US equities were weak once again on Friday, leading to the worst week for the S&P 500 since 2012 and the NASDAQ index closed below the 4,000 level. One notable faller was JP Morgan which lost just over 3.5% as results disappointed investors on lower bond trading revenues and mortgage business. The Financial sector was weak generally with Goldman Sachs down 2%, Morgan Stanley lost 2.7% and Bank of America was down 2.2%. It is an even busier week for corporate results this week with 54 companies reporting including Coca Cola and General Electric. Other decliners included Home Depot down 1.4%, Toll Brothers down 2.3% and Transocean down 2.8%. One of the few risers was Conoco with the shares up 1.7% after the shares were upgraded by Morgan Stanley.
Asia was generally weaker, although Japan managed to eke out some small gains. However a major faller was the electronics company, Sharp, which fell nearly 9%. The supplier of displays to Apple commented that it was considering ways of raising additional finance. The mining sector was also lower with Rio Tinto down 1.3%, BHP Billiton down 0.7% and Atlas Iron was almost 3% lower. The pain continued for Coca Cola Amatil as a host of brokers downgraded after the profit warning, the shares fell 7%. In Hong Kong, Sinopec fell 3% after the petrochemical division swung into losses. Great Wall Motors gained just over 2% on news of a new model release, the Haval H8, taking the company into the SUV market.
Europe is also down this morning, although markets are doing their best to recover earlier sharper falls. Banks are still in focus with Espirito Santo down 2.2%, Santander is also down 2.3% and ING is down nearly 1%. Other fallers across the region include Ericsson down 3.4%, EDF France down 2.2% and Kuehne/Nagel is down another 3%. In the UK, Glencore has made a major disposal of a copper project and the shares are nearly 1% higher. Tobacco stocks are higher with Imperial Tobacco up 1.8% and British American is up 1.6%.
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.