European stocks fell after Greece rejected a proposal by the euro-area, increasing concern the nation won’t reach a deal before its bailout agreement expires this month. The ESTX 50 (-1.09%), UK markets (-0.15%), CAC 40 (-1.01%) and the Dax (-1.16%) all posted losses in early trading. TNT Express NV slid -7.4% after saying this year will be challenging, citing adverse trading conditions. Orange SA lost -1.7% after the company forecast a drop in earnings this year. Telefonica SA lost -1.9% after cutting the value of its Venezuelan assets by €2.8 billion as it switched to a lower exchange rate for last year. Pandora A/S rallied +14% after posting fourth quarter profit that beat analysts’ estimates and forecast continued growth in the year ahead. InterContinental lost -1.8% after reporting operating profit in 2014 fell from the prior year.
Asian stocks fell after talks between Greece and its creditors broke down. The Nikkei 225 (-0.10%) and the S&P/ASX 200 (-0.52%) both declined, while the Hang Seng (+0.24%) increased. Australia & New Zealand Banking Group Ltd dropped -2.5% after posting weaker than expected earnings. Kaisa Group Holdings Ltd slumped -3.5% in Hong Kong after reporting a surge in debt that renewed concerns about the developer’s solvency. Skymark Airlines Inc soared +164% after Kyodo News reported the troubled Japanese airliner may get support from Orix Corp. JFE Holdings Inc gained +4%. Inpex Corp dropped -2.3%. F@N Communications Inc tumbled -14% after reporting slowing monthly sales.
US markets were closed yesterday for Presidents Day holiday.
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.