European shares climbed this morning, buoyed by gains overnight in the US and Asia. The ESTX 50 (+1.07%), UK markets (+0.57%), CAC 40 (+1.29%) and the Dax (+0.86%) all posted gains in early trading. Glencore rose +3.9% after launching a $2.5 billion share placement late on Tuesday, while Inditex progressed by 3% after reporting higher sales. Richemont Jumped +7.4% after saying five month sales accelerated amid higher demand in Japan and Europe. Hermes International SCA added +5.3%. SABMiller soared +20% after saying that AB InBev intends to make a takeover proposal. AB InBev gained +8.5%.
US stocks rallied after data showed healthy growth in consumer healthy growth in consumer spending but did little to remove uncertainty about whether the Federal Reserve will raise rates this week. The Dow Jones Industrial Average (+1.40%), S&P 500 (+1.28%) and the Nasdaq Composite (+1.14%) all increased. Speculation about when the Fed will end seven years of near zero interest rates has dogged Wall Street for several months, with the picture complicated by recent market turbulence that some as justification for the central bank to hold off. All 10 major S&P sectors were up, with the industrials index’s 1.68% gain leading the way, and GE rising +2.14%. Microsoft jumped +2.18%, making the biggest single contribution to the S&P’s rally. The financial index rose +1.65%, led by JPMorgan’s 2.15%. Fiat Chrysler Automobiles rose +3.42% after the United Auto Workers union said it will keep talking with the company to reach a new contract for the company’s US factory workers, delaying a possible strike at its most profitable operations.
Asian stocks rose, following a rally in US equities as investors sifted through the latest data on the world’s biggest economy before the Federal Reserve’s decision on interest rates. The Nikkei 225 (+0.81%), Hang Seng (+2.38%) and the S&P/ASX 200 (+1.60%) all advanced. Cnooc Ltd gained +1.5% in Hong Kong as crude futures advanced. Sony Corp rose +1.2% in Tokyo after saying it’s cutting the Japanese price of its Playstation 4 to maintain a sales lead through the year-end holiday shopping season. Samsung Heavy Industries Co surged +11% in Seoul on expectations that it would merge with Samsung Engineering Co.
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.