US stocks were weaker at the start of the week, driven lower by Chinese growth fears and a sell-off in the Technology sector. Decliners included Apple down 3.2% which during the day was actually down a lot more, Amazon lost 3.7% and China Mobile was down 3.5%. Commodities were once again volatile with bargain hunters out in some of the oil majors, with Exxon Mobil up 2%, Chevron up 2.6% and Conoco up a similar amount. Gold also rallied with Newmont Mining gaining 6.8%.
Asian stocks were up as a group for the first time in four days, as energy stocks recovered somewhat and there was increased optimism that China would reduce interest rates once again. In China, the Financials were positive with Minsheng Banking up 10% and Ping An Insurance rose more than 6%. Japanese equities were higher despite the news that Moodys rating agency reduced the rating to A1. Concerns centred on the deficit reduction measures and the steps taken to boost economic growth.
European shares are also in positive territory ahead of this week’s ECB meeting. Gainers include Credit Suisse up 1.1%, Yara is up 1.3%, Thales is up nearly 2% and Akzo Nobel is 1.7% higher. On the negative front, Neopost in France, which manufactures mailing equipment is down 16% as the company slashes revenue forecasts. Other stocks to fall include Thyssenkrup down 1% and RWE down 1.5%. In the UK, Aviva has confirmed the agreed takeover of Friends Life Group for £5.6 billion. The stock is up 2.3% and Friends Life is up 4.6%.
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.