European stocks rose after Greek Prime Minister Alexis Tsipras presented a new plan of reforms, while deals activity increased. The ESTX 50 (+2.75%), UK markets (+1.38%), CAC 40 (+2.80%) and the Dax (+2.88%) all posted gains in early trading. Bouygues SA jumped +13% Altice SA said its cable and wireless unit has made an offer to buy France’s third largest mobile phone company from Bouygues. Altice SA climbed +12%. Iliad SA rose +11% as it’s in exclusive talks with Altice’s Numericable-SFR to acquire a portfolio of assets. Orange SA gained +7.1%. Sky Plc added +4.9% after a report that the Murdoch family is eyeing a new takeover bid for the company after turning down two offers from Vodafone Group Plc and Vivendi SA. Severn Trent Plc gained +2.5% after a report that Borealis is considering a bid for the utility. Kuoni Reisen Holding AG added +1.6% after agreeing to sell its entire European tour operating business to Rewe Group’s DER Touristik.
US stocks fell ahead of a summit this week that could decide whether Greece will need to print its own currency and ditch the euro. The Dow Jones Industrial Average (-0.55%), S&P 500 (-0.53%) and the Nasdaq Composite (-0.31%) all decreased. ConAgra Food’s shares jumped +10.9% after activist hedge fund Jana Partners took a stake in the company. ConAgra’s peer Pinnacle Foods rallied +8.6% to $46.81 after earlier hitting a record high of $47.21. Macerich slumped -6.8% after it was reported that Simon Property Group was selling its ownership stake in the company. Simon fell -1.3%. KB Home rose +9.4% after announcing quarterly results that beat estimates.
Asian shares rose after Greece scrambled to avert defaulting on its debt with last minute proposals aimed at appeasing its creditors. The Nikkei 225 (+1.26%), Hang Seng (+1.11%) and the S&P/ASX 200 (+0.24%) all advanced. Asahi Kasei Corp gained +2% after a report the company’s operating profit may rise as much as 20%. Chugai Pharmaceutical Co added +5.1% after Barclays Plc raised its rating on the company. Sumco Corp lost -2.2% after Credit Suisse Group AG cut its target price on the company. Anhui Conch Cement Co climbed +3.7% to lead gains on the Hang Seng China Enterprises Index after slumping -11% last week. Great Wall Motor Co remained suspended pending a private yuan-denominated share sale.
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.