European stocks declined as investors awaited reports on Euro-Area unemployment and US consumer sentiment. The ESTX 50 (-0.53%), UK Markets (-0.35%), CAC 40 (-0.22%) and the DAX (-0.84%) all posted losses in early trading. Vedanta Resources Plc dropped -2.8% after saying copper output from its mines in India, Australia and Zambia fell in the final three months of 2013. Imperial Tobacco Group Plc added +3% after Goldman Sachs recommended investors buy the shares. BT Group Plc rose +2.8% after returning to quarterly revenue growth for the first time since 2009. ElectroLux fell -5.8% after posting a bigger than expected drop in fourth quarter earnings.
US stocks rebounded as earnings beat estimates at several companies and consumer spending picked up. The Dow Jones Industrial Average (+0.70%), S&P 500 (+1.13%) and the NASDAQ Composite (+1.77%) all advanced. Facebook jumped +14% after saying more than half its advertising revenue came from mobile devices in its last quarter. PulteGroup Inc added +1.8% after reporting income that beat analysts’ forecasts. Blackstone jumped +4.2% after posting a record fourth quarter profit. Under Armour climbed +23% to a record $104.76 after earnings per share beat estimates. Google Inc gained +2.6% after Lenovo Group Ltd agreed to buy the Motorola Mobility mobile phone business for $2.91 billion. Amazon.com tumbled -7.7% after reporting fourth quarter profit after the market close that trailed analysts’ estimates following a surge in costs to ship gifts over the holidays. Exxon Mobil Corp lost -1.2% after saying fourth quarter profit dropped as it produced less crude and natural gas and prices stagnated.
Asian stocks fell after the Federal Reserve pressed on with cuts to US economic stimulus and as a report showed China’s manufacturing industry contracted. The Nikkei 225 (+0.62%), while the S&P/ASX 200 (+0.04%) was fairly flat and the Hang Seng was closed for Chinese New Year. Honda Motor Co declined -0.26% after reporting profit that missed analysts’ estimates for a 10th straight quarter as slumping demand in Thailand prompted the company to cut sales projections. Nintendo Co Ltd climbed +7% after saying it would buy back 125 billion Yen of its outstanding shares. Fujitsu Ltd jumped +12.89% after it was reported that Lenovo Group Ltd had beaten Fujitsu’s bid to buy International Business Machines Corp’s low end server unit yesterday, because Fujitsu would have needed several more weeks to conduct due diligence.
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.