The US was relatively quiet in Monday trading but most indices managed small gains. Consumer related stocks generally fared well with The Gap bouncing back, up 4.55%, Ford was up 1.55%, Walt Disney rose 1.82% and McDonalds rose 0.83%. Verizon was weaker in the Telecommunications sector as Citigroup lowered its rating on the company and the shares lost nearly 1.5%. Financial Services were buoyant with PNC Financial up 1.3%, Citigroup was up 1.38% and JP Morgan was up 0.84%. After the China related bounce in the Commodity sector, the stocks slipped with Newmont Mining down 2.64%.
Asia was mixed in overnight trading with some pullback in Hong Kong equities, as investors mulled the full ramifications of the Chinese interest rate reduction. Energy stocks were down as OPEC looked unlikely to make dramatic reductions in output levels from member states. PetroChina lost 2.5% and Sinopec was down 2.3%. In Japan, Sony jumped more than 6% after a broker upgrade on the stock. Other gainers included Dai-ichi Life up 2.6% and Bridgestone was up 1.6%. In Australia, all eyes were on Medibank Private, the largest IPO since Telstra, which rose 11% on the first day of trading.
Europe is higher in Tuesday trading with the Banking sector moving up. Investors have been underweight the sector prior to the results of the Asset Quality Review but this is now reversing. Deutsche Bank is up 1.93%, Societe Generale is up 1.66% and Credit Agricole is up 1.43%. Other gainers include ThyssenKrupp up 1.08%, E.On is 1.24% higher and Portugal Telecom is up 1.07%. Amongst the decliners are Statoil down 1.29%, Richemont is down 1.30% and Total is down 1.53%. In the UK, the focus is on retailer Kingfisher which is down over 3% on poor third quarter sales. Trading conditions in France have been especially difficult.
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.