European stocks dipped this morning with a drop in industrial metals prices following poor trade data from China, putting pressure on the mining sector. The ESTX 50 (-1.57%), UK markets (-1.02%), CAC 40 (-1.61%) and the Dax (-1.44%) all posted losses in early trading. Saipem fell nearly -8% after two of the banks that guaranteed a recent stock issue at the Italian oil services group sold a 6% stake at a discount on Monday. Casino also fell by around -1% after Muddy Waters launched an attack on the company. Casino had no immediate comment in response to Muddy Waters’ report. Burberry rose +4% after the Financial Times reported that Burberry was seeking help to fight a takeover bid.
US stocks rose as a spike in energy shares offset sharp declines in large cap technology names. The Dow Jones Industrial Average (+0.40%) and the S&P/ASX 200 (+0.09%) both increased, while the Nasdaq Composite (-0.19%) declined. A string of positive data from major economies and stabilising commodity prices have helped improve sentiment ahead of a relatively quiet week in terms of data for Wall Street as corporate earnings season draws to a close. Alphabet and Facebook fell more than -2% each while Microsoft lost -1.9% and Apple dropped -1.1%. Valeant Pharmaceuticals rose +7.1% after saying it would report fourth quarter numbers next week, giving investors hope for positive news after months of uncertainty and volatility.
Asian stocks dropped as Japanese shares fell for a second day as a stronger yen cut the earnings outlook for exporters while China’s export slump deepened in February. The Hang Seng (-0.73%), Nikkei 225 (-0.76%) and the S&P/ASX 200 (-0.68%) all decreased. Suzuki Motor Corp slumped -3.8% after announcing plans to sell 200 billion yen in convertible bonds. Toshiba Corp slid -7% after Mizuho Securities cut its rating on the company. Marine Containers (Group) Co plunged -4.3%, while Spring Airlines Co dropped -3.2%. Jiangxi Copper Co and Zijin Mining Group Co paced losses for Chinese material producers, sliding at least -1.8%.
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.