Morning Spread

Morning Spread

Wednesday 11th June 2014
IndexLevelChg (%)
UK Market6854.51-0.28
Dow Indust Avg16945.92+0.02
S&P 5001950.79-0.02
Nasdaq Composite4337.99+0.04
Nikkei 22515069.48+0.50
Hang Seng23257.29-0.25
IndexLevelChg (%)
Nymex 1m104.69+0.33
Gold Spot1261.77+0.15
GBP/USD1.6779-0.14
GBP/EUR1.2395+0.21
EUR/USD1.3537-0.07
USD/JPY

European stocks fell as the World Bank cut its global growth forecast and investors awaited a report on UK employment. The ESTX 50 (-0.36%), UK Markets (-0.33%), CAC 40 (-0.51%) and the Dax (-0.46%) all posted losses in early trading. Airbus fell -3.6% after saying that Emirates dropped its planned purchase of 50 A350-900 planes and 20 of the larger -1000 variant. Emirates, the biggest buyer of the A380 aircraft, made the decision after reviewing its fleet requirement. Emirates placed the order in 2007 and the first delivery was scheduled in 2019. Rolls-Royce Holdings Plc slipped -2% after saying Emirate’s cancellation reduces its order book by about £2.6 billion. Vallourec tumbled -12% after saying 2014 earnings will be about 10% lower than the previous year because of a reduction in orders from Petroleo Brasileiro SA, which is eliminating most of its tube inventories. Inditex advanced +1.6% after posting first quarter net income that exceeded the average analyst forecast.

 

US stocks were flat as investors weighed equity valuations. The Dow Jones Industrial Average (+0.02%), S&P 500 (-0.02%) and the Nasdaq Composite (+0.04%) all finished the session flat. EBay Inc dropped -2.7% after saying David Marcus will step down as the head of its PayPal unit to join Facebook. Facebook rallied +4.6%. RadioShack Corp plunged -10% after reporting a wider quarterly loss. Electronic Arts Inc added +2.3% after disclosing release dates for new games. Tyson Foods Inc slid -3.8% after raising its offer for Hillshire Brands Co to about $7.7 billion. Urban Outfitters Inc slid -3.7%after saying sales at stores open at least a year are unchanged so far in the second quarter compared to a year ago. Molson Coors Brewing gained +5.4% after reporting an earnings gain of 83% in the first quarter.

 

Asian stocks were mixed as Japanese equities rallied and the World Bank cut its global economic growth forecast. The Nikkei 225 (+0.50%) gained, while the Hang Seng (-0.23%) and the S&P/ASX 200 (-0.29%) both declined. Beijing Enterprises slipped -3.7% in Hong Kong after saying its controlling shareholder plans to raise $555 million selling exchangeable bonds. Takata Corp, whose airbags led to the recall of more than 3 million vehicles last year, sank -4.1% in Tokyo after telling customers including Honda Motor Co, that defective parts may need to be fixed again. L’Occitane International SA dropped -2.8% in Hong Kong after posting full year profit that missed analyst estimates. LG Display Co rose +1.4% in Seoul after saying it was in talks to supply big screen television panels to Panasonic Corp.