European stocks climbed as a report showed Chinese manufacturing expanded at the fastest pace since December. The ESTX 50 (+0.08%), UK Markets (+0.21%) and the Dax (+0.17%) all posted gains in early trading, while the CAC 40 (-0.18%) declined. Air-France KLM Group added +1.8% after it was reported that the airline will start a €1 billion cost cutting program in 2015. Den Norske jumped +5.6%. The company’s purchase of Marathon Oil Norge AS will allow it to increase production 20-fold to about 84,000 barrels of oil equivalent based on 2013 figures. The deal will probably close in the fourth quarter if it wins the approval of regulators. Barratt Developments Plc added +1.9% after Goldman Sachs Group Inc recommended buying the shares. Tesco Plc -1% ahead of reporting results on Wednesday. Rio Tinto Group rose +1.5% leading a gauge of London listed commodity producers higher after its worst week in four months.
US stocks rose as utility and consumer-staple shares rallied and investors weighed data showing an uneven recovery in the American economy. The Dow Jones Industrial Average (+0.11%) and the S&P 500 (+0.18%) both increased, while the Nasdaq Composite (-0.13%) decreased. Wal-Mart increased +1% and Lorillard rallied +3.2%. Commodity shares were the only groups to decline, as oil and copper prices fell. U.S Steel slipped +4.6% for the biggest retreat in the S&P 500. Lions Gate slipped -12% after announcing revenue that was less than analyst estimates. Express Inc lost -7.5% after predicting earnings of 74 cents to 90 cents a shares this year, down from a previous forecast of as much as $1.23. First quarter profit fell to 6 cents, missing estimates. Infoblox Inc sank -37% after it was announced CEO Robert Thomas will leave after almost a decade at the company. It also predicted that profit will be down from a previous forecast.
Asian stocks rose after a gauge of China’s manufacturing expanded at the fastest pace in five months and policymakers said they will cut the reserve requirement ratio for some lenders. The Nikkei 225 (+2.07%), Hang Seng (+0.31%) and the Nasdaq Composite (+0.47%) all advanced. Karoon Gas Australia Ltd surged +43% in Sydney after saying it will sell energy permits to Origin Energy Ltd for Browse Basin off Australia’s west coast. Dai-ichi Life fell -5% after the Nikkei newspaper said final talks on price and terms to buy Protective Life may lead to deal within days that ranks as the biggest overseas takeover by a Japanese life insurer. Tiger Airways Holdings Ltd sank -6.6% after saying it is considering fundraising to boost liquidity. Makita Corp led industrial shares higher, rising +5.4% in Tokyo.
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.