European stocks were little changed as investors awaited the ECB’s interest rate decision. The ESTX 50 (+0.14%), CAC 40 (-0.08%), DAX (+0.02%) and the UK Markets (+0.22%) all posted modest changes in early trading. Nokian Renkaat Oyj slid -5.7% after cutting its 2014 profit and sales forecasts because of weaker Russian demand. Deutsche Bank AG fell -1.7% after JPMorgan cut the stock to “neutral” from “overweight” on capital concerns. BTG plc added +3.2% after saying annual sales will be near the top of its forecast range. Quindell Plc increased +2.9% after saying Swinton Group ltd extended its contract with the company to March 2015. Tullow Oil Plc gained +3.9% after UBS AG recommended that investors buy the shares. Just Eat plc gained +5% on its first day of trading. McBride Plc tumbled -12% after posting a drop in quarterly revenue and saying it will probably miss analysts’ predictions for annual results.
US stocks rose as data showing companies added to payrolls last month fuelled optimism on growth in the economy. The Dow Jones Industrial Average (+0.24%), S&P 500 (+0.29%) and the Nasdaq Composite (+0.20%) all advanced. Intuitive Surgical Inc rose +5% after the Food and Drug Administration cleared a major upgrade of the company’s da Vinci robotic surgery system and JMP Securities LLC upgraded its rating to “market perform” from “market underperform”. MannKind surged +74% after moving a step closer to getting its first product on the market after Food and Drug Administration advisers recommended that the FDA approve its Adfrezza drug for treating Type 1 and Type 2 diabetes. Apollo Education slipped -8.8% after saying that the department’s Office of the Inspector General demanded records going back to the beginning of 2007 relating to a centralised service centre in Columbia, Maryland. Alcoa Inc slipped -1.5% after Nomura Holdings Inc said the stock’s recent outperformance is unwarranted and there is significant downside risk to 2014 earnings per share. Cowen & Co also said the stock is overvalued.
Asian stocks rose after an increase in US manufacturing boosted optimism about growth in the US economy. The Nikkei 225 (+0.84%), Hang Seng (+0.17%) and the S&P/ASX 200 (+0.12%) all gained. Nissan Motor Co, a company that gets 34% of revenue in North America, added +1.5%. Renesas Electronics Corp surged +6% in Tokyo on a report Apple Inc is seeking to buy a stake in a unit that designs chips for liquid-crystal displays used in smartphones. Noble Group ltd advanced +5% in Singapore after Cofco Corp agreed to buy 51% of Noble’s agricultural trading unit. Sun Hung Kai Properties Ltd added +4.1% in Hong Kong after Leung Chun-ying said the real estate market is no longer overheated. Mainland developers also rose after the Shanghai Securities News said some cities are discussing easing curbs on home purchases. China Resources Land Ltd advanced +4.7%. Goodman Fielder Ltd slumped -22% in Sydney after it cut its fourth quarter earnings forecast.
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.