European stocks retreated this morning as investors assessed gains after equities advanced to a three month high on speculation of further central bank stimulus. The ESTX 50 (-0.39%), UK markets (-0.39%), CAC 40 (-0.46%) and the Dax (-0.28%) all posted losses in early trading. China, the world’s biggest consumer of metals, saw stocks slide after a fresh regulatory crackdown and deteriorating industrial profits data. Miners led the declines as commodity prices fell. Anglo American Plc dropped -2.5%, Rio Tinto Group slid -1.3% and BHP Billiton Ltd dropped -1.3%. Banks added to losses before the Bank of England gives results of its stress tests next week. Standard Chartered Plc dropped -1.3%, while HSBC Holdings Plc fell -1.1%.
Asian stocks declined as a tumble in mainland Chinese stocks triggered anxiety across the region. The Nikkei 225 (-0.30%), Hang Seng (-1.87%) and the Nasdaq Composite (-0.16%) all decreased. Investors, already bracing for a likely US interest rate rise next month, took cues from a slump in the China market, which was triggered by fresh voluntary crackdowns and poor industrial profit data. CITIC Securities tumbled -4.9% after saying it was under investigation by China’s stock regulators. ANA Holdings Inc fell -1.8% and Japan Airlines Co retreated -2.3% after Mitsubishi UFJ Morgan Stanley Securities Co said both company’s face a drop in fuel surcharges from December 1st and stiffer competition from Chinese rivals. The broker lowered its price target for both companies, and maintained their neutral waiting. Sumitomo Metal Mining Co climbed +2.1% after copper jumped as much as 4.2%, while Nisshin Steel Co rose +1.3%.
US markets were closed for Thanksgiving holiday.
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.