European stocks rebounded amid optimism that inflation data will bolster the case for further ECB stimulus measures. The ESTX 50 (+0.24%), UK markets (+0.54%), CAC 40 (+0.35%) and the Dax (+0.27%) all posted gains in early trading. J Sainsbury Plc rose +0.2% after reporting a slowing decline in quarterly sales, beating analysts’ forecasts. Wm Morrison Supermarkets Plc climbed +2%, Tesco Plc increased +1.8% and Marks & Spencer Group Plc added +2.7%. Aggreko Plc increased +3.8% after saying it signed a new two year diesel fuel power contract in Argentina. Statoil ASA fell -1.8% as oil fell for a fifth day. Boohoo.com Plc slumped -38% after predicting that annual financial results will disappoint analysts. Asos Plc fell -2.1%.
Asian stocks were mixed as US equities extended declines and crudes slump deepened. The Nikkei 225 (+0.01%) was flat, the Hang Seng (+0.83%) advanced, while the S&P/ASX 200 (-0.21%) declined. Inpex Corp dropped -1.1% to pace losses among oil producers. Korean Air Lines Co slipped -4.7% in Seoul after announcing plans to sell 500 billion won in new shares. Tencent Holdings Ltd jumped +3.7% after Mizuho Securities Asia Ltd and JPMorgan Chase & Co recommended buying the stock.
US stocks dropped as data showed slower growth in the US service sector and oil prices fell further. The Dow Jones Industrial Average (-0.74%), S&P 500 (-0.89%) and the Nasdaq Composite (-1.29%) all retreated. Data yesterday pointed to slowing growth in the fourth quarter. The pace of expansion in services moderated in December and new orders for manufactured goods fell for a fourth consecutive month in November. Oil prices slid further on mounting worries about a supply glut. US crude settled at $47.93 a barrel, down -4.2% on the day. Southwestern Energy dropped -5% as brokerages continued to cut price targets on energy shares. AOL Inc shares rose +3.4% a day after a report that Verizon Communications approached AOL about a potential acquisition or joint venture.
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.