European stocks fell this morning amid mixed reports on the region’s manufacturing. The ESTX 50 (-0.46%), CAC 40 (-0.32%) and the Dax (-0.57%) all posted losses in early trading, while the UK markets (+0.18%) advanced. Raiffeisen Bank International AG slid -2.4% after saying first half profit nearly halved. Royal Mail Plc dropped -1.3% after saying the UK parcels and letters market remains competitive and forecasting lower annual margins from its German business. Tesco Plc gained +1.4% after a report said the company will begin a process to sell its South Korean unit in July.
US stocks were mixed after Wall Street saw little in the minutes from last month’s Federal Reserve meeting to alter expectations of when the central bank will raise interest rates. The Dow Jones Industrial Average (-0.15%), S&P 500 (-0.09%) and the Nasdaq Composite (+0.03%) all made modest changes. Growth slowed to a crawl in the first quarter, while recent economic data has painted a mixed picture. Consumption, business spending and manufacturing data have suggested the economy is struggling, but housing starts were strong. Southwest Airlines dropped -9.09% after it forecast a decline in passenger unit revenue for the quarter. Citigroup lost -0.79% and JPMorgan fell -0.79% as they were among four banks fined a total of $6 billion for manipulating currency rates.
Asian stocks advanced as investors weighed the minutes of the Federal Reserve’s last meeting and awaited China manufacturing data. The Nikkei 225 (+0.03%) and the S&P/ASX 200 (+0.93%) both gained, while the Hang Seng (-0.15%) declined. Mazda Motor Corp, which gets about 80% of revenue abroad, climbed +1.3%. MS&AD Insurance Group Holdings Inc jumped +5.4% as forecasts beat estimates and the company said it would buy back shares. Panasonic Corp added +2.3% after Nomura Holdings Inc raised its rating on the stock. Lixil Group Corp dropped -7.5% after saying it may post a loss if its German subsidiary files for insolvency.
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.