European stocks gained this morning although banks extended their declines. The ESTX 50 (+0.24%), UK markets (+0.14%), CAC 40 (+0.29%) and the Dax (+0.13%) all posted gains in early trading. Banco Poplare and Banca Popolare di Milano were both down more than -4% after the ECB set conditions to approve their planned merger and asked for a multi- year industrial plan within a month. Nordea Bank fell -7% as the stock went ex-dividend and Societe General cut its price target, keeping its “sell” rating. Generali fell -2.2% after reporting profit that rose less than expected because of writedowns on its equity holdings.
US stocks gained, pushing the Dow Jones into positive territory for the year, as commodity prices rose on the back of a weaker US dollar to boost shares in the energy and materials sectors. The Dow Jones Industrial Average (+0.90%), S&P 500 (+0.66%) and the Nasdaq Composite (+0.23%) all advanced. US crude settled up 4.5% at $40.20 a barrel on optimism that major producers will strike an output freeze deal next month amid rising crude exports and petrol demand in the United States. General Electric rose +2.6% and gave the biggest boost to the S&P 500. FedEx rose +11.8% after forecasting better than expected full year earnings. Endo International dropped -12.5% after forecasting first quarter results below estimates.
Asian stocks rose as investors turned more positive on riskier assets after the Federal Reserve’s cautious stance on further interest rate increases. The Hang Seng (+0.82%) and the S&P/ASX 200 (+0.29%) both increased, while the Nikkei 225 (-1.25%) decreased. Juki Corp jumped +9.5% after announcing it will buy back shares. CKD Corp added +4.1% after Iwai Cosmo Securities Co raised its rating on the company to “outperform”. Toyota Motor Corp fell -2.3% after the dollar continued to tumble against the yen, weighing on the earnings outlook for Japanese exporters. Tencent Holdings Ltd jumped +3.7% to its highest level since June after the company posted a better than expected 45% jump in quarterly sales.
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.