Morning Spread

Morning Spread

Monday 11th July 2016
IndexLevelChg (%)
UK Market6625.73+0.53
Dow Indust Avg18146.74+1.40
S&P 5002129.90+1.53
Nasdaq Composite4956.76+1.64
Nikkei 22515708.82+3.98
Hang Seng20880.50+1.54
IndexLevelChg (%)
Nymex 1m44.73-1.50
Gold Spot1359.35-0.51
GBP/USD1.2886+0.53
GBP/EUR1.1679-0.35
EUR/USD1.1034-0.15
USD/JPY101.94-1.37

European stocks extended a rebound into a third day as optimism over prospects for global growth and stimulus in Japan lifted investor sentiment. The ESTX 50 (+0.95%), CAC 40 (+0.96%), Dax (+1.23%) and the UK markets (+0.55%) all posted gains in early trading. LafargeHolcim Ltd rose +2.2% after agreeing to sell an Indian building materials business to Nirma Ltd for an enterprise value of about $1.4 billion. Cerillion Plc jumped +7.9% after saying it won a contract worth an initial £2.1 million from a telecommunications company. Monte Paschi climbed +7.2% after Italian newspapers reported that bank rescue fund Atlante will soon take on additional role to soak up bad loans from Monte Paschi.

US stocks gained after a larger than expected jump in jobs growth confirmed the US economy has regained speed after a first quarter lull. The Dow Jones Industrial Average (+1.40%), S&P 500 (+1.53%) and the Nasdaq Composite (+1.64%) all increased. After a poor payrolls report for May that raised concerns about the health of the economy, US employers added 287,000 jobs in June, beating market expectations for the first time in four months. Raw materials posted their biggest one day gain in four months, rising 2.5%. Dow Chemical Co and Monsanto Co rose at least +2%. Alcoa advanced +5.1% before its earnings report scheduled for later today. Freeport McMoRan Inc gained +5%.

Asian stocks rose after a strong US jobs report eased concerns about the world’s largest economy. The S&P/ASX 200 (+2.04%), Hang Seng (+1.54%) and the Nikkei 225 (+3.98%) all advanced. Nintendo Co surged +25%, its biggest ever advance, after new mobile game app, Pokemon Go, climbed to the top of the free-to-use charts for Apple Inc in the US and Australia. Panasonic Corp jumped +7.9% after it was reported that Volkswagen is considering teaming up with electric car battery specialists such as Panasonic as it overhauls its strategy to emerge from the diesel emissions scandal. Kyushu Electric Power Co slumped -7.6% after voters in the prefecture where the utility operates a nuclear reactor elected a new governor who is demanding the company’s atomic plant be temporarily halted due to safety concerns.