European shares dropped for the first time in over a week, dragged down by energy producers. The ESTX 50 (-0.08%), CAC 40 (-0.16%), Dax (-0.18%) and the UK markets (-0.04%) all posted losses in early trading. EON SE retreated -3.4% as it posted a first half loss because of charges linked to the listing of its Uniper unit. Novozymes A/S sank -8.1% as it reported profit that missed estimates and cut its sales outlook. Aurubis AG lost -3.5% after saying annual results will be lower year on year. Brenntag AG dropped -2.2% after the profit forecast of the world’s largest distributor of chemicals missed some analyst projections. Entertainment One Ltd rallied +6.9% after rejection a takeover offer.
US stocks rose despite weak oil prices offsetting gains in healthcare and technology shares. The Dow Jones Industrial Average (+0.02%), S&P 500 (+0.04%) and the Nasdaq Composite (+0.24%) all increased. Endo International jumped +21.8% after reporting it returned to profit in the second quarter. Valeant Pharmaceuticals surged +25.4% after reaffirming its earnings outlook for the year, despite reporting a wider second quarter loss. The company also said it is undergoing a restructuring. Chemours added +10.6% and Vivint gained +9.4% after both companies posted better than expected earnings. Gap sank -6.3%, leading retailers lower after reporting lower sales in the second quarter and in July. Kohl’s fell -4.2% and Target slid -3.2%.
Asian stocks retreated as Japanese shares dropped after the yen rebounded and as commodity companies led losses across the region. The S&P/ASX 200 (-0.16%) and the Nikkei 225 (-0.18%) both retreated, while the Hang Seng (+0.12%) increased. Wharf Holdings Ltd, Hong Kong’s largest mall operator, dropped -2.5% after posting a decline in net income. Hong Kong Exchanges & Clearing Ltd, Asia’s biggest exchange operator by market capitalisation, retreated -1.2% after saying first half earnings declined by 27% on lower securities and commodities trading. Japanese exporters declined due to the yen strengthening. Toyota dropped -1.1%, Honda declined -1.02% and Nissan was down -0.1%.
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.