European stocks fell after a case of Ebola was diagnosed in New York. The ESTX 50 (-0.16%), UK markets (-0.29%), CAC 40 (-0.25%) and the Dax (-0.14%) all posted losses in early trading. C&C Group Plc dropped -8.2% in Dublin after making a preliminary approach to bid for Spirit Pub Co, challenging Greene King Plc’s agreed bid. BASF SE lost -2.6% after predicting it won’t achieve its 2015 financial targets, calling them ambitious. Volvo AB jumped +11% after saying it plans to reduce costs by a further 3.5 billion kronor by the end of 2015, compared with end 2012 figures, in addition to the 6.5 billion kronor already saved. Belgacom SA rose +7.5% after saying it expects a slightly positive adjusted Ebitda for 2014, from a previous estimate of a decline of as much as 2%. AstraZeneca Plc slipped -1.3% after former suitor Pfizer Inc announced an $11 billion share buyback, casting doubt on a revival of a takeover. Tesco Plc slumped -3.4% after Moody’s Corp said the company’s debt rating may be cut to junk.
US stocks advanced amid better than forecast corporate earnings and data signalling stronger economies from China to Europe. The Dow Jones Industrial Average (+1.32%), S&P 500 (+1.23%) and the Nasdaq Composite (+1.60%) all gained. Caterpillar added +5% after raising its full year earnings forecast amid higher sales of construction machinery in North America. 3M climbed +4.4% after boosting sales in all of its businesses. Tractor Supply Co surged +16% after increasing its profit forecast. Amazon.com Inc sank -10% in late trading after its earnings and forecast missed estimates. Parker Hannifin Corp surged +6.6% after boosting its quarterly dividend and announced plans to buy back as many as 35 million shares. AT&T Inc slumped -2.4% after missing profit estimates and cut its sales forecast for 2014 as promotions and price cuts took a toll. Alibaba Group Holding Ltd jumped +3.1%.
Asian stocks rose after US earnings beat estimates and data signalled stronger European growth. The Nikkei 225 (+1.01%) and the S&P/ASX 200 (+0.54%) both advanced, while the Hang Seng (-0.06%) was slightly down. Great Wall Motor Co slid -6.7% in Shanghai after third quarter profit dropped 22%. China Construction Bank Corp lost -0.3% in Shanghai and lost -0.7% in Hong Kong after earnings trailed estimates. Anhui Conch Cement Co slumped -2.4% in Hong Kong after new home prices in China fell in all but one city monitored by the government last month. Fujifilm Holdings Corp gained +2.5% after saying its Avigan treatment may be included among experimental Ebola treatments to be tested by aid group Doctors Without Borders. Hitachi Ltd surged +3.6% after preliminary profit beat its forecast. Japan Airlines Co fell -0.6% after the Ebola case was reported.
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.