Morning Spread

Morning Spread

Monday 10th October 2016
IndexLevelChg (%)
UK Market7035.03-0.21
Dow Indust Avg18240.49-0.15
S&P 5002153.74-0.33
Nasdaq Composite5292.40-0.27
Nikkei 22516860.09-0.23
Hang Seng23851.82-0.42
IndexLevelChg (%)
Nymex 1m49.52-0.58
Gold Spot1263.36+0.51
GBP/USD1.2406+0.22
GBP/EUR1.1095-0.08
EUR/USD1.1182-0.17
USD/JPY103.19-0.21

European stock markets declined this morning as shares in Deutsche Bank fell, weighing on the broader European banking sector. The ESTX 50 (-0.39%), CAC 40 (-0.33%), Dax (-0.21%) and the UK markets (-0.21%) all posted losses in early trading. Deutsche Bank fell -2.8%, with traders expressing disappointment at a lack of progress in the company’s battle against a demand by US authorities for up to $14 billion over misselling allegations. Deutsche Bank shares remain down by around 50% so far in 2016. Air France KLM weakened by -1.1% after traders said its September traffic figures were a bit weaker than expected. Lufthansa fell -1.6%. EasyJet fell -3.4% after SocGen cut its rating on the stock to “sell” from “hold”. William Hill climbed +4.5% after saying it was in merger talks with Canadian peer Amaya.

US stocks slipped on Friday as a drop in sterling injected unwanted volatility to financial markets, while a weaker than expected jobs report was not enough to derail expectations for a rate hike from the Federal Reserve before the end of the year. The Dow Jones Industrial Average (-0.15%), S&P 500 (-0.33%) and the Nasdaq Composite (-0.27%) all retreated. Honeywell dropped nearly -9% and was the biggest drag on the S&P 500, after the aero parts supplier lowered the upper end of its 2016 sales and profit forecast. PPG dropped -8.3% after forecasting a third quarter loss and Tyson Foods plunged -8.9% after Pivotal Capital downgraded its stock to “sell” from “buy”.

Asian stocks were mixed following the second US presidential debate between Hilary Clinton and Donald Trump. The S&P/ASX 200 (+0.15%) rose, while the Hang Seng (-0.42%) and the Nikkei 225 (-0.23%) both declined. UGL Ltd surged +48% in Sydney after Cimic Group Ltd, the Australian construction company controlled by Germany’s Hochtief AG, offered to buy the rest of the engineering form in a deal valuing it at $398 million. Samsung Electronics Co fell -3.2% after temporarily halting production of its Note 7 smartphones after US carriers suspended sales and exchanges of the troubled device.