European stocks fell as the US said Ukraine should proceed with its presidential election this month, ignoring Russia’s calls to postpone the vote. The ESTX 50 (-0.21%), UK Markets (-0.35%), CAC 40 (-0.22%) and the DAX (-0.06%) all posted losses in early trading. Societe Generale SA slipped -2% after posting an unexpected decline in first quarter profit. Siemens AG dropped -1.2% after reporting worse than forecast quarterly income. Credit Agricole SA gained +3.6% after saying profit surged 85% in the first quarter. Carlsberg A/S declined -2.5% after saying industrywide demand in Russia will shrink by a mid-single digit amount. Anheuser-Busch InBev NV fell -0.9% after saying first quarter earnings rose 11% which trailed analysts’ estimates. Experian Plc dropped -4.3% after saying subdued trading in Brazil because of the forthcoming World Cup will impede first half growth. J Sainsbury Plc gained +1.7% after reporting full year earnings that beat estimates.
US stocks fell following a selloff in tech companies, while American International Group Inc dragged down financials. The Dow Jones Industrial Average (-0.78%), S&P 500 (-0.90%) and the Nasdaq Composite (-1.38%) all retreated. Twitter plunged -18% as about 480 million shares from insiders became eligible for trading. AIG declined -4.1% after saying rising claims costs contributed to a 27% drop in profit. Yahoo! Inc gained +1.2% in after-hours trading as Alibaba Group Holding Ltd filed for what could become the largest initial public offering ever. Discovery Communications Inc fell -3.9% after reporting first quarter revenue that missed analysts’ estimates. D.R.Horton Inc slipped -2.4% after Deutsche Bank removed the stock from its short-term buy list. Anadarko Petroleum Corp climbed +3.3% after raising its 2014 forecast for sales volume.
Asian stocks fell as Japanese shares suffered as the yen maintained its gains, reducing the earnings outlook for exporters. The Nikkei 225 (-2.93%), Hang Seng (-1.04%) and the S&P/ASX 200 (-0.83%) all dropped. Panasonic fell -3.4% and Honda Motor Co, a company that gets 46% of its revenue in North America, lost -2.9% as the yen reached a three week high. Most members of the Bank of Japan agreed to keep easing monetary policy until inflation stabilises at 2%. Idemitsu Kosan Co tumbled -6.1% in Tokyo after forecasting net income that trailed estimates. Giordano sank -15% in Hong Kong after saying it expects significantly lower profit in the first half. SoftBank Corp which owns a stake in Alibaba Group Holding Ltd, slid -5.1% after Alibaba filed for a US IPO. Lynas Corp, which said plans to defer some debt repayments and sell shares, lost -10% in Sydney.
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.