European stocks fell as the World Bank cut its global growth forecast and investors awaited a report on UK employment. The ESTX 50 (-0.36%), UK Markets (-0.33%), CAC 40 (-0.51%) and the Dax (-0.46%) all posted losses in early trading. Airbus fell -3.6% after saying that Emirates dropped its planned purchase of 50 A350-900 planes and 20 of the larger -1000 variant. Emirates, the biggest buyer of the A380 aircraft, made the decision after reviewing its fleet requirement. Emirates placed the order in 2007 and the first delivery was scheduled in 2019. Rolls-Royce Holdings Plc slipped -2% after saying Emirate’s cancellation reduces its order book by about £2.6 billion. Vallourec tumbled -12% after saying 2014 earnings will be about 10% lower than the previous year because of a reduction in orders from Petroleo Brasileiro SA, which is eliminating most of its tube inventories. Inditex advanced +1.6% after posting first quarter net income that exceeded the average analyst forecast.
US stocks were flat as investors weighed equity valuations. The Dow Jones Industrial Average (+0.02%), S&P 500 (-0.02%) and the Nasdaq Composite (+0.04%) all finished the session flat. EBay Inc dropped -2.7% after saying David Marcus will step down as the head of its PayPal unit to join Facebook. Facebook rallied +4.6%. RadioShack Corp plunged -10% after reporting a wider quarterly loss. Electronic Arts Inc added +2.3% after disclosing release dates for new games. Tyson Foods Inc slid -3.8% after raising its offer for Hillshire Brands Co to about $7.7 billion. Urban Outfitters Inc slid -3.7%after saying sales at stores open at least a year are unchanged so far in the second quarter compared to a year ago. Molson Coors Brewing gained +5.4% after reporting an earnings gain of 83% in the first quarter.
Asian stocks were mixed as Japanese equities rallied and the World Bank cut its global economic growth forecast. The Nikkei 225 (+0.50%) gained, while the Hang Seng (-0.23%) and the S&P/ASX 200 (-0.29%) both declined. Beijing Enterprises slipped -3.7% in Hong Kong after saying its controlling shareholder plans to raise $555 million selling exchangeable bonds. Takata Corp, whose airbags led to the recall of more than 3 million vehicles last year, sank -4.1% in Tokyo after telling customers including Honda Motor Co, that defective parts may need to be fixed again. L’Occitane International SA dropped -2.8% in Hong Kong after posting full year profit that missed analyst estimates. LG Display Co rose +1.4% in Seoul after saying it was in talks to supply big screen television panels to Panasonic Corp.
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.