European stocks gained as negotiations between Greece and its creditors continued. The ESTX 50 (+0.26%), UK markets (+0.07%), CAC 40 (+0.16%) and the Dax (+0.55%) all posted gains in early trading. Tullow Oil Plc climbed +2.8% after saying it got a $450 million loan increase. TSB Banking Group Plc gained +1.7% after Banco de Sabadell SA agreed to buy it for £1.7 billion. Sabadell added +0.8%. Holcim rose +1.3% and Lafarge added +3.5% after the companies agreed new terms on a planned multi billion euro deal that would create the world’s biggest cement firm. CRH rose +4.1% as the Holcim-Lafarge deal paved the way for CRH’s acquisition of cement assets from the combined entity.
US stocks fell as a stronger dollar weighed on oil and other commodity prices, sending the energy and materials sectors lower. The Dow Jones Industrial Average (-0.65%) and the S&P 500 (-0.49%) both declined, while the Nasdaq Composite (+0.19%) increased. WTI crude fell -1.9% and Brent fell -2.6% as the dollar strengthened, and on concerns over excess supply. The S&P 500 energy sector index fell -1.7%. Biotech stocks helped buoy the Nasdaq Composite and the S&P 500’s healthcare sector. Regeneron added +2.9% and Biogen rose +1.3% after Credit Suisse upped its price target on the stock to $500 from $400. Guess Inc shares surged +16% after quarterly profit beat analyst estimates as the apparel retailer’s expenses declined and online business grew.
Asian stocks rose after the Federal Reserve said data suggests US economic growth has moderated and officials indicated interest rates will rise at slower pace than previously forecast. The Nikkei 225 (+0.43%) and the S&P/ASX 200 (+0.41%) both increased, while the Hang Seng (-0.38%) decreased. Ping An Insurance (Group) Co advanced +3.5% after saying annual profit rose 40% and it plans to pay dividends and bonus shares. Nippon Yussen K.K added +1.1% after the price of shipping commodities rose the most in two months. Yahoo Japan Corp jumped +6.3% as it boosted its dividend. Nintendo sank -6.6% after surging 36% in the past two days.
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.