European stocks declined this morning. Seadrill Ltd fell -6.4% after saying it will issue 7.5 million new shares in exchange for debt. The ESTX 50 (-1.20%), CAC 40 (-1.09%), Dax (-1.34%) and the UK markets (-0.87%) all posted losses in early trading. Rolls-Royce Holdings Plc lost -2.7% after the CEO told employees that the company needs to step up efforts to recover a waning delivery schedule. Essentra Plc tumbled -26% after saying it probably won’t be able to achieve the financial results it predicted in February. Taylor Wimpey Plc and Berkeley Group Holdings Plc dropped more than -3.2% after a report by the Royal Institution of Chartered Surveyors predicted British house prices will fall for the first time since 2012.
US stocks rose as declines in the dollar lifted some commodity related shares and boosted the outlook for multinationals. The Dow Jones Industrial Average (+0.37%), S&P 500 (+0.33%) and the Nasdaq Composite (+0.26%) all increased. Lululemon Athletica Inc shares rose +4.9% after first quarter sales beat analyst expectations. VeriFone Systems fell -24.7% after announcing lower than expected earnings and said it intends to reduce headcount and conduct a strategic review to address underperforming businesses. UnitedHealth gained +2.53% after raising its quarterly dividend by 25%. Amazon.com Inc climbed +0.40% after announcing plans to invest $3 billion in India, with CEO Jeff Bezos saying he sees huge potential in that economy.
Asian stocks retreated as a strengthening yen pressured Japanese shares, overshadowing gains from energy producers amid a rally in crude. The S&P/ASX 200 (-0.15%), Hang Seng (-0.14%) and the Nikkei 225 (-0.97%) all declined. Insurers led losses in Tokyo, with Dai-ichi Insurance Co and T&D Holdings Inc declining at least -2%, as the slide in global yields clouded the outlook for investment income. Amcor Ltd tumbled -8.1% in Sydney after saying it will incur a $350 million charge as it revamps operations in Venezuela. Hyundai Development Co Engineering & Construction rose +2% in Seoul, on speculation house builders will benefit from lower borrowing costs. Inpex Corp climbed +2.6% pacing gains among energy producers.
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.