European stocks fell amid concern over growth in China and mergers and acquisitions activity. The ESTX 50 (-0.26%), UK markets (-0.44%), CAC 40 (-0.40%) and the Dax (-0.21%) all posted gains in early trading. TDC dropped -6.1% after saying it will finance the 13.8 billion kroner acquisition of Get AS by selling debt and will cut its dividend payout to maintain its investment grade rating. Nobel Biocare lost -6.1% after agreeing to sell to Danaher for $2.2 billion, paying 17.10 francs share in cash. That’s 5.5% less than the closing price on Friday. Air France-KLM Group slid -2.9% after saying it expects its most disruptive strike since 1998. Europe’s biggest airline expects to cancel 52% of services on the first day of an action due to run through September 22nd. SABMiller added +5.1%, while Heineken rose +1.7% after the UK brewer was rebuffed in an attempt to buy the Dutch company.
US stocks fell as investors speculated the Federal Reserve may raise interest rates sooner than estimated after retail sales climbed at the fastest pace in four months. The Dow Jones Industrial Average (-0.36%), S&P 500 (-0.60%) and the Nasdaq Composite (-0.53%) all retreated. Yahoo rose +3.9% after Alibaba received enough demand for its IPO that it plans to stop taking orders. Yahoo is set to get an $8 billion windfall from the IPO. Alibaba plans to set a final price for the shares on September 18th, with trading to begin on the 19th. Conversant soared +30% after Alliance Data agreed to buy the company for $2.3 billion. Caterpillar slumped -0.5% after Bank of America lowered its rating on the shares to “neutral” from “buy”.
Asian stocks fell after the weakest growth in Chinese industrial output since 2008 added to evidence the world’s second largest economy is losing momentum. The Hang Seng (-0.75%) and the S&P/ASX 200 (-1.04%) both declined, while the Nikkei 225 (+0.25%) increased. China Petroleum & Chemical Corp fell -5.4% in Hong Kong after agreeing to sell a 107 billion yuan stake in its retail business. KB Financial Group Inc slid -5.1% in Seoul after the Korea Economic Daily reported the board plans to recommend that Chairman Lim Young Rok resigns. Macquarie Group Ltd gained +1% after Sydney after the bank said it will post higher profit this year due to increased fees.
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.