European stocks rose as investors awaited data on US consumer confidence to gauge the strength of the world’s largest economy. The ESTX 50 (+0.23%) and CAC 40 (+0.33%) both advanced, while the UK markets (-0.08%) and Dax (+0.01%) were fairly flat. Royal Bank of Scotland Group Plc climbed +4.7% after saying total impairment charges for this year will be lower than previously forecast. Next Plc slipped -4.6% after saying it will probably cut its annual profit forecast if the warm weather in the UK continues throughout October. Marks & Spencer Group Plc dropped -3.8%. Wolseley Plc advanced +1.4% after saying full year earnings jumped 9.9%. Prysmian SpA added +0.8% after saying there will be no additional costs or delays for its Western Link project. Smiths Group Plc gained +2.2% after JPMorgan Chase & Co upgraded the shares.
US stocks fell as Hong Kong protests added to geopolitical concern and a rebound in consumer spending fuelled speculation the Federal Reserve may raise interest rates sooner than anticipated. The Dow Jones Industrial Average (-0.25%), S&P 500 (-0.25%) and the Nasdaq Composite (-0.14%) all declined. Ford Motor Co slid -7.5% after saying pre-tax profit this year will miss its goal amid weaker results in South America and Europe. KB Home dropped -2.4% and PulteGroup Inc slid -0.8% after a report from the National Association of Realtors showed contracts to purchase previously owned homes declined in August as tighter credit and limited wage growth weigh on potential buyers. Casino companies with operations in Macau slid amid the protests in Hong Kong. Las Vegas Sands Corp tumbled -2.9%, Wynn Resorts Ltd dropped -3% and Melco Crown Entertainment Ltd fell -2.9%.
Asian stocks dropped as Hong Kong shares slumped amid the biggest police crackdown on protestors since the city returned to Chinese rule. The Nikkei 225 (-0.84%) and the Hang Seng (-1.28%) both retreated, while the S&P/ASX 200 (+0.54%) increased. Property developers in Hong Kong extended yesterday’s losses, with New World Development Co down -1.63% and Cheung Kong (Holdings) Ltd falling -2.4%. Hong Kong Exchanges & Clearing Ltd sank -1.9% after UBS AG advised selling shares of the city’s bourse operator. Daikin Industries Ltd, a company that gets about 18% of revenue from China, slumped -3.6%. Sumitomo Corp plunged -12% as it cut its profit forecast by 96% after writing down the value of two investments.
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.