US equities fell in Monday trading on volumes that were 20% below usual. After the strong rise in General Electric on Friday, the stock succumbed to inevitable profit taking and fell 3.1%. Other Industrial heavyweights were also down with Union Pacific losing 1.6% and Lockheed Martin was down a similar amount. Energy stocks were also weaker with Schlumberger down 1.22%, Halliburton down 1.77% and Valero Energy down 3.80%. In the technology sector, Netflix led the way up over 4% after the broker, UBS, issued a buy rating. Other gainers included Facebook up 1.2% and Hewlett Packard up 1.8%.
Asia was mixed overnight with the main feature being Hong Kong falling on profit taking. The Hang Seng closed down 1.78% with China Life down 6%, Tencent fell 5.6% and Citic Securities fell just over 3%. In Japan, there were again low trading volumes with Nippon Paper up 3% and Sakata Seed climbed 3.5%. In Australia, the embattled miner, Fortescue, enjoyed its first rise in four days, up 3.4%, as the company announced changes to production levels. In Taiwan, Winbond Electronics was up nearly 7% after winning a contract with Samsung to supply flash chips.
Europe is also quiet in Tuesday trading with the main feature being Nokia, which is down 6% on news that the company is looking to purchase Alcatel, whose stock is up nearly 12%. In Switzerland, transport company Kuehne & Nagel is down nearly 3% as the company has struggled in the face of a rising Swiss franc and has cut the outlook for the seafreight market. In the UK there are few features, although some of the miners are bouncing with Rio Tinto up nearly 1.5% and Glencore up just over 1%.
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.