European stocks dropped after climbing for five straight days and AstraZeneca shares slumped. The ESTX 50 (-0.23%), UK Markets (-0.39%) and the DAX (-0.18%) all retreated, while the CAC 40 (+0.07%) advanced. AstraZeneca tumbled -15% after it rejected Pfizer Inc’s final increased bid of $117 billion to buy the company. Deutsche Bank AG slipped -1% after selling about 60 million shares to the Qatari royal family as it announced plans to raise €8 billion in its second biggest capital increase. Ryanair Holdings Plc rose +5.5% after reporting earnings that beat analysts’ estimates and saying it is committed to paying shareholders a special dividend in the fourth quarter. Bank of Ireland Plc added +2.3% in Dublin as UBS AG recommended buying the stock .
US stocks rose as small-cap shares revealed declines amid a faster than forecast gain in the pace of home construction. The Dow Jones Industrial Average (+0.27%), S&P 500 (+0.37%) and the Nasdaq Composite (+0.52%) all advanced. Nordstrom Inc jumped +15% after reporting quarterly results that exceeded estimates. Verizon Communications Inc added +2.3% after Warren Buffett’s Berkshire Hathaway Inc disclosed a stake. Chesapeake Energy Corp sank -4.7% after announcing plans to shrink its workforce by half to the smallest since 2006 in a rig spinoff by the end of next month. J.C.Penney Co rallied +16% after reporting its first quarterly sales gain since 2011. Darden Restaurants dropped -4.3% after agreeing to sell the Red Lobster seafood-restaurant chain to Golden Gate Capital for $2.1 billion.
Asian stocks fell after data showed a spreading slowdown in China’s housing market. The Nikkei 225 (-0.64%), Hang Seng (-0.24%) and the S&P/ASX 200 (-1.28%) all declined. China’s new home prices rose in April in the fewest cities in 18 months as developers offered discounts and economic growth slowed, prompting the easing of property curbs in some places. China Resources Land dropped -1.6% and China Overseas Land & Investment Ltd lost -1%. Malaysian Airline System Bhd plunged -16% amid concern the government may let the company fail. UGL Ltd slumped -9.7% in Sydney on a report the sale of the builder’s property unit may be scrapped. Tokyo Electron Ltd jumped +5.3% after Applied Materials Inc, which will acquire Tokyo Electron in a stock swap, forecast fiscal third quarter sales that topped the low end of analysts’ estimates.
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.