European stocks rose slightly this morning before the Chancellor of the Exchequer George Osborne presents his 2016 budget. The ESTX 50 (+0.52%), CAC 40 (+0.48%), Dax (+0.87%) and the UK markets (+0.21%) all posted gains in early trading. Hikma Pharmaceuticals Plc sank -5.9% after saying 2015 profit attributable to shareholders declined and revenue misses analysts estimates. Moneysupermarket.com Group Plc lost -5.3% as its founder sold shares. Smiths Group Plc fell -1.7% after reporting a decline in operating profit in the first half. Deutsche Boerse AG gained +1.4% and the London Stock Exchange Group Plc added +0.5% after they agreed to merge. Solvay SA advanced +2.2% after saying it will divest its stake in a joint venture with Ineos earlier than planned. Zodiac Aerospace dropped -5.8% after saying annual profit probably won’t rise.
US stocks decreased in another day of quiet trading as investor’s cautiously awaited news from the US Federal Reserve’s two day policy meeting. The Dow Jones Industrial Average (+0.13%) gained, while the S&P 500 (-0.18%) and the Nasdaq Composite (-0.45%) both declined. US retail sales fell less than expected in February, but a sharp downward revision to January’s data could reignite concerns about the economy’s growth prospects. Valeant Pharmaceuticals International Inc plunged -51.5% after cutting its 2016 revenue forecast and flagged the risk of defaulting on its debt. Allergan dropped -3.4% and was the biggest drag on the S&P 500. Apple climbed +2% after Morgan Stanley said March iPhone demand was tracking ahead of expectations, providing the biggest boost to the S&P 500.
Asian stocks fell ahead of a Federal Reserve policy decision as commodity producers and health care shares dragged down the regional indexes. The Hang Seng (-0.15%) and the Nikkei 225 (-0.83%) both dropped, while the S&P/ASX 200 (+0.15%) increased. Sharp Corp sank -12% after it was reported that Foxconn Technology Group is delaying finalisation of its deal with Sharp. Okuma Corp dropped -3.3% after Credit Suisse Group downgraded its rating on the company to “neutral” from “outperform” Kobe Bussan Co surged +11% after announcing its first quarter operating profits rose 49% against the previous year. Honda Motor Co fell -2.2% and Mitsubishi UFJ Financial Group sank -3.6%.
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.