European stocks declined this morning following last week’s gains. The ESTX 50 (-0.61%), UK markets (-0.29%), CAC 40 (-0.57%) and the Dax (-0.97%) all posted losses in early trading. Pirelli rose +2.1% after China National Chemical Corp agreed to buy the company in a €7.1 billion deal. Bilfinger SE lost -2.3% after saying it is investigating allegations of bribery at its unit Brazil. Auto-related stocks were the biggest sufferers among European stocks this morning. Daimler AG and Volkswagen AG both lost more than -1.7%.
US stocks rose on Friday following a pullback in the dollar, upbeat results from Nike and further biotech gains. The Dow Jones Industrial Average (+0.94%), S&P 500 (+0.90%) and the Nasdaq Composite (+0.68%) all gained. Nike jumped +3.7% as the biggest boost to the Dow after it posted a quarterly profit that beat market estimates. Nike announced that it had sold more higher margin shoes and apparel but warned that the stronger dollar would take a toll on its current quarter. Apple which began trading in the Dow on Thursday, lost -1.3%. Biogen Idec jumped +9.8% after the company said its experimental treatment became the first Alzheimer’s treatment to significantly slow cognitive decline and reduce brain plaque in patients with early or mild forms of the disease. Tiffany & Co lost -4% after saying quarterly sales fell for the first time in five years and are expected to decline further in the current quarter.
Asian stocks rose as speculation the Federal Reserve will proceed more slowly with interest rate increases spurs a worldwide equity advance. The Nikkei 225 (+0.99%) and the Hang Seng (+0.49%) both increased, while the S&P/ASX 200 (-0.32%) declined. Eisai Co surged +21% after partner Biogen Idec Inc’s experimental treatment slowed progression of Alzheimer’s in an early stage study. Sharp Corp jumped +4.6% on a report Hon Hai Precision Industry Co may propose an investment in the company. Noble Group Lyd climbed +4.6% in Singapore after suing a former employee for conspiracy to injure the company by spreading false information this year.
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.