European shares rose this morning in a broad based rally led by commodity producers. The ESTX 50 (+1.04%), CAC 40 (+1.34%), Dax (+0.86%) and the UK markets (+1.45%) all posted gains in early trading. Weir Group Plc added +4.4% after JPMorgan Chase & Co recommended buying shares of the maker of fracking pumps for oil companies, citing improving prospects. Sodexo SA gained +3.4% after an upgrade by Raymond James Financial Inc. Royal Dutch Shell Plc and Tullow Oil Plc added more than +1.5% as oil recovered from the lowest close in more than a month after clashes disrupted shipments from Libya. Glencore Plc and Anglo American Plc advanced at least +2.8% as commodities rose.
US stocks fell as the possibility of a $14 billion fine against Deutsche Bank weighed on big banks and investors wrestled with lingering uncertainty about when the US Federal Reserve will hike interest rates. The Dow Jones Industrial Average (-0.49%), S&P 500 (-0.38%) and the Nasdaq Composite (-0.10%) all declined. The settlement proposal, made during negotiations between the US Department of Justice and Deutsche Bank over claims that the German bank miss-sold mortgage backed securities, was larger than expected. Deutsche Bank’s US listed shares slumped -9.35%. Goldman Sachs and JPMorgan fell over -1% each.
Asian stocks outside Japan rose with oil as investors considered stronger than expected US inflation data ahead of policy meetings by the Federal Reserve and Bank of Japan later this week. The Hang Seng (+0.92%) rose, while the S&P/ASX 200 (-0.04%) was flat. Japanese markets are shut for holiday. TSMC rose +5.2% and Foxconn was up +6.8% in Taipei after the Economic Daily News reported that Apple asked Foxconn to get ready to produce more phones amid strong sales. Sunac China Holdings Ltd rose +7.5% in Hong Kong after announcing plans to buy properties worth 13.8 billion yuan from Legend Holdings Corp. Santos Ltd climbed +2.6% in Sydney as crude oil futures rebounded.
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.