European shares fell this morning with sentiment hit by concerns ahead of the US presidential election next week. The ESTX 50 (-0.83%), CAC 40 (-0.66%), Dax (-0.87%) and the UK markets (-0.49%) all posted losses in early trading. Banca Monte dei Paschi di Siena fell -6% in early trade, triggering an automatic trading suspension, after the withdrawal of an alternative rescue plan for Italy’s third largest bank. A.P.Moller-Maersk slumped more than -7% after earnings missed forecasts with a 44% fall in third quarter profit. Danske Bank A/S declined -3.3% after Maersk sold its remaining stake in Denmark’s biggest bank. Hugo Boss AG climbed +5.8% after reporting profit that beat estimates thanks to cost cuts and growth in China. H.Lundbeck A/S advanced +6.4% after raising its annual revenue forecast.
US stocks declined amid growing concern over the impending US presidential election and prospects for higher US interest rates. The Dow Jones Industrial Average (-0.58%), S&P 500 (-0.68%) and Nasdaq Composite (-0.69%) all retreated. The tumultuous presidential race between Democrat Hilary Clinton and Republican Donald Trump has appeared to tighten in the past week after news that the FBI was investigating more emails as part of a probe into Clinton’s use of a private e:mail system. Pfizer fell -2% after trimming its profit forecast. Tronc dropped -12.4% after Gannett abandoned plans to buy the publisher of the Chicago Tribune and the Los Angeles Times. Gannett fell -2.3%. Valeant Pharmaceuticals soared +33.7% after a report that it was in talks to sell its stomach treatment business.
Asian stocks followed global equities lower despite gauges of manufacturing in China topping estimates and the Bank of Japan maintained its record stimulus program. The S&P/ASX 200 (-1.16%), Hang Seng (-1.45%) and the Nikkei 225 (-1.76%) all declined. Shenhua Energy jumped +6.4% after China raised transactions fees for thermal coal futures for a third time in a week after the nation’s benchmark spot price increased to the highest level in more than four years. Deutsche Bank AG analyst James Kan wrote in a note that coal prices may continue rising in the fourth quarter. Sands China jumped +2.8%, Galaxy Entertainment Group Ltd advanced +2.2% and Wynn Macau Ltd gained +1.2% as Macau’s gross gaming revenue rose 8.8% from a year earlier, exceeding analysts’ estimates of a 5.5% increase.
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.
Morning Spread 26th September 2016 Asian shares declined following losses on Wall Street as investors attention turned from central banks to American politics ahead of the first US presidential debate.
Morning Spread 23rd September 2016 Asian stocks fell as Japanese exporters declined with the yen trading near a one month high after the Bank of Japan didn’t move deeper into negative interest rate territory.