Morning Spread

Morning Spread

Wednesday 11th March 2015
IndexLevelChg (%)
UK Market6722.56+0.29
Dow Indust Avg17662.94-1.85
S&P 5002044.16-1.70
Nasdaq Composite4859.80-1.67
Nikkei 22518723.52+0.31
Hang Seng23717.97-0.75
IndexLevelChg (%)
Nymex 1m48.46+0.35
Gold Spot1160.88-0.08
GBP/USD1.5046+0.34
GBP/EUR1.4174+0.63
EUR/USD1.0615-0.97
USD/JPY121.39-0.29

European stocks climbed as the region’s central banks entered their third day of buying sovereign bonds. The ESTX 50 (+1.12%), UK markets (+0.36%), CAC 40 (+1.33%) and the Dax (+1.10%) all posted gains in early trading. Adecco SA added +1.5% after posting better than expected net income for 2014. Deutsche Post AG declined -3.9% after reporting worse than forecast quarterly earnings and said operating profit growth this year may be limited to less than 3%. Michael Page dropped -0.40% despite posting a 17% rise in full year pretax profit, boosted by strong demand for permanent jobs in UK, Germany, the US and Greater China.

 

US stocks dropped on increasing views the Federal Reserve may raise rates as soon as June. The Dow Jones Industrial Average (-1.85%), S&P 500 (-1.70%) and the Nasdaq Composite (-1.67%) all retreated. Those Fed worries pushed the US dollar to a nearly 12 year peak against the euro, and added to concerns the dollar will continue to weigh on US multinationals’ earnings. IDT Corp dropped -21.2%, a day after it released results. Urban Outfitters Inc rose +11.5%, the S&P 500’s biggest daily percentage gainer, after reporting earnings that beat expectations. United Technologies Corp, which received 19% of its 2014 sales from Europe, slid -3.6%. General Electric Co, which got 17% of its revenue last year from Europe, fell -1.8%.

 

Asian stocks fell after Chinese industrial output data showed the slowest start to a year since 2009 and amid speculation the Federal Reserve is moving closer to raising interest rates. The Nikkei 225 (+0.31%) gained, while the Hang Seng (-0.75%) and the S&P/ASX 200 (-0.53%) both decreased. Fortescue Metals Group Ltd and Inpex Corp both dropped more than -2.3% as materials and energy companies led declines. Noble Group Ltd fell -1.07%, wiping out gains since the commodities trader rejected criticism of its accounting practices. Eisai Co added +2.9% in Tokyo, pacing gains among medical stocks in Asia. Mitsubishi Materials Corp slid -2.7% after copper dropped yesterday.