Morning Spread

Morning Spread

Friday 14th August 2015
IndexLevelChg (%)
UK Market6597.14+0.44
Dow Indust Avg17408.25+0.03
S&P 5002083.39-0.13
Nasdaq Composite5033.56-0.21
Nikkei 22520519.45-0.37
Hang Seng23987.98-0.12
IndexLevelChg (%)
Nymex 1m42.04-0.47
Gold Spot1116.49+0.12
GBP/USD1.5597-0.06
GBP/EUR1.40+0.02
EUR/USD1.1135-0.03
USD/JPY124.35+0.05

US equities were quiet in Thursday trading with little corporate news of note. In the technology sector, Cisco Systems gained 2.87% after results on Wednesday beat analyst expectations. Total revenues rose 3%, with a particularly good performance from domestic US operations. Other risers included Home Depot up 1.1%, Boeing rose 1.7% and Merck rose 1.2%. Crude oil was still under negative pressure with Conoco 2.8% lower, Halliburton 2.2% down and Transocean fell 6.5%. Other stocks to fall, included Alcoa down 2.1%, Abercrombie & Fitch down 4.2% and Intel lost 2%.

Asia equities were also quiet in overnight trading with India the best performing market, whilst Malaysia continued to be the worst performing country. In China, investors believed that the state would become more proactive with some of its holdings. This led to limit up +10% rises in Shanghai Chengtou and Shanghai Jinqiao. In the mining sector, a fall in the gold price saw Zijin Mining fall 2.8% and Shandong Gold lost nearly 4%. In Japan, commodity weakness impacted Inpex down 1.8% and Nippon Steel fell 2.2%. In Australia, Santos dropped 9% to trade at a 11 year low. Malaysian stocks look set to record the steepest weekly fall since 2008 and UBS reiterated a negative view on the market.

 Europe is trying to stage a rally in Friday trading with most indices in the region rising by 0.50%. In France, Thales is up nearly 3%, after the defence company received a strong buy rating from Goldman Sachs. BAE Systems is up 1.2%. In the UK, ARM Holdings is up 2.45% on vague bid rumours and ITV is 1.35% higher on Time Warner bid rumours. The supermarket sector is firmer with Tesco up 1.56%, Sainsbury is 1.38% higher and Morrisons is up just over 1%. Other risers include Nestle up 1.1%, Porsche is up 2.4% and Adecco is 2.1% higher.