European stocks were steady this morning, with trading during the shortened session expected to be quiet as many markets such as Germany, Switzerland and Italy closed for the Christmas break. The ESTX 50 (+0.16%), UK Markets (+0.47%) and the CAC 40 (+0.31%) were all positive in early trading. Tullow Oil Plc was down -1.18% after saying a well it drilled off the coast of Norway failed to find oil or gas. AXA was up +0.81% after saying it has agreed to sell its life and savings operations in Hungary to Vienna Insurance Group in a deal that will see it take a €40 million hit to full year net income. Segro Plc declined -0.59% after saying it sold its Neckermann site for €46 million. British Sky Broadcasting Group Plc climbed +3% for the biggest rally among UK blue chips this morning.
US stocks rose as Apple Inc rallied and the IMF indicated it would raise its outlook for the economy. The Dow Jones Industrial Average (+0.45%), S&P 500 (+0.53%) and the NASDAQ Composite (+1.08%) all advanced. Apple jumped +3.8% after the company struck a deal to sell its iPhones through China Mobile Ltd. T-Mobile US Inc added +2.8% after it was reported that SoftBank Corp CEO Masayoshi Son is exploring a deal for Sprint Corp to buy the majority of the company next year. Micron Technology Inc slid -3.1% after Bank of America downgraded its rating on the stock to “underperform” from “neutral”, citing increasing competition. KB Home gained +7.6% after Citigroup Inc upgraded the shares to “neutral” from “sell”, citing strengthening demand. PulteGroup added +5.9%.
Asian stocks after data showed the US economic recovery gaining momentum and China’s central bank moved to ease a cash crunch. The Nikkei 225 (+0.12%), Hang Seng (+1.13%) and the S&P/ASX 200 (+0.67%) all gained. Techtronic Industries Co, a company that gets 73% of sales from North America, climbed +3.4% in Hong Kong after US consumer spending rose. AAC Technologies Holdings a company that gets 64% of its revenue in the US, gained +4.2%. Agricultural Bank of China Ltd gained +1.3%. Mitsubishi Motors Corp jumped +4.3% after raising its operating profit forecast 43% to 100 billion yen, citing a weaker yen, cost cuts and a review of corporate taxes. Japan Tobacco Inc dropped -2.2% after Sky News reported the resignation of Pierre De Labouchere, the head of the company’s international business.
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.