European stocks fell as Federal Reserve officials begin a two day meeting to decide on stimulus policy. The ESTX 50 (-0.53%), UK Markets (-0.15%), CAC 40 (-0.29%) and the DAX (-0.70%) all posted losses in early trading. Scania AB declined -3.5% after a board committee recommended rejecting Volkswagen’s takeover offer. J.Sainsbury Plc fell -0.9% after reporting the first drop in same store sales in more than nine years. Kuoni Reisen Holding AG advanced +3.1% after posting 2013 profit that exceeded analysts’ estimates. Vodafone slipped -1% after Fitch Ratings said it may cut the company’s credit rating and Oriel Securities downgraded the shares. Antofagasta Plc rose +3.9% after announcing a dividend that beat forecasts. Fresnillo Plc slid -4.5% and Randgold Resources Ltd dropped -1.2%
US stocks rose as data showing a gain in industrial production boosted optimism over the economy and investors watched developments in Ukraine. The Dow Jones Industrial Average (+1.13%), S&P 500 (+0.96%) and the NASDAQ Composite (+0.81%) all advanced. Yahoo! Inc jumped +4% after Alibaba Group Holding Ltd began the process for listing shares in the US. Hertz Global Holdings Inc added +4.8% after a report that the company will spin off its equipment rentals unit. Adobe Systems Inc climbed +1.5% after RBC Capital Markets LLC raised the stock’s 12 month price target. VeriSign tumbled the most in the S&P 500, losing -5.8% after Cowen & Co downgraded the shares to “market perform” from “outperform” and reduced its 12 month price target. International Business Machines Corp rose +2% and 3M Co gained +1.9% for the biggest advances in the Dow.
Asian stocks rose as data showing improvement in US factory output boosted optimism for the world’s biggest economy. The Nikkei 225 (+0.94%), Hang Seng (+0.51%) and the S&P/ASX 200 (+0.51%) all made gains. Lippo surged +36% in Hong Kong, its biggest advance on record, after the South Korean tourism ministry said the company and Caesars will build a casino, hotel and shopping complex near the Incheon International Airport west of Seoul. The government granted preliminary approval for the first part of a project valued at as much as 2.3 trillion won. Mitsubishi Electric Corp gained +3.1% in Tokyo after saying it would raise its dividend. Tencent advanced +5.8% in Hong Kong after dropping -11.5% the past four trading days. Nissan Motor Co, a company that gets about 80% of sales overseas, rose +2.2%. LG Electronics climbed +4.2% in Seoul. Samsung Electronics Co added +0.9%.
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.