European stocks were slightly down in early trading despite China vowing to carry out the broadest plan for economic reform since the 1990’s. The ESTX 50 (-0.26%), FTSE 100 (-0.27%), CAC 40 (-0.26%) and the DAX (-0.19%) were all on the retreat this morning. Aberdeen Asset Management Plc jumped +11% after Lloyds Banking Group Plc agreed to sell its Scottish Widows Investment Partnership division to the money manager. Sonova Holding AG advanced +6.9% after raising its full year forecast after first half revenue beat analyst estimates. Medica SA climbed +8.6% after the company and Korian SA said they planned to merge. Petrofac Ltd plunged -15% after predicting its growth will be flat to modest in 2014. Aveva Group Plc fell -8.9% after saying first half revenue amounted to £108.5 million, falling short of the £109.8 million analysts had projected. Promotora de Informaciones SA lost -1.7% after it was reported that the company is seeking to reach an agreement with creditors to refinance more than €3 billion in debt as early as this week.
US stocks rose as investors assessed data on factory output amid growing speculation the Federal Reserve will maintain the pace of its monthly stimulus. The Dow Jones Industrial Average (+0.54%), S&P 500 (+0.42%) and the NASDAQ Composite (+0.33%) all gained. Exxon Mobile Corp rallied +2.2% to a record after Warren Buffet’s Berkshire Hathaway Inc disclosed a stake. FedEx Corp climbed +1.6% as billionaire investors George Soros and John Paulson took positions. Fannie Mae and Freddie Mac increased more than +6% as Bill Ackman’s hedge fund bought shares in the government backed mortgage insurers. Western Union Co dropped -4.3% after the company said its CFO is leaving. General Electric Co rose +0.8% after saying it will sell as much as 20% of its North American consumer lending business in an IPO in 2014. Kellogg Co declined -1.1% after being cut to “underweight” from “equal-weight” at Barclays. American Express Co added +1.1% and Visa Inc rose +0.9%.
Asian stocks rose after China vowed to carry out the broadest expansion of economic freedoms since at least the 1990’s. The Hang Seng jumped +2.73%, while the S&P/ASX 200 declined -0.31% and the Nikkei 225 was flat (-0.01%). China Mengniu Dairy Co jumped +5.1% after policy makers pledged to relax the nation’s one child policy. Yashili International Holdings Ltd, which makes dairy products, jumped +9.3% in Hong Kong. Biostime International Holdings Ltd climbed +4%. Citic Securities Co surged +13% in Hong Kong, leading gains among Chinese brokerages as the government flagged policy changes that signalled the end of a ban on mainland IPO’s. Haitong Securities Co jumped +10%. Dwango Co soared +17% in Tokyo after jumping by the daily limit when the provider of content through mobile phones said Nintendo Co bought a stake in the company. Nintendo lost -0.2%.
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.