European stocks fell in early trading as investors await the US April payrolls report for more clues about the interest rate outlook in the world’s largest economy. The ESTX 50 (-0.60%), CAC 40 (-0.66%), Dax (-0.55%) and the UK markets (-0.50%) all posted losses this morning. ArcelorMittal fell -2% after its first quarter core profit fell by about a third, while Man Group fell -6.9% after being downgraded to “sell” by Citi. Monte dei Paschi rose +5% after first quarter net profit beat forecasts due to lower loan loss charges, an increase in commissions and falling costs. Tullow Oil Plc and Royal Dutch Shell Plc each lost more than -1.9%. Gamesa Corp Tecnologica SA added +2.8% after reporting better than expected net income.
US stocks were mixed as oil failed to hold much of its intraday gains and investors awaited the key employment report due Friday. The Dow Jones Industrial Average (+0.05%) was slightly positive, while the S&P 500 (-0.02%) and the Nasdaq Composite (-0.18%) were slightly negative. US crude oil futures settled +1.2% up, as initial gains were supported by concerns of a near term supply shortage due to a huge wildfire near Canada’s oil sands and escalating tensions in Libya. Tesla fell -5% after analysts’ expressed doubts about the company’s ability to deliver vehicles ahead of schedule. Kraft Heinz jumped +3.7% after its quarterly profit smashed analysts’ estimates. After the bell, Yelp rose +8.5% and Tableau Software was down -13.7% after releasing their results.
Asian shares declined as investors awaited the US April payroll report after jobless claims data raised doubts over the employment picture. The Hang Seng (-1.66%) and Nikkei (-0.25%) both declined, while the S&P/ASX 200 (+0.25%) increased. The number of Americans filing for unemployment benefits rose more than expected last week, posting the biggest gain in more than a year, although its four week average, often seen as a better gauge of the underlying trend, still stood near a four decade low. Sharp Corp sank -8.5% after the Nikkei newspaper reported the company will post a net loss of 300 billion yen. Takata Corp tumbled -8.6% after the US widened recalls of the company’s faulty airbags. Nissan Motor Co and Honda Motor Co both gained at least +2.3%.
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.