European stocks increased as investors awaited the ECB’s interest rate decision and US data on jobless claims. The ESTX 50 (+0.40%), CAC 40 (+0.53%), DAX (+0.21%) and the UK markets (+0.13%) all posted gains in early trading. Vivendi SA rose +2.1% after saying it received two bids for the French phone unit SFR it was planning to spin off. Gemalto NV rallied +3.5% after forecasting a double digit expansion of profit from operations and revenue at constant exchange rates in 2014. Logitech International SA jumped +7.8% after saying it will buy back up to $250 million of its own shares. The company forecast 2014 sales of $2.1 billion. Schroders Plc advanced +4.8% after increasing its dividend by 40% after reporting that 2013 pre-tax profit climbed 41% to £507.8 million. Orange SA rallied +5.1% after forecasting 2014 earnings that was higher than estimates.
US stocks were little changed as investors assessed the Ukraine crisis and weaker than estimated data on payrolls and services. The Dow Jones Industrial Average (-0.22%), S&P 500 (-0.01%) and the NASDAQ Composite (+0.14%) were all little changed. Exxon lost -2.8% for the steepest drop in Dow. The company’s biggest international exploration opportunity may be threatened by Vladimir Putin’s Ukrainian foray, as US based companies could face restrictions on doing business in Russia. Exxon, under the terms of a 2011 contract with state controlled OAO Rosneft, owns drilling rights across 11.4 million acres of Russian land, its biggest exploration holding outside the US. Smith & Wesson added +16% for its biggest advance since June 2012 after forecasting annual earnings will exceed previous projections. GameStop jumped +3.8% after saying it will raise its quarterly payout. Facebook Inc advanced +4% for the biggest gain in the S&P 500 after Nicolaus & Co raised its 12 month price target on the company to $82 from $72, citing Facebook’s growing market share.
Asian stocks advanced with Japanese stocks benefiting from a weakened yen and an advisory committee saying the world’s largest pension fund doesn’t need a domestic bond focus. The Nikkei 225 (+1.59%) and the Hang Seng (+0.55%) both gained, while the S&P/ASX 200 (-0.01%) was flat. Myer Holdings Ltd added +1.5% in Sydney after the nations’ retail sales in January climbed the most in a year. Tencent Holdings Ltd increased +2% in Hong Kong to a record close. Kumiai Chemical Industry Co surged +8.4% after reporting that first quarter net income doubled. China’s renewable energy producers advanced after Premier Li said the government will encourage the use of alternative energy sources to combat pollution. Xinjiang Goldwind Science & Technology Co jumped +7.2%. China High Speed Transmission Equipment Group Co surged +10% despite saying it expects full year profit to slide. Standard Chartered Plc slid -1.3% after posting its first annual profit decline in more than a decade.
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.