European shares were mixed this morning, with retailers and tech firms under pressure and commodity shares stabilising. The ESTX 50 (-0.04%), UK markets (-0.32%), CAC 40 (+0.01%) and the Dax (+0.21%) all switched between gains and losses in early trading. Glencore Plc rallied +9.9% after accelerating a program to reduce its liabilities, aiming to cut its net debt to as low as $18 billion by the end of next year. Whitbread Plc dropped -1.8% after sales at Costa and Premier Inn operations missed projections. Ocado Group Plc declined -4.1% after its revenue growth missed estimates. Sports Direct International Plc lost -8.6% after reporting first half profit that fell short of estimates. Scor SE tumbled -5.6% after a report that Sompo Japan Nipponkoa Holdings Inc will cancel plans to increase its stake in the French company.
US stocks closed lower in a choppy session as oil resumed its decline, fuelling investor worries about global economic growth. The Dow Jones Industrial Average (-0.43%), S&P 500 (-0.77%) and the Nasdaq Composite (-1.48%) all decreased. After an early rally for both oil and stocks, the three major US indexes fell as oil reversed course and investors prepared for a Federal Reserve meeting next week that is expected to result in an interest rate hike. Costco Wholesale Corp fell -5.4% after its earnings disappointed. Apple dropped -2.2% after it was reported South Korean regulators will investigate Apple’s relationships with local phone repair companies to determine whether they violate consumer’s rights. Yahoo! Inc lost -1.3% after scrapping its long planned spinoff of shares in Alibaba Group Holding Ltd. Dow Chemical jumped +11.9% and Dupont rose +11.8% after they were reported in be in talks over a merger.
Asian stocks fell as the yens biggest gain in three months weighed on Japanese exporters. The Nikkei 225 (-1.32%), Hang Seng (-0.45%) and the S&P/ASX 200 (-0.84%) all retreated. Bridgestone Corp lost -1.8% after the Nikkei newspaper reported the company is planning to outbid Carl Icahn for Pep Boys – Manny Moe & Jack. Isetan Mitsukoshi Holdings Ltd sank -3.7% after Nomura Holdings Inc cut its rating on the company. Fast Retailing and United Arrows Ltd both lost at least -2.5%. Toshiba Corp gained after Kyodo reported it will pull out of TV manufacturing and cut jobs. Chinese security firms rose amid speculation lawmakers will approve a new registration system for IPO’s, boosting their earnings outlook. Western Securities Co advanced +1.8%.
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.