European shares gained this morning starting the month positively following gains in January and as the UK January manufacturing PMI number beat estimates. The UK markets (+0.39%), Dax (+0.59%), CAC 40 (+0.29%) and the ESTX 50 (+0.02%) all posted gains in early trading. Julius Baer rose +6.4% after it said it had launched a 100 million Swiss franc cost savings programme in response to the recent appreciation of the Swiss currency. CRH gained +6% after it agreed to pay €6.5 billion for assets that rivals Lafarge and Holcim needed to sell to secure regulatory approval for their planned merger. Ryanair lost -3.7% after saying profit growth would be modest next year as rivals’ cheaper fuel push fares down. Greek shares continued to recover, helped by a rally in bank stocks bouncing off record lows. Eurobank was up +18%, while National Bank of Greece gained +11%.
US stocks closed down on Friday after a volatile session amid concern about weak US growth data and whether instability in Europe could hurt corporate earnings in the US. The Dow Jones Industrial Average (-1.45%), S&P 500 (-1.30%) and the Nasdaq Composite (-1.03%) all declined. Chevron fell -2.5% after saying it plans to spend $35 billion this year on oil and gas projects, 13% less than in 2014. Google Inc rose +4% even though revenue growth of 15% in the fourth quarter fell short of Wall Street’s target. Visa rose +4.7% after it reported better than expected quarterly profit and announced a 4 for 1 split of its class A common stock.
Asian shares were mixed after the latest gauge of China’s factory sector activity raised concerns about the world’s second largest economy. The Nikkei 225 (-0.66%) and the Hang Seng (-0.09%) both declined, while the S&P/ASX 200 (+0.66%) increased. China Minsheng slid -3.2% after Caixin magazine reported that the company’s president is being investigated by authorities. China Railway Construction Corp slid -9.9% in Shanghai after Mexico shelved a high speed rail project that the company expected to bid on Japan Airlines Co sank -2.1% in Tokyo after boosting its net income forecast less than expected. Seiko Epson fell -10.1% while Konica Minolta dropped -9.4%.
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.