European stocks edged lower this morning as investors assessed earnings reports and valuations. The ESTX 50 (-0.22%), CAC 40 (-0.37%), Dax (-0.43%) and the UK Markets (-0.16%) all posted losses in early trading. Volkswagen AG slipped -1.7% after data from the European Automobile Manufacturers Association showed its shares of the European market contracted to a five year low. Anheuser-Busch InBev NV led food and beverage companies higher, rising +2.5% after agreeing to create a fund that will support the South African beer industry and protect jobs in the country to help seal approval for its proposed takeover of SABMiller Plc, which added +1.3%. Carrefour SA advanced +3.4% after reporting higher first quarter revenue as growth in Southern Europe and Latin America compensated for a decline in China.
US stocks were little changed as investors digested the latest round of big bank earnings and financial shares continued to bounce back. The Dow Jones Industrial Average (+0.10%), S&P 500 (+0.02%) and the Nasdaq Composite (-0.03%) all finished the session fairly flat. Bank of America Corp rose +2.5%, giving the biggest boost to the S&P 500, after reporting a slide in quarterly profit in line with expectations. Wells Fargo slipped -0.5% after the bank’s quarterly report. Seagate Technology fell -20.1%, and was the biggest drag on the S&P 500, after estimating third quarter revenue and adjusted gross margin below its forecast.
Asian stocks fell as investors assessed a torrent of Chinese data, Japanese shares dropped after an earthquake. The S&P/ASX 200 (+0.76%) gained, while the Hang Seng (-0.10%) and the Nikkei 225 (-0.37%) both declined. Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, sank -2.2% after forecasting second quarter sales below analyst estimates on decelerating smartphone demand and sliding personal computer shipments. Wuhan Iron & Steel Co retreated -1.7%, while Angang Steel Co dropped -2.6% after saying it expects a net loss for the first three months of 2016. Tongling Nonferrous Metals Group Co slumped -2.7%.
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.