Morning Spread

Morning Spread

Tuesday 10th May 2016
IndexLevelChg (%)
UK Market6160.16+0.74
Dow Indust Avg17705.91-0.20
S&P 5002058.69+0.08
Nasdaq Composite4750.21+0.30
Nikkei 22516565.19+2.15
Hang Seng20242.68+0.43
IndexLevelChg (%)
Nymex 1m43.88+1.01
Gold Spot1265.77+0.15
GBP/USD1.4445-0.32
GBP/EUR1.2689+0.38
EUR/USD1.1384-0.06
USD/JPY109.13-0.66

European stocks rose this morning as investors speculated that the recent selloff was overdone. Credit Suisse rallied +5.8% after posting a smaller than estimated loss. The ESTX 50 (+1.52%), CAC 40 (+1.07%), Dax (+1.14%) and the UK markets (+0.81%) all posted gains in early trading. ING Groep NV gained +5% after its net income beat the average analyst prediction. Volkswagen AG and PSA Peugeot Citroen rose more than +3% after China’s monthly passenger vehicle sales increased. Pandora A/S jumped +9.9% after reporting profit that beat projections and raised its full year forecast. EasyJet Plc added +2.5% after posting a narrower pre-tax loss than estimated.  

US stocks were mixed after a rally in the healthcare sector offset a decline in energy shares. The Dow Jones Industrial Average (-0.20%) declined, while the S&P 500 (+0.08%) and the Nasdaq Composite (+0.30%) both increased. Allergan surged +5.98% after Teva Pharmaceutical Industries Ltd said it expected its $40.5 billion acquisition of Allergan’s generic pharmaceutical business to close in June. Chevron Corp fell -1.48% as US crude prices dropped -2.8% and traders assessed the impact of wildfires on Canada’s oil output and a build in inventory. Krispy Kreme Doughnuts Inc jumped +24.32% after agreeing to be taken private for $1.35 billion. Lending Club Corp tumbled -34.93% after the CEO resigned following an internal probe.

Asian stocks rose as Japanese shares jumped on a weaker yen and crime fighting mayor’s decisive victory in the Philippine presidential election spurred a rally in the nations’ equities. The S&P/ASX 200 (+0.42%), Hang Seng (+0.43%) and the Nikkei 225 (+2.15%) all advanced.  Japanese exporters advanced with Toyota Motor Corp and Sony Corp rising at least +2.2%. Asics Corp surged +11% in Tokyo after posting earnings that beat analyst estimates. Lenovo Group ltd sank -8.3% in Hong Kong after Morgan Stanley and HSBC Holdings Plc cut their recommendations on the stock.