European stocks were little changed this morning as several companies reported earnings. The ESTX 50 (-0.02%), UK markets (-0.02%), CAC 40 (+0.01%) and the Dax (+0.03%) were all pretty flat in early trading. GDF Suez gained +1.2% after reporting 2014 net income in line with estimates and announcing a plan to reduce capital expenditure. Royal Bank of Scotland Group Plc rose +1.6% after saying restructuring would lead to substantial job losses. The bank reported a net loss in 2014 as it wrote down its US unit. Separately, Mizuho Financial Group Inc agreed to acquire its North American loan assets. Standard Chartered Plc rallied +3.8% after naming a new chief executive officer. Allianz lost -3.6% after fourth quarter profit unexpectedly fell.
Most US stocks declined as investors took profits, while the Dow eked out another record high close. The Dow Jones Industrial Average (+0.08%) gained, while the S&P 500 (-0.08%) and the Nasdaq Composite (-0.02%) both closed registering modest declines. Boosting the Dow were consumer discretionary shares including McDonald’s, which was up +3.9%, which also helped to limit losses on the S&P 500. Target gained +0.3% after a stronger than expected jump in same store sales and profits for the fourth quarter. Apple shares dropped -2.6% as investors took profits. Apple is still up 16.6% for the year so far. Hewlett-Packard tumbled -9.9% as the worst performer in the S&P 500, after reporting flat or lower quarterly revenue in all of its operating units and forecast full year earnings well below analysts’ expectations.
Asian stocks rose led by energy producers and speculation the Chinese government will do more to cushion the economic slowdown. The Nikkei 225 (+1.08%) and the Hang Seng (+0.50%) both advanced, while the S&P/ASX 200 (-0.61%) retreated. Inpex Corp jumped +3.3% in Tokyo after crude futures rebounded yesterday. Japan Petroleum Exploration Co added +2.8%. Yamada Denki Co surged +5.2% after saying its president increased holdings in the company. Qantas Airways Ltd rose +1.4% after reporting that it had returned to profit. China Vanke Co jumped +4.2% in Hong Kong, pacing gains among Chinese developers. SoftBank Corp added +1.7% as the mobile internet provider gained for a fifth day. Shikoku Electric sank -2.1%. Tokyo Electric Power Co lost -0.6%.
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.