European stocks followed US and Asian markets higher after minutes from the last Fed meeting reflected caution over raising interest rates. The ESTX 50 (+0.72%), UK markets (+0.62%), CAC 40 (+0.74%) and the Dax (+0.80%) all posted gains in early trading. Givaudan SA advanced +4.5% after reporting quarterly comparable sales growth that exceeded estimates. Roche Holding AG added +0.6% after saying patients who took its experimental multiple sclerosis treatment in a late stage test were less likely to experience worsening clinical disability than with a placebo. Glencore rose +6% after saying it would slash its annual output by a third.
US stocks rose as investors saw further signs of dovishness in the Federal Reserve’s September meeting minutes which shed light on its decision to keep interest rates near zero. The Dow Jones Industrial Average (+0.82%), S&P 500 (+0.88%) and the Nasdaq Composite (+0.41%) all increased. Investors are bracing themselves for the effect of slowing global growth and a strong dollar on third quarter earnings. Profits from companies in the S&P 500 are expected to fall 4.5% in the quarter, the biggest decline in six years, according to Thomson Reuters data. Alcoa officially started the earnings season after the market close, with a weak report that sent its shares down -4% in extended trading. Its quarterly sales fell 10.7% and missed expectations. Boeing Co and Honeywell International Inc rallied more than +1.4%, while Union Pacific Corp added +2% to a two month high to pace industrials advance.
Asian stocks rose, following US shares higher after minutes from the Federal Reserve’s latest meeting indicated the central bank won’t rush to raise interest rates. The Nikkei 225 (+1.64%), Hang Seng (+0.46%) and the S&P/ASX 200 (+1.33%) all advanced. Santos Ltd jumped +8.6% in Sydney, leading gains among the region’s energy producers, as oil climbed above $50 a barrel for the first time since July. Noble Group Ltd surged +16% in Singapore as the commodities trader was said to be overhauling its metals unit after vowing to focus on delivering immediate results. Fast Retailing Co slumped -9.8% in Tokyo after reporting earnings and forecasts that missed analyst estimates.
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.