European stocks rose as pharmaceutical companies rallied, outweighing a plunge in Tesco Plc shares. The ESTX 50 (+0.46%), UK Markets (+0.17%), CAC 40 (+0.35%) and the Dax (+0.44%) all posted gains in early trading. AstraZeneca Plc climbed +2.3% as UBS AG said the pharmaceutical firm’s treatment for colorectal cancer has moved to the next stage of testing. Tesco Plc dropped -6.6% after lowering its full year profit forecast and its interim dividend. D’leteren SA lost -1.3% after posting first-half pretax profit that missed the average analyst estimate. CRH Plc increased +1.3% after Goldman Sachs Group Inc recommended buying shares in the Irish cement maker.
US stocks fell as violence in Ukraine and disappointing retail earnings overshadowed data showing the economy expanded more than estimated. The Dow Jones Industrial Average (-0.25%), S&P 500 (-0.17%) and the Nasdaq Composite (-0.26%) all declined. Williams-Sonoma Inc tumbled -12% after its third quarter earnings forecast missed analysts’ estimates. Abercrombie & Fitch Co declined -4.8% as second quarter sales fell more than analysts had projected. Guess? Inc sank -8.8% after the retailer cut its annual earnings forecast. Signet Jewellers Ltd climbed +7.7% after reporting earnings that beat estimates. Whole Foods Market Inc slid -1.6% after Wedbush Securities Inc initiated coverage of the stock with a “neutral” rating. RadioShack Corp shares jumped +31% on speculation that the company will get a rescue financing package that helps it stave off bankruptcy.
Asian stocks were mixed as investors weighed the conflict in Ukraine and company earnings. The Nikkei 225 (-0.23%) declined, while the Hang Seng (0.00%) and the S&P/ASX 200 (+0.03%) were both flat. Aluminium Corp of China Ltd slumped -4.6% in Hong Kong after reporting a wider first half loss amid lower prices. CSPC Pharmaceutical Group Ltd tumbled -5.7% after shareholder said it would sell an 11% stake in the Hong Kong based company. National Australia Bank Ltd gained +1.2% after saying it plans to sell its US unit to free capital and focus on its domestic business. Pioneer Corp sank -1.5% after saying it will end a capital alliance with Sharp Corp. Okuma Corp slid -1.7% as Mitsubishi UFJ Morgan Stanley Securities Co cut its rating on the stock. SoftBank Corp gained +3.4% for the biggest advance on the Nikkei 225.
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.