European stocks advanced as investors awaited data that may show German business confidence increased. The ESTX 50 (+0.20%), UK Equities (+0.13%), CAC 40 (+0.36%) and the DAX (+0.13%) all posted gains in early trading. Novartis AG climbed +1.5% after proposing a share buyback and saying it will enter new business segments. Solarworld AG rallied +3.9% after a report that it will announce the takeover of Bosch Solar Energy AG next week. Flughafen Zuerich AG dropped -2.2% as Credit Suisse Group AG lowered its recommendation on the shares. Roche Holding AG added +0.7% after its cancer drug won approval for a new treatment in Japan. Tullow Oil Plc gained +1.64% after reporting it had found oil in Kenya.
US stocks rose as data showed improvement in the job market and several companies said they would repurchase shares. The Dow Jones Industrial Average (+0.69%), S&P 500 (+0.81%) and the NASDAQ Composite (+1.22%) all advanced. Johnson Controls climbed +4.4% after boosting a stock repurchase program by $3 billion. Union Pacific Corp added +1.4% after authorising a buyback plan of as much as $9.5 billion in stock. GM increased +1.1% after the Treasury said it plans to sell its 31.1 million common shares in the company, as soon as year end depending on market conditions and trading volumes. Target dropped -3.5% after reporting a drop in earnings as after generating lower than projected sales in Canada as rivals cut prices. Micron rallied +6.3% for the biggest gain in the S&P 500 after Einhorn told investors to buy the shares. Williams-Sonoma Inc gained +7.6% after raising its profit forecast after same store sales rose faster than analysts’ estimated in the third quarter.
Most Asian stocks rose as Chinese shares traded in Hong Kong headed for its biggest weekly advance in two years. The Nikkei 225 (+0.10%), Hang Seng (+0.49%) and the S&P/ASX 200 (+0.90%) all gained. Glorious Property Holdings Ltd soared by a record +33% in Hong Kong after Chinese billionaire Zhang Zhirong offered as much as $589 million to take the real estate developer private. SoftBank rose +2.3% in Tokyo after it was reported that Third Point LLC hedge fund has a stake of more than $1 billion in the Japanese company. Japanese exporters advanced. Toyota gained +1% and Honda Motor Co added +1.3%.
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.