European stocks dropped as investors awaited US housing and consumer confidence data to gauge the health of the US economy. The ESTX 50 (-0.25%), UK Equities (-0.48%), CAC 40 (-0.36%), DAX (-0.04%) all posted losses in early trading. Britvic Plc rose +4.5% after full year earnings exceeded analysts’ estimates. SABMiller Plc slipped -1.8%, following alocoholic beverage makers lower, after Remy Cointreau SA predicted annual profit will drop. Remy sank -9.2%. Repsol SA advanced +3.8% after the governments of Spain and Argentina reached a preliminary agreement to compensate the Madrid based oil company for its stake in YPF SA. Glencore Xstrata lost -1.7% after Bank of America Corp’s Merrill Lynch unit downgraded the stock.
US stocks were hardly changed as energy shares retreated following Iran’s agreement to limit its nuclear program. The S&P 500 (-0.13%) was slightly down, while the Dow Jones Industrial Average (+0.05%) and the NASDAQ Composite (+0.07%) both registered small gains. Schlumberger, the world’s largest oilfield services provider, dropped -3.2%. Noble, an offshore rig contractor, slipped -4.1%. Delta Air Lines Inc rose +2% and United Continental Holdings Inc gained +3.4%. Alcoa gained +3.8% after Goldman Sachs Group Inc upgraded the shares of the company to “buy” from “neutral”. Caterpillar added +1.8% after Bank of America Corp raised the company to “buy” from “neutral”, saying the power systems business will help earnings next year. DaVita HealthCare Partners Inc jumped +8.9% for the biggest gain in the S&P 500 after US regulators scrapped a proposed 9.4% reduction in Medicare payments to dialysis providers.
Most Asian stocks retreated after valuations climbed to near the highest level in six months. Japanese exporters declined on a stronger yen, while gold producers advanced. The Nikkei 225 (-0.67%) was down, while the Hang Semg (-0.01%) and the S&P/ASX 200 (+0.08%) were fairly flat. Doosan Engineering & Construction Co slumped -15% after the Korea Economic Daily said the provider of architectural services will sell redeemable convertible preferred shares. Perseus Mining Ltd rose +3.6% in Sydney to lead a rebound in gold producers after prices for the metal rallied from their lowest since July. Evolution Mining Ltd added +1.7%, following its -5.5% loss yesterday. Honda fell -2% and Toyota Motor Corp retreated -1.2% after the yen gained +0.2%. China Petroleum & Chemical Corp sank -2.6% after Chinese authorities detained seven employees from the nation’s biggest refiner following the death of 55 people in a pipeline blast.
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.