European stocks fell as investors awaited a referendum that may lead to Crimea’s secession from Ukraine. The ESTX 50 (-0.62%), UK Markets (-0.14%), CAC 40 (-0.67%) and the DAX (-0.36%) all posted losses in early trading. Pandora A/S lost -3.8% after shareholders of the company agreed to sell a stake worth 4.51 billion kroner. Dassault Systemes SA fell -0.9% after the French developer of 3 D design software extended the closing date of its offer for Accelrys Inc until March 25th. Dassault agreed in January to buy Accelrys for $750 million. Aberdeen Asset Management Plc, CRH Plc and Petrofac Ltd posted the biggest drops in the UK this morning, each falling more than -2%. J Sainsbury Plc jumped +2.3% after slumping the most in over 6 six years.
US stocks fell as weaker than forecast data from China and tension in Ukraine overshadowed reports showing an improving American economy. The Dow Jones Industrial Average (-1.41%), S&P 500 (-1.17%) and the NASDAQ Composite (-1.46%) all retreated. Homebuilders declined for a seventh straight day as Toll Brothers Inc dropped -2.7% and PulteGroup Inc fell -2.5%. Offshore drillers decreased after ISI Group said in a note that deepwater rig demand is weaker than the market anticipated. Diamond Offshore Drilling Inc slid -4.3%, Noble Corp fell -4.6% and Transocean Ltd erased -3.1%. PVH Corp declined -5.7% after being downgraded to “market perform” from “outperform” at Wells Fargo & Co, while Morgan Stanley lowered its rating to “equal-weight” from “overweight”. Dollar General slipped -2.8% after forecasting first quarter earnings of no more than 74 cents, which was below analysts’ estimates.
Asian stocks dropped after at least four investment banks cut their growth forecasts on the region’s biggest economy. The Nikkei 225 (-3.30%), Hang Seng (-1.00%) and the S&P/ASX 200 (-1.54%) all fell. BHP Billiton Ltd, a company that gets about 29% of sales from China, slipped -2% in Sydney amid signs slowing growth in China will hurt demand. Japanese exporters suffered as the yen strengthened. Toyota Motor Corp, a company that counts North America as its biggest market, fell -3% in Tokyo. Honda Motor Co, which gets about 83% of sales from overseas, decreased -3.1%. Sony Corp sank -4.2%. Tokyo Dome Corp sank -6.4% after saying it will plunge 53%, missing estimates. Olam International Ltd surged +11% in Singapore after a unit of Temasek Holdings Pte offered to buy the rest of the commodity trader in a deal valued at $4.2 billion.
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.