European stocks were mixed amid investor speculation that the Federal Reserve won’t rush to raise interest rates after weaker than expected US data. The ESTX 50 (+0.09%), UK markets (+0.54%) and the CAC 40 (+0.10%) all posted gains in early trading, while the Dax (-0.09%) was slightly down. J Sainsbury Plc added +1.5% after reporting a lower than estimated decline in quarterly same store sales. Antofagasta Plc slid -2.2% after reporting full year earnings and sales that missed estimates. Volkswagen rose +2.2% after industry data showed new car registrations in Europe rose 7% in February.
US stocks rallied as the US dollar eased back from its recent peak and worries eased about the timing of a Federal Reserve interest rate hike. The Dow Jones Industrial Average (+1.29%), S&P 500 (+1.35%) and the Nasdaq Composite (+1.19%) all advanced. Energy shares rallied despite further losses in oil prices. The S&P energy index was up 1.4%, while US crude oil settled 96 cents down at $43.88 a barrel and earlier in the session hit its lowest since March 2009. Exxon Mobil was up +1.1%. Salix Pharmaceuticals rose +2% after it agreed to an increased $173 share offer from Valeant Pharmaceuticals. Valeant shares were up +2.5%. Avon Products was down -5.7% after S&P Dow Jones Indices announced that the stock would be moved out of the S&P 500 this month.
Asian shares rose as investors speculated that weaker than expected US data could prompt the Federal Reserve to express caution this week on the timing of a future rate hike. The Nikkei 225 (+0.99%) and the S&P/ASX 200 (+0.77%) both gained, while the Hang Seng (-0.20%) declined. Tokyo Gas co jumped +2.3% after a report it may buy back 50 billion yen in shares next fiscal year. Hitachi Ltd and Mitsubishi Heavy Industries Ltd gained at least +1.8% on a report the companies plan to target return on equity of more than 10%. Guangzhou R&F Properties Co sank -7.6% in Hong Kong after posting full year profit that missed estimates. Pigeon Corp surged +4.7% after Credit Suisse Group AG raised its rating on the stock.
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.