European stocks were little changed as investors awaited minutes from the Federal Reserve’s most recent meeting. The ESTX 50 (+0.32%), CAC 40 (+0.05%) and the Dax (+0.09%) all posted gains in early trading, while the UK markets (-0.40%) declined. Sodexo dropped -2.6% after reporting nine month sales that missed the median analyst estimate. Seadrill Ltd climbed +6% after the biggest drilling rig company cancelled a $1 billion convertible bond sale. Admiral Group Plc lost -3.4% after saying margin expectations on business earned this year are lower than in recent years.
US stocks retreated as concern grew that equities have rallied too far too fast amid an uneven global economic recovery. The Dow Jones Industrial Average (-0.69%), S&P 500 (-0.70%) and the Nasdaq Composite (-1.35%) all declined. Twitter Inc and Pandora Media Inc, which both trade at more than 150 times projected earnings, plunged at least -7% to lead declines in internet stocks. Netflix Inc fell -3.4% while Facebook Inc dropped -3.9%. TripAdvisor Inc sank -5.5%. Alcoa Inc jumped +1.7% in late trading after reporting second quarter earnings and sales that beat analysts’ estimates.
Asian stocks fell after equity valuations touched the highest this year and China inflation data missed estimates. The Nikkei 225 (-0.08%), Hang Seng (-1.55%) and the S&P/ASX 200 (-1.06%) all retreated. Toyota Motor Corp, which gets 75% of sales outside Japan, lost -1.1%. Nomura Holdings Inc slipped -2.5% as securities firms accounted for some of the biggest drops in the region. Navitas Ltd slumped -31% in Sydney as the education provider said it will take an impairment charge of as much as $38 million. Shandong Weigao Group Medical Polymer Co rose -3.2% as JPMorgan advised buying the shares.
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.