European stocks were little changed as investors awaited US data on durable goods order and consumer confidence. The ESTX 50 (-0.10%) and CAC 40 (-0.17%) both declined, while the UK Markets (+0.47%) and the DAX (+0.04%) both posted gains in early trading. Aveva Group Plc jumped +11% after reporting profit that beat analysts’ estimates. InterContinental Hotels Group Plc added +5.6% after a report that it rejected a takeover bid. Accor SA climbed +1.3% after agreeing to buy hotels in Europe. AstraZeneca Plc slipped -2.3% after Pfizer Inc abandoned its effort to buy the company. Lloyds Banking Group Plc rose +0.9% after saying it will sell a 25% stake in its TSB bank in an initial public offering next month.
US stocks rose amid better than estimated data that boosted confidence in the strength of the US economy. The Dow Jones Industrial Average (+0.38%), S&P 500 (+0.42%) and the Nasdaq Composite (+0.76%) all advanced. Of the 489 S&P 500 listed companies that have released results this season, 75% have beaten estimates for profit, while 53% have exceeded projections for revenue. Seven out of 10 main S&P 500 industries rose for the week. Technology and consumer-discretionary shares rallied the most, with gains of more than 2%. Retailers climbed 1.8% as a group. Tiffany surged +6.8% and Best Buy increased +6%. Both companies exceeded earnings expectations by more than 25%. TripAdvisor rallied +15% for the week. Netflix surged +15%, recovering some of its 31% retreat. Google Inc and Facebook Inc surged more than +5.7%. NetApp Inc and Intuit Inc rose at least +5.4% as quarterly earnings beat estimates. D.R.Horton Inc soared +6.2%, Lennar Corp added +5.2% and KB Home increased +4.3% amid better than estimated home sales data.
Asian stocks outside Japan slipped for the first time in four days amid light trading. The Nikkei 225 (+0.23%) was up, while the Hang Seng (-0.08%) and the S&P/ASX 200 (-0.02%) both had modest losses. CSPC Pharmaceutical Group Ltd slumped -6.7% in Hong Kong after a stakeholder agreed to sell the company’s shares at a discount. Inspur International Ltd soared +9.4% in Hong Kong after it was reported that banks may try servers made by the company’s parent as the Chinese government pushes for the removal of those made by International Business Machines Corp.
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.