European shares retreated this morning after Greece became the first country to postpone a payment to the International Monetary Fund since the 1980’s. The ESTX 50 (-0.95%), UK markets (-0.85%), CAC 40 (-1.02%) and the Dax (-0.95%) all posted losses in early trading. Greece told the IMF it would delay a debt payment of about $339 million due today, submitting a request to the fund to bundle payments totalling about $1.7 billion due this month into one lump sum payment. IG Group Holdings Plc dropped -1.9% as Reuters reported that a group of clients said the brokerage and betting firm breached UK trading rules during the Swiss franc surge earlier this year. Vodafone Group Plc added +1.3% after saying that is in early discussions with Liberty Global Plc regarding a possible exchange of selected assets between the two companies. Royal Mail Plc and Experian Plc both dropped more than -1.5%.
US stocks fell on Thursday, with the Dow and S&P ending the session at their lowest levels in nearly a month. The Dow Jones Industrial Average (-0.94%), S&P 500 (-0.86%) and the Nasdaq Composite (-0.79%) all declined. Losses were broad based. All of the S&P 500’s sectors were in negative territory, led by declines in materials and energy sectors. Dish Network Corp rose +4.9% and T-Mobile US Inc advanced +2.6% after the Wall Street Journal reported that Dish is in talks to merge with T-Mobile. Opko Health Inc fell -15% after agreeing to acquire gene-sequencing diagnostics company Bio-Reference Laboratories Inc in a stock deal valued at $1.47 billion. Bio-Reference jumped +20%. J.M.Smucker Co fell -3.8% after giving a disappointing earnings forecast for its newly started fiscal year as the company saw volumes drop for many of its coffee and food products in the April quarter. Delta Air Lines Inc declined -0.7% after it said its operating profit margin this quarter could be lower that it expected, with airlines hit by weaker US demand. American Airlines dropped -2.2%.
Asian stocks fell following a decline in US equities as Greece asked for a deferral on its debt payments. The Nikkei 225 (-0.13%), Hang Seng (-1.03%) and the S&P/ASX 200 (-0.11%) all retreated. Toyota Motor Corp fell -1% on a report it may struggle to reach 2015 sales targets. Takata Corp lost -1.7% as Honda Motor Co expanded its recall of Takata’s defective auto air bags, while it was reported that some of the replacement air bags were defective. Nissha Printing Co, a company that relies on Europe for more than half of its sales, dropped -2.4%.
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.