European stocks advanced as Turkey’s central bank increased interest rates to halt a currency slide. The ESTX 50 (+0.62%), CAC 40 (+0.69%), DAX (+0.93%) and the UK markets (+0.75%) all posted gains in early trading. Anglo American Plc gained +5.3% after saying fourth quarter platinum production rose +25%. Lloyds Banking Group Plc added +0.9% after a report that it is moving ahead with an initial public offering of TSB. Osram Licht AG advanced +4.6% after reporting first quarter net income that beat analysts’ forecasts. Mulberry Group Plc tumbled -19% after saying full year tax profit will be substantially below current market estimates. Antofagasta Plc gained +4.5% as the mining company’s projections for copper and gold output beat some analysts’ estimates.
US stocks rose as earnings at several companies topped estimates and consumer confidence increased ahead of Federal Reserve policy meeting. The Dow Jones Industrial Average (+0.57%), S&P 500 (+0.61%) and the NASDAQ Composite (+0.35%) all advanced. Pfizer advanced +2.6% after earnings beat estimates as it cut costs and saw its tax rate fall. D.R.Horton jumped +9.8% after a report showed house prices climbed. American International Group Inc rose +2.5% after Bank of America Corp said it expects the insurer to buy back $10 billion of stock during the next two years. Apple Inc tumbled -8% as iPhone sales trailed estimates. Comcast Corp increased +1.6% after it was reported the cable company is near a deal to buy assets from Charter Communications Inc. Comcast also reported a 26% increase in fourth quarter profit after adding TV subscribers for the first time in more than six years. Cliffs Natural Resources Inc advanced +2.1% after Casablanca Capital LP, which owns 5.2% of cliffs, said the company’s valuation would rise to $53 if Cliffs spun off foreign assets, doubled its dividend and converted US assets to a master limited partnership to significantly cut costs.
Asian stocks rose after Turkey’s central bank more than doubled interest rates to arrest a currency slide that disturbed global markets. Nikkei 225 (+2.70%), Hang Seng (+0.82%) and the S&P/ASX 200 (+1.04%) all gained. Japanese exporters advanced. Honda Motors Co climbed +3%, Toyota Motor Corp gained +2% and Panasonic Corp added +2.5%. Sharp Corp jumped +7.9% after Kyodo News agency reported that the company may post net income of more than 10 billion yen in the nine months to 31st December, its first profit in three years. Atlas Iron jumped +10% after saying it expects to ship between 10.2 and 10.7 million metric tons of iron in the year ending 30th June, which beat forecasts. Tencent Holdings Ltd advanced +4.8% in Hong Kong after Credit Suisse Group AG maintained its “outperform” rating on the stock, saying WeChat Payment is set to become more popular. Advantest sank -4.4% in Tokyo after predicting a wider full year net loss than previously projected.
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.