European stocks advanced amid optimism that a deal on Greek debt is within reach. The ESTX 50 (+0.04%), UK markets (+0.22%) and the Dax (+0.07%) all posted gains in early trading, while the UK markets (-0.18%) retreated. Royal Ahold NV added +3.3% after agreeing to acquire Delhaize Group for about €9.32 billion in shares. Delhaize slid -3.7%. Julius Baer Group Ltd rose +4.7% after saying it will take a provision of $350 million by the end of the month to settle a US criminal investigation into whether it helped Americans evade taxes. Bouygues SA tumbled -7.5% after rejecting Altice’s bid for its telecommunications unit. Altice slid -7%, while shares in Numericable-SFR, which is owned by Altice, also slumped -12%. Shares in French rivals Orange and Iliad also weakened by -3.4% and -6.2% respectively.
US stocks made modest gains as investors continued to await clarity on whether Greece could reach a deal to prevent defaulting on its loans. The Dow Jones Industrial Average (+0.13%), S&P 500 (+0.06%) and the Nasdaq Composite (+0.12%) all increased. US crude futures settled up +1% at $61.01 per barrel, lifted ahead of US inventory data expected to show strong demand for oil. The S&P energy index rose +0.3% and was one of the day’s top performing sectors. Halliburton Co rose +0.9%. AT&T Inc rose +2.5% after at least to brokerages upgraded the stock. Facebook Inc shares rose +3.7% giving it a bigger market value than that of Wal-Mart Stores Inc.
Asian stocks rose amid signs that the Japanese economy is improving and Chinese shares were aided by liquidity unlocked from IPO’s, as some investors took advantage of last week’s market collapse to buy relatively cheap shares. The Nikkei 225 (+0.28%), Hang Seng (+0.36%) and the S&P/ASX 200 (+0.04%) all advanced. PetroChina Co rallied +2.8% after Caixin cited its president as saying the company’s first half profit was better than expected. China Petroleum & Chemical Corp surged +4% after Macquarie Group upgraded the stock to “outperform”. Japanese brokerages advanced, with Nomura Holdings Inc rising +1.3%. Mitsubishi UFJ Financial Group Inc and Sumitomo Mitsui Financial Group Inc each adding +0.6%.
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.