European shares fell following some disappointing updates from several companies. The ESTX 50 (-0.99%), UK markets (-0.81%), CAC 40 (-1.19%) and the Dax (-0.81%) all posted losses in early trading. Zodiac Aerospace slumped nearly -10% after posting a 44.6% drop in core annual earnings in the wake of production delays at its troubled aircraft seats division. Kingfisher fell about -3% after missing forecasts with a 6.6% fall in third quarter profit. Altice dropped -5% as Next Alt said it wanted to exercise a right to sell 7.5% of Altice’s shares.
US stocks were negative in a quiet trading day on Wall Street, while a big healthcare deal failed to impress investors on Monday. The Dow Jones Industrial Average (-0.17%), S&P 500 (-0.12%) and the Nasdaq Composite (-0.05%) all decreased. Pfizer’s announcement of what is expected to be the biggest ever healthcare deal pushed its shares down -2.6% making it one of the biggest drags on the S&P. Target company Allergan closed -3.4% lower after the $160 billion deal announcement. Disappointment in the Pfizer/Allergan deal was driven by weaker than hoped for projected savings from the complex deal, antitrust issues, along with a possible delay in Pfizer’s plan to split into two companies, according to analysts. Tyson Foods rose +10.2% after its quarterly sales beat estimates.
Asian stocks fell as tumbling commodity prices dragged raw materials shares lower. The Nikkei 225 (+0.23%) gained, while the Hang Seng (-0.35%) and the S&P/ASX 200 (-0.95%) both retreated. BHP Billiton Ltd fell -1.7% and Rio Tinto Group lost -1.1% in Sydney. Sharp closed +14% higher, paring a record 36% surge earlier in the day, after Kyodo News reported some of the firm’s loans may be forgiven as part of the government’s potential investment in the struggling company. Sumitomo Metal Mining Co dropped -1.8% as copper futures held losses near the lowest price in more than six years. Nickle fell to the lowest level in more than a decade, sending Dowa Holdings Co down by -1.1%.
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.