European stocks fell this morning as an oil decline deepened and concerns over monetary policy grew as central banks in Japan and the US kept their policies unchanged. The ESTX 50 (-0.89%), CAC 40 (-0.79%), Dax (-0.72%) and the UK markets (-0.59%) all posted losses in early trading. UBS Group AG fell -1.4% and Credit Suisse Group AG dropped -2.3% after the Swiss National Bank said the banks need to take further measures to meet Switzerland’s new capital requirements. Volkswagen AG lost -1.2% as its European market share contracted the most since December and it is at a five year low. Randgold Resources Ltd advanced +3.8% as gold climbed to its highest price in nearly 2 years.
US stocks fell after the Federal Reserve left interest rates unchanged and investors considered the impending vote in the UK on whether to leave the European Union. The Dow Jones Industrial Average (-0.20%), S&P 500 (-0.18%) and the Nasdaq Composite (-0.18%) all retreated. US stock indexes spent most of the day with gains but abruptly fell late in the session, bringing the S&P 500’s loss in the past week to 2.2%, in large part because of fears that a fractured EU could critically damage an already feeble global economy. Intel fell -1.65% and provided the biggest drag on the S&P 500.
Asian stocks fell as Japanese shares tumbled after the Bank of Japan disappointed investors by refraining from expanding monetary stimulus. The S&P/ASX 200 (-0.02%) was flat, while the Hang Seng (-2.10%) and the Nikkei 225 (3.05%) both dropped. Japanese exporters led losses across the region with Toyota Motor Corp and Yokohama Rubber Co sinking at least -3.3% on concern the stronger yen will crimp earnings from overseas. CIMB Group Holdings Bhd fell -2.5% in Kuala Lumpur after the CEO said the banks goal of 15% return on equity by the end of 2018 looks very challenging to meet.
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.