European stocks were mixed after data showed German industrial production unexpectedly fell in November, while exports dropped more than estimated, signalling a slowing recovery in Europe’s biggest economy. Banco Santander SA slumped -10% after its board approved plans to cut its dividend and sell shares for as much as €7.5 billion. Tesco Plc slipped -2.5%, after rallying the most in more than 26 years yesterday after announcing measures from lower prices to store closures, was cut to below investment grade at Moody’s Investors Service. Sodexo fell -1.2% after saying first quarter organic sales rose +2.3%, compared with analysts’ projections for a 2.5% increase. United Internet AG climbed +3.1% after Goldman Sachs Group Inc added shares of the German company to its conviction buy list.
US stocks rallied, boosted by expectations the US economy will continue to improve and by hopes for more aggressive action from the ECB. The Dow Jones Industrial Average (+1.84%), S&P 500 (+1.79%) and the Nasdaq Composite (+1.84%) all advanced. US crude oil ended higher for a second day, but it remains below $50 a barrel, settling at $48.79. Biotechs were among the most active shares, recording some of their biggest one day moves on the back of strong product study results. Bind Therapeutics shares surged +59.3% after the company said it enrolled its first patient in a mid-stage trial for its lung cancer treatment. UnitedHealth Group Inc posted the biggest gain in the Dow, climbing +4.77%. Du Pont (+3.07%) and Microsoft Corp (+2.94%) both helped lead the gains in the Dow Jones.
Asian stocks rose after US equities erased their 2015 losses on global stimulus optimism. The Nikkei 225 (+0.18%), Hang Seng (+0.35%) and the S&P/ASX 200 (+1.56%) all gained. China Unicom Hong Kong Ltd jumped +5.3% after Macquarie Group Ltd raised its rating for the company. BHP Billiton Ltd advanced +2.8% as metals and crude rose. LG Chem Ltd surged +6.3% in Seoul on a report it will supply batteries for Hyundai Motor Co’s electric cars. Infosys Ltd gained +4.9% after the company’s earnings beat estimates. Rohm Co rallied +3.9% after Credit Suisse Group AG rated the stock “outperform”. Fast Retailing Co added +0.8% after net income beat analyst estimates. Mazda Motor Corp slumped -4.2% after JPMorgan Chase & Co cut its rating on the stock and predicted lower earnings from emerging markets.
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.