European stocks advanced this morning as gains in miners offset declines in luxury-goods companies. The ESTX 50 (+0.18%), CAC 40 (+0.24%), Dax (+0.32%) and the UK markets (+0.44%) all posted gains in early trading. Cie Financiere Richemont SA fell -4% after saying first half operating profit will probably decline about 45%. Hermes International SCA slid -7.3% after abandoning its mid-term annual sales growth target. Det Norske Oljesekskap ASA rose +1.1% after lowering its guidance for production costs and raised its output forecasts for 2016. Compass Group Plc gained +1.5% after JPMorgan Chase & Co recommended buying the shares on the basis of the company’s earnings growth.
US stocks fell, with energy firms dragged down by lower oil prices and financials dropping on diminished prospects of a near term rate hike. The Dow Jones Industrial Average (-1.41%), S&P 500 (-1.48%) and the Nasdaq Composite (-1.09%) all retreated. Futures traders cut the chances of a rake hike at the Fed’s meeting on September 20th to 21st to just 15%, from 21%, according to the CME Group’s FedWatch tool. Goldman Sachs cut its view to 25% from 40%. Freeport McMoRan tumbled -8.39% on a deal to sell some Gulf of Mexico assets to Anadarko Petroleum, which dipped -0.35%. Apple jumped +2.55% after two carriers reported strong demand for its newest smartphones.
Asian stocks extended a global slump and volatility soared after a report showed fund managers are hoarding more money in cash amid uncertainty over the trajectory of central bank stimulus globally. The Hang Seng (-0.11%) and Nikkei 225 (-0.69%) both declined, while the S&P/ASX 200 (+0.38%) increased. Mitsubishi UFJ Financial Group Inc lost -3.2%, while Sumitomo Mitsui Financial Group Inc slid -1% as uncertainty mounts in global financial markets over what’s in the pipeline from central bankers. Alps Electric Co rose +4% after reports iPhone 7 orders at some US carriers surged past prior models. Japan Display In advanced +4.7%.
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.