US equities were down once again in Monday trading, with investors mulling interest rate rises and the ongoing saga in Greece. Interestingly the VIX measure of volatility rose to a two month high and the Dow Jones is now negative for the calendar year to date. The semiconductor sector was poor, with capacity issues cited, Avago lost 2.5%, Broadcom lost 2% and Intel declined 1.7%. Airlines were also negative with JetBlue down 7.2%, American Airlines lost 4.5% and Delta fell 4.3%. Other fallers included Dow Chemical down 1.3%, Texas Instruments was down 1.8% and Alcoa fell 1.4%.
Asia markets declined across the board overnight with Japan down for the third straight session, negatively impacted by the stronger Yen. Amongst the biggest fallers, Nissan lost 3.2%, Dai-ichi Life dropped 4.5% and Bridgestone declined 2.6%. Chinese stocks also came off their recent highs, with Financials and Industrials leading the fall. Industrial Bank fell 3%, Haitong Securities fell 4.4% and China Railway dropped 7.6%. In Australia, the broadcaster, Nine, fell by 16% to a record low on a major profit warning and a bearish free to air TV outlook.
Europe is trying to rally today after several weak days, with attention in the UK focussed on the HSBC investor update. The bank has announced that 25,000 global jobs will be lost with the aim to achieve annual cost savings of $4-5 bn. The shares are currently down 0.36%, whereas Barclays is up 0.88% and Lloyds Banking is up 0.76%. Miners are generally weak with Rio Tinto down 1.7%, Anglo American down 1.9% and Antofagasta is down 0.5%. In Germany, the threat of a postal strike will impact on Deutsche Post and the shares are down 0.9%. Technology is also weak with Infineon down 1.8%, SAP down 1.1% and Dialog Semiconductor down 2.1%.
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.