European stocks retreated as a report showed that Spanish manufacturing unexpectedly declined last month. The ESTX 50 (-0.32%), FTSE 100 (-0.57%), CAC 40 (-0.26%) and the DAX (-0.07%) all declined in early trading. ThyssenKrupp AG slumped -6.4% after it said it plans to sell equity equivalent of as much as 10% of its market value as the German steel maker found buyers for a US plant. Debenhams Plc fell -4.6% after Barclays Plc downgraded the shares. L’Oreal SA added +1.1% after saying it will buy back shares. Lanxess declined -2.1% after Deutsche Bank downgraded the stock to “hold” from “buy”, saying the company may not be able to raise prices to the level required to increase profitability.
US stocks fell as investors sold shares in the final half hour of a shortened trading session, erasing earlier gains fuelled by a rally in online retailers amid Black Friday sales. The Dow Jones Industrial Average (-0.07%) and the S&P 500 (-0.08%) both declined, while the NASDAQ Composite (+0.37%) gained. Archer-Daniels-Midland Co fell -3% after Australia blocked a $2 billion takeover of GrainCorp Ltd. Apple Inc rose +1.9% after a report showed the company sold three of every four smartphones in Japan last month. EBay rose +2.5% and Amazon.com jumped +1.8% after online sales were projected to climb as much as 15% to $82 billion during the holidays, more than three times faster than the total gain of 3.9% to $602.1 million, according to the National Retail Federation. Best Buy rose +2.4% and Coach jumped +1.4% after millions of Americans will hit the malls for Black Friday. The cost of hedging against losses in US retailers has slipped to the lowest level in more than three years as investors speculate that an improving labour market and falling gas prices will stimulate holiday sales.
Asian stocks swung between losses and gains after gauges of China’s manufacturing growth beat estimates. The Nikkei (-0.04%) was flat, The Hang Seng (+0.66%) was up, while the S&P/ASX 200 (-0.76%) was down. China Shanshui Cement Group climbed +4.9% on the factory data. Anhui Conch Cement Co gained +2% and Angang Steel Co jumped +4.9%. Citic Securities Co jumped +10% on expectations a government plan to end a ban on initial public offerings will benefit brokerages. Ping An Insurance rose +4.2% after UBS AG said insurers will benefit from higher returns on preferred shares. Metcash Ltd climbed +7.5% in Sydney after the supplier of groceries to retailers posted first half underlying profit that beat analysts’ estimates.
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.