European stocks rose as energy shares rose. The ESTX 50 (+0.23%), CAC 40 (+0.34%), Dax (+0.19%) and the UK markets (+0.21%) all posted gains in early trading. CGG plummeted -32% after Technip SA, Europe’s largest oil and gas services company, walked away from a bid to buy the French company. Technip rallied +8.1%. Danske Bank A/S dropped -1.9% after saying it will write down 9 billion kroner in goodwill following talks with the country’s financial regulator. HSBC Holdings Plc dropped -0.13% after saying the Swiss private banking arm of the company is not for sale. Greggs Plc jumped +4.49% after forecasting profit that was ahead of analysts’ current expectations. Royal Dutch Shell Plc rose +2.4% and BG Group Plc climbed +3.3%. BT Group Plc added +1% after it was reported that its negotiations to buy one of Britain’s two largest wireless operators gained momentum over the weekend.
Asian stocks fell amid concern that a tumbling oil price signals weakness in the outlook for global economic growth. The Nikkei 225 (-1.57%), Hang Seng (-0.95%) and the S&P/ASX 200 (-0.64%) all retreated. Toyota Motor Corp, which gets about 30% of revenue from North America, fell -2.5%. Mazda Motor Corp dropped -4.6%. Anicom Holdings Inc lost -3.3%, leading insurers lower. Japan Airlines Co slipped -3.4% after its rating was cut to “neutral” at UBS AG. Tokyo Electric slumped -6.5%, the utility’s biggest loss for nine months. China State Construction Engineering Corp and China Railway Group Ltd jumped more than +7% to lead gains for Chinese infrastructure related companies on speculation the Chinese government will take more steps to support economic growth. China Unicom Hong Kong Ltd plunged -4% after the official Xinhua News Agency reported that a company official is being probed for discipline violations.
US stocks dropped, with the Dow Jones capping its biggest weekly drop in three years, as oil continued to slide and Chinese industrial data raised concern over a global economic slowdown. The Dow Jones Industrial Average (-1.79%), S&P 500 (-1.62%) and the Nasdaq Composite (-1.16%) all tumbled. International Business Machines Corp, DuPont Co and Exxon Mobil Corp sank at least -2.9% to lead declines in all 30 Dow stocks. The S&P 500 Materials Index decreased -2.9% as Freeport-McMoRan and Dow Chemical Co slid more than -5.2%. Energy companies in the index lost -2.2%, with oil producers and drillers including Nabors Industries Ltd, Noble Energy Inc and QEP Resources Inc declining more than -3.1%. Adobe Systems Inc surged +9% after reporting sales that topped estimates and agreed to buy stock photography provider Fotolia LLC for about $800 million.
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.