European stocks fell as Greece’s creditors said talks must step up over the country’s fate before it runs out of time and money. The ESTX 50 (-0.65%), UK markets (-0.82%), CAC 40 (-0.68%) and the Dax (-0.95%) all posted losses in early trading. European leaders and the head of the IMF agreed at an extraordinary meeting that work to avert a Greek default must be continued with greater intensity. Greece owes four payments to the IMF this month, and its aid package backed by the euro region expires at the end of June. Aryzta AG lost -6.3% after posting revenue that missed analysts’ estimates. Wolseley Plc gained +1.9% after reporting an increase in quarterly same store sales. British American Tobacco Plc fell -1.7% after a Quebec court ruled that the company’s Canadian unit should pay about $8.4 billion in damages linked to class-action lawsuits.
US stocks ended with modest gains on Monday as investors reacted to mixed economic data. The Dow Jones Industrial Average (+0.16%), S&P 500 (+0.21%) and the Nasdaq Composite (+0.25%) all increased. A report from ISM showed the pace of manufacturing growth rose in May. Other data showed construction spending surged in April but consumer spending was unexpectedly flat. Immunogen surged more than 70% after they presented positive data at a conference. Bristol-Myers jumped +2.9%, giving the S&P 500 its biggest boost, after the FDA accepted its application for a combination melanoma treatment. Intel fell -1.6% after agreeing to buy Altera for $16.7 billion. Altera rose +5.8%.
Asian stocks declined as concerns the US is inching closer to raising interest rates prompted investors to take profits. The Nikkei 225 (-0.13%), Hang Seng (-0.42%) and the S&P/ASX 200 (-1.73%) all retreated. Japan Tobacco Inc fell -1.8% after its Canadian subsidiary was ordered to pay $1.6 billion in lawsuits. NTT Docomo Inc jumped +3.9% after the Nikkei newspaper reported the company plans to boost shareholder returns through buybacks and cost reductions. Mitsubishi UFJ fell -2.3% and Sumitomo Financial Group Inc lost -2.6%. Zoomlion Heavy Industry Science & Technology Co surged +11% in Hong Kong on a plan to buy Italian renewables company Ladurner Ambiente. Ping An Insurance (Group) Co and Bank of Communications Ltd dropped more than -1% in Hong Kong.
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.