European stocks slid as investors assessed the biggest monthly advance since November and losses in US equities weighed on sentiment. The ESTX 50 (-1.31%), CAC 40 (-1.36%), Dax (-0.98%) and the UK markets (-0.68%) all posted losses in early trading. IAG SA lost -3.5% after saying last month’s Brussels attacks will affect second quarter revenue. Sanofi fell -2.7% after its sales missed projections. Royal Bank of Scotland Group Plc fell after its net losses widened. Linde rose +2% after its revenue and operating profit in the first three months of the year beat estimates.
US stocks dropped as a mid-session recovery led by Facebook’ earnings coupled with news of promising M&A deals faded and the Bank of Japan’s surprising call to cap monetary stimulus continued to rattle investors. The Dow Jones Industrial Average (-1.17%), S&P 500 (-0.92%) and the Nasdaq Composite (-1.19%) all retreated. St Jude Medical soared +26.3% after Abbott Laboratories said it agreed to buy the company for $25 billion. Abbot was down -7%. DreamWorks Animation was up +24.2%, after Comcast said it will buy the company for $3.8 billion. Comcast was up +0.8%. Apple declined -3% after Carl Icahn said he no longer has a position.
Asian stocks fell after the Bank of Japan quashed expectations for further stimulus and investors scrutinised earnings from several companies. The Hang Seng (-1.50%) and the Nikkei 225 (-3.61%) both dropped, while the S&P/ASX 200 (+0.51%) increased. PetroChina sank -3.6% in Hong Kong after reporting a 13.8 billion yuan loss for the first quarter, its first since it started trading publicly in 2000. Its state owned peer, China Petroleum & Chemical Corp lost -1.3%. Cnooc Ltd dropped -2.3% after reporting a decline in revenue.
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.