European stocks were mixed as investors considered global growth prospects before a speech by Janet Yellen that may further clarify the central bank’s thinking on a US rate increase this year. The ESTX 50 (-0.16%) and CAC 40 (-0.38%) both declined, while the UK markets (+0.29%) and the Dax (+0.10%) both increased. Seadrill Ltd slid -3.3% after Canaccord Genuity cut its price target on the stock. Auto-related stock extended their rebound, led by Volkswagen AG, which gained +5%. PSA Peugeot Citroen SA climbed +2.5%.
US stocks declined as weak Chinese and US factory data added to growth concerns. The Dow Jones Industrial Average (-0.31%), S&P 500 (-0.20%) and the Nasdaq Composite (-0.08%) all finished trading down. Data showed US manufacturing growth stayed at a two year low in September, while Chinese factory activity shrank to a 6 ½ year low in the month. Boeing fell -1.7% despite saying it had won orders and commitments from China for aircraft valued at about $38 billion at list prices. Chevron dropped -1.4% after US crude oil futures lost -2.1%. Consol Energy Inc and Transocean Ltd sank more than -5.7%. Chesapeake Energy Corp slid -5.3%. NCR Corp sank -4.5% after the New York Post reported Blackstone Group LP had dropped its pursuit of the company.
Asian stocks fell as Japanese markets opened after a three day holiday. The Nikkei 225 (-2.76%) and the Hang Seng (-0.83%) both declined, while the S&P/ASX 200 (+1.47%) advanced. Mazda Motor Corp sank -6.8% and NGK Insulators Ltd, which counts Volkswagen as a customer, plunged -7%. Sharp Corp tumbled -5.5% after it was reported that the company will miss its first half profit forecast. Komatsu Ltd slid -5.8% after Goldman Sachs Group Inc cut its rating on the company. Avic Aviation Engine Corp surged +5.8% after Boeing Co unveiled its largest industrial investment in China.
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.