European stocks fell as the latest batch of earnings reports failed to convince investors of the region’s economic health. The ESTX 50 (-0.55%), CAC 40 (-0.33%), Dax (-0.43%) and the UK markets (-0.70%) all posted losses in early trading. Anheuser-Bush InBev NV slipped -2.6% after posting sales and profit growth that missed analysts’ estimates. Royal Dutch Shell Plc lost -1.2% even as it posted a lower than forecast drop in first quarter profit. Societe Generale SA added +4% after reporting an unexpected increase in earnings. A.P.Moeller-Maersk A/S jumped +5.9% after reporting a smaller decline in first quarter profit than estimated as it stepped up cost cuts at its oil unit. Siemens AG advanced +1% after posting higher than forecast second quarter profit.
US stocks fell as weaker than expected manufacturing data in China revived worries about global growth and sent investors scurrying out of the perceived risk of equities. The Dow Jones Industrial Average (-0.78%), S&P 500 (-0.87%) and the Nasdaq Composite (-1.13%) all declined. US light vehicle sales regained momentum last month thanks to cheap credit, low petrol prices and rising consumer confidence, with sales hitting a new monthly record high. However car sales didn’t help car manufacturers with General Motors Co (-1.57%) and Ford Motors Co (-1.40%) both falling. Chesapeake Energy Corp (-11.99%) and Freeport McMoRan Inc (-11.37%) both dropped as the price of crude oil retreated. Pfizer Inc jumped +2.7% after reporting first quarter earnings that beat forecasts.
Asian stocks fell led by a rout in commodity shares as crude oil traded below $44 a barrel and concern grew over lacklustre global economic growth. The S&P/ASX 200 (-1.54%), Hang Seng (-0.73%) and the Nikkei 225 (-3.11%) all retreated. BHP Billiton, the world’s largest mining firm, slumped -7.8% in Sydney. The yen climbed after the US treasury put Japan on a new currency monitoring list with four other countries that have large trade surpluses with the United States. The report could make it harder for Japan to stem the yen’s gains. Japanese companies that rely heavily on exports for profits underperformed. Toyota Motor Corp shares fell -3.8% while Nissan Motor Co Ltd tumbled -5% and Honda Motor Co Ltd declined -4%.
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.