European stocks dropped as a build-up of Russian armed forces along the border with Ukraine escalated tension, and a report showed German factory orders unexpectedly dropped. The ESTX 50 (-0.78%), UK markets (-0.70%), CAC 40 (-0.61%) and the Dax (-0.93%) all posted losses in early trading. Swiss Re AG slipped -2.6% after posting second quarter earnings that fell short of analysts’ estimates. Iliad SA retreated -1.4% after it was reported that T-Mobile US Inc plans to reject the French company’s $15 billion bid to buy a controlling stake. ING Groep NV rose +1% after saying it may repay the state aid it received in 2008 earlier than planned. Lanxess AG advanced +2.9% after posting earnings that exceeded the average analyst projection in a Bloomberg survey.
US stocks resumed a selloff as energy shares tumbled and concern increased over escalating tensions in Ukraine. The Dow Jones Industrial Average (-0.84%), S&P 500 (-0.97%) and the Nasdaq Composite (-0.71%) all retreated. Pioneer Natural Resources tumbled -5.6% and Halliburton lost -3.4% after Bloomberg survey suggested that refineries probably operated at 92.8% on August 1st, ahead of a government report later today. Target slipped -4.4% as it struggles to boost US traffic, rescue its botched expansion into Canada and regain shoppers’ trust after hackers stole millions of customers’ data last year. Motorola Solutions Inc decreased -4.2% after reporting second quarter earnings and sales figures that were more than 24% short of analyst forecasts. Delta Air Lines Inc fell -2.8% and United Continental Holdings Inc slid -3.4% during regular trading, after newspaper Vedomosti reported Russia may limit or ban trans-Siberian flights by European Union airlines. Coach Inc surged +4.3% after posting fourth quarter profit that topped analysts’ estimates.
Asian stocks fell after US equities dropped to a two month low amid escalating tensions in Ukraine. The Nikkei 225 (-1.05%), Hang Seng (-0.26%) and the S&P/ASX 200 (-0.12%) all declined. SoftBank Corp dropped -3.5% after it was reported that Sprint Corp, controlled by Softbank, ended talks to acquire T-Mobile US Inc. Vard Holdings Ltd plunged -5.1% after saying it received a tax claim from Brazil authorities. Aluminium Corp of China Ltd surged +9.4% in Hong Kong after the government allowed the producer of the light metal to create a rare earth group. China Unicom (Hong Kong) Ltd declined -5.3% in Hong Kong after China International Capital Corp said it expects the company’s quarterly profit is expected to fall 3.7%. Kubota Corp jumped +8.9% after reporting profit rose.
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.