European stocks were little changed as investors awaited a report that may show US jobless claims rose last week. The ESTX 50 (-0.29%), FTSE 100 (-0.04%), CAC 40 (-0.36%) and DAX (-0.25%) all posted small movements in early trading. Hennes & Mauritz AB added +6.8% after reporting third quarter profit that beat analysts’ estimates. Vinci SA gained +0.8% after Les Echos reported that Europe’s biggest builder could sell all or part of its parking unit. Colruyt SA fell -3.1% after forecasting full year net income of around €369 million compared with analysts’ estimates of €381.2 million. TUI Travel Plc climbed +2% after raising its full year outlook for operating profit growth. Tullow Oil Plc advanced +1.1% after saying it has discovered more oil in northern Kenya. Centrica Plc slipped -1.6% after JPMorgan Chase & Co downgraded the company. Ladbrokes Plc tumbled -8.2% after the gambling company said operating profit for its digital business in 2013 will fall short of the consensus analyst estimate.
US stocks fell as Wal-Mart Stores Inc retreated and concern grew that a political showdown over government spending poses a threat to growth. The Dow Jones Industrial Average (-0.40%), S&P 500 (-0.27%) and the NASDAQ Composite (-0.19%) all declined. Wal-Mart lost -1.5% after the retailer told suppliers it’s cutting orders this quarter and next to address rising inventories. J.C.Penney Co slumped -15% as Goldman Sachs Group said the company’s liquidity will be strained. Stryker Corp slipped -2.9% on an agreement to buy Marko Surgical Corp for $1.65 billion. Noble Corp added +1.8% after the offshore rig contractor said it plans to spin off half its flat. Carnival Corp lost -5.3%, extending a -7.7% drop in the previous session, after forecasting an unexpected loss for the fourth quarter. JPMorgan Chase & Co rallied +2.7%, the most in the Dow, snapping a two day losing streak that pushed the stock down -4.7%. Facebook Inc rallied +2.1% after Canaccord Financial Inc initiated coverage of the company with a buy rating.
Asian stocks climbed amid speculation the nation’s government will study a corporate tax cut and advise public pension funds to hold more risky assets. The Nikkei 225 (+1.22%) and the S&P/ASX 200 (+0.35%) both advanced, while the Hang Seng (-0.35%) declined. Honda Motor Co climbed +1.4% in Tokyo as the yen weakened against the dollar for the first time in five days. Mazda Motor Corp advanced +2.3%. Canon Inc, a camera maker that gets 79% of sales outside Japan, climbed +1.4%. Finsoft Corp surged +534% on its trading debut in Hong Kong. Advantest Corp sank -3.2% after forecasting a loss. Nitto Denko Corp slumped -10% as BNP Paribas advised selling shares of the company, saying the surge since the announcement of its inclusion in the Nikkei 225 was overdone.
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.