Most European stocks advanced as investors awaited reports on US housing starts and industrial production. The ESTX 50 (+0.11%), CAC 40 (+0.15%) and the DAX (+0.23%) all posted gains in early trading, while the UK markets (-0.02%) were flat. Accor SA climbed +1.6% after saying that profit probably reached the upper end of its forecast in 2013. Royal Dutch Shell Plc slid -3.3% after saying that higher exploration costs and lower volumes will hurt fourth quarter earnings. Essilor International SA lost -2.1% after lowering its projected sales growth for 2013. DS Smith Plc gained -1.6% as Berenberg Bank initiated coverage of the stock with a “buy” rating. Glencore Xstrata Plc rose +2.6% and Rio Tinto Group added +1.6% as a gauge of UK commodity producers rose to its highest level in two months.
US stocks fell as earnings from companies such as Citigroup Inc disappointed investors and Best Buy tumbled. The Dow Jones Industrial Average (-0.39%) and the S&P 500 (-0.13%) declined, while the NASDAQ Composite (+0.09%) increased. Best Buy dropped -29% after reporting a drop in same store sales during holiday shopping season. CSX slumped -6.8% as profit missed analysts’ forecasts for the first time in two years. Intel Corp slid -2.6% in extended trading after forecasting sales that may fall short of some estimates. Citigroup lost -4.4% after reporting fourth quarter profit that missed Wall Street estimates as bond trading slumped. Goldman Sachs fell -2% despite results beating estimates. J.C.Penney Co dropped -1.6% after saying it will close 33 stores and eliminate about 2,000 jobs, resulting in pretax charges of $26 million in the fourth quarter and $17 million in future periods. Hewlett-Packard Co added +2.5% after Bank of America raised its recommendation to “buy” from “neutral”, citing potential for increased earnings amid a restructuring.
Asian stocks swung between gains and losses as miners rose and consumer staple companies slid. The Nikkei 225 (-0.08%) and the S&P/ASX 200 (-0.06%) both declined, while the Hang Seng (+0.64%) was up. BHP Billiton Ltd climbed +2.6% in Sydney, leading an advance among raw material producers. Super Retail Group Ltd tumbled as much as -24% after forecasting first half profit that missed analysts’ estimates. UniCharm Corp dropped -1.6% pacing declines among consumer staple companies. Vinamilk rose +1.5% after the Dau Tu Chung Khoan magazine reported that the company’s revenue had jumped 17% last year. Fujikara Ltd jumped +9.7% after Goldman Sachs raised its rating on the stock to “buy” from “neutral”.
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.