Morning Spread

Morning Spread

Tuesday 11th November 2014
IndexLevelChg (%)
UK Market6615.40+0.06
Dow Indust Avg17613.74+0.23
S&P 5002038.26+0.31
Nasdaq Composite4651.62+0.41
Nikkei 22517124.11+2.05
Hang Seng23808.28+0.27
IndexLevelChg (%)
Nymex 1m76.97-0.56
Gold Spot1152.68+0.11
GBP/USD1.5856+0.01
GBP/EUR1.2770+0.07
EUR/USD1.2417-0.08
USD/JPY115.91-1.01

European stocks advanced after several companies rallied on better than estimated financial results and improving forecasts. The ESTX 50 (+0.50%), UK markets (+0.10%), CAC 40 (+0.43%) and the Dax (+0.26%) all posted gains in early trading. Vodafone jumped +4.9% after saying revenue fell slower than analysts’ estimated. Royal Vopak NV added +3.5% after saying earnings increased in the third quarter. Henkel AG gained +4% after posting third quarter earnings above projections and raising its full year margin forecast. Land Securities Group Plc added +3% after first half profit excluding some items climbed +8.6%. Randgold Resources Ltd, BHP Billiton Plc and Anglo American Plc declined more than -1% as miners retreated.

 

US stocks advanced as investors watched corporate results and speculated the economy is strong enough to withstand a global slowdown. The Dow Jones Industrial Average (+0.23%), S&P 500 (+0.31%) and the Nasdaq Composite (+0.41%) all advanced. Dean Foods Co rallied +14% after reporting profit that topped forecasts. Toll Brothers Inc climbed +2.3% after saying it expects to report sales the beat analysts’ estimates. Time Warner Cable Inc and Comcast Corp dropped at least -4% after President Barack Obama called for rules protecting an open internet. Abercrombie & Fitch Co retreated -2.8% after Oppenheimer & Co downgraded the shares to “market perform” from “outperform”.

 

Most Asian stocks rose as Japanese shares climbed after the yen extended losses and corporate earnings beat estimates. The Nikkei 225 (+2.05%) and Hang Seng (+0.27%) both advanced, while the S&P/ASX 200 (-0.12%) retreated. Nissan Motor Co, which gets 43% of its revenue in North America, gained +1.4%. Amorepacific Corp surged +9.3% in Seoul after reporting higher earnings. Bank of China Ltd soared +10% in Shanghai after a report it was chosen as the exclusive settlement bank for mainland shares traded through the bourse link with Hong Kong. Newcrest Mining Ltd slid -3.1% as bullion traded near a four year low.