European stocks erased early gains despite several companies reporting improved improving earnings. The ESTX 50 (-0.10%), CAC 40 (-0.25%), Dax (-0.26%) and the UK markets (-0.11%) all posted losses in early trading. Heineken NV added +2.6% after first half sales exceeded projections. HSBC Holdings Plc rose +1.6% after posting a profit increase and said it will sell its Brazilian unit. Commerzbank AG climbed +2.7% after its quarterly net income more than doubled beating estimates. Delta Lloyd NV climbed +1.6% after saying its CFO stepped down.
US stocks declined on Friday as a drop in energy stocks eclipsed wage data that supported expectations that the US Federal Reserve could delay an interest rate hike this year. The Dow Jones Industrial Average (-0.32%), S&P 500 (-0.23%) and the Nasdaq Composite (-0.01%) all retreated. With more than half of the S&P 500 companies having reported their second quarter results, analysts expect overall earnings to edge up to 0.9% and revenue to declined 3.3%, according to Thomson Reuters data. Exxon and Chevron both fell -4% after they announced results. Coca-Cola Enterprises jumped +12.41% after a Wall Street Journal report said the independent Coca-Cola bottling company is in merger talks with two European bottlers.
Asian stocks fell as data showed a Chinese factory gauge slipped to a five month low and energy shares retreated amid a drop in oil. The Nikkei 225 (-0.18%), Hang Seng (-1.25%) and the S&P/ASX 200 (-0.35%) all decreased. Nippon Sheet Glass Co tumbled -8.6% on earnings that SMBC Nikko Securities Inc called slightly negative. Toyota Tsusho Corp dropped -5.8% after the trading company reported a drop in profit. Suzuki Motor Corp gained +3.4% after the hedge fund of activist investor Daniel Loeb said it took a stake in the company. Honda Motor Co jumped +8.8% after reporting profit that beat estimates.
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.