European stocks were little changed as investors weighed earnings and equity valuations. The ESTX 50 (-0.25%), UK Markets (-0.14%), CAC (-0.21%) and the DAX (-0.01%) all posted modest moves in early trading. RWE slipped -0.7% after saying first quarter profit fell 36% with CEO Peter Terium citing a difficult environment in the energy business. ICAP retreated -2.1% after the world’s biggest broker of transactions between banks reported full year operating profit of £295 million, trailing projections for £304.5 million. The company said market conditions remain challenging and the regulatory environment is uncertain. Nordex gained +6.5% after saying it expects 2014 sales of €1.5 billion to €1.6 billion, compared with an earlier prediction of as much as €1.5 billion.
US stocks were little changed as data showed retail sales in March were higher than initially reported. The Dow Jones Industrial Average (+0.12%) and the S&P 500 (+0.04%) both made modest gains, while the Nasdaq Composite (-0.33%) declined. Keurig Green Mountain climbed +7.6% after Coca-Cola increased its stake in the company to 16%, three months after acquiring a 10% holding. McKesson advanced +3.3% after reporting earnings of the fourth quarter of its financial year that beat the average analyst estimate. Whirlpool slid -2.8% after Longbow Research LLC cut the company’s rating to “neutral” from “buy”. Elizabeth Arden Inc tumbled -23% after reporting quarterly revenue that missed analysts’ estimates. Lennar Corp increased +1.4% and D.R.Horton Inc climbed +2.2%.
Asian stocks rose as Hong Kong equities jumped, driven by property developers. The Hang Seng (+1.03%) advanced, while the Nikkei 225 (-0.14%) and the S&P/ASX 200 (-0.035) posted modest losses. China Overseas Land & Investment Ltd surged +5.2% after the People’s Bank of China told lenders to expedite home loans. ICBC added +2.4% and China Construction Bank gained +2.2%. Nexon soared +12% in Tokyo after revealing that it plans to spend as much as 10 billion yen to buy back as many as 12.5 million shares. Kadokawa soared +10% and Dwango surged +9% in Tokyo as they held board meetings to discuss a merger. JGC Corp plunged -13% after targeting a full year net income of 42 billion yen for the current fiscal year, compared with the 52.6 billion yen analysts estimated.
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.