European stocks rose this morning after several companies reported positive results. The ESTX 50 (+0.85%), CAC 40 (+1.41%), Dax (+0.82%) and the UK markets (+0.28%) all posted gains in early trading. LVMH was up +5.8% after its fashion and leather Q2 sales beat forecasts, helped by solid demand in the United States and improving trading in Asia, excluding Japan. Christian Dior and Kerring also gained +4% and 2.9% respectively. Peugeot jumped +7.5% following a well received update. Volkswagen gained +2.9% after a $14.7 billion settlement of its US diesel emissions cheating scandal cleared another legal hurdle as a federal judge gave the company preliminary approval to buy back up to 475,000 vehicles. BASF fell -3% after reporting a drop in Q2 profit.
US stocks were mixed as Federal Reserve policymakers kicked off a two day interest rate meeting and investors awaited quarterly results from Apple and Twitter. The Dow Jones Industrial Average (-0.10%) dipped, The S&P 500 (+0.03%) was flat and the Nasdaq Composite (+0.24%) increased. The Federal Reserve began a two day meeting and while it is not expected to raise US interest rates, investors will be watching for hints about when the US central bank might make a move. Verizon Communications fell -1.9% after subscriber numbers fell below estimates. Caterpillar’s shares jumped +5.16% to touch a year high after quarterly earnings beat expectations. Apple dipped -0.69% ahead of its quarterly report after the bell. In extended trade, Apple surged +4% after reporting more iPhone sales than expected for the June quarter. Twitter slumped -9% after reporting its slowest quarterly revenue growth since going public in 2013.
Asian stocks settled near one year highs while the yen slumped after Japan’s government announced a larger than expected economic stimulus package which led most of the region’s bourses higher. The S&P/ASX 200 (+0.04%), Hang Seng (+0.40%) and the Nikkei 225 (+1.72%) all advanced. Sands China jumped +5% after the company’s owner said he’s optimistic that recreational gamblers and tourists are helping a recovery in Macau. Galaxy Entertainment Group Ltd added +6.5% in Hong Kong, while Wynn Macau Ltd surged +7.3%. Shandong Gold Mining Co rallied +7.2% as bullion prices rose after a two day decline. Yanzhou Coal Mining Co paced energy companies higher with a +2.1% gain.
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.