European stocks retreated as car manufacturers declined, offsetting reports of better than expected profit at several companies. The ESTX 50 (-0.08%), CAC 40 (-0.16%) and the Dax (-0.08%) posted small losses, while the UK markets (+0.01%) were flat. Renault slid -3.2% after revealing that it is consuming more cash than it did a year ago. Ferrovial gained +1.4% after the company posted first half profit that exceeded projections and said it will buy back shares. GKN jumped +6.3% after reporting higher first half pretax profit. Next climbed +2.4% after raising its full year revenue and earnings forecasts. Jardine Lloyd Thompson Group Plc slipped -1.3% after saying it was cautious about the outlook for the rest of the year.
US stocks were little changed, after erasing early losses, as merger activity and optimism over corporate earnings offset concern over crises abroad before a Federal Reserve policy decision. The Dow Jones Industrial Average (+0.13%), S&P 500 (+0.03%) and the Nasdaq Composite (-0.10%) all finished the session fairly flat. Family Dollar Stores Inc soared +25% after Dollar Tree agreed to buy it for about $8.5 billion. Trulia Inc jumped +15% as Zillow Inc agreed to purchase the company in a $3.5 billion deal. Tyson Foods Inc climbed +2.6% as it agreed to sell poultry businesses in Mexico and Brazil for $575 million. Cummins slipped -3.2% despite raising its full year revenue forecast after Jefferies Group LLC said expectations were fairly high.
Asian stocks rose ahead of a Federal Reserve meeting starting today. The Nikkei 225 (+0.57%), Hang Seng (+0.87%) and the S&P/ASX 200 (+0.20%) all advanced. Nissan Motor Co climbed +1.9% after reporting earnings that beat analyst estimates on higher sales in China. Keyence Corp jumped +3% in Tokyo after reporting a 33% increase in first quarter net income. QBE Insurance Group Ltd tumbled -11% after saying profit in the six months ended 30th June may fall 18% due to higher claims in Argentina. Hong Kong Exchanges & Clearing Ltd gained +3.1% after Deutsche Bank raised its share price forecast for the bourse operator by 41% and retained its “buy” rating. Bank of America Corp’s Merrill Lynch also rated the stock as a “buy”.
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.