European shares rose this morning as solid corporate results lifted stock markets. The ESTX 50 (+1.39%), UK markets (+1.82%), CAC 40 (+1.67%) and the Dax (+0.99%) all posted gains in early trading. Lloyds surged +9.1% after announcing a special dividend payment and higher profits, while shares in Seadrill advanced +6.7% as investors welcomed a refinancing plan. AXA gained +2.2% after posting higher profits, and gains in top banking and insurance stocks added most points to European stock markets. Zodiac Aerospace slumped -20% after announcing a profit warning. Lloyds Banking Group Plc jumped +9.3% after raising its dividend and giving a special payment.
US stocks closed higher after an increase in oil prices helped reduce investors’ fears about banks vulnerability to energy companies struggling to pay debts. The Dow Jones Industrial Average (+0.32%), S&P 500 (+0.44%) and the Nasdaq Composite (+0.87%) all increased. Crude prices near 2003 lows have hurt the earnings of US energy companies, exacerbated fears of a slowing global economy and created turbulence on Wall Street that has left the S&P 500 almost 6% weaker than the start of the year. Facebook rose +1.34% and Apple added +1.49%. Concerns about slowing iPhone sales had pushed Apple’s stock down 19% in the past three months. Target Corp climbed +3.99% after its quarterly sales showed the company’s turnaround efforts were gaining traction.
Asian shares were mixed as crude oil prices seesawed and Chinese shares suffered, rekindling anxiety about the impact of high market volatility on the global economy on the eve of a G20 meeting in Shanghai. The Nikkei 225 (+1.41%) and the S&P/ASX 200 (+0.13%) both gained, while the Hang Seng (-1.50%) retreated. Sharp Corp plunged -14.4% after initially jumping after its board decided to accept a takeover offer from Hon Hai Precision Industry Co, in what would be the largest acquisition by a foreign company in Japan’s insular technology sector. China Shipbuilding Industry Co and Avic Aircraft Co led declines industrial shares, plunging by the daily limit of -10%. Agile Property Holdings Ltd dropped -7.2% in Hong Kong after saying it expects 2015 profit to drop 70% on lower selling prices and foreign exchange losses from yuan depreciation.
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.