong Kong on speculation Apple Inc will enter the industry. Noble Group Ltd slumped -8.3% after the trading company rejected a research report questioning its accounting practices. New Zealand’s Contact Energy Ltd dropped -9% after first half profit plunged. Yokohama Rubber Co jumped +5.5% after raising its dividend forecast. Asics Corp tumbled -10% after the company projected profit that missed estimates. Kuraray Co dropped -5.7% after full year net income forecasts disappointed analysts. Mitsubishi UFJ Financial Group Inc gained +3.1%.
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.