European shares fell this morning as investors assessed recent gains ahead of Janet Yellen’s address in Jackson Hole this Friday. The ESTX 50 (-1.00%), CAC 40 (-1.08%), Dax (-1.11%) and the UK markets (-0.76%) all posted losses in early trading. Playtech Plc rose +3.6% after reporting an increase in first half revenue and announced a special dividend. Jimmy Choo Plc jumped +6.2% after posting higher first half revenue and earnings and said it remains optimistic on this year’s prospects. Seadrill Ltd climbed +2% after reporting better than forecast second quarter profit as it cut costs. CRH Plc rose +3.7% after posting higher than expected first half sales and profit.
US stocks retreated, dragged lower by weakness in materials and healthcare sectors as investors continued to consider the possibility of an interest rate hike in the coming months. The Dow Jones Industrial Average (-0.35%), S&P 500 (-0.52%) and the Nasdaq Composite (-0.81%) all decreased. Mylan dropped -5.4% as political pressure mounted on the company in the wake of price increases for its EpiPen allergy treatment. Newmont Mining and Freeport-McMoRan both dropped more than -7% after gold fell to a one month low on a firmer dollar. Express Inc plunged -25.5% after slashing its full year earnings outlook.
Asian stocks fell as commodity shares slumped with oil ahead of a speech tomorrow from Federal Reserve Chair Janet Yellen that may provide further clues to the path of US interest rates. The S&P/ASX 200 (-0.36%) and the Nikkei 225 (-0.25%) both retreated, while the Hang Seng (+0.03%) was slightly up. Recruit Holdings slid -5.1% after it major shareholders including Dentsu Inc said they would sell 6.1 million shares. Recruit also agreed to buyback as many as 8.5 million of its own shares. Toho Zinc Co and Sumitomo Metal Mining Co lost -4.3% and -4.9% respectively, as non-ferrous metal shares slumped. Japan Airlines Co added +2.2% after crude prices fell.
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.