Daily Market Update

Daily Market Update

Daily Market Update Global stocks start the week higher; earnings in focus
World stock markets have been trading higher so far Monday with Asian markets closing mostly in positive territory despite weaker factory data from China with PMI figures disappointing in April. Investors are betting on more stimulus from Beijing. European markets are also trading higher although London is closed for a public holiday. Some progress was made in a meeting between Greece and its creditors over the weekend adding to optimism along with earnings results.

US stock futures are trending higher. Oil is trending higher (Brent $66.86, WTI $59.42 at 6am ET). Gold is trending higher.
 
Today’s data
Gallup US consumer spending at 8.30am ET
Factory orders at 10am ET
Comcast, MGM Resorts and Denny’s are among the companies reporting earnings today.
 
Comcast results exceed expectations
Comcast has announced the results of its first quarter and has beaten analysts’ forecasts. Earnings per share are 79 cents, improving on the 71 cents of a year ago. Revenue increased to $17.85 billion from $17.41 billion. Comcast’s high-speed broadband customers increased to 407,000 while revenue from its theme parks were up by a third.
 
McDonald’s turnaround plan due today
Following several quarters of sluggish results McDonald’s will today announce a turnaround plan for the world’s largest fast food chain. The US, France and Russia are among markets where revenues are disappointing but the firm is strongly affected by global economic conditions. New CEO Steve Easterbrook will be hoping to impress investors with his plans which could see a further reduction in menu choices.
 
Chinese investment firm bids to acquire Ironshore
The Chinese investment firm Fosun wants to acquire an additional 80 per cent stake in the US insurer Ironshore. Fosun is controlled by Chinese billionaire Guo Guangchang and bought a 20 per cent stake in the US firm last year. It has offered $1.8 billion to take full ownership as it aims to expand its global portfolio of insurance interests which it sees as a growth area. The deal is subject to approval by regulators.