European stocks fell as investors weighed valuations and awaited US data to gauge the health of the US economy. The ESTX 50 (-0.48%), UK markets (-0.15%), CAC 40 (-0.39%) and the Dax (-0.64%) all posted losses in early trading. Gemalto lost -5.7% after reporting first half revenue of €1.13 billion, missing analysts’ estimates of €1.16 billion. Gemalto said profits from operations was €120 million, below projections of €135 million. Essilor rallied +5.3% after posting first half adjusted operating profit of €494 million and saying it expects medium term growth. For the full year, the company projected more than a 13% increase in revenue, excluding the impact of currency movements. CSR Plc surged +29% after a report that the company has received bids and is exploring a sale. CRH Plc gained +1.8% after Credit Suisse Group AG upgraded the stock. Wm Morrison Supermarkets Plc advanced +1.6% after Deutsche Bank AG raised it. Rio Tinto Group and Antofagasta Plc each dropped more than -1.5%.
US stocks registered small changes as the rally that propelled the S&P 500 above 2,000 lost a bit of momentum today. The S&P 500 (+0.01%), Dow Jones Industrial Average (+0.09%) and the Nasdaq Composite (-0.02%) all finished the session fairly flat. Tiffany & Co added +1% after posting second quarter profit that topped analysts’ estimates and raised its earnings forecast for the year as higher prices boosted revenue. Smith & Wesson Holding Corp tumbled -14% after cutting its full year sales and profit forecast amid declining demand. Chico’s FAS Inc slumped -4.6% on lower than estimated sales. Michaels Cos jumped +9.3% after reporting second quarter earnings that topped analysts’ estimates. Express Inc increased +13% after raising its full year profit forecast. Best Buy Co rose +6.3% after posting second quarter profit that topped analysts’ estimates, helped by lower costs.
Asian stocks declined as a rising yen dragged Japanese shares lower and materials and consumer shares retreated. The Nikkei 225 (-0.48%), Hang Seng (-0.88%) and the S&P/ASX 200 (-0.47%) all retreated. Country Garden Holdings Co retreated -6.1% in Hong Kong after the property developer said it plans to raise HK$3.18 billion in a share sale to refinance debt. Qantas Airways Ltd surged +7% after posting narrower than forecast annual loss and said it will return to profit in the first half of 2015. Alibaba Group Holding Ltd said first quarter net income almost tripled to $1.99 billion. Revenue for the company, which may kick off roadshow meetings to market its initial public offering next month in New York, climbed 46% in local currency terms. BHP Billiton Ltd dropped -1.2% in Sydney.
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.