European stocks climbed as a weaker euro boosted exporters. The ESTX 50 (+1.11%), CAC 40 (+1.09%), Dax (+1.04%) and the UK markets (+0.05%) all posted gains in early trading. Antofagasta Plc, Randgold Resources Ltd and Glencore Plc fell more than -3% as commodities declined amid a stronger dollar. Bunzl Plc advanced +1.5% after reporting an increase in revenue and operating margin. Stada fell -0.3% after Active Ownership Capital succeeded in persuading shareholders of Stada over the weekend to remove the company’s supervisory board chairman in a vote, but failed to install its own candidate. Alstom rose +2.9% after signing a €1.8 billion deal to design and build 28 new high speed trains for Amtrak.
US stocks gained as financial stocks rose after the Federal Reserve Chair said the case for an interest rate hike had strengthened. The Dow Jones Industrial Average (+0.58%), S&P 500 (+0.52%) and the Nasdaq composite (+0.26%) all increased. Financial stocks, which stand to gain the most in a higher interest rate environment, rose as traders raised bets on a hike in the coming months. Wells Fargo rose +2.5% and provided the biggest boost to the S&P 500, while JPMorgan and Bank of America rose about +1.1%. Goldman Sach’s gained +1.1% which made it the biggest influence and gainer in the Dow. Micron Tech rose +2.9% after Deutsche Bank and Stifel raised price targets.
Asian stocks rose, following a rebound in US shares on signs of strength in the American economy, while equities in Japan slumped after the yen snapped a four day slide. The S&P/ASX 200 (+0.17%) and the Hang Seng (+0.85%) both increased, while the Nikkei 225 (-0.07%) declined. Fast Retailing Co lost -0.2% and Marui Group Co dropped -2.7% as most Japanese retail stocks declined. Toyota Motor Corp advanced +0.6% closing at its highest level since March. Hitachi Ltd climbed +0.4% after the Nikkei newspaper reported that the company plans to cut costs by 200 billion yen. Guoyuan Securities Co and Pacific Securities Co climbed at least +1.5% in Chinese mainland trading, pacing an advance by financial companies.
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.