European stocks rose as investors weighed valuations. The ESTX 50 (+0.35%), UK Equity (+0.19%), CAC 40 (+0.27%) and the DAX (+0.37%) all posted gains in early trading. Thomas Cook Group Plc rose +11% after posting a 49% increase in full year profit. Boliden rose +3.1% after Morgan Stanley raised its rating on the shares to “overweight” from “equalweight”, estimating that mining growth and increasing charges for copper refining will drive the shares higher. Compass lost -1.2% as Citigroup cut its rating on the stock to “neutral” from “buy”. Imperial Tobacco Group Plc retreated -2.67% following a report that UK government plans a new review of cigarette packaging. Rio Tinto Group rose +1.4% after agreeing to increase iron ore output capacity.
US stocks rose as data on employment and consumer confidence boosted optimism in the economy. The Dow Jones Industrial Average (+0.15%), S&P 500 (+0.25%) and the NASDAQ Composite (+0.67%) all advanced. Hewlett-Packard jumped +9.1% after posting revenue and profit that topped analysts’ estimates. Apple Inc advanced +2.4% after the Wall Street Journal reported that the waiting time for the company’s iPhone 5S has shortened as Foxconn Technology Co boosted production. Marathon Petroleum advanced +3.4% and Valero increased +3.7% as refiners rallied. The contract for West Texas intermediate traded at the widest discount since March to Brent oil in London, indicating US companies may be able to maintain favourable prices for crude. However falling crude prices weighed on other energy companies. Schlumberger declined -1.7% and Noble Energy sank -4.5%.
Asian stocks rose as the yen touched a six month low after US employment and consumer confidence reports boosted optimism in the world’s largest economy. The Nikkei 225 (+1.80%) advanced, while the Hang Seng (-0.07%) and the S&P/ASX 200 (+0.03%) were both pretty flat. Honda Motor Co added +1.5% after the yen fell against the dollar, boosting the profit outlook for Japanese exporters. Warrnambool Cheese & Butter Factory Co advanced +0.8% after Murray Goulburn Cooperative Co raised its takeover offer. Forge Group Ltd slumped -84% in Sydney after the mining services firm said it will report a 2014 loss. Cathay Pacific Airways Ltd added +1.9% after UBS AG reiterated its “buy” recommendation and raised its price forecast for the airline.
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.