European stocks were negative this morning, despite optimism that the global economy can withstand higher US borrowing costs. The ESTX 50 (-0.26%), CAC 40 (-0.36%), Dax (-0.20%) and the UK markets (-0.07%) all posted losses in early trading. Rio Tinto Group and Glencore Plc climbed at least +1.5% as metal prices rose. Capita Plc fell -1.7% after Exane BNP Paribas cited concern over the company’s earnings and cut its rating on the shares to “underperform” from “neutral”
US stocks were little changed as advancing utilities offset declines in materials, banks and other cyclical industries. The Dow Jones Industrial Average (-0.13%) and the S&P 500 (-0.02%) both declined, while the Nasdaq Composite (+0.14%) was positive. Apple shares rose +0.79%, providing the biggest boost to the S&P 500, while Citigroup fell -1.77%, weighing most on the index. Dollar General rose over +4% and Dollar Tree rallied nearly +13%, both hitting record highs after reporting better than expected quarterly profits. Abercrombie & Fitch slumped -15.67% after posting its 13th straight quarter of sales declines. Wholesale rose +3.58% a day after posting quarterly earnings.
Asian stocks rose as investors awaited comments from the head of the Federal Reserve and Japanese shares climbed amid speculation the nation will delay a sales tax increase. The S&P/ASX 200 (+0.33%), Hang Seng (+0.88%) and the Nikkei 225 (+0.37%) all advanced. Inpex Corp added +3.6%, while Tokio Marine Holdings advanced +1.3%. Toshiba Corp jumped +11% after JPMorgan raised its rating on the company to “overweight” from “underweight”. Takata Corp declined -8.1% following reports that the company is in talks with KKR & Co about a possible takeover.
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.