European stocks advanced as German and Swiss economic data beat forecasts. The ESTX 50 (+0.34%), UK markets (+0.27%), CAC 40 (+0.37%) and the Dax (+0.40%) all posted gains in early trading. Paddy Power Plc jumped +8.5% to a record after saying it plans to return €8 per share to investors. The company also posted annual sales and operating profit that beat estimates. Evonik Industries AG advanced +1.5% after forecasting an increase in 2015 profit and sales and reporting quarterly earnings that beat analysts’ projections. Barclays Plc declined -1.7% after setting aside an additional £750 million for the settlement of a currency manipulation investigation. Glencore lost -2.6% after saying annual net income dropped 7% amid a rout in resource prices.
US markets advanced after economic data pointed to a slowly recovering economy. The Dow Jones Industrial Average (+0.86%), S&P 500 (+0.61%) and the Nasdaq Composite (+0.90%) all gained. After oscillating around it for much of Monday, the Nasdaq gained steam in the afternoon to finish firmly above 5000 for only the third time. The last time was March 10th 2000. NXP Semiconductors NV rose +17.3% after it agreed to buy Freescale Semiconductor Ltd. Freescale rose +11.8%. Hewlett-Packard Co said it would buy Aruba Networks Inc for about $2.7 billion. Rival Cisco rose +2.3%. Lumber Liquidators plunged -25% after a news report said its products failed to meet safety standards.
Asian stocks declined as Chinese shares slumped amid concern the mainland slowdown is deepening. The Nikkei 225 (-0.06%), Hang Seng (-0.74%) and the S&P/ASX 200 (-0.42%) all retreated. Ono Pharmaceutical Co soared +11% in Tokyo after Credit Suisse Group AG upgraded the stock on optimism the company’s Opdivo treatment will be a blockbuster. Galaxy Entertainment Group Ltd climbed +2% after data showed Macau casino revenue fell less than expected last month. China Life Insurance Co dropped -3.8% in Hong Kong as mainland financial shares declined. Sharp Corp tumbled -3.5% after a report it plans to sell shares and seek investment from key lenders. JFE Holdings Inc slumped -3.6% as Nomura Holdings Inc cut its rating on the stock.
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.