European stocks climbed as the region’s central banks entered their third day of buying sovereign bonds. The ESTX 50 (+1.12%), UK markets (+0.36%), CAC 40 (+1.33%) and the Dax (+1.10%) all posted gains in early trading. Adecco SA added +1.5% after posting better than expected net income for 2014. Deutsche Post AG declined -3.9% after reporting worse than forecast quarterly earnings and said operating profit growth this year may be limited to less than 3%. Michael Page dropped -0.40% despite posting a 17% rise in full year pretax profit, boosted by strong demand for permanent jobs in UK, Germany, the US and Greater China.
US stocks dropped on increasing views the Federal Reserve may raise rates as soon as June. The Dow Jones Industrial Average (-1.85%), S&P 500 (-1.70%) and the Nasdaq Composite (-1.67%) all retreated. Those Fed worries pushed the US dollar to a nearly 12 year peak against the euro, and added to concerns the dollar will continue to weigh on US multinationals’ earnings. IDT Corp dropped -21.2%, a day after it released results. Urban Outfitters Inc rose +11.5%, the S&P 500’s biggest daily percentage gainer, after reporting earnings that beat expectations. United Technologies Corp, which received 19% of its 2014 sales from Europe, slid -3.6%. General Electric Co, which got 17% of its revenue last year from Europe, fell -1.8%.
Asian stocks fell after Chinese industrial output data showed the slowest start to a year since 2009 and amid speculation the Federal Reserve is moving closer to raising interest rates. The Nikkei 225 (+0.31%) gained, while the Hang Seng (-0.75%) and the S&P/ASX 200 (-0.53%) both decreased. Fortescue Metals Group Ltd and Inpex Corp both dropped more than -2.3% as materials and energy companies led declines. Noble Group Ltd fell -1.07%, wiping out gains since the commodities trader rejected criticism of its accounting practices. Eisai Co added +2.9% in Tokyo, pacing gains among medical stocks in Asia. Mitsubishi Materials Corp slid -2.7% after copper dropped yesterday.
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.