European stocks were slightly down this morning as investors weighed corporate earnings and awaited data on American jobless claims. The ESTX 50 (-0.30%), UK Markets (-0.11%), CAC 40 (-0.24%) and the DAX (-0.12%) all posted losses in early trading. Cie Financiere Richemont SA dropped -1.9% after posting third quarter sales growth that missed projections. Carrefour SA slid -3% after reporting fourth quarter sales. United Utilities Group Plc advanced +4.7% after Morgan Stanley upgraded the company to “buy” from “equal weight”. Premier Oil Plc lost -6.3% after Liberum Capital said the company’s forecast for 2014 output missed their estimate. Aberdeen Asset Management Plc declined -3.4% after reporting that assets under management fell 3.4% in the three months to December. In news closer to home it has been reported that Manx Telecom is preparing for a £250 million stock market flotation. The company is drawing up plans to list on the Alternative Investment Market in London in the next few weeks.
US stocks rose as the World Bank lifted its global growth forecast and Bank of America Corp’s profit spurred a rally in financial shares. The Dow Jones Industrial Average (+0.66%), S&P 500 (+0.52%) and the NASDAQ Composite (+0.76%) all advanced. Bank of America jumped +2.3% after reporting fourth quarter earnings and revenue that beat analysts’ estimates. Apple Inc gained +2% after China Mobile Ltd said pre-orders for iPhones had reached 1 million. Wells Fargo & Co rose +1.8% after reporting record quarterly profit. JPMorgan Chase & Co, whose earnings beat analysts’ estimates this week, rallied +3%. General Motors Co declined -1.6% after forecasting profit to modestly improve as introduces 15 new vehicles in the US. Fastenal lost -4.5% for the biggest decline in the S&P 500, after reporting profit and revenue that fell short of analysts’ forecasts.
Asian stocks were mixed after earlier gains on the back of the World Bank raising its forecast for global growth. The Nikkei 225 (-0.39%) declined, while the Hang Seng (+0.37%) and the S&P/ASX 200 (+1.21%) both increased. China South City Holdings Ltd soared +61% in Hong Kong as Tencent Holdings Ltd said it will buy a stake in the company. Newcrest Mining Ltd jumped +7% after saying gold production will be around the top end of its forecast range. Ping An Insurance (Group) Co rose +3.8% after saying it is now offering financial services through an online platform. Aluminium Corp of China Ltd jumped +1.5%.
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.