European stocks were little changed as investors weighed corporate earnings. The ESTX 50 (-0.08%), CAC 40 (+0.03%), UK markets (-0.12%) and the DAX (+0.09%) were all fairly flat in early trading. Carnival Plc climbed +3.8% after announcing a fleet expansion in Australia and after Morgan Stanley raised its recommendation on the shares. United Internet AG rose +6.3% after reporting quarterly sales that beat analysts’ estimates. Vodafone Group Plc fell -3.8% after predicting profit will drop this year. Deutsche Annington Immobilien SE dropped -7% as investors offered to sell a 12.5% stake in the company. Marks & Spencer retreated -2.5% after reporting a fall in annual pretax profit.
US stocks rose as small-cap and internet shares extended advances on one of the slowest trading days of the year. The Dow Jones industrial Average (+0.12%), S&P 500 (+0.38%) and the Nasdaq Composite (+0.86%) all advanced. Micron Technology Inc increased +3.5% after being upgraded to “outperform” from “sector perform” by RBC Capital Markets, who cited favourable changes in the memory industry amid strong demand cycles. Pfizer climbed +0.6% after AstraZeneca rejected Pfizer’s sweetened £69.4 billion takeover offer, saying the bid fails to reflect the value of pipeline experimental medicines. Pfizer said its offer was final and the company will not go to shareholders with a hostile bid. Johnson Controls Inc surged +4.3% after announcing plans to spin off its automotive-interiors business into a joint venture with China’s Yanfeng Automotive Trim Systems Co. Campbell Soup dropped -2.4% after lowering its sales forecast for 2014 after reporting third quarter sales that missed analysts’ estimates.
Asian stocks fluctuated as IT companies climbed and energy shares declined. The Nikkei 225 (+0.49%), Hang Seng (+0.57%) and the S&P/ASX 200 (+0.21%) all gained. Coal India Ltd dropped -4.9% after surging 13% yesterday. Yahoo Japan jumped +12% after cancelling plans to acquire eAccess from SoftBank Corp to focus on developing services as part of a strategy to expand into mobile. The company’s rating was also raised to “outperform” from “neutral” at SMBC Nikko Securities Inc. Treasury Wine Estates Ltd surged +18% in Sydney after rejecting a takeover bid from KKR & Co.
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.