European stocks fell as a decline in oil-related stocks outweighed data showing the euro area’s two largest economies returned to growth in the third quarter. The ESTX 50 (-0.04%), UK markets (-0.15%) and the Dax (-0.01%) were all negative in early trading. While the CAC 40 (+0.14%) was positive. Total slid -1.1% and BP lost -0.9% amid speculation that OPEC will hold off cutting production to ease concern of a supply gut. IMI lost -1.4% after saying revenue in the four months to end October fell 6% amid difficult market conditions, particularly in Germany. Airbus added +3.1% after reporting earnings that surpassed analysts’ estimates. Bouygues SA advanced +3.1% after raising its outlook for 2014 revenue as construction abroad offset a slowdown in France and a price war in mobile phone services.
US stocks were little changed as losses in small caps and energy shares overshadowed better than estimated results from several companies. The Dow Jones Industrial Average (+0.23%), S&P 500 (+0.05%) and the Nasdaq Composite (+0.11%) all made small gains before closing. Wal-Mart surged +4.7% to an all-time high after earnings topped forecasts. Baker Hughes Inc rallied +15% after it was reported that Halliburton Co was in talks to buy it. DreamWorks Animation SKG Inc jumped +14% after reports Hasbro Inc is in talks to buy the studio. Nordstrom Inc advanced +2.2% in late trading after reporting revenue that topped estimates. Kohl’s Corp slipped -3.2% after reporting third quarter revenue and earnings that missed estimates and said fourth quarter margins may be pressured. Exxon dropped -0.8% and Helmerich & Payne Inc slipped -6.7% as oil prices extended a selloff. Cisco rose +2.3% even after forecasting sales that fell short of analysts’ estimates.
Most Asian stocks rose as Japanese shares capped four weeks of gains following a rally in US markets. The Nikkei 225 (+0.56%), Hang Seng (+0.28%) and the S&P/ASX 200 (+0.21%) all posted gains in early trading. Honda Motor Co, the company that gets about 84% of sales from overseas, advanced +2.6% after the yen weakened. Nexon Co jumped +15% after the reporting profit that beat estimates. Olam International Ltd slumped -6.6% in Singapore after posting weaker earnings. Sekisui House soared +6.2% after raising its fiscal year forecast for net income by 3.5%. Nexon surged +15% after posting third quarter net income that beat analysts’ estimates. Recruit Holdings Co slumped -6.6% after reporting its first half results. China Communication Construction plunged -3.2% after jumping 45% over the past three weeks. China CAMC slid -3.4%, paring gains to 39% over the same period.
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.