European shares fluctuated, with investors assessing valuations and corporate earnings. The ESTX 50 (-0.16%), CAC 40 (-0.04%) and the Dax (-0.25%) posted losses in early trading, while the UK markets (+0.14%) increased. Standard Life Plc rose +1.4% after reporting better than expected full year profit and disclosing a solvency II ratio of 162%. Allianz SE slid -2.9% after reporting fourth quarter profit that missed analyst estimates. Ingenico Group SA tumbled -14% after JPMorgan Chase & Co downgraded the company saying its 2016 earnings margin forecast is below the broker’s estimates. KBC Groep NV and Banca Monte dei Paschi di Siena SpA both rose more than +2.4%.
US stocks declined as Wal-Mart shares dragged on the market after a lacklustre earnings report and oil prices pulled back. The Dow Jones Industrial Average (-0.25%), S&P 500 (-0.47%) and the Nasdaq Composite (-1.03%) all retreated. Wal-Mart Stores Inc fell -3% after reporting a lower quarterly profit and gave a tepid sales outlook. The stock was the biggest percentage loser in the Dow. IBM rose +5% after Morgan Stanley upgraded the stock to “overweight”. Nvidia climbed +8.6% after reporting revenue that beat expectations. Dish Network fell -6.3% after it reported lower net income in 2015 amid a drop in pay-TV subscriptions. Perrigo dropped -10.2% after adjusted profit missed estimates. After the market closed, Nordstrom sank -7% after reporting lower than expected quarterly profit.
Asian shares retreated as a rally in oil prices reversed and investors remained cautious about the outlook for the global economy. The Nikkei 225 (-1.42%), Hang Seng (-0.40%) and the S&P/ASX 200 (-0.79%) were all negative. Casino operators weighed on the Hang Seng after MGM Resorts International posted a surprise fourth quarter loss. MGM China Holdings Ltd sank -7.8%, while Sands China Ltd fell -3.1% to lead losses on the Hang Seng. Inpex tumbled -9.4% for its lowest close on record. Toyota Motor Corp fell -2.9%. Tokyo Tatemono Co added +4.5% after Credit Suisse Group AG raised its rating on the developer.
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.