European stocks climbed as investors awaited reports on US and euro-area manufacturing. The ESTX 50 (+0.27%), UK markets (+0.40%), CAC 40 (+0.31%) and the Dax (+0.15%) all posted gains in early trading. BNP Paribas SA added +2.8% after saying it intends to keep its dividend unchanged even after agreeing to plead guilty to US sanctions violations and pay $8.97 billion in fines. CaixaBank SA rose +1.1% after its chief executive resigned. Bilfinger SE sank -15% after cutting its full-year profit forecast. Kloeckner & Co fell -3% after Credit Suisse Group AG downgraded the company to “underperform” from “buy”, citing a lacklustre steel environment. Rhoen Klinikum AG fell -2.3% after Fresenius SE said it sold a 5% in company, or 6.9 million shares, to Berenberg, which will sell them to institutional investors. Rio Tinto Group gained +2.8% after Bank of America raised its recommendation on the company to “buy” from “neutral”, citing its valuation.
US stocks were little changed, capping its longest streak of quarterly gains since 1998, as housing data beat estimates to offset a weaker than forecast manufacturing reading. The Dow Jones Industrial Average (-0.15%) and the S&P 500 (-0.04%) both declined, while the Nasdaq Composite (+0.23%) was up. Yahoo added +2.6% after Piper Jaffray raised its rating on the company to “overweight” from “neutral”, saying its 23% stake in Alibaba Group Holding Ltd is undervalued. Micron Technology Inc advanced +4.6% for the biggest increase in the S&P 500 after Credit Suisse Group AG added the company to the firms top investment ideas. Bank of New York Mellon Corp rose +3.5% after it was reported that Trian Fund Management LP is seeking talks with Bank of New York after revealing a 2.5% stake in the world’s largest custody bank. General Motors Co fell -0.9% after recalling 8.45 million cars for defects including ignitions and electrical malfunctions. D.R.Horton Inc rallied +3.2%.
Asian stocks rose driven by a rally in Japanese stocks as investors weighed a survey of business sentiment. The Nikkei 225 (+1.08%) advanced, while the Hang Seng (-0.13%) and the S&P/ASX 200 (-0.37%) both declined. Epistar gained +1.9% and Formosa Epitaxy soared +6.9% in Taipei after it was reported that Formosa Epitaxy will become Epistar’s wholly owned subsidiary after the completion of a share swap, scheduled for 30th December. Square Enix jumped +6.5% after President Yosuke Matsuda said that the company aims to boost sales from Asia outside its home market of Japan to as much as 40% of its total within several years. GS Engineering & Construction jumped +7% in Seoul. Daikin Industries Ltd soared +4.5%.
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.