European stocks declined as investors weighed earnings results and awaited reports on US jobless claims and industrial output. The ESTX 50 (-0.02%), UK markets (-0.10%), CAC 40 (-0.12%) and the DAX (-0.02%) all posted losses in early trading. Cie Financiere Richemont SA added +3.9% after saying it will raise its dividend. Hennes & Mauritz AB climbed +2.9% after reporting higher sales than analysts anticipated for April. Dixons Retail Plc increased +1.2% after agreeing to merge with Carphone Warehouse Group Plc, bringing together companies with combined revenue of about £12 billion. Aegon NV rose +4.5% after saying first quarter underlying profit rose to €498 million from €464 million a year earlier, beating the analysts forecasts of €486 million. Deutsche Post AG lost -2.6% after reporting first quarter earnings that missed the €752 million projected by analysts.
US stocks fell as investors resumed selling in small-cap and internet shares. The Dow Jones Industrial Average (-0.61%), S&P 500 (-0.47%) and the Nasdaq Composite (-0.72%) all retreated. IBM slid -1.8% for the steepest slide in the Dow after CEO Ginni Rometty spoke to Wall Street analysts and said she remains confident in the company’s 2015 profit forecast despite tumbling sales in hardware and emerging markets like China. Fossil lost -10% for the biggest drop in the S&P 500 after saying second quarter earnings will be less than analysts’ had projected. The company also predicted sales growth of 8% to 9.5%, also missing the 10% average estimate. Deere fell -2% after saying sales will drop by about 4% for 2014, compared with a previous projection for a decline of about 3%. Sears Holdings Corp fell -5.9% after saying it is considering a divestment of its 51% interest of the sale of Sears Canada as a whole.
Asian stocks were mixed as a stronger yen weighed on Japanese shares and after US equity gauges dropped from record highs. The Nikkei 225 (-0.75%) declined, while the Hang Seng (+0.58%) and the S&P/ASX 200 (+0.26%) both advanced. Sony Corp plunged -6.1% in Tokyo after unexpectedly forecasting an annual loss. Country Garden Holdings Co lost -1.9% in Hong Kong after the developer surged 11% in the prior two days on optimism the government will support the property market. Tencent Holdings Ltd surged +5.4% after it posted quarterly profit that beat analyst estimates and a stock split took effect. Credit Saison Co slumped -13% after its net income forecast trailed estimates. Sumitomo Mitsui Financial Group Inc lost -3% after saying it expects profit to drop 19% to 680 billion in the year ending March.
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.