European shares fell this morning after the ECB abruptly cancelled its acceptance of Greek bonds in return for funding, shifting the burden onto the country’s central bank. The ESTX 50 (-0.77%), UK markets (-0.44%), CAC 40 (-0.52%) and the Dax (-0.17%) all posted losses in early trading. Alpha Bank shares were down -10%, Eurobank plunged -14.6% and National Bank of Greece fell -12.3%. BNP Paribas was down -3.7% after saying cost cuts increased to cover growing compliance and control expenses. Sanofi rose +2.4% after saying it will name a new CEO in the coming weeks and predicted that euro weakness could boost profits this year. Nokian Renkaat jumped +9.8% after it kept its dividend unchanged at €1.45 per share. Securitas rose +8% after posting a bigger than expected rise in fourth quarter core profit and said it had now fully offset a staff cost increase stemming from US healthcare reforms. AstraZeneca Plc lost -2.3% after reporting fourth quarter earnings and a full year sales forecast that missed analyst targets. BT Group Plc added +4.3% after agreeing to buy EE Ltd for £12.5 billion.
US stocks fell as the ECB tightened its rules on Greece’s bailout and oil retreated for the first time in five days. The Dow Jones Industrial Average (+0.04%) was flat, while the S&P 500 (-0.42%) and the Nasdaq Composite (-0.23%) both retreated. Merck & Co fell -3.2% after saying 2015 adjusted earnings and sales will be below analyst estimates. Gilead retreated -8.2% after saying discounts for its hepatitis C drugs will weigh on revenue this year. Walt Disney rallied +7.6% after quarterly results beat analysts’ estimates. Whirlpool Corp added +6.9% after also topping projections. Clorox Co climbed +1.8% after raising its 2015 profit and sales outlook. General Motors Co climbed +5.4% after reporting quarterly profit that beat projections and raising its dividend. Chipotle Mexican Grill Inc lost -7% after posting fourth quarter same store sales that trailed analysts’ estimates and saying that higher food costs slowed profit gains.
Asian stocks fell as investors weighed earnings and the ECB tightened terms of Greece’s bailout. The Nikkei 225 (-0.98%) retreated, while the Hang Seng (+0.35%) and the S&P/ASX 200 (+0.58%) both increased. Cnooc Ltd slipped -2.2% in Hong Kong after crude slipped the most in two months as US supplies surged. Hitachi Ltd tumbled -9.9% in Tokyo after reporting earnings that missed estimates. Sony Corp soared +12% after reporting its best quarterly operating profit in seven years. Bank of Communications Co fell -1.5% in Hong Kong erasing a +4.7% advance.
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.