European stocks advanced as investors awaited economic data out of Europe and America this week. The ESTX 50 (+0.48%), UK Markets (+0.48%), CAC 40 (+0.57%) and the DAX (+0.42%) all posted gains in early trading. Novartis AG climbed +3.5% after saying the last phase of a clinical trial showed a treatment for chronic heart failure helped patients live longer. ING Groep NV climbed +2.8% after saying it intends to resume dividend payments as soon as next year after a five year pause. ING Groep will pay a dividend over 2015 after fully repaying a 2008 government bailout by next May at the latest. ING said dividend payouts should grow to at least 40% of net income by 2017. Delhaize Group advanced +2.7% after JPMorgan Chase & Co raised its recommendation to “overweight” from “neutral”, citing sales growth in the US. RWE lost -1.3% after UBS listed the company among its European stocks to avoid, citing weak growth. Shanks Group Plc slid -5.5% after Liberum capital downgraded its rating on the company to “hold” from “buy”, citing expectations of unchanged profit in fiscal year 2015. Rio Tinto climbed +1.8% and Anglo American advanced +1.2%.
US stocks rose and the dollar fell as Federal Reserve Chair Janet Yellen said the economy will need further support. The Dow Jones Industrial Average (+0.82%), S&P 500 (+0.79%) and the NASDAQ Composite (+1.04%) all advanced. Edwards Lifesciences rose +4.2% and Medtronic Inc climbed +1.9% after studies were released that will increase use of their man-made heart valves. Amgen Inc gained +2.3% after releasing data that showed its experimental heart treatment was effective in lowering cholesterol. Microsoft rose +1.7% after CEO Satya Nadella said he had appointed new leaders for the company’s cloud and enterprise organisation, the Xbox business and the devices group. Netflix Inc dropped -1.9%, extending its loss this month to 21%. The stock had rallied 137% in the previous 12 months. Micron Technology rallied +8%.
Asian stocks rose as consumer shares led an advance. The Hang Seng was up +1.08%, while the Nikkei 225 (-0.24%) and the S&P/ASX 200 (-0.10%) both declined. Eclat Textile Co gained +7% in Taiwan after Deutsche Bank AG recommended the stock, citing valuations and saying its second quarter should improve on rush orders for seasonal products. Samsung SDI jumped +6.6% after it said Cheil Industries for about 3.5 trillion won in stock. Samsung SDI said the deal will take effect from July 1 if approved by stockholders. Cheil soared +5.8%. Cnooc Ltd dropped -5.4% in Hong Kong after saying its net income declined 11% last year from 2012. The shares target price was cut to HK$14.5 from HK$15.5 at BNP Paribas. Intime Retail Group Co slid -7.5% in Hong Kong following a 17% surge after saying it will receive about $692 million in an investment from Alibaba Group Holding Ltd.
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.