European stocks were mixed ahead of today’s UK budget and ahead of Federal Reserve policy decision. The ESTX 50 (-0.12%), CAC 40 (-0.08%) and the Dax (-0.13%) all posted losses in early trading, while the UK markets (+0.35%) were positive. SBM Offshore NV jumped +7.9% after agreeing to cooperate with Brazilian authorities investigating companies for corrupt contracts with state run Petroleo Brasileiro SA. Standard Chartered Plc gained +5.8% after Barclays Plc upgraded the shares to “overweight”, saying a new CEO marks a turning point for the company. Inditex SA gained +2.4% after reporting annual profit that met estimates, while sales rose 13% at the start of the quarter.
US stocks fell as nervousness increased ahead of a Federal Reserve statement. The Dow Jones Industrial Average (-0.71%) and the S&P 500 (-0.33%) both decreased, while the Nasdaq Composite (+0.16%) increased. Investors were anxious as the Federal Open Market Committee kicked off a two day policy meeting, to be followed by a statement from Janet Yellen later on today. While higher rates would be a sign of strength in the US economy, some investors question whether the economy is strong enough to handle increased borrowing costs. Losses were limited by a rise in tech shares. Apple was up +1.7% and Facebook gained +1.7%. After the bell, shares of Oracle rose +3.4% following results. Johnson & Johnson was the biggest drag on the S&P 500 with a -1.2% decline. American Airlines jumped +6.9% after an announcement that it would join the S&P 500.
Asian stocks rose as markets waited for the Federal Reserve’s policy statement for clues to when US interest rates will rise. The Nikkei 225 (+0.55%) and the Hang Seng (+0.91%) both advanced, while the S&P/ASX 200 (0.00%) was flat. Nintendo Co jumped +21% in a closing auction in Tokyo after the company said it will team up with DeNA Co to develop games for mobile devices. Taiwan Semiconductor Manufacturing Co advanced +3% as the Taiex Index increased the most in two months Fortescue Metals Group Ltd tumbled -5.3% in Sydney after it pulled plans to refinance some of its debt with a $2.5 billion bond, citing volatile US credit markets and a failure to achieve the terms it wanted. Inpex Corp dropped -2.9% as crude fell for a seventh day.
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.