European stocks were little changed as investors awaited a speech by Janet Yellen for clues about the interest rate outlook. The ESTX 50 (-0.07%), CAC 40 (-0.21%), Dax (+0.02%) and UK markets (-0.01%) all posted small changes in early trading. London Stock Exchange Group Plc declined -0.9% after announcing a rights offering. Marine Harvest advanced +1% after Norway said it will allow fish farmers to hold more stock and delay harvesting to limit the impact of a Russian import ban shutting out close to 10% of the Nordic country’s salmon output. Lonmin Plc climbed +4% after Goldman Sachs Group Inc raised the company to “Conviction Buy” from “Neutral”, saying concerns over the company’s balance sheet are overdone.
US stocks rose amid optimism the Federal Reserve is committed to supporting a strengthening economy. The Dow Jones Industrial Average (+0.36%), S&P 500 (+0.29%) and the Nasdaq Composite (+0.12%) all advanced. Hormel Foods Corp gained +4.3% after reporting earnings and revenue that beat analysts’ estimates. Hewlett-Packard advanced +5.4%, the most in the S&P 500, after posting its first sales growth in 12 quarters, fuelled by improving personal computer sales. Sears Holdings Corp fell -7.2% after posting a wider second quarter loss as sales decreased for the 30th straight quarter. Dollar Tree Inc fell -1.3% as the discount chain cut the top end of its full year earnings forecast amid costs related to its bid for Family Dollar Stores Inc. Family Dollar lost -0.5% and Dollar General slipped -0.2%.
Asian stocks rose after reports from US housing to manufacturing showed the world’s largest economy is strengthening. The S&P/ASX 200 (+0.12%) and the Hang Seng (+0.36%) both increased, while the Nikkei 225 (-0.30%) decreased. China Rongsheng Heavy Industries Group Holdings Ltd climbed +9.4% in Hong Kong after agreeing to buy a stake in Kyrgyzstan oilfields. GungHo Online Entertainment Inc gained +1.4% in Tokyo as parent SoftBank Corp plans to buy the unit’s stake in a Finnish online game developer. Li & Fung lost -4.6% after saying most of its customers are delaying order decisions until they get better indications about consumer confidence in the third quarter. Iluka Resources Ltd climbed +3.4% in Sydney after posting an unexpected profit. Santos Ltd jumped +3.9% as earnings increased at the Australian oil and gas producer.
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.