Morning Spread

Morning Spread

Wednesday 10th September 2014
IndexLevelChg (%)
UK Market6822.83-0.09
Dow Indust Avg17013.87-0.57
S&P 5001988.44-0.65
Nasdaq Composite4552.29-0.87
Nikkei 22515788.78+0.25
Hang Seng24705.36-1.93
IndexLevelChg (%)
Nymex 1m92.82+0.08
Gold Spot1253.31-0.17
GBP/USD1.6070+0.10
GBP/EUR1.2416-0.31
EUR/USD1.2944+0.21
USD/JPY106.73-0.30

European stocks dropped as the region’s governments weighed tougher sanctions on Russia and concern grew the UK may be heading for partition. The ESTX 50 (-0.55%), CAC 40 (-0.33%), Dax (-0.57%) and the UK markets (-0.30%) all posted losses in early trading. Sports Direct International Plc said -3.3% after saying its performance in its first accounting quarter was hurt by England’s early exit from the World Cup. Bilfinger SE lost -2.3% after announcing job cuts in Norway. Kingfisher Plc rose +2.6% after saying Ian Cheshire will step down as CEO. Swatch Group AG lost -1.7% after Apple yesterday revealed a smartwatch with health and fitness capabilities and smartphone features such as maps and messaging. ARM Holdings dropped -2.5% as Apple Inc slid after introducing its new range of products.

 

US stocks fell as concerns grew that the Federal Reserve may raise interest rates sooner than anticipated and a rally in Apple Inc disappeared. The Dow Jones Industrial Average (-0.57%), S&P 500 (-0.65%) and the Nasdaq Composite (-0.87%) all retreated. Apple fell -0.4% after climbing to within one point of its intraday record of $103.74 reached last week. The shares have typically fallen at other events where it debuted new products. Apple is up 22% so far this year, exceeding the 7.6% gain for the S&P 500. McDonald’s Corp retreated -1.5% as its monthly sales missed estimates. Home Depot Inc lost -2.1% after confirming that hackers attacked its computer systems. Morgan Stanley dropped -2.7% and Goldman Sachs Group Inc lost -1.5% after it was reported that the Fed is planning risk based capital standards for banks that are tougher than those developed by their international counterparts.

 

Asian stocks fell following a retreat in US equities on concern about the pace of Federal Reserve interest rate increases. The S&P/ASX 200 (-0.60%) and the Hang Seng (-1.95%) both declined, while the Nikkei 225 (+0.25%) increased. Mining companies declined after nickel and iron ore futures dropped. Sumitomo Metal slid -3.8% in Tokyo. Fortescue Metals Group Ltd fell -2.7%. Chinese developers dropped after Credit Suisse Group AG said primary property market sales volume fell 35% last week from the previous period. China Vanke lost -3.2%, while China Resources Land Ltd sank -4.9%. Sands China Ltd decreased -1.9% amid slump for casino operators after Nomura Holdings Inc predicted Macau gaming revenue will fall this month. Galaxy Entertainment Group Ltd fell -2%. China Shenhua Energy Co sank -3.6% to lead coal producers lower as Prime Minister Li Keqiang was quoted by the official Xinhua news agency as saying the government will “declare war” on pollution. China Coal Energy Co slipped -1.4%.