European stocks were negative this morning, despite buoyant earnings, with traders reacting to the after effects of surprisingly weak US data yesterday and market declines in Asia exacerbated by relatively light trading volumes. The ESTX 50 (-0.23%), CAC 40 (-0.22%), Dax (-0.17%) and the UK markets (-0.27%) all posted losses in early trading. Jyske Bank A/S advanced +3.7% after saying earnings beat its forecasts. Glencore Plc climbed +1.1% after Harris Associates LP, one of its biggest shareholders, increased its stake in the company. Commodity producers led the declines with BHP Billiton Ltd and Antofagasta Plc both slipping -1.1% or more.
US stocks rose after strong economic data boosted the housing sector and as investors bought recently beaten up shares in biotech and media. The Dow Jones Industrial Average (+0.39%), S&P 500 (+0.52%) and the Nasdaq Composite (+0.86%) all increased. Disney gained +1.8% following the announcement that it plans two theme park expansions that will bring the celebrated Star Wars movie franchise to life. Tesla rose +4.9% after Morgan Stanley raised its price target on the stock to $465 from $280 and said Tesla was its top pick among US car manufacturers. Estee Lauder fell -6.8% after reporting lower than expected quarterly sales.
Asian shares fell on worries that cooling demand in China will weigh on the trade reliant region, while the dollar held firm after strong US housing data offset concerns from a weak manufacturing report. The S&P/ASX 200 (-1.20%), Hang Seng (-1.12%) and the Nikkei 225 (-0.32%) all retreated. Kawasaki Kisen Kaisha Ltd gained +1.7% after the price of shipping commodities advanced. Sawai Pharmaceutical Co added +2.2% after Iwai Cosmo Securities Co initiated coverage of the company with an outperform rating. JX Holdings Inc slid -3.6% as crude prices declined and after Nomura Holdings Inc cut its rating on the stock.
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.