European stocks were positive this morning as data showing manufacturing returned to growth offset disappointing results from several companies. The ESTX 50 (+0.34%), CAC 40 (+0.32%) and the Dax (+0.52%) all posted gains in early trading, while the UK markets (-0.46%) declined. Unilever lost -2.1% after posting slower than expected sales growth. Michelin fell -5.4% after reporting a larger than expected quarterly sales drop and saying it will sell fewer products this year than previously estimated. Tesco Plc slid -5.1% after saying it found that accounting irregularities have gone on for longer than initially reported. Wm Morrison Supermarkets Plc and J Sainsbury Plc slid at least -2.7%. Nokia Oyj rose +4.5% as quarterly profit beat estimates.
US stocks dropped while the dollar advanced as the cost of living in America unexpectedly rose. The Dow Jones Industrial Average (-0.92%), S&P 500 (-0.73%) and the Nasdaq Composite (-0.83%) all retreated. Yahoo! Inc rallied +4.5% and Broadcom Corp jumped +5.5% after reporting sales that beat forecasts. Biogen Idec Inc slid -5.4% as sales of its top drug, Tecfidera, missed analyst estimates. Boeing Co dropped -4.5% for the biggest loss in the Dow as investors grew concerned that the company isn’t moving fast enough to curb costs on the 787 Dreamliner after the company reported third quarter earnings today. Six Flags Entertainment Corp soared +13% after reporting adjusted earnings per share and revenue last quarter that beat analysts’ estimates.
Asian stocks fell as investors awaited preliminary data on China’s manufacturing. The Nikkei 225 (-0.37%), Hang Seng (-0.30%) and the S&P/ASX 200 (-0.05%) all declined. Honda Motor Co, which gets more than 80% of its revenue from outside Japan, lost -3%. Nidec Corp sank -4.1% after reporting earnings, matching analyst estimates. Mitsui O.S.K Lines Ltd jumped +1.8% as shipping rates climbed. SoftBank Corp slid -0.7% and Orix lost -3% in Tokyo. Pangang Group Vanadium Titanium and Resources Co plunged -10% after the company said it has no plan to sell its mom-mining assets. China CNR Corp and CSR Corp both jumped at least +3.7% after the government approved railway investment worth 97.4 billion yuan.
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.