European shares were modestly negative this morning as several companies reported earnings. The ESTX 50 (-0.02%), UK markets (-0.07%), CAC 40 (-0.01%) and the Dax (-0.16%) all posted small declines in early trading. Ericsson advanced +5.6% after second quarter sales beat estimates. Electrolux climbed +2.8% after profit topped estimates. Volvo AB slid -5.7%, reversing earlier gains after its interim CEO said he doesn’t expect a rebound in Brazilian demand anytime soon. Givaudan SA rose +4.7% after reporting a surprise increase in first half earnings. 888 Holdings Plc rallied +7.8% after agreeing to buy Bwin.party Digital Entertainment Plc for £898.3 million. Marks & Spencer Group Plc lost -1.1% after John Dixon unexpectedly resigned.
US stocks gained with the Nasdaq finishing the session at a record high after earnings reports from eBay and Netflix boosted optimism. The Dow Jones Industrial Average (+0.39%), S&P 500 (+0.80%) and the Nasdaq Composite (+1.26%) all increased. Google’s shares jumped more than +13% after the bell following a better than expected profit report. Netflix surged +18.02% a day after reporting strong subscribers numbers. Citigroup rose +3.77% after reporting its highest quarterly profit in eight years. EBay rose +3.39% to a record high after reporting better than expected quarterly profit and announcing the sale of its enterprise business. Goldman Sachs fell -0.84% after posting its smallest quarterly profit in nearly four years.
Asian stocks rallied as the increased likelihood of an end to Greece’s debt crisis bolstered global equities. The Nikkei 225 (+0.25%), Hang Seng (+1.03%) and the S&P/ASX 200 (+0.01%) were all positive. Dai-ichi Life Insurance Co added +2%. CyberAgent Inc jumped +4.4% after Jefferies Group LLC initiated coverage on the company with a “buy” rating. Inpex Corp dropped -1% as crude prices headed for a third weekly decline. Sharp Corp fell -3.5% after a report the company will post an operating loss following a slump in smartphone display panel sales. Poly Real Estate Group Co and Gemdale Corp gained +3% in anticipation that government data will show new home prices continued to recover in June.
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.