European stocks were up as investors awaited data on German business confidence and results from several companies. The ESTX 50 (+0.37%), CAC 40 (+0.30%) and the DAX (+0.24%) all posted gains in early trading, while the UK markets (-0.38%) were negative. Volkswagen AG tumbled -6.6% after offering to buy the remaining stake in Scania AB for €6.7 billion. HSBC fell -4.1% after reporting 2013 pre-tax profit that trailed the median of analysts’ predictions. PostNL tumbled -15% after posting a full year net loss that was €14 million larger than the average analyst estimate. RSA Insurance Group Plc retreated -1.3% after saying that it is considering a share sale as one of the ways to replenish capital. G4S Plc fell -0.8% after a report said the company is facing accounting allegations. Bunzl Plc climbed +3.5% after posting full year revenue that jumped 12% and beat analysts’ estimates.
Asian stocks declined as G20 finance chiefs endorsed accommodative monetary policy and China’s central bank signalled the nation’s economy can sustain growth of 7% to 8%. The Nikkei 225 (-0.19%) and Hang Seng (-0.80%) both retreated, while the S&P/ASX 200 (+0.03%) was flat. China Vanke Co and Poly Real Estate Group Co both plunged more than -6% after the Shanghai Securities News reported Industrial Bank Co and other banks have curbed lending to the property sector. Industrial Bank led declines for banks with a -3.7% loss. China Petroleum & Chemical Corp slid as much as -6.4% erasing gains since it announced plans to sell a stake to private investors. Japanese exporters dropped as the yen gained. Toyota declined -1% and Fuji Heavy Industries Ltd fell -1%. Sanrio Co climbed -2.3% after being upgraded at Mitsubishi UFJ Morgan Stanley Securities Co.
US stocks fell as Federal Reserve officials indicated the central bank is unlikely to slow the pace of stimulus cuts. The Dow Jones Industrial Average (-0.19%), S&P 500 (-0.19%) and the NASDAQ Composite (-0.10%) all declined. Groupon Inc slumped -22% after giving a profit forecast that trailed estimates. Juniper Networks Inc rose +2% after announcing plans to return at least $3 billion to shareholders and cut $160 million in expenses. Seagate Technology rallied +1.5% after RBC Capital Markets upgraded the company to “outperform” from “sector perform”, citing an improving PC market and the possibility share buybacks will boost the shares this year. Barnes & Noble jumped +5.4% after G Asset Management proposed buying 51% of the company.
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.