European stocks gained as several companies posted better than expected earnings. The ESTX 50 (+0.35%), UK markets (+0.24%), CAC 40 (+0.21%) and the Dax (+0.47%) all posted gains in early trading. Securitas AB jumped +5.6% after reporting third quarter net income that beat estimates. DSM advanced +3.2% after posting quarterly results that beat projections. Hugo Boss AG slid -5.7% after lowering its 2014 sales outlook. L’Oreal SA retreated -1.6% after saying third quarter sales climbed 2.3%, compared with the average analyst estimate for a 3.8% gain. Hunting Plc lost -3.1%, while Seadrill Ltd retreated -2.5% as oil companies declined amid lower prices. Fugro NV declined -1.3%. Legal & General rose +2.2% after saying corporate bulk annuities this year rose to a record. Imperial Tobacco Group Plc rose +1.7% after saying it’s committed to annual dividend growth of at least 10%.
Most US stocks fell as energy companies dropped with the price of oil after Saudi Arabia cut the cost of crude sent to American customers. The Dow Jones Industrial Average (-0.14%) declined, The Nasdaq Composite (+0.18%) advanced, while the S&P 500 (-0.01%) was flat. West Texas Intermediate oil dropped to the lowest level in more than two years after Saudi Arabia reduced the cost of its crude to US customers in the face of soaring North American output. Exxon Mobil, Chevron Corp and Schlumberger Ltd all lost at least -1.5%. Sapient Corp rose +42% on heavy volume after Publicis agreed to buy the digital ad company for $3.7 billion in cash. Covance Inc jumped +25.9% after Laboratory Corp of America Holdings agreed to buy the company for $6.1 billion. Laboratory Corp fell -7.4% as the S&P’s biggest decliner. AIG rose +1.4% in after hours trading after reporting better than estimated third quarterly earnings.
Asian stocks rose after the yen weakened as investors weighed additional stimulus by Japan’s central bank. The Nikkei 225 (+2.73%) and the S&P/ASX 200 (+0.24%) both advanced, while the Hang Seng (-0.29%) declined. In Japan brokerages and consumer lenders led gains with Nomura Holdings Inc surging +7.7% and Aiful Corp soaring +13%. Japanese exporters also advanced as the yen weakened. Toyota Motor Corp, a company that gets 75% of sales abroad, advanced +4.7%. Nissan Motor Co gained +3%. Sony Corp jumped +11%, posting its highest close since May 2011. China Communications Construction Co climbed +9.1% in Hong Kong and Sany Heavy Industry Co surged +7.5% in Shanghai after government officials familiar with the matter said the funds will be used to build and expand railways, roads and pipelines in Chinese provinces that are part of the strategy to facilitate trade over land and shipping routes.
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.