European shares retreated this morning following the release of some disappointing results. The ESTX 50 (-0.81%), CAC 40 (-0.26%), Dax (-0.77%) and the UK markets (-0.56%) all posted losses in early trading. Novo Nordisk slumped -14.5% after the company lowered its full year profit growth forecast and said it saw ongoing market difficulties in the United States. Gemalto was down -13.8% after a worse than expected outlook for 2017. RBS shares rose +1.7% after its results, extending the recent run of banks outperforming broader markets.
US stocks dipped after the latest round of earnings reports, as a decline in the consumer discretionary sector and interest rate sensitive stocks outweighed gains in healthcare names. The Dow Jones Industrial Average (-0.16%), S&P 500 (-0.30%) and the Nasdaq Composite (-0.65%) all declined. The S&P 500 healthcare index rose +0.53% to help keep the S&P 500 near the unchanged mark, buoyed by strong results and forecasts from Bristol-Myers, up +5.4% and Celgene up +6.4%. The two companies were the biggest boosts to the S&P 500. Comcast fell -1.7% after Barclays and Deutsche Bank cut their price targets and cited increased competition from DirecTV Now. After the market closed, Alphabet rose +2.3%, while Amazon.com tumbled more than -6% after their quarterly results.
Asian stocks fell as oil explorers pushed down Hong Kong gauges, while investors digested earnings from several companies. The S&P/ASX 200 (-0.22%) and the Hang Seng (-0.77%) both retreated, while the Nikkei 225 (+0.63%) increased. Cnooc Ltd lost -2.5% in Hong Kong after its third quarter sales fell -15%. China Petroleum & Chemical Corp lost -1.4% and PetroChina Co decreased -2%. Canon Inc lost -3% in Tokyo after cutting its operating profit forecast. Samsung Electronics Co added +0.4% after posting third quarter net income of 4.4 trillion won, beating estimates for a 3.9 trillion won profit. Tata Motors Ltd fell -1.7% in Mumbai after the Group’s ousted Chairman Cyrus Mistry warned the conglomerate may face $18 billion in writedowns because of five unprofitable businesses he inherited.
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 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.
Morning Spread 26th September 2016 Asian shares declined following losses on Wall Street as investors attention turned from central banks to American politics ahead of the first US presidential debate.