European stocks rose amid a rally in miners and energy producers, while investors maintained faith that the UK will vote to remain in the European Union. The ESTX 50 (+0.24%), CAC 40 (+0.33%), Dax (+0.52%) and the UK markets (+0.115) all posted gains in early trading. Anglo American Plc and ArcelorMittal both rose at least +1.9% as industrial metals climbed. Merlin Properties Socimi SA gained +3.4% after agreeing to a merger with Metrovacesa SA to create the largest Spanish property rental group. Julius Baer advanced +2% after Citigroup raised its rating on the stock to “buy” from “neutral”.
US stocks rose as Federal Reserve Chair Janet Yellen was optimistic about the economy and played down the risk of recession. Yellen, however, warned that the British vote tomorrow on whether to stay in the European Union, alongside a US hiring slowdown, posed risks to the economic outlook. The Dow Jones Industrial Average (+0.14%), S&P 500 (+0.27%) and the Nasdaq Composite (+0.14%) all increased. Microsoft led the S&P advance with a +2.2% gain followed by Apple’s +0.8% rise. United Continental rose +3.4% after laying out plans to generate an extra $3.1 billion in operating income per year by 2018. Celegene was the biggest drag on the S&P with a -2.4% decline.
Asian stocks erased losses, as Japanese equities pared their decline, as campaigning for the UK referendum enters the final day. The S&P/ASX 200 (-0.06%) and the Nikkei 225 (-0.64%) were both negative, while the Hang Seng (+0.68%) advanced. Coal producers rallied in Hong Kong and Shanghai as oil traded near $50 a barrel. Yanzhou Coal Mining Co surged by the +10% daily limit, while China Coal Energy Co added +2.8%. Shenhua Energy surged +5.3% to lead gains for stocks in the Hang Seng. Toyota lost -0.14%, Nissan declined -0.34%, Honda dropped -1.75% and Sony was down -1.86% as the yen gain impacting Japanese exporters overseas profits.
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.