Morning Spread

Morning Spread

Monday 10th March 2014
IndexLevelChg (%)
UK Market6736.89+0.36
Dow Indust Avg16452.72+0.19
S&P 5001878.04+0.05
Nasdaq Composite4336.22-0.37
Nikkei 22515120.14-1.01
Hang Seng22264.93-1.75
IndexLevelChg (%)
Nymex 1m101.33-1.22
Gold Spot1335.13-0.36
GBP/USD1.6657+0.34
GBP/EUR1.2005-0.33
EUR/USD1.3875+0.01
USD/JPY

European stocks were little changed as deal activity offset a report showing that Chinese exports unexpectedly slumped. The ESTX 50 (+0.80%), UK Markets (+0.44%), CAC 40 (+0.92%) and the DAX (+0.12%) all posted gains in early trading. Iliad SA surged +11% after Bouygues SA said it is in talks to sell some of its mobile phone assets to the company. Rolls-Royce Holdings Plc gained +2.5% after Daimler AG said it will sell a 50% stake in an engine joint venture to Rolls-Royce. Rio Tinto Group and BHP Billiton Plc lost more than -1.9% each as mining stocks declined. Centrica Plc advanced +1.6% after the Financial Times reported that the company plans to double its earnings from North America. Anglo American Plc and Antofagasta Plc each dropped more than -1% as copper slid.

 

US stocks rose last week to a record as better than forecast data on hiring and manufacturing fuelled optimism in the economy and overshadowed concern on Ukraine. The Dow Jones Industrial Average (+0.19%) and the S&P 500 (+0.05%) both increased, while the NASDAQ Composite (-0.37%) declined. Financial stocks paced gains with Goldman Sachs climbing +4.7% for the biggest gain in the Dow. JPMorgan Chase jumped +4.5%. Berkshire Hathaway Inc’s Class B shares surged +6% after Warren Buffett told investors that the true value of his company has been rising faster than accounting metrics suggest. Valero Energy Corp soared +10% for the biggest gain in the S&P 500. Marathon Petroleum Corp jumped +7.1%. Staples tumbled -16% after announcing it will close as many as 12% of its North American stores and cut as much as $500 million in costs as online competition continues to hurt sales. Exxon Mobil Corp slipped -1.3% for the worst performance in the Dow. Exxon’s biggest international exploration opportunity in the Russian Arctic may be at risk is Russia is slapped with sanctions by western governments or the UN.

 

Asian stocks fell after reports showed an unexpected slump in Chinese exports and slower growth in Japan than economists had projected. The Nikkei 225 (-1.01%), Hang Seng (-1.75%) and the S&P/ASX 200 (-0.93%) all retreated. Fortescue Metals Group Ltd sank -9.4% after futures for iron fell into a bear market. Malaysian Air dropped -4% as the missing plane that may have crashed in the Gulf of Thailand made it harder for the loss making airline to revive profits. China Southern Airlines Co, which sold seven tickets for the Beijing bound flight, slipped -3.9% in Hong Kong. Leighton Holdings Ltd climbed +11% in Sydney after Hochtief AG offered $1.05 billion to increase its stake in Australia’s largest construction company.