European stocks declined amid concern that global growth is slowing. The ESTX 50 (-0.33%), UK markets (-0.35%), Dax (-0.55%) and the CAC 40 (-0.26%) all posted losses in early trading. Gamesa Corp and Vestas Wind Systems A/S slid -2.7% after Credit Suisse Group AG downgraded the companies. Kaz Minerals Plc surged +14% after Kazakh authorities scrapped a trading band for the country’s currency, causing a plunge in the tenge. Royal Ahold NV climbed +3.8% after reporting quarterly profit that topped analysts’ estimates. Straumann Holding AG gained +2% after raising its annual sales growth forecast.
US stocks fell as minutes from the latest Federal Reserve meeting highlighted concern over the state of the global economy, driving markets to question the likelihood that the Fed will raise rates next month. The Dow Jones Industrial Average (-0.93%), S&P 500 (-0.83%) and the Nasdaq Composite (-0.80%) all retreated. The minutes showed policymakers continued to express broad concerns about lagging inflation and the weak economy even as the US job market improved further. Target Corp rose +0.7%, paring an earlier rally of +5.4%. While second quarter earnings beat estimates, the company said that it’s having difficulties with items being out of stock. Yum! Brands Inc rose +2.2% after saying Mickey Pant will succeed Sam Su as CEO of its China unit.
Asian stocks fell following the release of the Federal Reserve minutes and as concerns heightened over China’s slowdown. The Nikkei 225 (-0.94%), Hang Seng (-2.01%) and the S&P/ASX 200 (-1.70%) all dropped. Shiseido Co, which gets about 22% of its sales from Asia excluding Japan, slumped -5.1%. Fanuc Corp, which gets more than half of its revenue from Asia excluding Japan, slumped -1.6%. SoftBank Group Corp gained +2.2% after President Nikesh Arora said he’ll buy about 60 billion yen of the company’s shares. Inpex Corp sank -2.9%, Japan Petroleum Exploration Co lost -5.1% and Cosmo Oil Co slumped -4% as the price of oil dropped following a US government report that showed an unexpected increase in US crude stockpiles.
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.