Morning Spread

Morning Spread

Friday 28th November 2014
IndexLevelChg (%)
UK Market6679.33-0.66
Dow Indust Avg17827.75unch
S&P 5002072.83unch
Nasdaq Composite4787.32unch
Nikkei 22517459.85+1.23
Hang Seng23987.45-0.07
IndexLevelChg (%)
Nymex 1m68.69-6.72
Gold Spot1185-0.51
GBP/USD1.5708-0.09
GBP/EUR1.2621-0.11
EUR/USD1.2446-0.21
USD/JPY118.12-0.31

In Asia equity markets were broadly higher with the Chinese market overtaking the Japanese market as the second largest stock market in the world. Chinese Banks continued to be very strong with China Citic Bank up nearly 9%.  Airlines in the region were in focus with the continued sharp falls in the crude oil price dramatically boosting profitability. For instance, Qantas climbed 7% and Cathay Pacific was up 5%. On the downside the Australian oil exploration sector continued to be hammered with Santos down 13%, Sundance Energy down 15% and Senex down 16%. In Japan, the Shipping sector gained with Kawasaki Kisen up 6.9% and Mitsui OSK Lines was up 3.6%.On the negative front, industrial plant company, Chiyoda, lost over 5% on a broker downgrade.

US equity markets were closed for Thanksgiving.

In Europe the focus is all on the Energy sector with sharp falls across the board in the wake of OPEC not cutting production levels. In Norway, Statoil is down 8.67%, Total is down 4.30% and Seadrill is down just over 5%. Other fallers include Carlsberg down 2.25%, BASF down 2.70% and Den Norske Bank is 4.40% lower after an update not as bullish as investors hoped for. In the UK, BG Group is nearly 8% lower, Weir Group is down 7% and Tullow Oil is down 5.4%. Airlines higher include Easyjet up 1.6% and International Consolidated is 0.75% up. Telecoms globally have been a better sector in recent weeks and Vodafone is up again by 2.16%.