European stocks fell as US budget talks curbed risk taking, while commodities halted a four day slide. The ESTX 50 (-0.47%), UK Market (-0.28%), CAC 40 (-0.44%) and the DAX (-0.53%) all posted losses in early trading. Tesco Plc lost -2.9% as JPMorgan Chase & Co lowered its recommendation on the UK’s biggest retailer. Wacker Chemie rose +1.9% after UBS AG added the stock to its most preferred list. ThyssenKrupp AG gained +5.1% as Cevian Capital AB bought a 5.2% stake in Germany’s biggest steelmaker. Clariant AG lost -2% after UBS removed the company from the list of its most preferred shares. Swissquote Group Holding SA surged +7.6% after agreeing to buy MIG bank for an undisclosed price. The biggest gainers in the main UK index this morning were Barclays Plc (+1.90%), BAE Systems Plc (+1.80%) and Fresnillo Plc (+1.60%). While the biggest drags were Carnival (-6.86%), Diageo Plc (-1.11%) and Unilever Plc (-0.52%).
US stocks fell amid concerns over budget talks and economic growth as investors weighed prospects for easing tensions in the Middle East. The Dow Jones Industrial Average (-0.47%) and the S&P 500 (-0.26%) both declined, while the NASDAQ Composite (+0.08%) was slightly up. Red Hat Inc slumped -12% after billings at the largest seller of the Linux operating system trailed estimates. Applied Materials Inc advanced +9.1% after agreeing to buy Tokyo Electron Ltd for about $9.39 billion in stock. JPMorgan Chase & Co fell -2.2% for the biggest retreat in the Dow after resuming talks with the US as the government was preparing to sue the bank in California federal court alleging it misrepresented the quality of mortgage backed securities it sold from 2005 to 2007. Carnival Corp slipped -7.7% after forecasting fourth quarter results that trailed analysts’ estimates, citing a decline in advance bookings and higher fuel prices. Facebook Inc climbed +2.7% after Citigroup Inc raised its recommendation on the company to “buy” from “neutral”.
Most Asian stocks fell after US consumer confidence slumped in September to a four month low. The Nikkei 225 (-0.76%) declined, while the Hang Seng (+0.13%) and the S&P/ASX 200 (+0.80%) both registered gains. Mitsui Chemicals Inc lost -4.8% in Tokyo, leading materials producers lower. NTT Data Corp slumped -7.8%, pacing a retreat in technology firms. Tokyo Electron Ltd surged +13% after Applied Materials Inc agreed to buy the company. David Jones Ltd climbed +4.9% in Sydney as profit topped analyst estimates. SJM Holdings Ltd climbed +1.7% in Hong Kong after Deutsche bank AG predicted record casino revenue in Macau next month.[LINKBUTTON caption=”Go To Google” url=”http://google.com”]
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.