European stocks fell this morning on renewed concern about the strength of the economy, despite a rebound in banks. The ESTX 50 (-0.35%), CAC 40 (-0.71%), Dax (-0.34%) and the UK markets (-0.09%) all posted losses in early trading. HSBC Holdings Plc rose +3.8% after announcing it will buy back $2.5 billion of its own shares. Societe Generale SA climbed +2.8% and Credit Agricole SA gained +2.5% after reporting a jump in quarterly profit, boosted by the sale of stakes the banks had in Visa Europe Ltd. ING Groep NV jumped +6.8% after saying second quarter profit more than tripled. Continental AG fell -4.1% after posting revenue that missed analyst projections. Aggreko Plc dropped -13% after reporting a decline in revenue and profit. Axel Springer SE fell -2.3% after posting sales that missed estimates.
US stocks dropped as falling crude prices and lacklustre consumer spending data revived anxiety that global growth will falter. The Dow Jones Industrial Average (-0.49%), S&P 500 (-0.64%) and the Nasdaq Composite (-0.90%) all declined. Equities narrowly avoided their worst day since the selloff following Britain’s vote to leave the European Union, with car manufacturers pummelled as sales disappointed while retailers suffered their steepest drop in five weeks. Pfizer Inc fell -2.5% after leaving its full year forecast unchanged, even as quarterly profit and sales exceeded predictions. Apple Inc lost -1.5%. Ford Motor Co and General Motors Co lost at least -4.3% as their July sales missed analysts’ estimates. Retailers fell from highs reached in the previous session, paced by Amazon.com Inc’s -0.9% decline, while Target Corp and Carmax Inc decreased more than -2.1%.
Asian stocks fell, following declines in global equities, as Japanese shares led losses after the yen gained on disappointment over Prime Minister Abe’s stimulus steps. The S&P/ASX 200 (-1.35%), Hang Seng (-1.76%) and the Nikkei 225 (-1.88%) all retreated. Casio Computer Co sank -14% after lowering its operating profit forecast by 11% to 20 billion yen for the half year through June. Mitsubishi UFJ Financial Group Inc slumped -3.9%. Honda Motor Co rose +3.8% after reporting operating profit that beat analyst estimates. FamilyMart Co surged +11% after the operators of the Nikkei 225 said it will add the company to its measure. FamilyMart will merge with Uny Group Holdings Co which also rose +11%.
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.