European stocks declined as retailers fell and investors awaited the outcome of a European Central Bank meeting. The ESTX 50 (-0.78%), UK market top 100 stocks (-0.86%), CAC 40 (-1.00%) and the DAX (-0.61%) all posted losses in early trading. Tesco Plc slid -4.1% after Europe’s largest retailer posted profit that fell short of analysts’ estimates. J Sainsbury Plc lost -2.5%, following Tesco lower after also reporting second quarter sales. Carrefour SA slipped -2.1% and Casino Guichard Perrachon SA dropped -1.3%. KappAhl AB dropped -6.5% after the clothing retailer proposed paying no dividend this financial year. K+S AG fell -2.4% after saying that three miners were killed yesterday during a planned explosion at a potash mine in Germany’s Thuringia state. Deutsche Lufthansa AG lost -3.3% as Deutsche Bank AG downgraded its rating on the airline.
US stocks rose as investors speculated that the economic effects of the first partial government shutdown in 17 years would be limited. The Dow Jones Industrial Average (+0.41%), S&P 500 (+0.80%) and the NASDAQ Composite (+1.23%) all advanced. Ford Motor Co rose +1.9% after reporting a 5.7% rise in US sales, beating estimates for no change. Apple Inc climbed +2.4% after Carl Icahn wrote on Twitter that he pushed hard for a $150 billion stock buyback in talks with CEO Tim Cook. Netflix Inc gained +5% after MKM Partners LLC raised its price target for the stock to $370 from $825. Merck & Co advanced +2.4% after the company announced an overhaul that will eliminate 8,500 jobs. WellPoint Inc added +3% to pace gains among health care providers as open enrolment for the new exchange mandated by the Affordable Care Act began yesterday. Walgreen Co climbed +4.5% as profit rose 86% after its customer loyalty card boosted sales. Under Armour Inc increased +4.1% as JPMorgan Chase & Co upgraded the stocks to “neutral” from “underweight”.
Asian stocks outside Japan rose as investors speculated economic effects would be limited from the first partial US government shutdown in 17 years. The Hang Seng (+0.49%) and the S&P/ASX 200 (+0.17%) both gained, while the Nikkei 225 (-2.17%) dropped. Samsung Electronics Co gained +2.6% in Seoul after saying third quarter earnings will improve at its mobile unit. Paladin Energy Ltd soared +8.3% in Sydney after the uranium explorer reported it is cutting costs. Nissan Motor Co, a company that gets 80% of its revenue outside Japan, dropped -1.1% as the yen gained. Komatsu Ltd, a company that gets about 30% of its revenue in the Americas, lost -1.6%.
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.