Morning Spread

Morning Spread

Monday 10th August 2015
IndexLevelChg (%)
UK Market6677.93-0.60
Dow Indust Avg17373.38-0.27
S&P 5002077.57-0.29
Nasdaq Composite5043.54-0.26
Nikkei 22520808.69+0.41
Hang Seng24521.12-0.13
IndexLevelChg (%)
Nymex 1m43.69-0.41
Gold Spot1095.23+0.11
GBP/USD1.5472+0.13
GBP/EUR1.4110-0.13
EUR/USD1.0965-0.01
USD/JPY124.67-0.35

European stocks mixed this morning despite optimism over Greece as official comments pointed to a speedy wrap-up to bailout talks designed to save the country from financial ruin. The ESTX 50 (-0.01%) and the CAC 40 (+0.01%) were flat, while the UK markets (-0.96%) and the Dax (-0.21%) were both negative in early trading. Dixons Carphone Plc slipped -1.2% after the UK’s data protection watchdog said it is looking into a cyber-attack on the company’s mobile phone retailer Carphone Warehouse. Banco Popolare SC advanced +2.8% after posting better than expected second quarter earnings. Infineon Technologies AG added +1.1%. BHP Billiton Ltd and Rio Tinto Group led declines among miners, falling at least -1.4% each.

 

US equities had another weak trading session on Friday, with investors still concerned by weak commodity prices. Indeed, the Dow Jones Industrial Average posted the longest losing period since 2011. Crude oil prices sank to a four year low with Conoco down nearly 3%, Chevron fell 1.79% and Exxon lost 1.61%. There was a sharp rise in American Express, as an activist investor was revealed to own just under 5% of the credit card giant. The shares gained over 6%. There was strength in jobs data, which reinforced views that the Federal Reserve will increase interest rates in September. Technology shares were also weak with Hewlett-Packard down 2.42%, Google was 1.15% lower and IBM fell 0.77%.

Asian stocks were mixed after China reported bigger than expected drops in exports and producer prices and US jobs data boosted expectations for a Federal reserve interest rate increase next month. The Nikkei 225 (+0.41%) and the S&P/ASX 200 (+0.63%) both increased, while the Hang Seng (-0.20%) decreased. Nissin Foods Holdings Co jumped -5.9% after profit surged. Olympus Corp added +2.4% after being selected to join the JPX-Nikkei Index 400. Mabuchi Motor Co sank -11% to lead declines among Japanese firms that rely on China for sales. China Shipbuilding Industry Co, China Coal Energy Co and China United Network Communications Ltd all advanced by the 10% daily limit in Shanghai. China is considering combining China Shipping Group and Cosco Group, its two major shipping companies, according to reports.