|European stocks rose as investors viewed the early year selloff was overdone and central banks have the will and firepower to support the global recovery. The ESTX 50 (+0.97%), UK markets (+0.35%), CAC 40 (+0.77%) and the Dax (+0.83%) all posted gains in early trading. MorphoSys AG climbed +8% after reporting better than estimated 2015 earnings. Virgin Money Holdings (UK) Plc jumped +8.8% after posting a fourfold increase in pre-tax profit for last year. Corbion NV gained +3.8% after reporting higher than expected revenue and saying it will buy back €50 million of shares in 2016 and pay additional dividends totalling €25 million. Luxottica Group SpA dropped -5.3% after lowering its outlook.
US stocks rallied, led by financial and technology stocks after encouraging US factory and construction data suggested the US economy is gaining momentum. The Dow Jones Industrial Average (+2.11%), S&P 500 (+2.39%) and the Nasdaq Composite (+2.89%) all increased. Morgan Stanley and Citigroup both rose over +5%. The financial sector is the worst performer in the S&P this year, down about -9%, due partly to fears of debt defaults by energy companies. Apple gained +3.97% giving the biggest boost to the S&P and Nasdaq. Fiat Chrysler rose +7.15% and Ford added +4.64% after strong US auto sales in February defied fears of a slowdown after a record 2015. Tesla Motors dropped -2.91% after influential short seller Citron Research predicted the company would fall to $100 by year end due to supply and demand problems.
Asian shares advanced as overnight gains in oil prices and a batch of positive economic data from Australia to the United States calmed fears of a global economic slowdown. The S&P/ASX 200 (+2.01%), Nikkei 225 (+4.11%) and the Hang Seng (+3.07%) all gained. Hong Kong Exchanges & Clearing Ltd climbed +3.5% after saying full year earnings rose to a record on higher trading turnover. China Resources Beer (Holdings) Co soared +18% in Hong Kong after agreeing to buy out the remaining stake in Snow Breweries, its Chinese joint venture with SABMiller Plc, for $1.6 billion. Toyota Motor Corp rose +3.5%.
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.