European stocks rose as investors awaited American data to gauge whether the world’s largest economy has rebounded from the harsh winter. The ESTX 50 (+0.69%), UK Markets (+1.15%), CAC 40 (+0.86%) and the DAX (+0.87%) all posted gains in early trading. EasyJet Plc gained +4% after forecasting that its loss will narrow in the six months to March 2014. Luxottica Group SpA climbed +3.6% after saying it will design spectacles that use Google Inc’s Glass technology. Baloise Holding AG rose +1.3% after the Swiss insurer unexpectedly increased its dividend. Kingfisher Plc gained +3.3% after saying adjusted pre-tax profit climbed more than analysts’ had projected. The company also said it would return about £200 million to shareholders during its 2015 financial year. SABMiller Plc added +3.5% after Sanford C.Bernstein & Co raised its rating on the brewer. Royal Mail Plc dropped -1.4% after saying it will cut jobs.
US stocks fell as economic data signalled a slowdown in American manufacturing and some banks said Russia’s economy will enter a recession. The Dow Jones Industrial Average (-0.70%), S&P 500 (-0.61%) and the Nasdaq Composite (-0.59%) all declined. Health-care and consumer-discretionary companies, the best performing industries over the past 12 months, led the retreat, falling at least 1%. The Nasdaq Biotechnology Index dropped -3%, after rallying 17% in the first two months of the year. It has tumbled 12% from its February 25th record. Alexion Pharmaceuticals declined -6.3% and Biogen Idec Inc slipped -1.9%. Tesla fell -3.8%, the stock had been the best performer in the Nasdaq this year with a 52% jump. NetApp Inc fell -3.2% after being cut to “underweight” from “equal-weight” by Morgan Stanley, citing that the company’s cost cuts may not be enough to expand margins amid increased competition. Proctor & Gamble Co and JPMorgan Chase & Co both added more than +1.5%.
Asian stocks fell as data showed slowing US factory activity and investors weighed prospects of recession. The Nikkei 225 (-0.36%), Hang Seng (-0.52%) and the S&P/ASX 200 (-0.19%) all retreated. Sekisui House Ltd dropped -1% after saying it found defects in a Tokyo residential complex being built by Taisei Corp. Tingyi Holding Corp rose +2.2% in Hong Kong after UBS AG upgraded the company. Cosco Pacific lost -2.4% after reporting full year net income that missed estimates. Yashili plunged -10% after reporting full year profit that missed estimates. Tongda Group Holdings Ltd slumped -9.4% after selling 600 million new shares.
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.