European stocks advanced as investors awaited reports on US housing, consumer spending and economic growth. The ESTX 50 (+0.16%), CAC 40 (+0.12%) and the DAX (+0.33%) all posted gains in early trading, while the UK markets (-0.15%) declined. Old Mutual Plc rose +3.5% after making an acquisition. Serco Group Plc jumped +9.79% after naming a new CEO. Belgacom SA slipped -0.40% after proposing a dividend cut in the next three years. International Consolidated Airlines Group slipped -2.17% despite reporting consensus beating annual profits on a strong performance from British Airways and its low cost Spain based carrier Vueling, and said it was on track to meet its 2015 targets. William Hill advanced +2.77% after reporting an increase in operating profit for 2013. Rightmove jumped +4.88% after saying internet traffic rose 27%, with underlying profit boosted by 19%.
US stocks rose after Janet Yellen said the central bank may change its strategy for reducing asset purchases should the economy weaken. The Dow Jones Industrial Average (+0.46%), S&P 500 (+0.49%) and the NASDAQ Composite (+0.63%) all advanced. Verizon climbed +2.5% after Morgan Stanley resumed coverage with the stock with an “Overweight” rating and JPMorgan said the shares may reach $57 over the next six to twelve months. J.C.Penney surged +25% after saying same store sales will increase by a mid-single digit percentage and gross margin will significantly improve this year. Sears added +6.5% after saying its net loss narrowed. Mylan Inc climbed +9.4% after forecasting 2014 revenue that exceeded the average analyst estimate. Transocean declined -1.1% after reporting fourth quarter revenue that missed the average analyst estimate. 3M Co gained +1.1%.
Asian stocks swung between gains and losses after the Yuan posted its steepest one day loss against the dollar. The Nikkei 225 (-0.55%) and the S&P/ASX 200 (-0.12%) both declined, while the Hang Seng (+0.04%) was slightly up. James Hardie Industries Plc surged +6.1% after saying profit jumped last quarter. Foster Electric Co tumbled -12% after cutting its forecast. Telecommunication companies were among the biggest sufferers. SoftBank dropped -3.1% in Tokyo. China Communications Services Corp slid -4.7% while Singapore Telecommunications Ltd lost -1.4%. BYD jumped +8.1% after its profit jumped to 552.8 million yuan from 81.4 million yuan a year earlier. Zoomlion Heavy Industry Science & Technology Co jumped +8.8%.
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.