European stocks advanced after several companies sold businesses. The ESTX 50 (+0.74%), UK Markets (+0.38%), CAC 40 (+0.65%) and the DAX (+0.65%) all posted gains in early trading. In Crimea, a total of 95.5% of voters opted to secede from Ukraine in yesterday’s poll. The EU said the referendum is illegal and illegitimate and its outcome will not be recognised. Russia deployed about 60,000 troops along the Ukrainian border. Ukraine closed border crossings to Russia and said it will mobilise as many as 15,000 volunteers in the next 15 days to defend the nation. RWE rose +2.3% after agreeing to sell its Dea oil and gas business to L1 Energy. RWE posted its first loss since the foundation of the Federal Republic of Germany in 1949. Allianz SE added +1.6% after agreeing to spend €440 million buying assets from Unipol Gruppo Finanziario SpA. Societe Generale gained +1.2% after agreeing to sell its Asian private bank to DBS Group Holdings Ltd. Vodafone Group Plc climbed +0.9% after agreeing to buy Grupo Corporativo Ono SA. Persimmon rallied +6.8% for the biggest gain in the UK.
US stocks fell as talks with Russia failed to end a standoff over Crimea ahead of yesterday’s referendum. The Dow Jones Industrial Average (-0.27%), S&P 500 (-0.28%) and the NASDAQ Composite (-0.35%) all declined. Bank of America dropped -2.1% amid a rate rigging lawsuit by the US Federal Deposit Insurance Corp. Credit Suisse decreased -2.5% in US trading and Citigroup fell -1%. Aeropostale tumbled -20% after forecasting a loss that exceeded the estimate of analysts’. The company has also said it has entered a strategic partnership with Sycamore Partners, which will provide a $150 million loan. Yahoo rose +1% after it was reported that Alibaba Group Holding Ltd, which Yahoo owns a 24% stake, is preparing to file for an initial public offering in the US. Boston Scientific Corp climbed +2.1% after the company’s Ingevity pacemaker wires received European approval as they met certain product standards.
Asian stocks fell as Western nations disputed Crimea’s vote to re-join Russia. The Nikkei 225 (-0.35%), Hang Seng (-0.30%) and S&P/ASX 200 (-0.22%) all retreated. Aeon Co sank -4.3% in Tokyo after posting profit that trailed estimates. Tencent Holdings Ltd slid -3.1% in Hong Kong after China blocked plans to offer virtual credit cards. SoftBank Corp, a company that owns part of Alibaba Group Holdings Ltd, jumped +4.9% after China’s biggest e-commerce company started the process for what may be the biggest US initial public offering in two years. Malaysian Airline System Bhd fell -2.1% in Kuala Lumpur as investigators stepped up scrutiny of the crew of the missing passenger jet. Police on March 15th searched the house of the pilot and first officer after Prime Minister Najib Razak said Flight 370 was intentionally diverted en-route to Beijing.
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.