European shares rose this morning, with EDF surging after its board approved Hinkley Point nuclear project. The ESTX 50 (+0.36%), CAC 40 (+0.25%), Dax (+0.43%) and the UK markets (+0.07%) all posted gains in early trading. EDF rose +10% after saying it was confident about the new British government’s commitment to build nuclear reactors in Hinkley Point. Shortly after EDF announced its board had given the go-ahead for the controversial project, Prime Minister Theresa May said it wanted to give the project further consideration. Kering shares rose +6% after Gucci posted forecast beating second quarter organic sales growth of 7.4%, driven by solid demand for the brand’s new looks designed by Alessandro Michele. Barclays rose +3.8% after results, while UBS gained +2.8% after beating analysts’ estimates for second quarter earnings.
US stocks edged higher as investors looked beyond disappointing earnings from Ford and bought shares in Apple. The S&P 500 (+0.16%) and the Nasdaq Composite (+0.30%) both increased, while the Dow Jones Industrial Average (-0.09%) was slightly down. Ford reported weak China sales and declared that the US auto industry’s long recovery was at an end, triggering a -8.16% fall in its shares. General Motors fell -3.22% and Fiat Chrysler dropped -4.77%. In extended trade, Alphabet jumped +4% after reporting stronger than expected revenue. Amazon.com rose +1.7% after its quarterly report. Apple rose +1.35%, giving the S&P 500 its biggest boost.
Asian stocks declined after touching a near one year peak on Friday and the yen strengthened as the Bank of Japan’s fresh stimulus measures disappointed markets, although Japanese stocks recovered on higher purchases of ETF’s. The Hang Seng (-1.28%) dropped, while S&P/ASX 200 (+0.10%) and the Nikkei 225 (+0.56%) both recovered from early losses to finish the session higher. Shanghai New Culture Media Group Co tumbled -5.9% after the securities markets regulator rejected an asset purchase plan by the company. Tech Pro Technology Development Ltd plummeted -58% in Hong Kong after an -86% plunge in the previous session, after activist short seller Glaucus Research Group questioned the company’s accounting. Mitsubishi UFJ Financial Group jumped +7.7% and Mizuho Financial Group soared +5.7%. Dai-ichi Life Insurance Co surged +8.7%.
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.