European stocks were mixed this morning with commodity producers making losses as oil resumed a decline. The ESTX 50 (-0.03%), Dax (-0.69%) and UK markets (-0.31%) all posting losses in early trading, while the CAC 40 (+0.05%) was positive. BHP Billiton Ltd and Glencore Plc dropped as least -3%. After surging 8% or more yesterday. InterContinental Hotels Group Plc gained +3.9% after saying it will pay $1.5 billion in special dividend. Swiss Re AG fell -2% after naming a new chief executive officer.
US stocks gained, helped by a robust rally in oil prices that lifted recently beaten up stocks, including Chevron and Schlumberger. The Dow Jones Industrial Average (+1.40%), S&P 500 (+1.45%) and the Nasdaq Composite (+1.47%) all increased. US crude prices settled up more than +6% but still remained around decade lows, while prices of industrial metals such as copper and zinc rose as investors worried about potential shortages. Chevron rose +2.68% and Schlumberger closed up +2.06%. Alcoa and Freeport-McMoRan both surged more than +13%. Honeywell International Inc fell -1.95% and United Technologies rallied +4.69% after it was reported the two have held merger talks.
Asian shares retreated as the oil price rally that had boosted global equity markets reversed. The US optimism resonated in resources related stocks, which led gains in Japan. The Nikkei 225 (-0.37%), Hang Seng (-0.25%) and the S&P/ASX 200 (-0.43%) all declined. Nippon Steel & Sumitomo Metal Corp jumped +4%, while JFE Holdings Inc surged +5.7%. Komatsu Ltd climbed +1.4%. Aozora Bank Ltd gained +2.2% after Goldman Sachs lifted its rating on the bank and said its overseas earnings, lower funding costs and dividend yield were making shares attractive. Nomura Holdings Inc lost -1.8% after Goldman Sachs also lowered its rating on the company, citing weakness in Nomura’s overseas operations.
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.