US equities were higher on Friday as investors reacted to economic news that was broadly positive but contained enough doubts to ensure that tapering would not start imminently. On the postive front, durable goods orders beat expectations, whereas the consumer confidence numbers came in weaker. Amazon.com was a stand out performer, up 9.4%, after the online retailer reported third quarter revenues which beat analyst forecasts and the company stated its intentions to increase spending further on warehouses and the range of web based services such as tablets. Microsoft was also a strong riser, up nearly 6%, again third quarter figures were impressive. Sales were driven by higher commercial sales of Office and server software, as well as good Xbox momentum. Amongst the fallers, retailers were weak with The Gap falling 1.1% and Abercrombie & Fitch was down 1.9%.
Asia was strong in overnight trading, driven by the continued optimism for liquidity and evidence of strong foreign buying. The Yen depreciated once again, which boosted exporters such as Panasonic up 2.6% and Toyota was up 1.8%. Positive earnings numbers boosted Nippon Electric Glass up 6.2% and chemicals company, Tokuyama, which gained 5.3%. Mitsubishi was up 4.2% after press reports suggested the company would buy back significant amounts of stock. In Australia, the equity index closed at the highest level since 2008 with ANZ Bank up nearly 2% and Commonwealth Bank was up nearly 1.5%.
Europe has started the week in muted fashion, with weather conditions in some parts of the UK causing disruption, insurers such as Aviva are down 0.62% and Prudential is down 0.5%. On a positive front, Aggreko is up nearly 3% after the company released positive results, capital expenditure looks set to pick up and management also expect contract conversion to also improve. In Continental Europe there are few features with some weakness in the Auto sector, Renault is down 1.7%, Peugeot is down 3% and Porsche is 1.2% lower. In Portugal, Banco Espirito Santo is up nearly 6% after third quarter results beat expectations. Elsewhere, BASF is up 1.2%, SAP is up 1.6% but AXA is down 1.2%.
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.