European stocks fell as violence in the Middle East escalated. The ESTX 50 (-0.47%), UK Markets (-0.55%), CAC 40 (-0.64%) and the Dax (-0.43%) all posted losses in early trading. GDF Suez SA dropped -3% after France said it will sell as much as €1.79 billion of shares in the company. Banco Comercial Portugues SA deceased -5.2% after saying it plans a €2.25 billion capital increase. Actividades de Construccion y Servicios SA lost -1.5% as Corporacion Financiera Alba is selling a 3.7% stake in Spain’s biggest builder. Bunzl Plc fell -1% after saying it bought Allshoes Benelux BV in the Netherlands and JPLUS Comercio e Distribuicao Ltds in Brazil. Bunzl also reported that first half revenue climbed 6% at a constant foreign-exchange rate. Meggitt Plc dropped -2.7% after JPMorgan Chase & Co downgraded the shares. Tullow Oil Plc lost -2.5%. Anglo American Plc and Antofagasta Plc slipped more than -1.6% each as a commodity producers declined.
US stocks fell amid concern over escalating violence in Iraq as investors gauged the strength of the global economy. The Dow Jones Industrial Average (-0.70%), S&P 500 (-0.64%) and the Nasdaq Composite (-0.42%) all declined. Elizabeth Arden Inc fell -3.1% after announcing a restructuring program that will eliminate jobs and shut its Puerto Rico affiliate. Intercontinental Exchange dropped -4% after Wells Fargo cut its rating on the company to “hold” from “buy”. Micron Technology Inc climbed +4% after saying third quarter profit rose to $806 million, while sales rose to $3.98 billion. Both of which exceeded analysts’ projections, with limited supply in the industry bolstering prices. Vertex Pharmaceuticals Inc surged +40% after it was reported that a combination of two of the company’s drugs significantly improved lung function in clinical trials on patients with the most common form of cystic fibrosis. Exxon Mobil Corp dropped -1.6% and Pioneer Natural Resources Co slumped -4.8% as energy shares declined.
Asian stocks fell as escalating violence in the Middle East sapped demand for riskier assets. The Nikkei 225 (-0.71%), Hang Seng (-0.06%) and the S&P/ASX 200 (-0.57%) all retreated. FIH Mobile lost -4.2% in Hong Kong after its rating was cut to “hold” from “buy” at Jefferies. Miura slid -3% after the stocks rating was lowered to “equal-weight” from “overweight” at Barclays. Shougang Fushan Resources Group Ltd fell -3.1% in Hong Kong to lead materials companies lower. Newcrest Mining Ltd slid -2.4% in Sydney. China Petrochemical Development Corp lost -2.4% in Taiwan. China Vanke Co jumped as much as 10% as the country’s biggest developer debuted shares in Hong Kong to gain access to international investors.
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.