European stocks rose as several companies reported earnings and the Federal Reserve begins a two-day policy meeting. The ESTX 50 (+0.51%), UK Markets (+0.56%), CAC 40 (+0.27%) and the DAX (+0.82%) all posted gains in early trading. Deutsche Bank climbed +2.3% after saying first quarter profit dropped less than expected. Statoil ASA gained +4.5% after reporting an advance in quarterly earnings. Nokia Oyj jumped +7.1% after naming a new executive officer and forecasting that second half networks sales will increase. ABB lost -5.9% after posting quarterly profit that missed estimates. Nordea Bank AB increased +2.4% after saying profit rose 4.7% in the first quarter as it cut costs and had fewer losses on its loans. Orange SA rose +2.7% after halting a decline in profitability. Nokia added +7.1% after forecasting second half networks sales will grow from last year, while posting first quarter group revenue that fell less than analysts’ estimates.
US stocks rose as Internet and smaller companies pulled back from a selloff amid optimism over merger activity. The Dow Jones Industrial Average (+0.53%) and the S&P 500 (+0.32%) both gained, while the Nasdaq Composite (-0.03%) was pretty flat. Pfizer added +4.2% after it was reported that the company is still interested in completing a deal for AstraZeneca despite having an earlier offer spurned. General Electric Co gained +0.7% after the company’s CEO met with France’s President Francois Hollande over the company’s offer for Alstom SA. French officials had urged Alstom to consider a rival from Siemens AG. The government doesn’t oppose GE’s proposal, and the meeting in Paris today focused on protecting jobs and maintaining the independence of France’s nuclear industry. Newmont Mining Corp dropped -6.7% after Barrick Gold Corp said Newmont ended discussions about a takeover, which would have combined the world’s two largest gold producers. Bank of America lost -6.3% after saying it will suspend its planned buybacks and dividend increase because of an error in its capital planning.
Asian stocks fell as investors weighed developments in Ukraine and corporate earnings. The Nikkei 225 (-0.98%) and the S&P/ASX 200 (-0.89%) both declined, while the Hang Seng (+0.57%) increased. China Petroleum & Chemical Corp slid -1.6% in Hong Kong after posting first quarter profit that missed analyst estimates. Newcrest Mining Ltd slipped -3.1% in Sydney as the price of bullion retreated. Zijin Mining Group Co fell -2.1% in Hong Kong and Fortescue Group Ltd sank -2.3%. Metals Posco climbed +2.1% after the Korean Economic Daily said the company is considering the sale of Daewoo International Corp. Vard Holdings Ltd dropped -4.6% after reporting first quarter profit plunged 51%. Shanghai Pharmaceuticals Holding Co tumbled -12% after reporting lower quarterly earnings.
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.