European shares rose as Iran agreed to limit its nuclear program and as investors awaited a report on US pending home sales. The ESTX 50 (+0.36%), UK Equities (+0.46%), CAC (+0.37%) and DAX (+0.69%) all posted gains in early trading. PSA Peugeot Citroen gained +4.2% after it was reported its CEO plans to step down next year. Fresenius Medical Care AG climbed +7.9% after US regulators scrapped a plan to cut Medicare payments next year. International Consolidated Airlines Group SA and EasyJet Plc both climbed more than +2.5% after the price of oil slumped. J Sainsbury Plc rose +1.1% after Cantor Fitzgerald LP raised its price estimate on the company. Deutsche Lufthansa AG, Europe’s biggest airline by sales, gained +2.4%.
US stocks rose after the pace of hiring increased and pharmaceuticals rallied on favourable decisions by European regulators. The Dow Jones Industrial Average (0.34%), S&P 500 (+0.50%) and the NASDAQ Composite (+0.57%) all advanced. United Continental Holdings Inc climbed +3.9% after David Tepper, the hedge fund manager who runs Appaloosa Management LP, said his big play in the market is airlines. Goldman Sachs Group Inc also lifted its rating on the airline to “buy” from “neutral”. Biogen Idec surged +13% after the company’s multiple sclerosis drug Tecfidera won designation as a new active substance in Europe, giving it added protection against generic copies and paving the way for approval there. The pill is projected to be the company’s top seller by 2015. Gilead rallied +3.7% after receiving a positive recommendation for its hepatitis C treatment from the European Medicines Agency. Time Warner Cable jumped +10% after it was reported that Comcast Corp and Charter Communications Inc have discussed a joint bid for the company to divide its assets between them. Gap Inc fell -1.3% after maintaining its annual profit forecast range, signalling that the holiday shopping quarter may fall short of analysts’ estimates. Abercrombie & Fitch Co slid -2.3% after being cut to “market perform” from “outperform” at Wells Fargo Securities.
Asian stocks rose as the yen weakened, Iran agreed to limit its nuclear program and investors bet improving US economic data will boost earnings. The Nikkei 225 (+1.54%) and the S&P/ASX (+0.32%) both increased, while the Hang Seng (-0.05%) declined. Nikon Corp advanced +3.6% as the yen touched the weakest level in almost six months against the dollar, boosting the outlook for Japanese exporters. Warrnambool Cheese & Butter Factory Co climbed +2% in Sydney after Saputo Inc raised its offer for the company. Beadell Resources Ltd slumped -8.4%, leading Australian gold miners lower as the price of the metal retreated after Iran agreed to limit its nuclear program in exchange for as much as $7 billion of relief from economic sanctions. Silver Lake Resources Ltd retreated -8.9% and Evolution Mining Ltd fell -5.5%.
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.