European stocks were little changed as investors awaited reports on American retail sales and initial jobless claims. The ESTX 50 (+0.21%), UK Markets (+0.01%), CAC 40 (+0.16%) and the DAX (+0.31%) all posted modest increases in early trading. Deutsche Lufthansa AG jumped +6.5% after it reinstalled dividend payments and maintained a target to triple operating profit within two years. Wm Morrison Supermarkets Plc plunged -8.8% after saying it will sell property and forecasting a profit decline. Morrison weighed on other retail stocks with J Sainsbury falling more than -6% and Tesco down -3% in early trading. Adecco SA fell -8.2% after its largest investor said it will sell about 16% of the company.
US stocks erased losses as investors watched developments in Ukraine and weighed prospects for global economic growth. S&P 500 (+0.03%) and the NASDAQ Composite (+0.37%) both increased, while the Dow Jones Industrial Average (-0.07%) declined. Newmont Mining increased +2.7% and Barrick Gold rose +2.6% as gold rallied 1.8% after tension in Ukraine increased demand for a haven. EPL Oil & Gas climbed +29% after Energy XXI agreed to buy the company to become the largest public independent producer on the Gulf of Mexico shelf. PulteGroup dropped -1.3% and Toll Brothers fell -0.6% after Credit Suisse cut both stocks ratings to “neutral” from “outperform”, citing continued weakness in demand and lower buyer traffic. Urban Outfitters Inc fell -1.7% after Barclays Plc downgraded the company to “equal-weight” from “overweight”.
Asian stocks declined after reports showed growth in China’s industrial output and retail sales missed estimates, adding to concern about the outlook for the Chinese economy. The Nikkei 225 (-0.10%) and the Hang Seng (-0.67%) both declined, while the ASX/S&P 200 (+0.53%) advanced. Jiangxi Copper Co rose +1.5% in Hong Kong, retreating from an advance of as much as 3.7% as the China data added to a sign of an economic slowdown, making the government’s 2014 expansion target harder to reach. NCSoft Corp jumped +8.6% in Seoul after announcing plans to release an inline game in the US and Europe in June. China Overseas Land & Investment Ltd sank -4.1% after the developer posted underlying profit that missed analysts’ projections.
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.