Morning Spread

Morning Spread

Wednesday 11th May 2016
IndexLevelChg (%)
UK Market6136.84-0.32
Dow Indust Avg17928.35+1.26
S&P 5002084.39+1.25
Nasdaq Composite4809.88+1.26
Nikkei 22516579.01+0.08
Hang Seng20055.29-0.93
IndexLevelChg (%)
Nymex 1m44.09-1.28
Gold Spot1271.61+0.46
GBP/USD1.4412+0.15
GBP/EUR1.2658-0.19
EUR/USD1.1386+0.03
USD/JPY108.68+0.55

European stocks retreated this morning, dragged down by energy and media companies. The ESTX 50 (-0.99%), CAC 40 (-0.99%), Dax (-0.63%) and the UK markets (-0.31%) all posted losses in early trading. JC Decaux SA sank -8.6% as it forecast a decline in second quarter organic revenue growth. Altice NV lost -3.6% after reporting stalling earnings as sales at its French business declined. Numericable-SFR tumbled -6.6% after missing analysts’ profit estimates. TUI AG slipped -1% after saying it will sell a unit offering adventure travel activities to focus on mass market holidays. Mediobanca SpA gained +2.1% after posting earnings that beat analyst estimates. Alstom SA climbed +2.2% as its annual profit surged after getting an Indian order for electric locomotives.

 

US stocks rose following a jump in oil and a rally on Amazon helping propel the S&P 500 to its best day in two months. The Dow Jones Industrial Average (+1.26%), S&P 500 (+1.25%) and the Nasdaq Composite (+1.26%) all advanced. Amazon jumped +4.3% after Bernstein raised its price target on the stock to $1,000, the highest on Wall Street, saying it believes Amazon’s margins will expand much faster than currently expected. Walt Disney Co fell -5% after posting a fiscal second quarter report that disappointed investors. Gap tumbled -11.51% after reporting a decline in sales for the fifth straight quarter. Allergan added +5.28% after reporting better than expected quarterly profit.

 

Asian stocks rose as Japanese shares rallied amid a recovery in commodity prices. The S&P/ASX 200 (+0.55%) and the Nikkei 225 (+0.08%) both gained, while the Hang Seng (-0.93%) declined. Evidence of firming inflation in China ignited gains in industrial metals, fuelling a 2% climb in Bloomberg’s commodity index along with gains in crude oil. SoftBank Group Corp gained +2.7% despite reporting quarterly profit fell 30% and said it will pay full year dividends of 41 yen per share, which was more than analyst estimates. Oki Electric Industry Co added +6.5% after forecasting an 82% increase in profit for the year ending March 2017. Sumitomo Heavy Industries Ltd surged +14% after posting profit that beat estimates.