Most European stocks dropped as investors awaited US reports on housing starts and consumer confidence. The ESTX 50 (-0.11%), CAC 40 (-0.06%) and the DAX (-0.07%) all posted losses in early trading, while the UK markets (+0.01%) were flat. Credit Suisse group AG slid -1.1% after it was reported that the bank will soon reach an agreement with the US to resolve investigations into whether it helped Americans evade taxes. Bouygues SA gained +4.2% after a report that Orange SA has looked into buying Bouygues Telecom. Orange gained +0.6%. Iliad SA, the most recent entrant to the mobile phone market, jumped +6.4%. Wm Morrison Supermarkets Plc advanced +3% amid continued speculation that a US led private equity consortium may bid for the company. Intertek Group Plc dropped -4.4% after saying the energy-infrastructure market in the first four months of 2014 was weaker than expected.
US stocks fell as investors continued to sell small-cap shares and several companies forecast profit that missed estimates. The Dow Jones Industrial Average (-1.01%), S&P 500 (-0.94%) and the Nasdaq Composite (-0.76%) all retreated. Wal-Mart sank -2.4% after forecasting profit that missed analysts’ estimates. Kohl’s Corp decreasing -3.4% after reporting sales and profit estimates that fell short of analysts’ forecasts. Bristol-Myers Squibb Co plummeted -6.1% for the biggest decline in the S&P 500. Lincoln National dropped -5.2% for its biggest slide since 2012, pacing losses among insurers. General Motors dropped -1.7% after announcing that it is recalling an additional 2.7 million vehicles. Cisco rallied +6% after saying revenue in the quarter ending July will be higher than analysts estimated.
Asian stocks fell after China’s bad loans jumped the most since 2005 and the yen held gains amid concern about global growth. The Nikkei 225 (-1.41%), Hang Seng (-0.18%) and the S&P/ASX 200 (-0.58%) all declined. Toyota Motor Corp, a company that gets 31% of its revenue in North America, lost -2% in Tokyo. Japan Display Inc slumped -12% after forecasting a drop in profit. NCSoft Corp plunged -8.5% in Seoul after reporting quarterly net income missed estimates. Johnson Electric Holdings Ltd slumped -12% in Hong Kong after reporting full year net income that was below estimates and said its profit may drop this fiscal year. Greentown China Holdings Ltd jumped +5.1% after saying it was in talks to sell a stake of as much as 30% to Sunac China Holdings Ltd. Sunac shares lost -6.1%.
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.