European shares fell as energy producers followed oil lower and Volkswagen AG paced declines in car manufacturers. The ESTX 50 (-0.58%), CAC 40 (-0.53%), Dax (-0.43%) and UK Markets (-0.62%) all posted losses in early trading. Volkswagen slid -1.4% after a report showed the scandal ridden company’s market share fell to a five month low in April. Subsea 7 SA and Royal Dutch Shell Plc each dropped -1.4% as crude prices pared a weekly advance. Bouygues rose +3.8% after confirming full year targets and said it’s seeing the first signs of stabilisation in the French construction business. Eutelsat Communications SA plummeted -31% after the satellite operator cut its results forecasts for this year and the next.
US stocks were mixed with gains in telecommunications and consumer staples helping make up for a tumble in Apple. The Dow Jones Industrial Average (+0.05%) increased, while the S&P 500 (-0.02%) was flat and the Nasdaq Composite (-0.49%) declined. First quarter earnings for S&P 500 companies have mostly beaten analysts’ expectations, but are estimated to have fallen 5.4% from a year ago, according to Thomsen Reuters data. Apple Inc dropped -2.35% as worries festered about slowing demand for iPhones. Monsanto Co rose +8.39% after media reports said the company was a possible acquisition target. Kohl’s Corp tumbled -9.17% after posting an unexpected drop in quarterly comparable sales.
Asian stocks dropped as crude oil retreated and technology shares declined after Apple fell to its lowest since June 2014. The S&P/ASX 200 (-0.57%), Hang Seng (-0.99%) and the Nikkei 225 (-1.41%) all retreated. Pioneer Corp plunged -13% after reporting full year net income and operating profit that missed forecasts. Suppliers to Apple dropped in Japan, including Alps Electric Co, which fell -3.2% and TDK Corp which lost -2.3%. Japan Display Inc sank -6.1% after earnings disappointed and it forecast sales that were below levels expected by analysts’. Yanzhou Coal Mining Co plunged -11%, Shenzhen Zhongjin Lingnan Nonfemet Co slid -8.9% and Zhongjin Gold Corp retreated -5.6% in China.
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.