Morning Spread

Morning Spread

Friday 10th October 2014
IndexLevelChg (%)
UK Market6370.39-0.96
Dow Indust Avg16659.25-1.97
S&P 5001928.21-2.07
Nasdaq Composite4378.34-2.02
Nikkei 22515300.55-1.15
Hang Seng23088.54-1.90
IndexLevelChg (%)
Nymex 1m84.49-1.49
Gold Spot1221.31-0.24
GBP/USD1.6059+0.37
GBP/EUR1.2676-0.23
EUR/USD1.2670-0.13
USD/JPY107.96-0.04

European shares dropped this morning, tracking losses in equity markets worldwide spurred by increasing worries of the pace of global growth. The ESTX 50 (-0.36%), UK Markets (-0.49%), CAC 40 (-0.55%) and the Dax (-0.62%) all posted losses in early trading. Old Mutual dropped -1.99% after Sky News reported that the company is in advanced talks to acquire Quilter Cheviot for about £650 million. Tullow Plc retreated -2.28% after saying the Sputnik-1 well offshore Gabon is encouraging in its latest well update. Jupiter Fund Management lost -1.7% after saying assets under management dropped to £31.7 billion in the third quarter from £33.1 billion at the end of June. Anglo American Plc (-3.21%), Fresnillo Plc (-3.70%) and Antofagasta Plc (-2.84%) dropped as commodity producers decreased. Carnival Plc fell -2.8%.

 

US stocks dropped on concern that slowing growth in Europe will hurt the US economy as the Federal Reserve ends its bond purchases. The Dow Jones Industrial Average (-1.97%), S&P 500 (-2.07%) and the Nasdaq Composite (-2.02%) all retreated. Energy shares were the weakest group, dropping -3.7% for their biggest one-day decline since April 2013 as West Texas Intermediate oil joined Brent in falling more than 20% this year’s June peak on concern rising global supplies will be more than enough to meet slowing demand. Newfield Exploration Co and QEP Resources Inc both lost more than -6.3%. Material stocks also suffered, with Newmont Mining Corp and Dow Chemical Co both falling at least -3.5%. Gap Inc plunged -12% after saying its CEO will step down. Advanced Micro Devices Inc sank -10% after announcing a new CEO a week before reporting earnings. Alcoa fell -4.2% after unofficially starting the earnings season. Apple Inc climbed +0.2% after investor Carl Icahn urged the company to accelerate share repurchases.

 

Asian stocks fell after US shares tumbled amid European slowdown concerns and Hong Kong cancelled talks with pro-democracy protestors. The Nikkei 225 (-1.15%), Hang Seng (-1.79%) and the S&P/ASX 200 (-2.05%) all declined. Japanese exporters dropped. Honda lost -1.5%, Nissan Motor Co declined -1.6% and Panasonic Corp dropped -2.5%. Mitsubishi Materials Corp tumbled -2.6% after a report it missed its first half operating profit forecast. Gree Inc jumped +8% after saying it will join a game development venture with messaging app operator Line Corp. Fast Retailing added +1.7% on a higher profit forecast. China Oilfield Services Ltd plunged -4.5% after crude oil futures dropped amid speculation that demand is slowing. PetroChina Co, China’s biggest oil company, dropped -2.7%. Datong Coal Industry Co jumped +3.3% in Shanghai after China re-imposed an import tax on the fuel.