US equities were in positive territory on Wednesday, with the Dow Jones Industrial Average closing at an all time high. Focus in recent days has been on the earnings season and today alone there are 14 S&P 500 companies reporting. Intel was a strong gainer yesterday, rising nearly 10% on improvement in the PC market and also a larger share buy back programme. Time Warner gained 17% after confirming it had received an initial takeover offer from Twenty First Century Fox. IBM was up 2% as investors further digested the tie up with Apple. General Electric rallied 1.5% after the conglomerate announced it was in talks to sell the household appliances business.
Asia was quiet in overnight trading on thin volumes, although China was the weakest, driven lower by the Autos sector. There were reports that Government purchases of cars would slow dramatically and this saw SAIC Motor fall 2.4%, FAW Car lost nearly 3% and Guangzhou Auto fell nearly 4.5%. In Japan, brokerages were weak with Nomura losing 1% and Daiwa Securities falling nearly 1.5%. In Australia, Mount Gibson rallied 4.4% after the mining company reported strong full year iron ore sales. In Taiwan, there was a surprise profit warning at Taiwan Semiconductor with the shares dropping 5%. The world’s largest custom chip manufacturer stated that increased competition and a possible loss of business from Apple were the main factors.
European equities have opened lower on Thursday in the wake of further sanctions being imposed on Russia due to the Ukraine crisis. The U.S. moves to impose restrictions on the Russian state-controlled oil giant OAO Rosneft and other top firms are aimed at squeezing Russia’s already struggling economy and financial system. In Switzerland, Novartis is 1.5% lower after the Pharmaceutical giant released results that fell short of expectations. There was a positive surprise from German software company, SAP, which is up nearly 5%. The company said revenues from its cloud business jumped by 32%. In the UK, cable company, Liberty Global bought a 6% stake in the broadcaster ITV and the shares are up nearly 7%.
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.