European stocks advanced as investors watched a speech by European Central Bank President Mario Draghi for clues on stimulus measures. The ESTX 50 (+0.32%), UK markets (+0.11%), CAC 40 (+0.26%) and the Dax (+0.38%) all posted gains in early trading. Cairn Energy Plc added +2.8% after agreeing to sell a 10% stake at a North Sea development. Air France-KLM Group rose +2.2% after withdrawing a plan to set up a low cost subsidiary, removing the cause for a strike by its French pilots. Direct Line Insurance Group Plc gained +2.9% after agreeing to sell its international division Mapfre SA. H&M fell -3% after reporting in-line quarterly profits but added that sales had slowed in September.
US stocks rebounded as new home sales climbed to a six year high and health care shares rallied with producers consumer staples. The Dow Jones Industrial Average (+0.90%), S&P 500 (+0.78%) and the Nasdaq Composite (+1.03%) all advanced. Bed Bath & Beyond Inc added +7.4% after posting quarterly profit and sales that topped analysts’ estimates. Wal-Mart Stores Inc jumped +2% after reaching a deal to offer checking accounts to its customers. Citizens Financial Group Inc gained +7.4% in its debut after raising $3 billion in an initial public offering. Medtronic Inc slipped -0.5% while AbbVie Inc climbed +2.6% as both companies have separate pending deals that will be subject to new rules governing tax inversion deals.
Asian stocks rose from the lowest level in more than three months as US new home sales spurred optimism about the world’s largest economy, weakening the yen and sending Japanese exports higher. The Nikkei 225 (+1.28%) and the S&P/ASX 200 (+0.12%) both increased, while the Hang Seng (-0.64%) declined. Toyota Motor Corp, a company that gets 75% of sales overseas, climbed +2% in Tokyo as the yen traded near the weakest since 2008. Shanghai Electric Group Co, which makes generator equipment used in nuclear power plants, jumped by the +10% daily limit in Shanghai after the China Securities Journal reported the government will allow four nuclear power projects to be built. Minebea Co added +5.1% after a report the company’s operating profit will probably beat its forecast.
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.