European stocks declined as data showed German industrial production fell in August more than economists forecast. The ESTX 50 (-0.89%), UK Markets (-0.62%), CAC 40 (-0.87%) and the DAX (-0.86%) all posted losses in early trading. Deutsche Bank AG slipped -0.8% after the New York Times reported US prosecutors are discussing whether to press the German bank to plead guilty to interest rate rigging. Wirecard AG climbed +4% after boosting its outlook for earnings in 2014. Cairn Energy Plc rallied +11% after saying it has discovered oil at its FAN-1 well, offshore Senegal. Tesco Plc increased +1.7% after it was reported that commercial director Kevin Grace has been asked to step aside. AstraZeneca Plc and Shire Plc both slipped more than -1% after Morgan Stanley downgraded its rating on European health care stocks. Schroders Plc fell -3% as Bank of America Corp’s Merrill Lynch recommended selling the shares.
US stocks fell as small-cap shares resumed a selloff of corporate earnings season to assess the strength of the economy. The Dow Jones Industrial Average (-0.10%), S&P 500 (-0.16%) and the Nasdaq (-0.47%) all declined. Micron Technology Inc fell -4% after Samsung Electronics Co said it will spend $15 billion building a chip plant in South Korea. GT Advanced Technologies Inc sank -93% after the company filed for bankruptcy. Hewlett-Packard Co jumped +4.7% after saying it will split into two companies. CareFusion Corp surged +23% as Becton Dickinson & Co agreed to buy the company for $12.2 billion. H&R Block Inc fell -5.6%, the biggest decline in the S&P 500, after saying the sale of its banking unit to Bofl Federal Bank is being slowed by regulatory approval process. Durata Therapeutics Inc rallied +75% as Actavis Plc announced a deal to acquire the company.
Asian stocks were mixed as the yen extended gains after the Bank of Japan kept its bond buying program unchanged in a policy decision today. The Nikkei 225 (-0.67%) and the S&P/ASX 200 (-0.16%) both declined, while the Hang Seng (+0.46%) advanced. Toshiba Corp slumped -4.3% after SMBC Nikko Securities Inc cut its share price target for the company. Fujifilm Holdings Corp rose +2.7% after a French Ebola patient who was given its Avigan treatment with another experimental treatment, was sent home from hospital. Japanese exporters dropped as the yen gained. Sony Corp sank -1.2% and Toyota Motor Corp slid -0.3%. Rio Tinto Group surged +4.3% in Sydney after saying it rejected a merger approach from Glencore Plc that would’ve created the world’s largest miner.
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.