European stocks were up this morning as investors awaited a report on US jobs and Italy cut its economic growth forecasts. The ESTX 50 (+0.26%), CAC 40 (+0.18%) and the Dax (+0.40%) all posted gains this morning, while the UK markets (-0.32%) retreated. Orange lost -2.8% after it was reported that Bpifrance offered the phone company’s shares at €11.60 to market price. The French state owned investment bank is selling 50 million shares, cutting its holding in Orange to 11.6% from 13.5%. Afren gained +3.2% after saying that an independent review didn’t disclose more improper transactions beyond the ones being investigated. Nexans tumbled -5.6% after saying full year revenue would be flat as sales dropped by around 4% on an organic basis in the third quarter. J Sainsbury was slightly up +0.3% despite cutting its full year sales after trading fell sharply in the second quarter, dragged down by intense competition.
US stocks fell as small cap and energy shares slumped amid an unexpected decline in consumer confidence. The Dow Jones Industrial Average (-0.17%), S&P 500 (-0.28%) and the Nasdaq Composite (-0.28%) all declined. Ford dropped -2.1% after saying it will miss a profit forecast for 2014 as weakening sales in Russia, deflation in South America and recall costs in North America reduce income. EBay jumped +7.5% after announcing it will split itself into two publicly listed entities. The announcement follows activist shareholder Carl Icahn’s campaign earlier this year for PayPal’s spinoff. Move rallied +37% after it was reported that News Corp will buy the company for $21 a share. That’s 37% higher than Move’s closing price. News Corp fell -2.7%.
Asian stocks fell after consumer confidence in the US unexpectedly declined and Hong Kong braced for bigger protests as Chinese holidays started. The Hang Seng (-1.28%) and Nikkei 225 (-0.56%) both retreated, while the S&P/ASX 200 (+0.78%) advanced. Ibiden Co plunged -15% in Tokyo after cutting its full year profit forecast. Mermaid Marine Australia Ltd jumped +8.8% in Sydney after Deutsche Bank AG raised the company’s rating to “buy”. Samsung Electronics dropped -2.36% and LG Electronics retreated -4.41%, pacing losses among South Korean exporters after reports showed the nation’s industrial production unexpectedly dropped and export growth missed 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.