European stocks were slightly negative this morning after several companies reported earnings and sales that missed estimates. The ESTX 50 (-0.26%), UK Markets (-0.18%), CAC 40 (-0.01%) and the DAX (-0.10%) all posted small losses in early trading. SAP lost -3.3% after saying that revenue from new software licences declined in the quarter. Akzo Nobel NV slid -3.8% after posting revenue that fell short of projections. Actelion Ltd climbed +2.2% after saying it may review its earnings forecast after reporting better than estimated quarterly profit. Diageo fell -4.8% after saying sales slipped 1.3% in the third quarter. RSA Insurance Group Plc gained +2.7% after agreeing to sell sour subsidiaries in eastern Europe to Polish Insurer PZU SA. Lavendon Group Plc added +3.7% after saying sales jumped 7% in the first three months of the year.
US stocks rose as several companies earnings topped estimates and industrial production gained more than forecast. The Dow Jones Industrial Average (+1.00%), S&P 500 (+1.05%) and the NASDAQ Composite (+1.29%) all advanced. Yahoo jumped +6.3% after sales surged at Alibaba Group Holding Ltd where it holds a stake. Bank of America Corp retreated -1.6% after reporting a quarterly loss. Google Inc sank -5.7% in extended trading after the company reported sales that missed estimates. International Business Machines Corp dropped Corp dropped -3.5% after the close as its sales fell for an eighth quarter. CSX Corp declined -1.8% after saying it expects modest earnings growth for 2014 and it’s unclear if 2015 will be strong enough to deliver a two year compound annual growth rate of 10% to 15%.
Asian stocks rose after US industrial production increased more than forecast in March and Federal Reserve Chair Janet Yellen said the central bank remains committed to supporting the economic recovery. The Hang Seng (+0.28%) and the S&P/ASX 200 (+0.63%) both advanced, while the Nikkei 225 (0.00%) was flat. GungHo Online Entertainment Inc surged +14% in Tokyo after the Nikkei newspaper reported the company’s profit rose. Canon Inc gained +1.3% on a report the company’s earnings in the March quarter jumped about 50%. Citic Pacific Ltd lost -3.2% in Hong Kong after agreeing to buy Chinese banking and brokerage assets from its state owned parent.
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.