European shares gave up early gains this morning despite several companies reporting results that topped estimates. The ESTX 50 (-0.20%), CAC 40 (-0.42%), Dax (-0.13%) and the UK markets (-0.20%) were all negative in early trading. Royal Dutch Shell rose +3.7% after reporting an 18% rise in underlying net profit, beating analysts’ forecasts and saying that next year’s capital spend will be at the bottom end of the expected range. BP lost -1% despite reporting net income that beat expectations, the beat was largely on the back of a one off tax credit while upstream results came in below forecasts. Moneysupermarket Group jumped +7.8% after the price comparison site reported results.
US stocks barely changed as investors digested the latest large scale corporate mergers as well as the most recent twist in the US presidential election. The Dow Jones Industrial Average (-0.10%), S&P 500 (-0.01%) and the Nasdaq Composite (-0.02%) closed the session pretty much flat. Opinion polls have shown Clinton’s lead over Trump was narrowing slightly since early last week and it is not yet known if the email controversy will erode her support. General Electric slipped -0.4% after saying it merge its oil and gas business with oilfield services provide Baker Hughes. Baker Hughes fell -6.3%. Nike shares dropped -3.5% following a BofA Merrill Lynch downgrade.
Asian stocks were mixed as declines in oil prices dragged energy shares lower and investor anxiety grew over next week’s US presidential election. The S&P/ASX 200 (-0.51%) dropped, while the Hang Seng (+0.93%) and the Nikkei 225 (+0.10%) increased. Hitachi Ltd surged +5.1% in Tokyo after earnings at the company topped estimates. Mitsubishi Heavy Industries Ltd sank -3.5% after cutting its profit forecast citing a stronger currency. AIA Group Ltd shares slumped -4.8% after China UnionPay Co halted credit and debit card payments for most insurance policies in Hong Kong, as regulators cracked down on capital outflows from China.
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 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.
Morning Spread 26th September 2016 Asian shares declined following losses on Wall Street as investors attention turned from central banks to American politics ahead of the first US presidential debate.