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Global markets marched higher during Wednesday’s session as investors enjoyed a fresh round of earnings reports that were well-received across the board.
Markets in Europe were higher, with all sectors trading in positive territory. Technology stocks were strong performers, maintaining their upwards momentum since the start of the year. The Stoxx Europe 600 moved higher on Wednesday after sliding 1.1% in the previous session.
US stocks followed suit to trade in positive territory with both the S&P 500 and the Nasdaq hitting records, as strong results from Morgan Stanley lifted optimism over the current earnings season. That being said, Financials were among the day’s biggest gainers.
Earnings reports roll in
Attention on Wednesday swung to financial results. Electrolux shares sprang up 3% making it the best session for the maker of washing machines, refrigerators and other white goods. The company raised its growth forecast for the North American market after solid demand from the region helped lift second quarter net profit by 21%.
Shares of ASML holding leapt 6% as the Dutch semiconductor company posted strong second quarter net income, and said it will be resuming its share buy-back programme.
Volvo AB posted strong second quarter figures, as truck orders jumped 22%. The company also said that it has seen continued recovery in its construction-equipment unit. Nevertheless, its shares fell during Wednesday’s session, closing 3.71% lower.
On the downside, tech giant IBM was in the red following poor and uninspiring results. Likewise, railroad operator CSX corp was down 4.84% after their earnings reports failed to impress.
Morgan Stanley surpasses expectations
Financials had a good day, and had Morgan Stanley to thank mostly for that. Shares of the US investment bank were trading higher after it reported better than expected second quarter results across the board, with trading revenues coming in above expectation. Other banks like Citigroup, Goldman Sachs and JPMorgan Chase saw their trading businesses struggle last quarter.
Oil at 6 week high
Crude oil futures paused on the heels of hitting a six week high, as a larger than expected decline in US crude inventories last week reinforced a view that global markets are, finally, rebalancing. Data showed that US stockpiles fell for the 13th week in the past 15. Crude oil was trading at $47.22 on Thursday morning.
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