Morning Spread

Morning Spread

Friday 12th August 2016
IndexLevelChg (%)
UK Market6926.67+0.09
Dow Indust Avg18613.52+0.64
S&P 5002185.79+0.47
Nasdaq Composite5228.40+0.46
Nikkei 22516919.92+1.10
Hang Seng22766.91+0.83
IndexLevelChg (%)
Nymex 1m43.67+0.41
Gold Spot1338.31-0.03
GBP/USD1.2965+0.04
GBP/EUR1.1623-0.01
EUR/USD1.1154-0.03
USD/JPY102.07-0.45

European stocks were little changed as investors assessed gains after the European equities recouped their Brexit losses. The ESTX 50 (-0.20%), CAC 40 (-0.09%) and the Dax (-0.33%) all posted small declines in early trading, while the UK markets (+0.09%) were slightly positive. Energy producers gained as crude jumped amid speculation informal OPEC talks next month may lead to stabilisation measures. Tullow Oil Plc led gains, rising +4.4% after Bank of America Merrill Lynch upgraded its recommendation on the explorer to “buy” from “neutral”. A.P.Moeller Maersk A/S rose +4.3% after reporting earnings before interest and tax came in at $656 million, beating an estimate of $551 million.

 

All three major US stock indexes closed at record highs for the first time since 1999 as surging oil prices and strong earnings buoyed investor sentiment. The Dow Jones Industrial Average (+0.64%), S&P 500 (+0.47%) and the Nasdaq Composite (+0.46%) all Increased. Crude oil jumped 5% on comments from Saudi oil minister about potential action to stabilise prices and an International Energy Agency forecast that crude oil markets would rebalance in the next few months. Chevron rose +1.6%. Macy’s soared +17.09% after it reported a smaller than expected drop in quarterly comparable store sales and said it would close 100 stores. Kohl’s rose +16.17% after its quarterly profit beat estimates.

 

Asian stocks rose, following Wall Street’s lead and hopes that weaker than expected Chinese economic data would spur policy easing. The S&P/ASX 200 (+0.42%), Hang Seng (+0.83%) and the Nikkei 225 (+1.10%) all increased. China’s fixed asset investment from January to July increased by 8.1% from a year earlier, the slowest rate in more than 16 years, compared with expectations. Sharp Corp surged +19.1% after Taiwan’s Foxconn said China’s anti-monopoly authorities have approved its acquisition for the company. Poly Real Estate Group Co climbed +7.7% in Shanghai and Gemdale Corp surged by the +10% daily limit.