European stocks fell as investors awaited reports on manufacturing in the euro area and US. The ESTX 50 (-0.66%), UK Markets (-0.46%), CAC 40 (-0.68%) and the DAX (-0.74%) all posted losses in early trading. Asos Plc lost -2.5% after it suspended its website following a fire at its main warehouse. Distribuidora Internacional de Alimentacion SA advanced +4.5% after saying it will sell its French business to Carrefour SA. Shire Plc retreated -1.5%, following a 17% rally on Friday, before it holds a call with investors. Rio Tinto Plc rose +2.24% led London listed mining stocks higher as data showed Chinese manufacturing unexpectedly expanded in June. Lonmin Plc rose +0.81% and Anglo American Plc advanced +1.27% after a labour union at South Africa’s platinum mines said members may return to work in two days if they accept a proposal to end a pay strike.
US stocks rose as several companies rallied on merger activity and investors speculated economic growth will accelerate. The Dow Jones Industrial Average (+0.15%), S&P 500 (+0.17%) and the Nasdaq Composite (+0.20%) all advanced. Cross-border deals are accelerating as US companies seek lower taxes and ways to spend almost $2 trillion protected from US taxes in cash abroad. Merck & Co increased +1.1%. Eli Lilly & Co jumped +3.6%, Alexion Pharmaceuticals rose +3.6% and Amgen Inc climbed +2.7%. CarMax added +17% after Autodata Corp said demand for cars has risen with an improving job market, more housing starts and low interest rates, which drove the annualised pace for new light vehicle sales to the fastest rate since February 2007. AutoNation Inc rallied +5.2%. Oracle slid -4% after fiscal fourth quarter profit and sales fell short of estimates as Salesforce.com Inc and other cloud computing rivals lure customers away.
Asian stocks fell as indexes swung between gains and losses, as Hong Kong shares slumped. The Nikkei 225 (+0.13%) and the S&P/ASX 200 (+0.62%) both advanced, while the Hang Seng (-1.68%) retreated. China Mobile Ltd dropped -2.4% in Hong Kong, leading a decline among regional telecommunication shares. Olympus Corp surged +4.9% in Tokyo after Goldman Sachs Group Inc reiterated its “buy” rating on the Japanese company. Great Wall Motor Co sank -4.3%, extending its year-to-date plunge to -33%, after replacing three of its executives amid a sales slump. Anhui Conch, China’s largest cement maker, gained +2.6%. and Jiangxi Copper advanced +1.5% after a private survey of Chinese manufacturing topped estimates.
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.