European shares gained as crude and commodity prices recovered and investors shrugged off concerns that a Federal Reserve rate increase as early as June will derail the US economic recovery. The ESTX 50 (+1.43%), CAC 40 (+1.41%), Dax (+1.05%) and the UK markets (+1.68%) all posted gains in early trading. Ladbrokes Plc jumped +11% after the UK’s competition watchdog said the company and rival Coral Group may have to sell as many as 400 shops to get approval of a merger that would create Britain’s biggest betting shop chain. UniCredit rose +3.4% after Media reports it could look at asset sales to boost its capital base, which could help ease concerns over a potential cash call.
US stocks fell as Wall Street became more worries that the Federal Reserve might raise US interest rates as early as June. The Dow Jones Industrial Average (-0.52%), S&P 500 (-0.37%) and the Nasdaq Composite (-0.56%) all decreased. In a new blow to Wall Street’s confidence, New York Fed President William Dudley said the US economy could be strong enough to warrant a rate increase next month. Microsoft fell -0.96% and Verizon Communications lost -1.51%, both weighing the most on the S&P 500. Wal-Mart surged +9.58% after reporting first quarter results that beat analysts’ estimates. Monsanto gained +3.52% after disclosing German group Bayer made an unsolicited takeover proposal.
Asian stocks swung between losses and gains as investors assess what an US interest rate increase as soon as June will mean for global economic growth. The S&P/ASX 200 (+0.53%), Hang Seng (+0.80%) and the Nikkei 225 (+0.54%) all increased. Oil Search Ltd climbed +0.2% in Sydney after agreeing to buy InterOil Corp in a deal valuing the company around $2.2 billion. BHP Billiton Ltd rallied +1.1% and Rio Tinto Group gained +1.7% in Sydney as copper prices rose. Japanese exporters rose on a weaker yen. Toyota Motor Corp added +1.2%. TDK Corp, which gets more than 90% of revenue abroad, climbed +2.1%.
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.