European stocks rose, reversing earlier losses, after equities completed their biggest quarterly advance since 2009. The ESTX 50 (+0.36%), UK markets (+0.46%), CAC 40 (+0.57%) and the Dax (+0.32%) all posted gains in early trading. Barry Callebaut surged +8% after it reported higher half year sales and profits, as cuts helped counter the impact of the surging Swiss franc. Neopost dropped -6.7% after posting disappointing results. GlaxoSmithKline Plc and Novo Nordisk A/S climbed +1.8% helping push up health care stocks. Barclays Plc and Banco Popular Espanol SA both gained more than +2%, leading banks higher.
US stocks fell, dragged down by energy and healthcare shares. The Dow Jones Industrial Average (-1.11%), S&P 500 (-0.88%) and the Nasdaq Composite (-0.94%) all retreated. Oil was pressured as Iran and six world powers continued talks on a nuclear deal that could see Iran increase oil exports. Exxon Mobil Corp fell -0.7%. Energy companies have dropped for three consecutive quarters, the longest stretch since 2009, paced by declines of more than 20% in Transocean Ltd, Diamond Offshore Drilling Inc and Chesapeake Energy Corp. West Texas Intermediate crude is down 11% since December. Charter Communications Inc rose +5.3% after agreeing to acquire Bright House Networks in a deal worth around $10 billion. Caterpillar Inc and Boeing Co both fell more than -1.6%.
Asian stocks fell after posting their steepest quarterly advance since 2013. The Nikkei 225 (-0.90%) and the S&P/ASX 200 (-0.52%) both declined, while the Hang Seng (+0.73%) increased. China Construction Bank rose +0.8%, Ping An Bank Co climbed +1.3%, China Life Insurance jumped +2% after the government announced plans to start an insurance system for bank deposits. Citic Securities Co advanced +3.4% and Haitong Securities Co climbed +5.9% amid speculation increased stock turnover and margin trading will boost earnings. Toyota Motor Corp slid -1.8% as the yen climbed. ABC-Mart Inc climbed +3.4% on a report that the company’s operating profit for the year end was less than analyst forecasts.
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.