European stocks were mixed before a report that may show euro-area consumer confidence rose to the highest level since 2007. The ESTX 50 (-0.11%) and the CAC 40 (-0.06%) both declined, while the UK Markets (+0.27%) advanced and the DAX (0.00%) was flat. Shire rallied +13% after AbbVie Inc said the company rejected takeover offers of as much as £27.3 billion. FBD Holdings Plc slid -11% after the general insurer cut its profit forecast for 2014. TSB rallied +13% on its first day of trading. Lloyds Banking Group Plc will raise £455 million through the initial public offering of TSB. The bank is selling 175 million TSB shares, or 35% of the company at £2.60 a share. The stake is more than the 25% initially planned because of investor demand. Telenor ASA declined -2.5% after it was reported that the Norwegian government plans to sell shares in the company and Kongsberg Gruppen ASA, valued at a combined 47 billion kroner.
US stocks rallied as the Federal Reserve’s policy statement fuelled optimism that the economic recovery will accelerate. The Dow Jones Industrial Average (+0.09%) and the S&P 500 (+0.13%) both advanced, while the Nasdaq Composite (-0.08%) declined. BlackBerry Ltd jumped +9.7% after reporting a narrower loss than analysts had projected. Kroger Co advanced +5.1% as it increased its full year profit forecast. Coach Inc slumped -8.9% after forecasting a prolonged slump in sales at its North American stores. KBR Inc dropped -7.1% after saying it undergo a strategic review of its business. Starbucks Corp rose +2.2% after UBS AG boosted its rating on the company to “buy” from “neutral” and its stock price estimate to $87 from $90, citing that the company has one of the best long-term growth opportunities among consumer multinationals. KBR dropped -7.1% after saying it will undergo a strategic review of its business after reporting losses in a Canadian assembly plant and on two US construction projects.
Asian stocks fell as materials and technology companies dropped. The Nikkei 225 (-0.08%) and the S&P/ASX 200 (-0.89%) both declined, while the Hang Seng (+0.13%) was up. Samsung Life lost -3.4% after Samsung Life Public Welfare Foundation sold about five million shares at 100,320 won each. Gold producers advanced as bullion headed for its longest run of weekly advances since March. Zijin Mining Group Co climbed +3.5% in Hong Kong. Newcrest Mining Ltd gained +4% in Sydney. Isuzu Motors Ltd climbed +3.6% in Tokyo after JPMorgan Chase & Co recommended the company’s shares in new coverage, citing pickup in the Japanese and Thai auto markets. HTC Corp climbed +2.3% in Taipei after Chief Executive Officer Peter Chou said he is seeing improvement from the second quarter.
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.