European stocks were pushed lower by a drop in energy shares and growing concern over Greece as Prime Minister Antonis Samaras said this month’s election could lead to the nation exiting the euro area. The UK markets (-0.93%), CAC 40 (-0.19%) and the Dax (-0.08%) all posted losses in early trading, while the ESTX 50 (+0.04%) was slightly positive. Bavarian Nordic rose +3.4% after Johnson & Johnson started clinical trials of its experimental Ebola vaccine. Ashtead fell -8% after shares in its US rival United Rentals also slumped overnight following a brokerage downgrade on United Rentals. Tullow Oil and Royal Dutch Shell Plc lost more than -2% each as crude extended losses below $50 barrel.
US stocks had their worst day in almost three months, with energy shares leading the decline as global economic concerns were compounded by falling oil prices. The Dow Jones Industrial Average (-1.86%), S&P 500 (-1.83%) and the Nasdaq Composite (-1.57%) all retreated. Crude oil futures prices dropped to their lowest since 2009 amid a global supply gut and lacklustre demand. Boston Scientific was the S&P’s biggest winner with a 4% gain after a brokerage upgrade. The S&P’s worst performer was United Rental with a 10.7%, followed by Noble Energy which was down -9.9%. Gilead Sciences Inc rose +2.6% after CVS Health Corp said it will give Gilead’s hepatitis C treatment preferred status and cover a competing treatment from AbbVie Inc only as an exception. AbbVie lost -2%.
Asian stocks fell, extending a global selloff as the bear market in oil deepened. The Nikkei 225 (-3.02%), Hang Seng (-0.99%) and the S&P/ASX 200 (-1.57%) all declined. BHP Billiton Ltd slid -4.7% to pace losses among energy and materials shares. Toyota Motor Corp fell -2.8% in Tokyo after missing US sales estimates and as the yen gained. Nissan Motor Co lost -4.4% despite a report showing the company had better than expected US sales in December. Galaxy Entertainment Group Ltd sank -4.3% in Hong Kong after Bank of America Corp’s Merrill Lynch unit cut its rating on the company. Tencent Holdings Ltd surged +5.7% after the shares were recommended by JPMorgan Chase & Co. Yahoo Japan Corp dropped -4.8% after Jefferies Group LLC cut the company’s rating from buy.
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.