Auckland Airport: Where Are The Pax Going?

Slowing international passenger growth puts long-term growth assumptions and the valuation of Auckland Airport in question.

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Global Stocks Decline Bar Japan

US Stocks Slide As Manufacturing Data Shows Retreat

US stocks declined as investors weighed companies’ earnings and a home-sales gauge unexpectedly fell. At last glance the S&P 500 had fallen -0.2% whilst the Dow Jones Industrial Average slid -0.1%. A recent report showed a preliminary US manufacturing index decreased to 55.4 in April from a final reading of 55.5 in March, with the median economist forecast of 56.0. 

AT&T dropped -3.4% as more customers opted to pay full price for smartphones in exchange for lower usage plans in the future. Amgen sunk -5.8% after sales for its best-selling arthritis medicine missed analysts’ projections. Netflix plunged -5.3% after Amazon reached a deal to stream old episodes of HBO series. Boeing advanced +1.9% after a boost in jetliner deliveries helped profit top forecasts. Gilead Sciences gained +2.7% after sales of its hepatitis C pill beat estimates.

European And UK Stocks Fall On Foreign Data

European stocks retreated as sales of new houses in the US unexpectedly plunged in March and investors weighed manufacturing data from China and America. The Stoxx Europe 600 declined -0.6%. Scania sunk -5.5% after a shareholder rejected Volkswagen’s offer for the remaining shares in the truck-maker. Royal Vopak plunged -7.8% following an announcement that profit may fall -5% this year. Ericsson slid -6.1% after reporting that first-quarter revenue had dropped about -9% to 47.5bn kronor.

The UK’s FTSE 100 lost -0.1%. ARM Holdings retreated -2.8% after reporting slower growth in first-quarter revenue from royalties. AB Foods soared +8.8% after announcing that its Primark budget fashion chain will enter the US. Wolseley climbed +1.7% following a stock recommendation upgrade. 

Asian Stocks Decline While Japanese Climb

Asian stocks outside Japan fell, with a gauge of Chinese shares sliding, after a private manufacturing report signalled persisting weakness in the economy. The MSCI Asia Pacific Index lost –0.4%. China Overseas Land & Investment decreased -3.5%, leading declines in the Hang Seng Index. China Mobile dropped -2.6% after posting its third straight fall in quarterly profit.

Japan’s Topix rose +1.0%. A gauge of energy explorers was the only one of the Topix’s 33 industry groups to fall after the price of oil declined. Resona Holdings gained +2.5% after Greenlight Capital announced it had bought shares in the Japanese bank. Seibu Holdings, operator of the nation’s largest hotel chain, jumped +11.0% on its trading debut. 

ASX 200 Soars

The ASX 200 increased +0.7% to its highest close since June 2008.

Crude Rises, Gold Flat

Crude rose +0.1% to $102.21 while gold was unchanged at $1,284.16

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