European stocks were slightly negative this morning as investors awaited reports on US retail and housing to gauge the health of the US economy before minutes from the latest Federal Reserve meeting. The ESTX 50 (-0.02%), UK Markets (-0.25%), CAC 40 (-0.05%) and the DAX (-0.02%) all posted small losses in early trading. Diageo Plc dropped -1.5% after the CEO said uncertainties in the global economy will drag on sales growth. Societe Television Francaise 1 rose +6.4% after France beat Ukraine to advance to next year’s World Cup. TF1 yesterday fell as much as -1.3% as Natixis wrote in a note that the probability of the French national team qualifying for the tournament was very low. ITV Plc slipped -1.7% after Bank of America Corp’s Merrill Lynch unit cut its rating on the company. Weir Group Plc lost -1.3% after HSBC Holdings Plc recommended that investors sell the shares of the company. Telecom Plus Plc rallied the most in almost six years as it said six month sales increased 17%.
US stocks fell after disappointing results from several companies and while investors awaited a speech from Ben Bernanke to gauge the prospect of continued stimulus. The Dow Jones Industrial (-0.06%), S&P 500 (-0.20%) and the NASDAQ Composite (-0.44%) all declined. Best Buy -11% after saying it will work to keep pace with competitors discounts in the holiday season, hurting fourth quarter profitability. Campbell Soup fell -6.2% after cutting its profit forecast. Home Depot Inc gained +0.9% after boosting its earnings forecast as rising home prices spurred homeowners to splurge on renovations. Tyson Foods Inc climbed +4.6% as sales beat analysts’ expectations. Salesforce.com Inc slipped -5% after forecasting fiscal fourth quarter earnings that was below the average analyst estimate. Boston Scientific Corp climbed +3.4% after the company’s Vercise deep brain stimulation system received CE Mark approval, as it met certain European product standards, for treatment of dystonia.
Asian stocks fell after valuations reached highs and as Samsung Electronics Co and WorleyParsons Ltd declined. The Nikkei 225 (-0.33%) and the S&P/ASX 200 (-0.85%) both retreated, while the Hang Seng (+0.18%) advanced. Samsung lost -1.3%as investors awaited a US court decision on how much the South Korean company should pay Apple Inc for patent infringement. WorleyParsons slumped a record -26% after saying profit will miss a forecast given last month. Micronics Japan Co surged +21% in Tokyo after saying full year earnings would increase from the prior period. Sharp Corp surged +7.6% after Kyodo News reported that the company is considering a tie-up with Hewlett-Packard to make photocopiers.
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.