European stocks erased their gains as German business confidence missed forecasts and investors awaited a report on US home prices. The ESTX 50 (+0.20%), UK market (+0.10%), CAC 40 (+0.32%) and the DAX (+0.17%) all posted gains in early trading. Telecom Italia SpA rose +2.4% after Telefonica SA agreed to increase its stake in the Italian phone company. Total SA climbed +1.9% after Barclays raised its rating on the company from “underweight” to “equal eight”, citing that the company can better control its capital expenditure more than it had predicted. Burckhardt tumbled -7.1% after saying that lower than expected gross margins on two major compressor system projects will lead the company to make provisions in the six months through September.
US stocks fell as financial shares slumped and investors watched speeches from Federal Reserve officials for clues on monetary policies. The Dow Jones Industrial Average (-0.32%), S&P 500 (-0.47%) and the NASDAQ Composite (-0.25%) all declined. Goldman Sachs slid -2.7%, for the biggest retreat in the Dow, Citigroup sank -3.2%, JPMorgan Chase & Co retreated -2.5% and Bank of America Corp erased -2.1% after Atlantic Equities forecast a drop in fixed income trading revenue for the biggest US banks. Lennar slid -1.7% and KB Home lost -3.4% ahead of reporting earnings later today. Apple Inc surged +5% after saying first weekend sales of its new iPhones topped 9 million units. General Electric Co advanced +1.1% after winning contracts worth $2.7 billion from a unit of Sonelgaz. Walgreen Co added +1.3% after Morgan Stanley boosted its rating on the company to “overweight” from “equal weight”.
Asian stocks fell from a four month high amid a political showdown on Washington over the US budget and as investors examined speeches from Federal Reserve officials for clues on monetary policy. The Nikkei 225 (-0.07%), Hang Seng (-0.77%) and the S&P/ASX 200 (-0.35%) all retreated. Nikon Corp, a company that gets 85% of sales overseas, sank -2.3% as a stronger yen cut the earnings prospects for Japanese exporters. Mazda Motor Corp declined -0.9%. Lixil Corp lost -5.1% in Tokyo after it was reported that the company is in advanced talks to buy German bathroom fixtures company Groche Group for more than €3 billion. Largen Precision Co, which makes lenses for the cameras in Apple’s phones, advanced +2% in Taipei.
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.