European stocks declined as technology shares tumbled following a selloff in the US. The ESTX 50 (-0.48%), UK Markets (-0.49%), CAC 40 (-0.73%) and the DAX (-1.22%) all posted losses in early trading. Iliad SA lost -5.3% and Nokia Oyj slid -2.4% helping lead technology stocks lower. Holcim and Lafarge SA both advanced more than +4% after agreeing to merge, creating the world’s biggest cement company with more than $40 billion in sales. Altice SA jumped +9.5%, while Bouygues SA slumped -6.1% after Vivendi SA agreed to sell its phone unit SFR to Altice in a deal valued at more than €17 billion.
US stocks fell after large tech stocks such as Google Inc and Yahoo Inc plunged as investors sold the bull market’s biggest winners. The Dow Jones Industrial Average (-0.96%), S&P 500 (-1.25%) and the Nasdaq Composite (-2.60%) all declined. Google Class A shares sank -4.6%, for its biggest drop in 18 months. Facebook Inc lost -4.6%, bringing its two day slide to -9.5%. Yahoo Inc declined -4.2% to the lowest level since November. Netflix Inc sank -4.9% for a third straight decline, the stock nearly quadrupled in 2013 after jumping 34% last year. GrubHub rallied +31% as it surged in its trading debut after raising a higher than expected $192 million in an initial public offering.
Asian stocks fell as telecommunication and technology shares led the declines. The Nikkei 225 (-1.69%), Hang Seng (-0.59%) and the S&P/ASX 200 (-0.17%) all retreated. Naver Corp slumped -6.5% in Seoul, SoftBank Corp lost -4.6% in Tokyo and Tencent Holdings Ltd fell -4.3% in Hong Kong as telecom and technology shares slid. Daiichi Sankyo Co rose +3.3% after Sun Pharmaceutical Industries Ltd agreed to buy Ranbaxy Laboratories Ltd in a $4 billion stock deal. Daiichi owns 63.5% of Ranbaxy. Fanuc sank -1.7%
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.