European stocks climbed as investors watched earnings results from several companies. The ESTX 50 (+0.14%), CAC 40 (+0.10%) and the DAX (+0.09%) all posted gains in early trading, while the UK markets (-0.18%) were slightly negative. UBS gained +1.3% after posting first quarter profit that exceeded analyst projections and saying it will give investors a special dividend. BMW rose +0.5% after saying earnings climbed 2.6% to €2.09 billion in the first quarter, compared with the €2.04 billion average analyst estimate, on rising demand for its sport-utility vehicles. Barclays fell -2.9% after saying quarterly profit dropped to £1.69 billion from £1.79 billion in the year earlier period. The average analyst estimate was for a £1.82 billion profit. Credit Suisse Group AG lost -1% after it was reported that the company is close to resolving its ongoing US criminal probe with an agreement that may include a penalty of more than $1 billion and a guilty plea. Alstom SA slipped -1.1% after French President Francois Hollande said General Electric Co’s bid for the company’s energy business isn’t sufficient.
US stocks rose as an expansion in American service industries offset concern over growth in China and political tensions in Ukraine. The Dow Jones Industrial Average (+0.11%), S&P 500 (+0.19%) and the Nasdaq Composite (+0.34%). Apple advanced +1.4%, continuing its advance after reporting a surge in iPhone sales and giving its shareholder dividend program a $30 billion boost. Monsanto Co climbed +2.4% after Larry Robbins, founder of Glenview Capital Management LLC, told Bloomberg that he’s amassed a $1 billion position in the seed maker and intends to hold it as a long term investment as demand for genetically modified food rises. PerkinElmer climbed +3.6% after being raised to “buy” from “neutral” at Janney Montgomery Scott LLC. JPMorgan declined -2.5% after saying fixed income and equities trading revenue will drop about 20% from a year earlier. Goldman Sachs Group Inc fell -1.6% while Morgan Stanley slipped -2%. Pfizer retreated -2.6% after reporting first quarter sales that missed analyst estimates as demand weakened for Lipitor and Viagra.
Asian stocks were mixed with trading volume curbed by holidays in Japan, Hong Kong and South Korea. The Nikkei 225 (-0.19%) and the Hang Seng (-1.28%) both declined, while the S&P/ASX 200 (0.35%) gained. Genting Singapore gained +3.1% after the casino operator said earnings climbed in the first quarter. Leighton advanced +1.8% after reporting a 24% surge in first quarter profit. Lynas dropped -9.1% after saying it plans to defer some debt repayments and sell as much as $37 million in shares. Nan Kang Rubber Tire Co soared +7% in Taipei to cap its steepest advance since July 2011 after April sales climbed.
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.