Morning Spread

Morning Spread

Monday 3rd November 2014
IndexLevelChg (%)
UK Market6549.16+0.03
Dow Indust Avg17390.52+1.13
S&P 5002018.05+1.17
Nasdaq Composite4630.742+1.41
Nikkei 22516413.76unch
Hang Seng23915.97-0.34
IndexLevelChg (%)
Nymex 1m80.12-0.52
Gold Spot1168.92-0.39
GBP/USD1.599+0.02
GBP/EUR1.2801-0.24
EUR/USD1.2497-0.22
USD/JPY112.83-0.45

After a turbulent October, US equities closed at record highs on Friday with the Dow Jones Index up 1.1% and the S&P 500 Index was up 1.2%. The optimism on Friday was driven by the extension in QE by the Bank of Japan and also the highest reading in consumer confidence since July 2007. Positive stocks included Du Pont up 2.2%, Texas Instruments was up 4.5% and Chevron was up 2.4%. Amongst the fallers, commodities were weak once again with Newmont Mining down 7.7%.

Asia was relatively quiet in overnight trading with Japan closed for Culture Day public holiday. There was some weakness in Chinese markets as the economy grew at an annualised rate of 7.3% in the third quarter. This was the slowest pace in more than five years. There was also weakness in South Korean car stocks with the weak Yen overhanging their competitive positioning. Hyundai Motor lost 5.9% and Kia Motors dropped 5.57%. In Australia, Woolworths fell nearly 5% after the retailer issued a profit warning.

Europe has opened flat to slightly lower in early trading with French media giant Publicis agreeing a $3.7 billion takeover offer for US consultancy, Sapient. The shares are 3.3% lower on fears the deal looks overpriced. The fall in oil prices has also helped Ryanair which reported record profits and the shares are 9% higher. Easyjet is following higher with a gain of 2.6%, Standard Chartered is rallying 1.77% and Tesco is up 1.27%.