European stocks dropped as several companies reported worse than forecast results and as Russia hardened its stance on Ukraine. The ESTX 50 (-1.06%), UK Markets (-0.83%), CAC 40 (-1.21%) and the DAX (-1.14%) all posted losses in early trading. G4S Plc tumbled -1.6% after saying that its 2013 profit was hurt by charges of £386 million. Tod’s SpA slid -3.9% after reporting worse than forecast results. Adecco SA climbed +3.9% after reporting full year earnings that exceeded analysts’ estimates. Commerzbank and ThyssenKrupp each lost more than -2%, posting the biggest drops in the DAX. Siemens AG fell -1.1% after saying it was exploring a sale of its microbiology unit. Gerresheimer AG fell -4.7% after Goldman Sachs recommended selling shares in the company.
US stocks fell from near a record while Treasuries climbed, as copper and crude oil led commodities lower amid concern that signs of a slowing economy in China will hurt demand. The Dow Jones Industrial Average (-0.41%), S&P 500 (-0.51%) and the NASDAQ Composite (-0.63%) all declined. Oil prices dropped -1.1%, touching below $100 a barrel, on a government will show US supplies rose last week. Exxon Mobil Corp slid -1.6% and Chevron Corp lost -1.2%. Pioneer Natural Resources Co tumbled -3.3%. Freeport-McMoRan Copper & Gold Inc fell -2.1%. Fannie Mae plunged -31% and Freddie Mac tumbled -27% after it was reported that both would be eliminated and private interests would be on the hook for the first 10% of mortgage losses under a bill that leaders of the Senate banking Committee plan to introduce within days. McDonald’s increased +3.8% for the largest gain in the S&P 500 after the CFO said the company is actively looking at ways to optimise their capital structure, while maintain our long-term financing strength.
Asian stocks fell as Japanese equities sank on a stronger yen and mining companies slid amid concern about China’s economic outlook. The Nikkei 225 (-2.59%), Hang Seng (-1.65%) and the S&P/ASX 200 (-0.55%) all retreated. Japanese exporters fell. Honda dropped -2%, Toyota Motor Corp slid -2% and Sony Corp fell -1.4%. Celltrion slumped -8.3% in Seoul after reporting 2013 operating profit plunged 49% from the previous year. Raw-material producers declined after metals in London sank. Jiangxi Copper slid -2.8% and Glencore Xstrata fell -1.8% in Hong Kong. Inpex Corp dropped -2% in Tokyo as crude fell. Belle International sank -9.3% in Hong Kong after reporting a 2.7% decline in same store footwear sales in the three months through February.
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.