Stocks soar in China; Ryanair warning; Fiat Chrysler sells parts business

1. China stocks jump: China's battered stock market had its best day in more than two and a...

Posted: Oct 22, 2018 10:47 AM
Updated: Oct 22, 2018 10:47 AM

1. China stocks jump: China's battered stock market had its best day in more than two and and a half years on Monday.

The Shanghai Composite index surged over 4% after senior government officials pledged new support measures for China's struggling economy and financial markets.

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The benchmark index had plunged by more than a quarter since late January over fears about the economy and the impact of the trade war with the United States.

But central bank chief Yi Gang said Friday that the recent slump in the stock market didn't reflect the state of the economy, which he described as "moving forward" in a stable manner.

He added that the government would take more measures to support the economy.

Tech companies were among the top beneficiaries on Monday. Big Chinese tech stocks like Tencent (TCEHY) and Xiaomi rebounded in Hong Kong, and the tech-heavy Shenzhen Composite added nearly 5%.

2. Ryanair warning: Ryanair (RYAAY) said Monday that its profits fell 7% in the first half of 2018. The discount airline, which issued a profit warning earlier this month, has been hit by strikes and flight cancellations.

But CEO Michael O'Leary also issued an industry warning: He expects more airlines to go bust in the near future, opening more business opportunities for Ryanair.

"Fares are falling, oil prices are rising steeply to $85 per barrel, I think there will be more and larger failures this winter," he said.

Shares in Ryanair jumped 4.7% on Monday, but are still down more than 20% this year.

3. Fiat Chrysler offloads parts maker: Shares in Fiat Chrysler (FCAU) gained 5% in Milan after the carmaker announced it was selling its auto parts business to Japan's Calsonic Kansei for €6.2 billion ($7.2 billion).

The deal is one of the first big moves by Fiat Chrysler CEO Mike Manley. He took the top job in July, replacing the late industry legend Sergio Marchionne.

4. Global market overview: US stock futures were pointing higher.

European markets opened with gains following a positive session in Asia.

The Dow Jones industrial average closed 0.3% higher on Friday. The S&P 500 was flat, while the Nasdaq shed 0.5%.

5. Earnings and economics: Halliburton (HAL), Hasbro (HAS), Kimberly-Clark (KMB) and Philips (PHG) will release earnings before the open. Sallie Mae (SLM) and TD Ameritrade (AMTD) will follow after the close.

The US Census Bureau will release data on new home sales for September at 10 a.m. ET.

Italian bonds jumped after Moody's downgraded the country's sovereign credit rating by a notch. Moody's did not move the rating into junk territory, however, providing some relief to investors.

6. Coming this week:
Monday — TD Ameritrade (AMTD), Halliburton (HAL), Kimberly-Clark (KMB), Hasbro (HAS) earnings
Tuesday — 3M (MMM), JetBlue (JBLU), Six Flags (SIX), McDonald's (MCD), Sprint (S), Las Vegas Sands (LVS), Caterpillar (CAT), CA Technologies (CA), Lockheed Martin (LMT), Verizon (VZ), Harley-Davidson (HOG) earnings
Wednesday — Aflac (AFL), Build-A-Bear (BBW), Allegiant Travel (ALGT), AT&T (T), Baidu (BIDU), Boeing (BA), Callaway Golf (ELY), Xerox (XRX), Visa (V), Ford (F), Microsoft (MSFT), SiriusXM (SIRI), Whirlpool (WHR), Wynn (WYNN) earnings
Thursday — Alphabet (GOOGL), Amazon (AMZN), Altria (MO), Ally Financial (ALLY), American Airlines (AAL), Alaska Air Group (ALK), Southwest (LUV), AK Steel (AKS), Spirit (SAVE), Dunkin' Brands (DNKN), Boyd Gaming (BYD), Stanley Black & Decker (SWK), Sherwin-Williams (SHW), Merck & Co. (MRK), Hershey (HSY), GrubHub (GRUB), Snap Inc. (SNAP) earnings
Friday — Colgate-Palmovie (C) and Charter Communications (CHTR) earnings

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