European stocks were little changed as investors awaited economic data on euro-area unemployment and US factory orders. The ESTX 50 (+0.02%), UK Markets (-0.22%), CAC 40 (-0.04%) and the Dax (-0.05%) all posted small changes in early trading. Wolseley Plc advanced +2% after it said it expected its revenue to grow about 4% in the next six months and posted a 5.1% rise in third quarter like for like revenue, lifted by strong trading in the US and Nordic region. Royal Mail Plc fell -1.2% after selling its distribution centre in Rotherham. Foxtons Group Plc dropped -2.8% after stepping down less than a year after its initial public offering. Consumer and media stocks such as broadcaster ProSiebenSat1, British American Tobacco and brewer Heineken were down between 1.3% and 3%.
US stocks rose as the Institute for Supply Management twice corrected the reading in it May manufacturing index. The Dow Jones Industrial Average (+0.16%) and the S&P 500 (+0.07%) both advanced, while the Nasdaq Composite (-0.13%) declined. Broadcom Corp rose +9.3% after saying it will explore options for its cellular baseband business. American Realty Capital Healthcare Trust Inc jumped +9.7% after Ventas Inc agreed to buy it. Protective Life Corp surged +12% after it was reported that Dai-Ichi Insurance Co is in talks to buy the company for about 500 billion yen. Frontier Communications Corp decreased -1.2% after entering into a new $350 million senior unsecured delayed draw term loan facility and a $750 million revolving credit facility. Apple Inc fell -0.7% after introducing new health and messaging features for the software powering the iPhone and iPad, laying the groundwork for a busy second half of the year as the company works to emerge from a stretch of slowing growth.
Asian stocks rose as concern eased about a slowdown in the Chinese economy. The Nikkei 225 (+0.66%) and the Hang Seng (+0.80%) both rose, while the S&P/ASX 200 (-0.70%) retreated. China Everbright International Ltd soared +6.4% in Hong Kong after saying it agreed to transfer water treatment assets to HanKore Environment Tech Group Ltd for the equivalent of about 5.81 billion yen in stock. Daio Paper sank -7.1% in Tokyo following its share-sale plan, hoping to raise as much as 22.4 billion yen. Galaxy Entertainment Group Ltd dropped -3.3% in Hong Kong after Macau casino revenue growth missed estimates in May. Sands China retreated -2.4%. Cosco Pacific Ltd increased +4.1% in Hong Kong. KCC Corp jumped +11% in Seoul after Samsung Everland Inc announced plans for an initial public offering.
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.