European stocks retreated as Greek Finance Minister Yanis Varoufakis visits Germany to push his government’s case for bailout changes. The ESTX 50 (-0.18%), UK markets (-0.40%), CAC 40 (-0.09%) and the Dax (-0.36%) all posted losses in early trading. Banco Bilbao Vizcaya Argentaria SA rose +4.6% after swinging to a fourth quarter profit of €689 million as returns in its home market improved. LVMH Moet Hennessy Louis Vuitton SA climbed +5.6% after saying it is confident for 2015 after renewed demand for its biggest brand led to better than expected growth at its fashion and leather goods unit, and wines and spirits sales shoed improving trends. Sky Plc gained +1.9% after saying first half revenue rose 17% after more customers signed on for its services and it expanded in Italy and Germany. Hugo Boss AG fell -4% after reporting sales and profit that missed analyst estimates.
US stocks advanced after higher than expected January car sales and gains in energy shares as oil prices extended their recent rally. The Dow Jones Industrial Average (+1.76%), S&P 500 (+1.44%) and the Nasdaq Composite (+1.09%) all gained. US crude oil prices rose 7% to settle at $53.05. Brent and US oil prices have risen roughly 19% since last week. Exxon Mobil was up +3% and Chevron added +3.3%. Caterpillar rose +3.8% and was among the Dow’s biggest gainers. January car sales topped expectations, helped by low gas prices and easy credit. Ford Motor gained +2.5%, General Motors rose +2.6% and Fiat Chrysler climbed +3.3%. After the bell, shares of Chipotle Mexican Grill fell -5.9% while shares of Walt Disney rose +3.1% after both reported results.
Asian shares rose as material companies led gains and energy companies rallied after oil entered a bull market. The Nikkei 225 (+1.98%), Hang Seng (+0.51%) and the S&P/ASX 200 (+1.23%) all advanced. Mitsubishi UFJ Financial Group Inc advanced +5.2% after reporting third quarter profit that beat estimates. Hang Seng Bank Ltd rose +5.2% after it was reported that it is considering selling its stake in China’s Industrial Bank Co. BHP Billiton Ltd, Australia’s top oil producer, climbed +4.4% in Sydney. Inpex Corp jumped +2.6%, bringing the two day gain for Japan’s largest oil explorer to nearly 10%. Terumo Corp rallied +6.2% on a plan to buy back shares. Toyota Motor Corp gained +2.4% before reporting results after the close.
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.