European stocks were little changed as euro-area finance ministers prepared to meet in Brussels to seek agreement on Greece’s bailout funding. The ESTX 50 (-0.30%), CAC 40 (-0.29%) and the Dax (-0.18%) all posted small losses in early trading, while the UK markets (+0.04%) were flat. Euro-area finance ministers hold emergency talks with Greek officials today amid growing pressure to find a compromise on maintaining funding to the indebted country. German leaders regard a proposal submitted by Greece to fellow euro-region governments as a basis for negotiations and don’t necessarily see a need for a fresh submission. Premier Oil Plc advanced +3.3% as oil trimmed its first weekly decline in a month. Danone fell -1.8% after setting a lower sales forecast for 2015 than last year’s amid deflationary pressure in Europe and weakening currencies in emerging markets.
US stocks were mixed as energy shares declined and a disappointing outlook from Wal-Mart. The Dow Jones Industrial Average (-0.24%) and the S&P 500 (-0.11%) both declined, while the Nasdaq Composite (+0.37%) increased. Priceline Group rallied +8.5% on its quarterly results and was the S&P 500’s largest daily percentage gainer. Wal-Mart Stores Inc dropped -3.2% after the company cut its sales outlook, citing the stronger dollar. Exxon Mobil dropped -1.7% as oil prices retreated following another big weekly build in US crude inventories. The decline in energy prices has eroded the profits of oil companies, and many have cut 2015 spending plans. But S&P 500 fourth quarter earnings overall have been better than expected, which has helped sentiment. American Express were down -1.7% after a federal judge ruled it violated US antitrust law by prohibiting merchants from steering consumers to use lower cost credits cards.
Asian stocks rose as market sentiment got a boost from upbeat US data, but banking shares fell after investors booked profits from recent gains. The Nikkei 225 (+0.37%) increased, while the S&P/ASX 200 (-0.38%) retreated. The Hang Seng was closed for holiday. Japan Display Inc jumped +5.4% on a report the company is considering building a plan in Japan at Apple Inc’s request. Mitsubishi UFJ Financial Group Inc dropped -0.6%. Sumco Corp (+5.3%), Tokyo Electron (+5.19%) and Alps Electric Co Ltd (+5.09%) posted the biggest gains in the Nikkei 225. While the biggest drags on the index were Toho Zinc Co Ltd (-2.85%), Takashimaya Co (-2.52%) and Aeon Co Ltd (-2.44%).
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.