European shares rose this morning, stabilising after a pull back in the previous session following the events in Belgium, with Credit Suisse climbing after announcing more cost cuts. The ESTX 50 (+0.62%), CAC 40 (+0.66%), Dax (+0.80%) and the UK markets (+0.22%) all posted gains in early trading. Credit Suisse rose +3.2% after it announced 800 million Swiss francs in cost cuts and plans to shrink its investment bank further as it initiates a restructuring plan aimed at revitalising earnings. William Hill slumped -13% after warning of lower profits. Kingfisher Plc advanced +1% after reporting profit that beat estimates amid growth in the UK and Poland. Ingenico Group SA rose +2.7% after predicting profitability will increase over the next four years.
US stocks closed slightly lower, recovering from an initial selloff that followed the attacks in Brussels, as declines in consumer and telecom stocks offset a jump in healthcare shares. The Dow Jones Industrial Average (-0.23%) and the S&P 500 (-0.09%) both declined, while the Nasdaq Composite (+0.27%) increased. Airline and travel related stocks took a hit after the Brussels attacks. Carnival was down -2.1% and Royal Caribbean dipped -2.9%, while Expedia lost -1.8%. Apple rose +0.8%, providing the biggest boost to the S&P 500. Lumber Liquidators jumped +16% after the company settled with a California clean air agency.
Asian stocks retreated as the tragic events in Brussels weighed on sentiment. The S&P/ASX 200 (-0.47%), Hang Seng (-0.25%) and the Nikkei 225 (-0.28%) all decreased. Airlines from Air China Ltd to Korean Air Lines Co dropped at least -1.3% following the terror attacks in Belgium. Inpex Corp fell -1.3% in Tokyo, pacing losses among the region’s energy producers after crude oil futures retreated. Iluka Resources Ltd slumped -8.1% in Sydney after Deutsche Bank AG cut its rating on the company to “sell”. Inventec Corp sank -8.8% in Taipei after posting a decline in full year profit.
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.