European stocks rose as crude oil climbed to about $45 a barrel and earnings from several companies beat estimates. The ESTX 50 (+0.05%), Dax (+0.11%) and UK markets (+0.28%) all posted gains in early trading, while the CAC 40 (-0.06%) was slightly negative. BT rose +3.1% after reporting a better than expected 6% rise in full year earnings. Firmer oil prices also lifted the shares of major oil producers, with Repsol up +4.5% despite posting lower first quarter profits. Wm Morrison Supermarkets Plc added +1.7% after its same store sales rose at a faster pace than forecast. Glencore Plc and BHP Billiton Ltd gained more than +2.4% pacing gains among mining stocks.
US stocks dropped on weak early jobs data and a dip in productivity. The Dow Jones Industrial Average (-0.56%), S&P 500 (-0.59%) and the Nasdaq Composite (-0.79%) all decreased. Bank stocks, which have slumped this year on expectations that the Federal Reserve isn’t in a hurry to raise interest rates, declined further. Goldman Sachs Group fell -1.9%, making it one of the largest decliners in the Dow. Priceline Group fell -7.5% after the company warned investors that its profit growth would slow sharply in the second quarter. Etsy Inc rose +5% after posting a surprise profit in the first quarter thanks to strong revenue gains in services sold to the users who sell merchandise on its site. Time Warner Inc gained +1.6% after its first quarter earnings beat Wall Street forecasts.
Asian stocks dropped amid global economic growth concerns. The Hang Seng (-0.37%) and Nikkei 225 (-3.11%) both retreated, while the S&P/ASX 200 (+0.15%) increased. National Bank of Australia Bank Ltd climbed +3.2% in Sydney after posting a 6.5% increase in first half cash profit as it bucked a trend among Australia’s largest banks by decreasing bad-debt charges and as margins improved for the first time since 2011. Crown Resorts Ltd rose +5% in Sydney after selling $800 million worth of shares in its Macau venture. New World Development fell -2.1% and Hang Lung Properties Ltd retreated -1.6% in Hong Kong after Goldman Sachs Group Inc downgraded Hong Kong property stocks, predicting a 20% drop in home prices.
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.