European stocks were little changed as a report showed manufacturing in China probably contracted this month. The ESTX 50 (+0.09%), UK Markets (-0.10%), CAC 40 (+0.20%) and DAX (-0.05%) all posted modest changes in early trading. Inditex and Asos fell -1.4% and -4.8% respectively, as Goldman Sachs cut its rating on the stocks to “neutral” from “buy”. Marks & Spencer Group Plc rose +3.4% as Exane BNP Paribas advised investors to buy the shares. EasyJet Plc declined -1.7% after forecasting a wider first half pre-tax loss. Pearson Plc tumbled -7.4% after posting preliminary results for 2013 and as JPMorgan Chase & Co said the company’s 2014 earnings might miss estimates.
US stocks rose as investors assessed earnings from several companies. The S&P 500 (+0.06%) and the NASDAQ Composite (+0.41%) both increased, while the Dow Jones Industrial Average (-0.25%) declined. BlackBerry Ltd rose +8.6% after saying it plans to sell most of its Canadian real estate to raise cash for its turnaround plan. Coach slumped -6% after sales missed analysts’ estimates. IBM slid -3.3% as revenue declined for seventh consecutive quarter amid weaker demand for servers. Norfolk Southern climbed +4.8% after posting a fourth quarter profit that exceeded analysts’ estimates. Textron Inc advanced +5.3% after announcing earnings that beat analysts’ estimates. Motorola Solutions Inc fell -3.9% after forecasting first quarter profit that was below analysts’ estimates, and said it expects sales to decline between 4% and 6%.
Asian stocks fell after a gauge of China’s manufacturing unexpectedly contracted. The Nikkei 225 (-0.79%), Hang Seng (-1.51%) and the S&P/ASX 200 (-1.07%) all retreated. China Construction Bank Corp slid -3% in Hong Kong, pacing losses among Chinese banks. Agricultural Bank of China Ltd fell -2.6% and Industrial & Commercial Bank of China slipped -3.4%. Hang Lung Properties Ltd declined -5.1% after posting a drop in underlying profit. Insurance Australia Group Ltd lost -3% after lowering its growth forecast for gross premiums. Nidec Corp jumped +5.6% in Tokyo after boosting its full year profit forecast and announced a share buyback.
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.