European stocks were little changed as gains in commodity producers offset declines in banks. The ESTX 50 (+0.24%), CAC 40 (+0.30%) and the Dax (+0.24%) all posted gains in early trading, while the UK markets (-0.10%) declined. SFR Group SA jumped +6.8% after Patrick Drahi’s Altice NV agreed to buy the 22% of the company that it didn’t already own for €2.4 billion. Altice gained +5.1%. Hunting Plc dropped -2.2% after reporting its first half loss widened from a year ago. Zodiac Aerospace declined -3% after saying its operating income will be about 10% lower than analysts estimate due to higher litigation provisions and continued weakness in the helicopter market. Tesco Plc lost -1.4% after Wm Morrison Supermarkets Plc said it will cut the price of essential meat and poultry products.
US stocks advanced as a weaker than expected payrolls report reduced expectations for a September rate hike from the US Federal Reserve, although hawkish comments from another Fed official kept expectations for one this year intact. The Dow Jones Industrial Average (+0.39%), S&P 500 (+0.42%) and the Nasdaq Composite (+0.43%) all increased. US nonfarm payrolls rose by 151,000 jobs in August after upwardly revised 275,000 increase in July, with job cuts in manufacturing and construction, the Labour Department said. Lululemon Athletica lost -10.6% after reporting quarterly comparable sales growth below expectations. Broadcom fell -2.2% after reporting that revenue in its largest segment stalled in the latest quarter.
Asian shares rose after a weaker than expected US jobs report prompted investors to trim expectations that the Federal Reserve would hike interest rates as early as this month. The S&P/ASX 200 (+1.06%), Hang Seng (+1.65%) and Nikkei 225 (+0.66%) all increased. Alumina Ltd jumped +8.4% in Sydney amid speculation a settlement of a dispute with its joint-venture partner Alcoa Inc may ignite takeover interest in the company. Mitsui OSK Lines Ltd rose +6.6% in Tokyo amid hopes freight rates my recover after Hanjin Shipping Co filed for court receivership. Hanjin Shipping tumbled -14% in Seoul as it resumed trading.
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.