European shares rose on fresh optimism that Greece would reach an agreement with its international lenders. The ESTX 50 (+0.77%), UK markets (+0.21%), CAC 40 (+0.88%) and the Dax (+0.59%) all posted gains in early trading. Energy stocks and banks were among the biggest gainers this morning after Eni SpA and Credit Agricole SA posted results. Eni rose +3.5% after posting fourth quarter operating profit of €2.32 billion, beating estimates of €1.9 billion. Credit Agricole jumped +4% after reporting better than forecast fourth quarter profit on higher earnings at the investment bank and lower provisions for doubtful loans. Vivendi SA gained +1.6% after receiving an offer of €3.9 billion for its 20% stake in Numericable-SFR from the company and Altice France. De La Rue Plc advanced +4.4% amid reports of a possible bid for the company. Intu Properties Plc slid -1.8% as Barclays Plc recommended selling the shares.
US stocks rose as optimism grew that a debt deal would be reached with Greece and as bond prices sold off. The Dow Jones Industrial Average (+0.16%), S&P 500 (+0.16%) and the Nasdaq Composite (+0.11%) all increased. US listed shares of National Bank of Greece ended up +1.2% after falling more than -13% earlier in the session. Shares of Transocean Ltd recovered to close flat a day after the company slashed its dividend and said its chief executive stepped down. Celsus Therapeutics plummeted -81.4% after the company’s lead treatment failed a mid-stage study. VBL Therapeutics Inc dropped -65.5% after it said it would stop developing its experimental inflammatory treatment to sight ulcerative colitis and psoriasis. Noble Corp rose +5.1% and Diamond Offshore Drilling Inc added +4.9% after crude prices rose +1.4%.
Asian stocks rose as pessimism over the Greek debt saga receded somewhat, while the dollar held firm against the yen after spiking up on higher US debt yields. The Nikkei 225 (+1.18%), Hang Seng (+0.19%) and the S&P/ASX 200 (+0.98%) all gained. Toyota Motor Co, the world’s largest maker of cars, gained +2% in Tokyo. China Petroleum & Chemical Corp gained +4.7% in Hong Kong amid optimism China will merge state owned oil producers. Noble Group Ltd rebounded +1.9% in Singapore after rejecting a research report questioning its accounting practices. Toll Holdings Ltd soared a record +47% after Japan Post Holdings Co agreed to buy the Australian logistics company.
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.