European stocks rose as investors awaited economic data out later this week. The ESTX 50 (+0.18%), UK Markets (+0.44%), CAC 40 (+0.14%) and the DAX (+0.26%) all posted gains in early trading. Novartis AG advanced +2.8% after saying the last phase of a clinical trial showed treatment for chronic heart failure helped patients live longer. Drillisch AG added +2.4% after a report said they may pay a special dividend or buy back shares. Italian banks advanced on news they will not require any state funds. Shares in Monte dei Paschi di Siena, Intesa Sanpaolo and Unicredit rose between 0.8% and 3.6%. Banco Popolare gained +3.5% on the first day of a €1.5 billion capital increase which according to the Italian press has attracted interest from international investors. Rio Tinto Group and Anglo American Plc climbed more than +1.5% as miners advanced. Resolution Ltd and Prudential plc increased more than +1% as insurers rose, following their slide on Friday.
US stocks climbed as consumer shares rebounded amid data showing household purchases rose the most in three months. The Dow Jones Industrial Average (+0.36%), S&P 500 (+0.46%) and the NASDAQ Composite (+0.11%) all advanced. H&R Block climbed +6.2% and GameStop advanced +8.8%. Investors also bought large companies with stable earnings. Microsoft Corp surged +2.4% for the biggest gain in the Dow. Exxon Mobil Corp added +1.5%. Cognizant gained +4.4% after being boosted to “overweight” by Morgan Stanley citing that the company’s growth may have been underestimated. PG&E Corp fell -4% after it was reported that charges filed by the US Attorney’s office will accuse the company of violating the federal Pipeline Safety Act, leading to explosion and deaths. BlackBerry Ltd dropped -7.1% after saying sales won’t grow until the fiscal year that begins next March, even after cost cutting helped the company post a smaller quarterly loss than analysts estimated.
Asian stocks rose as consumer shares led advances. The Nikkei 225 (+0.90%), Hang Seng (+0.28%) and the S&P/ASX 200 (+0.52%) all gained. Halla Visteon Climate Control jumped +7% Eclat Textile Co gained +7% in Taiwan after Deutsche Bank AG recommended the stock, citing valuations and saying its second quarter revenue should improve on rush orders for seasonal products. Samsung SDI jumped +6.6% after saying it will buy Ceil Industries for about 3.5 trillion won in stock to add chemical and electronic material businesses. Cnooc Ltd dropped -6.3% in Hong Kong after saying its net income fell 11% from last year, the share price was also cut to HK$14.5 from HK$15.5 at BNP Paribas. Intime Retail Group Co declined -3.5% in Hong Kong after surging as much as 17% after saying it will receive about $692 million in an investment from Alibaba Group Holding Ltd.
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.