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Global earnings support slow recovery
Early this morning Asian stock rebounded after last week’s negative performance following the downing of a passenger jet over Ukraine and Israel’s invasion of Gaza. The advance in stocks is Asia was led by technology and financial shares as global earnings continue to show a gradual improvement on the back of improving economic growth and prolonged supportive monetary conditions. Short-term dips in shares are being seen as buying opportunities by market participants.
Hon Hai Precision Industry Co. an assembler of Apple Inc.’s iPhones, climbed 2.3 percent this morning as expectations on the new iPhone mount. Technology firms in Asia were the largest gainers this morning.
European stock-indices also advanced as investors weighed earnings reports and signs of easing in international political tensions after the downing of a passenger jet in Ukraine and Israel’s offensive in Gaza.
Tesco Plc moved 2 percent up after saying Unilever’s Dave Lewis will replace Philip Clarke as chief executive officer. Anglo American Plc also is moving up after a report it plans to sell some South African platinum mines and cut the workforce by 20 percent. The owner of the world’s largest platinum mines will publish plans to sell off the mines and reduce staff by 20,000. The share is 0.5% up this morning.
In what appears to be another skittle to fall in the financial sector; Credit Suisse Group AG is expected to fall this morning after being fined $2.6 billion for helping American clients evade taxes. The fine will push Switzerland’s second-biggest bank to report an expected quarterly loss of circa $800 million tomorrow. That would be the biggest loss since 2008.
A crowd of U.S. companies report this week, ranging from Apple Inc to McDonald's Corp, Coca-Cola Co and Caterpillar Inc. Reuters reported that of 82 companies in the S&P 500 that had reported earnings through Friday morning, 68 percent beat Wall Street's expectations. That was roughly in line with the 67 percent rate for the past four quarters and above the 63 percent rate since 1994.
The Dow ended Friday up 0.7 percent, while the S&P 500 gained 1 percent and the Nasdaq 1.6 percent. For the week, the Dow rose 0.9 percent, S&P 500 gained 0.5 percent and the Nasdaq added 0.4 percent.
Gold is trading at $1,314 an ounce following a volatile week. Brent is trading at $106.97 a barrel while U.S. crude costs $102.81 a barrel.
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