European stocks were little changed as investors turned their attention from the crisis in the Ukraine to economic data from Europe and the US. The ESTX 50 (+0.09%), UK Markets (-0.24%), DAX (-0.10%) and the CAC 40 (-0.09%) all posted small changes in early trading. Adidas AG slid -2.9% after forecasting 2014 net income that trailed estimates. Bourbon SA rose +1.8% after reporting better than estimated earnings and raised the dividend by 34%. Subsea 7 SA lost -5.6% after posting fourth quarter profit that missed analysts’ projections. Tele2 AB rose +1.1% after it was reported that they are considering a sale of its Norwegian phone business. Melrose Industries Plc retreated -4.9% after reporting a fall in 2013 revenue. Persimmon Plc slid -2.7% after Credit Suisse downgraded the shares. Admiral Group plc rose +4.7% after posting profit that beat analysts’ estimates. RSA Insurance Group Plc rose +2% after HSBC Holdings Plc upgraded the company.
US stocks rose as comments from Vladimir Putin signalled the Ukraine crisis won’t immediately escalate. The Dow Jones Industrial Average (+1.41%), S&P 500 (+1.53%) and the NASDAQ Composite (+1.75%) all advanced. Qualcomm Inc gained +3.4% after raising its dividend and boosting its buyback plan. Abercrombie & Fitch Co advanced +6.7% after Credit Suisse Group AG lifted its rating on the company to “outperform” from “neutral”, citing a more competitive pricing strategy, tighter cost controls and inventory management, among other initiatives, will help boost earnings. J.C.Penney Co climbed +4.2% after Standard & Poor’s changed their outlook on the company to “stable” from “negative”, citing modes improvements during the fourth quarter. Facebook Inc climbed +2.1% after it was reported that it may buy Titan Aerospace for $60 million. American Express Co jumped +2.9% for the biggest advance in the Dow. Pfizer Inc gained +2.2%.
Asian stocks rose after comments from Vladimir Putin. Chinese shares declined amid concern the country faces its first onshore corporate bond default this week. The Nikkei 225 (+1.20%) and the S&P/ASX 200 (+0.85%) both increased, while the Hang Seng (-0.34%) retreated. Fuji Heavy Industries Ltd dropped -1.8% after cutting its profit forecast. GCL-Poly Energy Holdings Ltd surged +4.3% after Trina Solar Ltd said it expects shipments of solar modules to soar on surging demand. Japanese exporters advanced. Honda Motor Co, a company that gets more than 80% of sales overseas, increased +1.3%. Sony Corp, which gets about 70% of its revenue outside Japan, added +2.1%. Sharp Corp, which makes more than half its sales abroad, gained +1.3%. PetroChina Co slumped -2.2% and China Construction Bank Corp lost -1.5%.
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.