European stocks fell as investors assessed earnings reports. The ESTX 50 (-0.03%), CAC 40 (-0.21%) and the UK markets (-0.30%) all posted losses in early trading, while the Dax (+0.08%) was positive. ABB Ltd rose +2.7% after posting better than estimated first quarter profit. Telia AB climbed +2.2% after reporting better than estimated first quarter earnings as investments in faster internet boosted demand in its home market. Heineken NV gained +2.8% after reporting beer shipments rose more than analysts estimated, led by growth in Asia and the Americas. ARM Holdings rose +2.2% after reporting a 14% rise in first quarter profit, outperforming a weak semiconductor market as its most advanced chips were used in an increasing number of smartphones.
US stocks climbed, lifted by energy stocks and some solid quarterly reports. The Dow Jones Industrial Average (+0.27%) and the S&P 500 (+0.31%) both increased, while the Nasdaq Composite (-0.40%) decreased. Energy companies got a lift from a rally in crude after a strike by oil workers in Kuwait dented the OPEC country’s output. A recent rebound in oil and signs the US economy is slowly improving have helped stocks rally from a steep selloff earlier this year. Transocean climbed +9.5%, while Freeport-McMoRan rose +9%. IBM fell -5.59% after it reported its worst quarterly revenue in 14 years, and was the biggest drag on the Dow and S&P 500. Netflix fell -12.97% after subscriber forecast missed estimates. Johnson & Johnson rose +1.57% after it reported marginal growth in quarterly sales. Goldman Sachs added +2.28% after better than expected quarterly profit.
Asian stocks fluctuated as Chinese shares tumbled as crude oil retreated, while Japanese equities advanced. The S&P/ASX 200 (+0.52%) and the Nikkei 225 (+0.19%) both advanced, while the Hang Seng (-0.93%) retreated. Mitsubishi Motors plummeted -15% after scheduling a press conference in Tokyo to discuss improper handling of fuel tests. The announcement impacted on other car manufacturers. Nissan Motor Co erasing a +1.5% gain to close -1% lower. GS Yuasa Corp dropped -5.7%. Kubota Corp jumped +4.6% after the Nikkei newspaper said the company will look to halve inventory in an effort to boost productivity.
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.