European shares feel this morning, mirroring weaker commodity prices and losses in Asia where stocks slipped after the Bank of Japan help policy steady and offered a bleaker view of the country’s economy. The ESTX 50 (-0.77%), CAC 40 (-0.78%), Dax (-0.62%) and the UK markets (-0.76%) all posted losses in early trading. Antofagasta Plc led miner’s lower, dropping -10% after abandoning it dividend and saying annual profit slumped 99%. Hennes & Mauritz AB fell -1.4% after its February sales grew less than estimated. Volkswagen AG declined -1.8% after institutional investors from around the world sued the company for €3.3 billion in Germany over the cover up of its polluting diesel engines. SFR rose +2.8% after saying its core operating profit grew 20% in 2015 as cost cuts offset declining mobile subscribers.
US stocks were little changed in light trading as consumer discretionary gains countered losses in energy shares and investors awaited a US Federal Reserve meeting. The Dow Jones Industrial Average (+0.09%), S&P 500 (-0.13%) and the Nasdaq Composite (+0.04%) all made small changes. The Fed is not expected to raise interest rates at the two day meeting, but investors will be on the lookout for clues about future hikes. Schlumberger fell -2.1% and Baker Hughes lost -4.2%, and weighed most on the S&P energy sector. Starwood Hotels & Resorts climbed +7.8% after receiving a takeover offer of $76 per share from a consortium of companies. GW Pharmaceuticals soared +120% after the company’s experimental cannabis based drug succeeded in treating children with a rare form of severe epilepsy.
Asian stocks fell after the Bank of Japan painted a gloomier view of the world’s third largest economy, but the yen firmed as policymakers appeared to back away from any imminent move to cut interest rates further into negative territory. The Nikkei 225 (-0.68%), S&P/ASX 200 (-1.43%) and the Hang Seng (-0.72%) all retreated. Dai-ichi Life Insurance Co retreated -3%. Bando Chemical Industries Ltd rose +2.9% after announcing it will buy back as much as 2.1% of its shares, while Kandenko Co declined -5.2% after saying it will sell 20 billion yen in convertible bonds. Oki Electric Industry Co rose +4% after Goldman Sachs Group Inc raised its rating on the company to “neutral” from “sell”.
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.