European stocks dropped as the region’s governments weighed tougher sanctions on Russia and concern grew the UK may be heading for partition. The ESTX 50 (-0.55%), CAC 40 (-0.33%), Dax (-0.57%) and the UK markets (-0.30%) all posted losses in early trading. Sports Direct International Plc said -3.3% after saying its performance in its first accounting quarter was hurt by England’s early exit from the World Cup. Bilfinger SE lost -2.3% after announcing job cuts in Norway. Kingfisher Plc rose +2.6% after saying Ian Cheshire will step down as CEO. Swatch Group AG lost -1.7% after Apple yesterday revealed a smartwatch with health and fitness capabilities and smartphone features such as maps and messaging. ARM Holdings dropped -2.5% as Apple Inc slid after introducing its new range of products.
US stocks fell as concerns grew that the Federal Reserve may raise interest rates sooner than anticipated and a rally in Apple Inc disappeared. The Dow Jones Industrial Average (-0.57%), S&P 500 (-0.65%) and the Nasdaq Composite (-0.87%) all retreated. Apple fell -0.4% after climbing to within one point of its intraday record of $103.74 reached last week. The shares have typically fallen at other events where it debuted new products. Apple is up 22% so far this year, exceeding the 7.6% gain for the S&P 500. McDonald’s Corp retreated -1.5% as its monthly sales missed estimates. Home Depot Inc lost -2.1% after confirming that hackers attacked its computer systems. Morgan Stanley dropped -2.7% and Goldman Sachs Group Inc lost -1.5% after it was reported that the Fed is planning risk based capital standards for banks that are tougher than those developed by their international counterparts.
Asian stocks fell following a retreat in US equities on concern about the pace of Federal Reserve interest rate increases. The S&P/ASX 200 (-0.60%) and the Hang Seng (-1.95%) both declined, while the Nikkei 225 (+0.25%) increased. Mining companies declined after nickel and iron ore futures dropped. Sumitomo Metal slid -3.8% in Tokyo. Fortescue Metals Group Ltd fell -2.7%. Chinese developers dropped after Credit Suisse Group AG said primary property market sales volume fell 35% last week from the previous period. China Vanke lost -3.2%, while China Resources Land Ltd sank -4.9%. Sands China Ltd decreased -1.9% amid slump for casino operators after Nomura Holdings Inc predicted Macau gaming revenue will fall this month. Galaxy Entertainment Group Ltd fell -2%. China Shenhua Energy Co sank -3.6% to lead coal producers lower as Prime Minister Li Keqiang was quoted by the official Xinhua news agency as saying the government will “declare war” on pollution. China Coal Energy Co slipped -1.4%.
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.