European stocks advanced amid speculation that slower growth will prompt policy makers to accelerate stimulus. The ESTX 50 (+0.65%), UK markets (+0.29%), CAC 40 (+0.46%) and the Dax (+0.90%) all posted gains in early trading. Vallourec SA climbed +3.3% after UBS AG advised investors to buy the stock. Mota-Engil SGPS SA added +1.2% after Portugal’s state owned holding company was said to recommend Mota-Engil’s bid for EGF. Air France-KLM advanced +1.4% after CEO Frederic Gagey told Le Figaro that domestic mid-haul losses will be about €120 million this year, or half what they were in 2012. The Weir Group Plc rose +3.3% after Credit Suisse Group AG advised investors to buy the shares. Redrow climbed +1.2% after reporting a 43% increase in full year revenue. BHP Billiton Plc added +1.4% as Macquarie Group Ltd said the businesses that the mining company plans to spin off will benefit from recovery in commodity prices.
Asian stocks outside Japan dropped as South Korean manufacturers declined and shares in Tokyo rallied as the yen weakened before Prime Minister Shinzo Abe announces a new cabinet. The Nikkei 225 (+1.24%) and the S&P/ASX 200 (+0.51%) both increased, while the Hang Seng (-0.06%) declined. Hyundai Motor Co sank -2.8% after reporting lower sales for August. Tianhe Chemicals Group Ltd dropped -4.9% before suspending trading in Hong Kong after Anonymous Analytics rated the Chinese company a strong sell. Samsung Electronics slipped -2.6% after Shinhan Investment Corp said the company’s operating profit will continue to weaken in this quarter amid heightening competition among smartphone makers. Japanese exporters advanced as the yen slid. Nintendo jumped +2.9%. Toyota Motor Corp gained +1.8% and Fanuc Corp climbed +1.7%. Murata Manufacturing Co surged +5.4% in Tokyo after Credit Suisse Group AG raised its price target on the company and maintained its outperform rating.
US markets were closed yesterday.
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.