European stocks retreated as investors awaited the outcome of the latest Federal Reserve meeting. The ESTX 50 (-0.61%), UK markets (-0.52%), CAC 40 (-0.70%) and the Dax (-0.52%) all posted losses in early trading. Orange SA slid -1.1% and Jazztel Plc added +5.9% after the French company offered to buy the Spanish broadband provider for about €3.4 billion. Publicis Group SA gained +0.7% after saying it will appoint a new management team. Asos Plc tumbled -11% after saying it lost sales of between £25 million to £30 million in the quarter through August because of a fire at a distribution centre. Pearson Plc climbed +2.3% after Morgan Stanley raised its recommendation on the company to “buy”. ARM Holdings Plc lost -2.4% as technology shares declined.
Most US stocks fell as investors assessed an unexpected drop in production before a rate decision in two days. The S&P 500 (-0.07%) and the Nasdaq Composite (-1.07%) both declined, while the Dow Jones Industrial Average (+0.26%) increased. Selling was heaviest in the stocks with the highest valuations. Tesla Motors Inc sank -9.1%. Tesla trades at 81 times analyst estimates for adjusted earnings in 2015, almost five times the price earnings ratio of the Nasdaq. Facebook Inc plunged -3.7% for the biggest loss in the S&P 500. TripAdvisor Inc, Micron Technology Inc and Netflix Inc dropped at least -3.9%. Among the most active stocks on the NYSE were Bank of America, down -0.30%, Nokia Corp ADR +2.27% and Petrobras +0.98%.
Asian stocks fell ahead of a Federal Reserve policy meeting. The Nikkei 225 (-0.23%), Hang Seng (-0.91%) and the S&P/ASX 200 (-0.51%) all retreated. PAX Global Technology Ltd plummeted -12% in Hong Kong after its controlling shareholder sold a stake in the company. Ramsay Health Care Ltd dropped -3.8% in Sydney as Paul Ramsay Holdings Pty sold shares in the company. SoftBank Corp, an investor in Alibaba Group Holding Ltd, gained +3.5% in Tokyo after China’s largest e-commerce company raised the amount it’s seeking in its IPO. Fuso Chemical Co soared +19% after saying it will conduct a five-for-one stock split on October 1st. Biotechnology shares jumped after Japanese researchers transplanted retina derived from induced pluripotent stem cells. Shin Nippon Biomedical Laboratories Ltd jumped +17% and Cellseed Inc advanced +5.7%.
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.