European stocks were little changed as investors awaited data on consumer confidence in the Euro Area. The ESTX 50 (-0.03%), UK Markets (-0.11%), CAC 40 (-0.22%) and the DAX (+0.03%) posted small changes in early trading. BNP Paribas lost -1.7% after it was reported that US authorities are seeking more than $5 billion to settle investigations related to sanctions. A.P.Moeller-Maresk A/S A shares rose +3.1% after boosting its outlook for 2014 underlying profit. Volvo AB declined -1.3% after saying vehicle deliveries in April fell 1% from a year earlier. Britvic Plc rallied +5.1% after reporting first half revenue that exceeded estimates. DCC Plc jumped +5% after posting full year earnings that surpassed analyst projections. Wm Morrison Supermarkets Plc slid -2.8% after Deutsche Bank recommended selling the shares. Petrocfac Ltd climbed +1.8% after Barclays Plc raised its recommendation on stock.
US stocks fell after retailers reported lower than estimated earnings and small-cap shares slumped. The Dow Jones Industrial Average (-0.83%), S&P 500 (-0.65%) and the Nasdaq Composite (-0.70%) all declined. Staples tumbled -13% after forecasting second quarter profit that was less than analysts estimated. Urban Outfitters sank -8.8% as earnings missed forecasts. Home Depot Inc rose +1.9% for the biggest gain in the Dow, despite posting first quarter revenue that trailed some analysts’ estimates. Although the CEO did say that it expects revenue lost due to the bad winter will be recouped this quarter. Caterpillar lost -3.6% after saying global sales fell 13% compared to the same quarter last year. Carnival Corp climbed +0.9% after saying P&O Cruises Australia will add two ships to its fleet next year. Ophthotech Corp jumped +24% after granting Novartis AG the exclusive rights to commercialise its Fovista treatment in markets outside the US and said it may get more than $1 billion from the deal, including $200 million upfront and further payments if it reaches some targets.
Asian stocks were mixed as the yen strengthened and the Bank of Japan refrained from adding to monetary stimulus. The Nikkei 225 (-0.24%) retreated, while the Hang Seng (+0.01%) and the S&P/ASX 200 (+0.08%) were fairly flat. Fortescue Metals Group Ltd lost -2.4% in Sydney after benchmark prices for iron-ore delivered to China’s Tianjin port dropped to the lowest since 2012. BHP Billiton Ltd sank -0.8% and Rio Tinto Group declined -1.1%. Mazda Motor Corp fell -2.4% as the yen traded near its strongest level in more than three months. Japan Petroleum Exploration Co led energy suppliers higher, jumping +8%, after SMBC upgraded the shares, citing contributions from overseas and curbs on exploration costs. Treasury Wine Estates Ltd climbed +5.6% amid speculation the company will attract higher offers after rejecting a takeover 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.