European stocks were mixed before European Central Bank President Mario Draghi meets euro-area finance ministers and the US releases data on retail sales and consumer confidence. The ESTX 50 (-0.11%), CAC 40 (-0.15%) and the Dax (-0.21%) all posted losses in early trading, while the UK markets (+0.11%) gained. Statoil ASA advanced +0.7% after selling stakes in four offshore fields and a planned pipeline to Germany’s Wintershall AG for €1.3 billion as it seeks to secure cash for shareholders and reduce spending. RWE fell -1.4% after JPMorgan downgraded its recommendation on the company to “underweight” from “neutral”. Aveva Group Plc slumped -20% after projecting first half revenue that missed estimates. The company cited a material impact on revenue from currency moves and said demand in South America and parts of Asia has reduced.
US stocks gained as a rebound in oil offset concerns over escalating geopolitical tension and the timing of possible interest rate increases. The S&P 500 (+0.09%) and the Nasdaq Composite (+0.12%) both advanced, while the Dow Jones Industrial Average (-0.12%) declined. MasterCard lost -1.3% after the EU’s Court of Justice ruled that the fees set by MasterCard had unfairly restricted competition and that it failed to show benefits to justify its system. Visa Inc dropped -0.9%. Lululemon soared +14% after reporting second quarter profit that exceeded analysts’ estimates and increased its earnings forecast for the year. JDS Uniphase Corp jumped +10% on plans to split into two separate publicly traded entities. RadioShack Corp rallied +9.6% after saying it is working with creditors and other parties to get more capital and avoid bankruptcy after posting another quarter of mounting losses and plunging sales.
Asian stocks fell as Chinese lending data added to signs Asia’s biggest economy is weakening. The S&P/ASX 200 (-0.27%) and the Hang Seng (-0.25%) both retreated, while the Nikkei 225 (+0.25%) increased. Energy companies suffered, with Cnooc dropping -1.9% and China Coal Energy Co slipping -1.3% in Hong Kong. Citic slumped -4.2% after it was reported that Hong Kong’s Securities and Futures Commission is seeking sanctions against the company for allegedly disclosing false or misleading information over losses in 2008. Japanese exporters gained as the yen traded near a 6 year low. Toyota Motor Corp climbed +1.4%. Komatsu Ltd, a company that gets about 78% of sales overseas, added +1.2%. Sony rose +1.1% after Disney and Viacom Inc said it will provide 22 television networks to Sony.
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.