In the US markets there was a bounce back in the Technology sector with Facebook up 2.18%, Amazon up nearly 3% and Google gained 3.1%. The quarterly earnings season traditionally kicks off with Alcoa, which reported after the market closed. Early indications suggest they beat analyst expectations, the shares were up nearly 2% yesterday in anticipation. Other companies to report this week include JP Morgan and Wells Fargo. Elsewhere there were gains for Halliburton which rose 2%, Deere gained 1.5% and China Mobile recovered 1.5%. On the losers front, Bristol Myers fell 2.4% on patent concerns and Goldman Sachs eased 1.26% on capital buffer fears.
Asia was mixed once again with the Japanese market notably weak as the Yen registered the largest one day increase against the US Dollar in seven months. Toyota fell just over 3% on news the auto manufacturer is recalling six million vehicles globally. The sector was weak generally with Mazda down 3.7%, Suzuki down 4% and Nissan down 2.6%. The market in Hong Kong in contrast was buoyant with further optimism in China related stocks. The property sector was in focus with China Resources Land up 3% and China Overseas Land up nearly 2%. In Australia, shares closed at their highest level since June 2008 with WorleyParsons up nearly 7% on news of extensive restructuring.
Europe is firmer this morning with auto stocks leading the way in Germany. A bullish research note on Volkswagen has seen the shares rise 3.23% and Porsche is up just over 4%. Banks are typically higher with Den Norske Bank up 2.2% boosted by a Citigroup note. Commerzbank is up just over 2%, Standard Chartered is up 2.6% and Lloyds Banking is up 1.3%. Other gainers include Seadrill up 2.3%, Thales is up 1.8% and Kering is up just over 1%. Fallers include Admiral down 1.6% on news that motor insurance prices in the UK are under downward pressure. Estimates suggest rates fell by 7.5% in the latest quarter.
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.