European stocks rose after the Federal Reserve repeated its pledge to leave interest rates near their record low and said the US economy should experience sustained growth. The ESTX 50 (+0.92%), UK Markets (+0.75%), CAC (+0.83%) and the Dax (+0.80%) all posted gains in early trading. Rolls-Royce Holdings Plc jumped +5.7% after saying it will buy back £1 billion of its own shares. Qiagen NV advanced +1.1% after saying US regulators approved its kit to test for cytomegalovirus. Ryanair Holdings Plc increased +0.8% after UBS AG recommended buying the shares. CRH Plc and Balfour Beatty Plc each rose more than +1%, tracking gains in European construction and materials companies. Darty Plc rallied +2.3% after posting full year pretax profit that beat estimates.
US stocks rose as the Federal Reserve comments and repeated that interest rates will remain low for a considerable time. The Dow Jones Industrial Average (+0.58%), S&P 500 (+0.77%) and the Nasdaq Composite (+0.59%) all advanced. FedEx Corp advanced +6.2% after predicting a pickup in domestic and global economic growth. Adobe Systems Inc jumped +8.2% after posting revenue and profit that beat analysts’ estimates. ConAgra Foods Inc dropped -7.3% as the company cut its fourth quarter forecast. Walgreen Co rose +4.1% after Barclays upgraded the company to “overweight” from “equal weight” and increased their price target to $92 from $56, citing that earnings could get a lift if the board decides to act on shareholder recommendations.
Asian stocks rose after the Federal Reserve said interest rates will remain low for some time as US growth rebounds, and Premier Li Keqiang pledged to sustain China’s economic expansion forecast. The Nikkei 225 (+1.62%) and the S&P/ASX 200 (+1.59%) both gained, while the Hang Seng (-0.06%) was fairly flat. Materials shares led gains across the region as BHP Billiton climbed +3.3% and Rio Tinto Group advanced +2.3% in Sydney. Nippon Steel & Sumitomo Metal Corp gained +3.1% in Tokyo. Nippon Sheet Glass Co surged +17% after Nomura Holdings raised its rating on the company to “buy” from “neutral”, citing expectations for greater improvement in the glass business over the next three years. China Overseas Land lost -2% in Hong Kong as UBS said it expects more extensive price cuts for property.
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.