US equities were weaker on Tuesday with some declines experienced in the Financial sector. Citigroup fell just over 1%, Bank of America dropped 2% and JPMorgan lost 1%. The sector was overshadowed by possible damages that would need to be paid under a Justice Department investigation into mortgage lending. Equities were also impacted by the World Bank reducing economic growth forecasts for 2014, factors included US weather conditions and the Ukraine situation. Others stocks to register falls included Deere down 1.1%, Toll Brothers down 1.5% and IBM was down 1.1%. Of the few risers, retailer Abercrombie & Fitch was up 1.5% after the company announced a reshuffle in the management team.
Asian stocks followed the US lower with the biggest declines in over a month. The Japanese Yen strengthened ahead of the Central bank meeting tomorrow and this impacted the exporters. Nintendo declined 1.5%, Nippon Electric Glass fell 0.75% and Hitachi lost nearly 1%. Mitsubishi Heavy advanced nearly 1.5% after the company announced they may make a joint bid with Siemens for Alstom. In Australia, the iron ore price was weak once again with Fortescue Metals falling nearly 5% and Atlas Iron dropped 4%. China related stocks were also weak, with consumer stocks lower ahead of key retail sales data. Changan Auto fell 2.3%, China Mengniu Dairy lost 3.2% and Suning Commerce fell nearly 2%.
European stocks are relatively quiet in early trading on Thursday, as investors look to some key US retail sales and jobless figures later in the day. In Switzerland, UBS is down 1.5% after analysts suggested a US fine on the company for FX transactions could be as high as £6 billion. Syngenta is also weaker as the corn price continues to fall on Chinese restrictions, the shares are currently down 1.6%. The Mining sector is weak in the UK, with Rio Tinto down 2.2%, Anglo American is down 3.7% and BHP Billiton is down 1.85%.
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.