Morning Spread

Morning Spread

Monday 10th November 2014
IndexLevelChg (%)
UK Market6594.67+0.42
Dow Indust Avg17573.93+0.11
S&P 5002031.92+0.03
Nasdaq Composite4632.53-0.13
Nikkei 22516780.53-0.59
Hang Seng23744.70+0.83
IndexLevelChg (%)
Nymex 1m79.20+0.70
Gold Spot1172.17-0.49
GBP/USD1.5892-0.15
GBP/EUR1.2737-0.06
EUR/USD1.2477+0.18
USD/JPY114.12+0.41

European stocks advanced as investors weighed corporate results from several companies. The ESTX 50 (+0.46%), UK markets (+0.39%), CAC 40 (+0.52%) and the Dax (+0.20%) all posted gains in early trading. Carlsberg added +3.4% after saying its market share improved in Russia as it reported third quarter profit in line with estimates. Nutreco NV jumped +13% after a Dutch investment company raised its bid for the company by 11%, fending off a rival approach by Cargill Inc. Kabel Deutschland gained +1.1% after saying second quarter sales rose 6%. Serco Group Plc tumbled -33% after lowering its operating profit for 2014 to no more than £140 million, after previously forecasting no less than £155 million. Cairn Energy jumped +9.5% after making a second oil discovery off the coast of Senegal which bears similar characteristics as nearby oil find the company made last month.

 

US stocks held at all-time highs as a report showed companies hired fewer workers than forecast while the jobless rate dropped to a six year low, supporting speculation the economy is withstanding an overseas slowdown. The Dow Jones Industrial Average (+0.11%) and the S&P 500 (+0.03%) both increased, while the Nasdaq Composite (-0.13%) declined. Sears Holdings Corp soared +31% on plans to explore the sale and leaseback of 200 to 300 stores. Walt Disney Co slid -2.2% after it reported profit fell at TV networks. Salix Pharmaceuticals Ltd tumbled -34% after its chief financial officer resigned. First Solar Inc retreated -11% after profit declined in the third quarter. Diamond Offshore Drilling Inc and Newfield Exploration Co both climbed more than +3% as oil prices climbed from near a three year low.

 

Asian stocks were mixed as regulators said a stock trading link between Hong Kong and Shanghai will start next week and the yen strengthened. The Nikkei 225 (-0.59%) and the S&P/ASX 200 (-0.45%) both retreated, while the Hang Seng (+0.83%) increased. GCL- Poly Energy Holdings Ltd plunged -17% after floating a plan to sell its solar wafer operations. Japanese exporters dropped as the yen strengthened. Toyota Motor Corp, which gets 31% of revenue in North America, dropped -1.5%. Fanuc Corp, a company that generates 23% of its revenue in North America, slid -1.5%. Nippon Telegraph & Telephone Corp slid -4.1% after cutting its profit forecast. Kansai Electric Power Co lost -3.2% on a report its biggest shareholder plans to sell its stake. Daihen Corp soared +8.2% after boosting its net income forecast for the full year by 11%.