European stocks declined, reversing earlier gains and paring their best start to a year since 1989. The ESTX 50 (-0.14%), CAC 40 (-0.25%), Dax (-0.01%) and UK markets (-0.54%) all posted losses in early trading. Bank of Piraeus jumped +12% after touching an all-time low earlier this week and Alpha Bank gaining +8%. SCA rose +7.9% after posting a bigger than expected rise in core fourth quarter profit despite higher raw material costs and headwinds from a stronger dollar. J Sainsbury and William Morrison Supermarkets Plc fell more than 1.5% after Vince Cable put measures to Parliament that would see supermarket chains face fines of as much as 1% of their UK sales if they treat their suppliers badly. BT Group Plc fell -2.2% after reporting third quarter earnings that were in line with analysts’ estimates.
US stocks rallied late to close higher as an upturn in oil prices and a rally in Apple and Boeing shares helped offset some disappointing earnings and lingering questions over US monetary policy. The Dow Jones Industrial Average (+1.31%), S&P 500 (+0.95%) and the Nasdaq Composite (+0.98%) all advanced. Visa Inc rose +4.4% after the market closed when it reported better than expected earnings and a 4 for 1 split of its class A common stock. Harman International shares rose +23.8% after it beat profit and revenue expectations. McDonald’s added +5% after announcing its CEO’s retirement. Alibaba Group fell -8.8% after revenue missed expectations and Qualcomm fell -10.3% after trimming its 2015 outlook. Apple Inc closed up +3.1% and Boeing Co finished +5.8% higher.
Asian shares were mixed as a late earnings surge on Wall Street helped counter persistent concerns over global growth. The Nikkei 225 (+0.39%) and the S&P/ASX 200 (+0.34%) both increased, while the Hang Seng (-0.36%) declined. Toshiba Corp gained +2.3% after reporting an 86% jump in net income. Advantest Corp added +9.3% after boosting its profit forecast. NEC Corp tumbled -7.5% as its operating profit missed estimates. SoftBank Corp lost -3.5% after Alibaba Group Holdings Ltd, of which it owns 32%, missed sales estimates. China Life Insurance Co and China Pacific Insurance Co dropped -5% after Great Wisdom said regulators will check insurers’ margin trading businesses. CSR Corp and China CNR Corp both lost -7.9% after Huatai Securities Co said it would stop lending shares of the company for short selling.
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.