European stocks climbed as the ECB started buying sovereign debt. The ESTX 50 (+0.55%), UK Markets (+0.41%), CAC 40 (+0.47%) and the Dax (+0.75%) all posted gains in early trading. Linde AG rose +1.3% after predicting profit will grow this year. Hennes & Mauritz AB added +2.4% after reporting that first quarter sales rose more than analysts had projected. Royal DSM NV climbed +3.1% after agreeing to sell a majority stake in a plastics and resins business. Lafarge SA slipped -4.1% and Holcim Ltd dropped -1.3% after Lafarge said it’s willing to consider revising the share exchange ratio in its planned merger with Holcim. Holcim wrote to Lafarge last week saying that it doesn’t intend to pursue the transaction under the terms agreed in July. Standard Life Plc slumped after a report that it may increase its stake in an Indian joint venture.
US stocks fell on Friday as the dollar resumed its climb, adding to worries about its impact on US multinationals’ earnings. The Dow Jones Industrial Average (-0.82%), S&P 500 (-0.61%) and the Nasdaq Composite (-0.44%) all retreated. The dollar hit a 12 year high against the euro on Friday as dollar buying momentum overcame soft US economic data that would normally weaken the currency. Herbalife rose +8.2% after Bill Ackman said some people hired by a consulting group working for his hedge fund had received subpoenas from federal agencies investigating possible manipulation of Herbalife’s stock. Carmike Cinemas Inc gained +9.7% after it was reported that it had hired JPMorgan Chase & Co to help it explore strategic alternatives. Oil’s worst week since December pushed Exxon Mobil Corp and Chevron Corp down more than -1.8%, with Exxon closing at the lowest level in two and a half years.
Asian shares were mixed after Friday’s falls on Wall Street kept sentiment in check, while the euro recovered from a its low against the dollar on the divergent monetary paths between the United States and the euro zone. The Nikkei 225 (-0.04%) and the S&P/ASX 200 (-0.29%) both declined, while the Hang Seng (+0.53%) advanced. Hundsun Technologies Inc and Glodon Software Co surged more than +9% after Chinese Premier Li encouraged the development of e-commerce. China Mobile Ltd climbed +2.7% in Hong Kong. Inpex Corp dropped -4.3% in Tokyo as oil dropped to a six year low. China Hongqiao Group ltd tumbled -16% after saying it needs more time to release its annual results. Toyo Tire & Rubber Co tumbled -13% after saying that it supplied a rubber product used as building material that failed to meet government standards for protecting against earthquakes.
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.