European stocks fell as investors awaited minutes from the Federal Reserve’s last meeting. The ESTX 50 (-0.09%), UK markets (-0.54%), CAC 40 (-0.17%) and the Dax (-0.61%) all posted losses in early trading. Air France-KLM declined -5.7% after saying a strike that affected flights for two weeks last month may cut annual profit by €500 million. FirstGroup retreated -5.9% after losing the ScotRail franchise. Gerresheimer declined -2.8% after reporting third quarter earnings that missed analysts’ estimates. SAP SE fell -1.8% after Boerse Online reported that the company will freeze hiring until 2015 in order to reduce costs. Swisscom gained +2.1% after Reuters reported that the company is considering the sale of Fastweb, which may be worth €5 billion and has been a target of Vodafone Group Plc.
US stocks declined as the International Monetary Fund cut its growth forecast and warned of “frothy” equities amid signs of slowing growth in Europe. The Dow Jones Industrial Average (-1.60%), S&P 500 (-1.51%) and the Nasadq Composite (-1.56%) all declined. Kosmos Energy Ltd lost -5.2% after saying Blackstone Group LP and Warburg Pincus LLC, its largest shareholders, will sell 15 million shares. The company said it won’t receive any proceeds. GT Advanced Technologies Inc rose +52% following Monday’s 93% plunge after filing for bankruptcy. Keurig Green Mountain Inc rose +4.9% after Goldman Sachs Group Inc opened coverage of the company with a buy rating. Caterpillar Inc slid -3.4% for the steepest drop in the Dow, while Deere & Co sank -3.4% and United Rentals Inc plunged -7.3%. Delta dropped -1.2% and United Continental Holdings Inc fell -1.9%.
Asian stocks fell after the IMF cut its global growth forecast and yen declined amid demand for safe assets. The Nikkei 225 (-1.19%), Hang Seng (-0.50%) and the S&P/ASX 200 (-0.81%) all retreated. Sands China Ltd fell -3.9% after Wells Fargo & Co lowered its estimate for Macau gaming revenue, saying revenue growth with drop 20% to 23% in October, more than its previous estimate for a 19% decline. Galaxy Entertainment Group Ltd retreated -2.9%. Cnooc Ltd declined -1.5% as oil futures extended a 17 month low. HKT Trust & HKT Ltd dropped -5.4% on an investor selling the company’s shares at a discount. Inpex Corp declined -2.5% as West Texas Intermediate crude oil extended declines from the lowest price in more than 17 months. Japanese exporters suffered. Toyota Motor Corp sank -1.8%, Honda Motor Co declined -1.4% and Panasonic Corp lost -1.2%.
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.