European stocks were little changed as a report showed German business confidence fell for a fifth month. The ESTX 50 (-0.03%), UK markets (-0.22%) and the Dax (-0.11%) all posted small losses in early trading, while the CAC 40 (+0.03%) was flat. Adecco SA slipped -4.4% after saying Germany and France experienced weaker growth than normal this month. Royal Bank of Scotland Plc declined -1.5% after selling the shares of its US subsidiary below the initial offer price. AstraZeneca dropped -1.1% after it was reported that Pfizer Inc has approached Actavis Plc about a possible acquisition. Fresnillo Plc gained +2.6% after UBS AG added the company to a list of most preferred stocks. Rio Tinto Group climbed +1% after Morgan Stanley lifted its rating on the company.
US stocks fell as health care shares declined amid a government crackdown on tax-saving mergers and as the Middle East conflict escalated. The Dow Jones Industrial Average (-0.68%), S&P 500 (-0.58%) and the Nasdaq Composite (-0.42%) all retreated. Medtronic Inc slid -2.9% after the Treasury Department disclosed plans to limit inversion deals. UnitedHealth Group Inc slid -1.3%, AbbVie fell -2%, Medtronic declined -2.9% and Abbott Laboratories declined -2.1%. CarMax Inc sank -9.5% after earnings missed estimates. Alibaba Group Holding Inc fell -3% for a second day of losses. Burger King Worldwide Inc slid -2.7%. The company which agreed at the end of August to buy Canada based Tim Hortons Inc, will proceed with the deal even amid the crackdown on inversions. Salix Pharmaceuticals jumped +5.8% after it was reported that Allergan Inc is in talks to acquire the company to help it fend off a hostile takeover from Valeant Pharmaceuticals International Inc.
Asian stocks fell following declines in US equities and as the yen strengthened. The Nikkei 225 (-0.24%) and the S&P/ASX 200 (-0.74%) both retreated, while the Hang Seng (+0.33%) advanced. China Coal Energy Co rallied +3.8% and Yanzhou Coal Mining Co advanced +3.2% after it was reported that China, both the world’s biggest market for coal and worst carbon-dioxide emitter, is seeking to reduce output at the nation’s 14 largest producers after prices slumped amid efforts to moderate economic growth and fight pollution. Citic Securities Co climbed +3.4% and Changjiang Securities Co advanced by the +10% daily limit, after it was reported that the number of funded accounts increased by 158,000 last week, the most since February. Jiangxi Hongdu Aviation Industry Co surged +10% after President Xi Jinping called on the People’s Liberation Army to boost their combat readiness.
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.