Morning Spread

Morning Spread

Friday 10th July 2015
IndexLevelChg (%)
UK Market6661.47+1.21
Dow Indust Avg17548.62+0.19
S&P 5002051.31+0.23
Nasdaq Composite4922.40+0.26
Nikkei 22519779.83-0.38
Hang Seng24901.28+2.08
IndexLevelChg (%)
Nymex 1m53.20+0.80
Gold Spot1162.98+0.31
GBP/USD1.5494-0.92
GBP/EUR1.3870-0.58
EUR/USD1.1170+1.51
USD/JPY122.35-0.85

uropean stocks gained this morning after Greece submitted fresh reform proposals to its euro zone creditors, making substantial concessions in a bid to win new funds and avert bankruptcy. The ESTX 50 (+2.62%), CAC 40 (+2.66%), Dax (+2.08%) and UK markets (+1.01%) all posted gains in early trading. InterContinental Hotels Group Plc climbed +4.5% after it agreed to sell its Hong Kong hotel to a group of investors advised and managed by Gaw Capital Partners for $938 million. EMS-Chemie Holding AG rallied +4.6% after reporting an increase in first half earnings. DNB ASA rose +3.2% after Norway’s biggest bank reported profit that beat analyst estimates. Tryg A/S gained +1.4% after posting better than forecast quarterly net income.

 

US stocks advanced after Wall Street found relief in Beijing’s efforts to halt a rout in Chinese stocks, which lifted markets around the world. The Dow Jones Industrial Average (+0.19%), S&P 500 (+0.23%) and the Nasdaq Composite (+0.26%) all increased. Today’s press conference by Federal Reserve Chair Janet Yellen could provide clues about when the central bank will begin to raise interest rates for the first time since 2006. Walgreens Boots Alliance jumped +4.24% after raising its full year profit forecast. Coty’s shares fell -4.7% after Proctor & Gamble agreed to sell its beauty business to the company in a deal that values the business at $12.5 billion. P&G shares dipped -0.41%. Apple dropped -2.04% for a five day losing streak, as investors worried that consumers in China might have less money to spend on iPhones.

 

Asian stocks rose, following gains in global equities, after Greece submitted a bailout proposal similar to that proposed by its creditors. The Hang Seng (+2.32%) and the S&P/ASX 200 (+0.39%) both rallied, while the Nikkei 225 (-0.38%) decreased. Tencent appeared to be unaffected by news that around six former employees had been detained by authorities as part of an ongoing graft investigation. Shares of the social network and online media company closed +2%, while Alibaba Pictures jumped nearly +4%. Fast Retailing dropped -6% as a weak outlook for domestic sales during the June-August period eclipsed a 36% jump in the company’s nine month profit. BHP Billiton and Rio Tinto both gained more than +2% each after the price of iron ore bounced back to $48.30 a tonne.