European stocks extended a selloff as another round of Greek bailout talks yielded no results before an impending payment deadline. The ESTX 50 (-0.10%), UK markets (-0.21%) and the CAC 40 (-0.27%) all posted losses in early trading, while the Dax (+0.07%) was slightly positive. Hennes & Mauritz AB fell -1.8% after its quarterly gross margin and net income missed analysts’ estimates. Electrolux AB lost -1.6% after Dagens Indusrti reported the company’s CEO plans to step down. Vivendi SA climbed +1% after saying it increased its stake in Telecom Italia SpA.
US stocks dropped as the outcome of negotiations between Greece and its creditors remained up in the air, prompting investors to drop riskier assets like equities. The Dow Jones Industrial Average (-0.98%), S&P 500 (-0.74%) and the Nasdaq Composite (-0.73%) all decreased. Monsanto fell -5.7%, and was the S&P’s biggest percentage decliner, after saying it would pursue an acquisition of Swiss rival Syngenta, even as it warned of market challenges ahead. Netflix dipped -0.4% after investor Carl Icahn said his firm sold the remainder of its stake in the company. The stock moved on heavy volume of nearly 11 million shares, the most active day since April, a day after the board approved a seven for one stock split. Lennar rose +4.2% after reporting a better than expected 33% jump in quarterly profit as it sold more homes at higher prices.
Asian stocks fell, following global equities lower, as Greece and its creditors broke off talks for the night in Europe without reaching a deal. The Nikkei 225 (-0.46%), Hang Seng (-0.74%) and the S&P/ASX 200 (-0.95%) all retreated. Fanuc Corp sank -2.7% after Goldman Sachs Group Inc cut its target price on the company. Jtekt Corp jumped +4% after Goldman Sachs upgraded its investment rating. iFlag Co surged +45% after Hikari Tsushin Inc said it would make the IT company a wholly owned unit. Toyota sank -1.3% and Nissan Motor Co lost -1.6%.
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.