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Thomas Hughes

The U.S. Futures Are Pointing Lower In Early Thursday Trading

The U.S. futures are broadly lower in early Thursday trading as trade woe and earnings weigh on sentiment. The NASDAQ Composite is in the lead in premarket trading with a loss of -0.16%. The Dow Jones Industrial Average and S&P 500 are both down about -0.10%. Netflix is the day’s biggest loser after it reported weaker than expected subscriber numbers. The world’s leading streaming service says net new global subscribers rose about half the expectation, shares of Netflix fell more than -10%.

In trade news, U.S. President Donald Trump raised concerns a deal would not be forthcoming with Tweets sent out earlier in the week. Negative sentiment was increased on Wednesday when reports hit the wire negotiations were stuck on issues surrounding Huawei. Treasury Secretary Steve Mnuchin says the two sides will hold a phone meeting today to discuss remaining complicated issues.

In earnings news, CSX, United Health, and Morgan Stanley have all reported since Wednesday’s close. Shipping giant CSX reports a top and bottom-line miss due to trade issues, shares fell -10% on the news. United Health reported a top and bottom-line beat and raised full-year guidance, shares rose 1.0%. Morgan Stanley also beat on the top and bottom lines but reported weakness in iBanking, sales, and trading revenue. Shares of MS are flat in early trading.


Europe Moves Lower On Trade, Earnings

European indices are mostly lower at midday as trade woe and earnings drag on sentiment. The DAX and FTSE are both down about -0.50% while the French CAC is hugging the flat-line. Tech is in the lead with an average loss of -1.6%. Healthcare stocks are bucking today’s trend with an average gain of 1.0%.

In earnings news, German tech company SAP fell -5.6% after it missed revenue estimates and gave a weak outlook. Shares of Novartis rose nearly 5.0% after it reported better than expected and raised full-year guidance. Danske Bank saw its shares trend flat from Wednesday after it reported a slight miss in its revenue report. On the economic front, UK retail sales rose much stronger than expected. The headline figure rose 0.9% MOM versus an expected decline, sales rose 3.6% YOY at the core level.

Asia Lower After Weaker Than Expected Data

Asian markets closed the Thursday session lower after weaker than expected labor data from Australia. Australia reports net job gains of 500 versus an expected gain of 10,000. The data reinforces expectation for a second RBA rate cut later this month. The Australian ASX fell -0.36% on the news but was not the worst performing index for the session. The Japanese Nikkei fell nearly -2.0% after it reported a much larger than expected decline in exports. The Shanghai Composite and Hang Seng fell -1.04% and -0.46% while the Kospi shed -0.37%. In South Korea, the central bank cut interest rates by 25 bps for the first time since 2016.

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