European shares dropped this morning as fund outflows deepen. The ESTX 50 (-0.07%), CAC 40 (-0.12%), Dax (-0.06%) and the UK markets -0.01%) all posted small losses in early trading. A Bank of America Corp report showed fund managers withdrew money from European equity funds for a 31st straight week. Greene King Plc dropped -4.2% after saying there could be tougher trading ahead. UniCredit SpA fell -1.2% after a report that it’s considering raising as much as €10 billion in capital. Burberry Group Plc dropped -2% after a report that it cut prices in Hong Kong and China. J D Wetherspoon Plc rose +3.3% after reporting adjusted pre-tax earnings that beat estimates. Sports Direct International Plc rose +2.3% after saying it will buy back about 5% of its shares.
US stocks declined, pulled lower by Apple after its latest iPhone failed to impress Wall Street, but gains in energy shares limited the decline. The Dow Jones Industrial Average (-0.25%), S&P 500 (-0.22%) and the Nasdaq Composite (-0.46%) all retreated. Apple fell -2.6% following the unveiling of the iPhone 7. Apple said it would not release first weekend sales of the iPhone, limiting analysts’ early visibility of the device. Hewlett-Packard Enterprise shares fell -3.2% after it agreed to sell its software business to Micro Focus in a $8.8 billion deal. SuperValu slid -9.5% after it gave a disappointing outlook, a day after Sprouts Farmers Market warned on its profit.
Asian stocks were mixed as investors weighed the outlook for monetary policy in the US and Japan after the European Central Bank downplayed the need for more economic stimulus. The S&P/ASX 200 (-0.86%) declined, the Hang Seng (+0.75%) gained and the Nikkei 225 (+0.04%) was fairly flat. Showa Denko KK climbed +5% and was among the biggest gainers on the Nikkei 225 as crude headed for a weekly gain of more than 6% following an unexpected drop in US stockpiles. Round One Corp tumbled -6% after August same-store sales dropped 4.6% from a year earlier. Kyocera Corp added +1.9% after BNP Paribas SA raised its rating on the company to “hold” from “reduce”.
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.