European stocks declined in a broad-based slide, with German and Swiss markets among those shut for a holiday. The ESTX 50 (-0.71%), UK markets (-0.38%) and the CAC 40 (-0.84%) all posted losses in early trading. Hennes & Mauritz AB dropped -1.5% as its April sales rose less than analysts had estimated. Telecom Italia SpA climbed +4.7% after almost tripling its target for reducing expenses to €1.6 billion by 2018. Konecranes Oyj surged +20% after agreeing to acquire Terex Corp, abandoning a full merger. Anglo American Plc and Antofagasta Plc gained at least +3%, following metal prices higher.
US stocks fell as a decline in oil prices added to pressure after gloomy quarterly reports from several companies overshadowed upbeat April retail sales data. The Dow Jones Industrial Average (-1.05%), S&P 500 (-0.85%) and the Nasdaq Composite (-0.41%) all decreased. The decline in department stores’ shares marked the end of week that highlighted the expanding influence of Amazon.com and the plight of bricks and mortar retailers struggling to keep up with the online retailer. Nordstrom slumped -13.42% and J.C.Penney Co Inc lost -2.82% after both reported lower than expected sales. Dillard’s Inc fell -1.29% after also giving a quarterly report that disappointed Wall Street. Amazon lost -1.12% but was +5% higher for the week following steady gains since last Friday.
Asian stocks rebounded as Japanese shares advanced after a report the government may delay a planned sales tax increase. The Nikkei 225 (+0.33%), Hang Seng (+0.84%) and the S&P/ASX 200 (+0.56%) all increased. Shiseido Co surged +9.9% after raising its net income forecast on better sales to tourists visiting Japan. Sumitomo Electric Industries Ltd jumped +14% after saying operating profit will climb 12% this fiscal year. Japan Post Bank Co fell -2.4% after saying revenue will shrink 5.3% this fiscal year. Hitachi Ltd added +3.7% despite saying operating profit will contract to levels below those estimated by analysts.
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.