European stocks retreated this morning as miners declines deepened and concerns grew over global growth prospects and disappointment over the European Central Bank’s meeting last week continued to weigh on investors. The ESTX 50 (-0.18%), UK markets (-0.46%), CAC 40 (-0.25%) and the Dax (-0.18%) all posted losses in early trading. Bayer AG fell -4% after a report that Europe’s drug safety agency is investigating one of its products. Fresnillo Plc dropped -6.2% after tube ruptured at one of its mines in Mexico, spilling 450 tons of toxic residue. Stagecoach Group Plc tumbled -14% after lowering its full year profit estimate. Ashtead Group Plc rose +8.3% after quarterly profit exceeded estimates and said full year results will be better than its earlier expectations.
US stocks fell as lower oil prices pressured energy stocks and weak Chinese trade data reignited fears of a global slowdown. The Dow Jones Industrial Average (-0.92%), S&P 500 (-0.65%) and the Nasdaq Composite (-0.07%) all decreased. Crude prices hovered near 7 year lows after US crude dipped below $37 per barrel and Brent fell below $40 for the first time since early 2009 on fears that global oil producers will pump even more crude in a saturated market. Exxon fell -2.8% and was the biggest drag on the S&P. Southwest Airlines Co decreased -9% after abandoning its forecast for a possible increase in a benchmark revenue gauge this quarter, stoking investors’ concern that the industry is still struggling to prop up airfares. Delta Air Lines Inc and Untied Continental Holdings fell at least -2.9%.
Asian stocks fell, led by declines among health-care and consumer companies, with Japanese equities bearing the brunt of losses. The Nikkei 225 (-0.98%), Hang Seng (-0.46%) and the S&P/ASX 200 (-0.55%) all retreated. Komatsu Ltd fell -1.2% after saying it faces another tough year ahead as falling commodity prices cool customer’s investment plans. Insurance companies led losses in Japan after Barclays Plc lowered its price target on several insurers. Dai-ichi Life Insurance Co sank -3.4%, while T&D Holdings Inc fell -2.6%. Chongqing Changan Automobile Co paced gains for Chinese consumer shares. Increasing +6.1% after it was reported that China plans to introduce a round of subsidies for auto purchases by rural residents that will cover passenger vehicles with engines smaller than 1.6 litres.
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.