European stocks advanced as investors await details of the ECB’s bond buying program. The ESTX 50 (+0.47%), UK markets (+0.14%), CAC 40 (+0.49%) and the Dax (+0.53%) all posted gains in early trading. Carrefour SA gained +1% after reporting a 6.7% increase in full year earnings as sales strengthened in Brazil and Argentina. Adidas AG advanced +1.7% after forecasting 2015 net income from continuing operations to rise as much as 10%. Schroders Plc climbed +0.9% after saying investors poured £24.8 billion into its funds last year, up from £7.9 billion in 2013.
US stocks declined after the recent rally gave investors reason to exercise caution. The Dow Jones Industrial Average (-0.58%), S&P 500 (-0.44%) and the Nasdaq Composite (-0.26%) all retreated. After a slow start to the year, equities rallied in February, helping send both the Dow and S&P to record highs on Monday, and the Nasdaq went above the 5,000 level for the first time. Economic data continued to point to a slowly accelerating US economy, increasing the likelihood the US Federal Reserve will begin to hike interest rates at some point this year. Bob Evans Farms plunged -22.6% after saying it was not currently looking at selling or spinning off its food products business and was evaluating strategic options for all or part of its real estate assets. Abercrombie & Fitch slumped -14.9% after saying its quarterly profit fell by a third. American Eagle Outfitters jumped +8.3% after better than expected fourth quarter sales. Alcoa fell -5.9% after Bank of America Merrill Lynch cut the stock to a “neutral” rating.
Asian stocks were mixed after Wall Street continued to pull back from record highs ahead of tomorrow’s US jobs data. The Nikkei 225 (+0.26%) and the S&P/ASX 200 (+0.04%) both gained, while the Hang Seng (-1.11%) dropped. China Shenhua Energy Co and Anhui Conch Cement Co each slid at least -2.6% in Hong Kong. Olympus Corp slumped -2.9% in Tokyo after CNN reported that the company’s endoscopes, which have been linked to two deaths, were allegedly sold without regulatory approval. Hanergy Thin Film Power Group Ltd surged as much as +42% to a record in Hong Kong after jumping 22% yesterday. Toray Industries Inc jumped +4.8% after Mitsubishi UFJ Morgan Stanley Securities Co raised its rating on the company.
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.