European shares advanced this morning as commodity producers rebounded on higher metals prices. The ESTX 50 (+0.86%), CAC 40 (+0.68%), Dax (+0.75%) and the UK markets (+0.50%) all posted gains in early trading. Straumann Holding AF added +2.3% after raising its full year revenue guidance. Schneider Electric SE rose +1.7% after it was reported that the company is considering a sale of DTN, an agriculture news and data service that could be worth as much as $1.5 billion. Persimmon Plc climbed +3.8% after a reporting a robust first half of the year and the CEO saying he hadn’t seen any change in buyer behaviour since the Brexit vote.
US stocks were little changed as a drop in oil prices that weighed on the energy sector was offset with a rally in biotechnology companies. The Dow Jones Industrial Average (-0.12%) and the S&P 500 (-0.06%) were slightly down, while the Nasdaq Composite (+0.12%) was positive. Oil prices settled down more than 3% on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. Biotech stocks received a boost from Pfizer’s $14 billion acquisition of Medivation. Medivation’s shares jumped nearly +20% as the biggest boost to the Nasdaq. Apple lost -0.8% and was the biggest drag on all three of the main indexes. Intersil jumped +19.8% after a source told Reuters that Japan’s Renesas was in the final stages of negotiations to acquire the company for about $2.99 billion.
Asian stocks swung between gains and losses as energy producers declined after crude oil futures slumped and investors weighed the chances of higher US interest rates this year. The S&P/ASX 200 (+0.70%) gained, the Hang Seng (+0.00%) was flat and the Nikkei 225 (-0.61%) dropped. Chugoku Electric Power Co added +2.2%, while oil explorer Inpex fell -2.2%. Sumco Corp sank -6% posting the largest drop on the Nikkei 225. Ono Pharmaceutical Co surged +5.8% after the Nikkei newspaper reported that the company will start selling its Opdivo product this year. Aoyama Trding Co rose +2.6% after announcing share buybacks worth up to 2 billion yen.
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.