European stocks edged higher as investors weighed back to back gains that pushed equities to their highest level in almost a month. The ESTX 50 (+0.01%), CAC 40 (+0.19%), Dax (+0.47%) and the UK markets (+0.01%) all posted gains in early trading. The Daily Mail and General Trust Plc tumbled -7.1% after its first half profit fell, hurt by a weak print advertising market. Imagination Technologies Group Plc slipped -3.5% after forecasting a wider than expected annual loss stemming from one time costs. Banco Popular slumped -25% after it announced a rights issue plan. Caixabank and Banco de Sabadell fell -3.4% and -4.5% respectively.
US stocks rose, helped by higher oil prices and investors becoming more comfortable with the prospect of an interest rate hike as early as next month. The Dow Jones Industrial Average (+0.82%), S&P 500 (+0.70%) and the Nasdaq Composite (+0.70%) all increased. Standing to benefit from higher interest rates that they can pass on to borrowers, Bank of America, JPMorgan and Citigroup rose over +1.5%. Computer Sciences soared +42% after Hewlett Packard Enterprise said it would spin off and merger it’s struggling IT services business with the company. Hewlett Packard Enterprise jumped +6.77%. Alibaba Group tumbled -6.82% after saying it was being investigated by the US Securities and Exchange Commission over whether its accounting practices violated any federal laws.
Asian stocks rose as optimism the US economy is strong enough for increased interest rates fuelled a global equity rally. Mitsubishi Motors Corp climbed +5.3% to be the biggest gainer on the Nikkei 225. Haseko Corp rose +5.2% after Daiwa Securities Group raised its rating on the company to “buy” from “outperform”. Takata Corp surged +21% after the Nikkei newspaper reported KKR & Co may support and take control of the company responsible for the biggest safety recall in auto industry history. Inpex Corp jumped +2.6% and JX Holdings added +1.4% as crude oil exceeded $50.
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.