European stocks retreated this morning, dragged down by energy and media companies. The ESTX 50 (-0.99%), CAC 40 (-0.99%), Dax (-0.63%) and the UK markets (-0.31%) all posted losses in early trading. JC Decaux SA sank -8.6% as it forecast a decline in second quarter organic revenue growth. Altice NV lost -3.6% after reporting stalling earnings as sales at its French business declined. Numericable-SFR tumbled -6.6% after missing analysts’ profit estimates. TUI AG slipped -1% after saying it will sell a unit offering adventure travel activities to focus on mass market holidays. Mediobanca SpA gained +2.1% after posting earnings that beat analyst estimates. Alstom SA climbed +2.2% as its annual profit surged after getting an Indian order for electric locomotives.
US stocks rose following a jump in oil and a rally on Amazon helping propel the S&P 500 to its best day in two months. The Dow Jones Industrial Average (+1.26%), S&P 500 (+1.25%) and the Nasdaq Composite (+1.26%) all advanced. Amazon jumped +4.3% after Bernstein raised its price target on the stock to $1,000, the highest on Wall Street, saying it believes Amazon’s margins will expand much faster than currently expected. Walt Disney Co fell -5% after posting a fiscal second quarter report that disappointed investors. Gap tumbled -11.51% after reporting a decline in sales for the fifth straight quarter. Allergan added +5.28% after reporting better than expected quarterly profit.
Asian stocks rose as Japanese shares rallied amid a recovery in commodity prices. The S&P/ASX 200 (+0.55%) and the Nikkei 225 (+0.08%) both gained, while the Hang Seng (-0.93%) declined. Evidence of firming inflation in China ignited gains in industrial metals, fuelling a 2% climb in Bloomberg’s commodity index along with gains in crude oil. SoftBank Group Corp gained +2.7% despite reporting quarterly profit fell 30% and said it will pay full year dividends of 41 yen per share, which was more than analyst estimates. Oki Electric Industry Co added +6.5% after forecasting an 82% increase in profit for the year ending March 2017. Sumitomo Heavy Industries Ltd surged +14% after posting profit that beat estimates.
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.