Morning Spread

Morning Spread

Wednesday 12th March 2014
IndexLevelChg (%)
UK Market6633.69-0.78
Dow Indust Avg16351.25-0.41
S&P 5001867.63-0.51
Nasdaq Composite4307.19-0.63
Nikkei 22514830.39-2.59
Hang Seng21901.95-1.65
IndexLevelChg (%)
Nymex 1m98.59-1.44
Gold Spot1355.86+0.51
GBP/USD1.6618-0.01
GBP/EUR1.1989+0.02
EUR/USD1.3860-0.03
USD/JPY

European stocks dropped as several companies reported worse than forecast results and as Russia hardened its stance on Ukraine. The ESTX 50 (-1.06%), UK Markets (-0.83%), CAC 40 (-1.21%) and the DAX (-1.14%) all posted losses in early trading. G4S Plc tumbled -1.6% after saying that its 2013 profit was hurt by charges of £386 million. Tod’s SpA slid -3.9% after reporting worse than forecast results. Adecco SA climbed +3.9% after reporting full year earnings that exceeded analysts’ estimates. Commerzbank and ThyssenKrupp each lost more than -2%, posting the biggest drops in the DAX. Siemens AG fell -1.1% after saying it was exploring a sale of its microbiology unit. Gerresheimer AG fell -4.7% after Goldman Sachs recommended selling shares in the company.

 

US stocks fell from near a record while Treasuries climbed, as copper and crude oil led commodities lower amid concern that signs of a slowing economy in China will hurt demand. The Dow Jones Industrial Average (-0.41%), S&P 500 (-0.51%) and the NASDAQ Composite (-0.63%) all declined. Oil prices dropped -1.1%, touching below $100 a barrel, on a government will show US supplies rose last week. Exxon Mobil Corp slid -1.6% and Chevron Corp lost -1.2%. Pioneer Natural Resources Co tumbled -3.3%. Freeport-McMoRan Copper & Gold Inc fell -2.1%. Fannie Mae plunged -31% and Freddie Mac tumbled -27% after it was reported that both would be eliminated and private interests would be on the hook for the first 10% of mortgage losses under a bill that leaders of the Senate banking Committee plan to introduce within days. McDonald’s increased +3.8% for the largest gain in the S&P 500 after the CFO said the company is actively looking at ways to optimise their capital structure, while maintain our long-term financing strength.

 

Asian stocks fell as Japanese equities sank on a stronger yen and mining companies slid amid concern about China’s economic outlook. The Nikkei 225 (-2.59%), Hang Seng (-1.65%) and the S&P/ASX 200 (-0.55%) all retreated. Japanese exporters fell. Honda dropped -2%, Toyota Motor Corp slid -2% and Sony Corp fell -1.4%. Celltrion slumped -8.3% in Seoul after reporting 2013 operating profit plunged 49% from the previous year. Raw-material producers declined after metals in London sank. Jiangxi Copper slid -2.8% and Glencore Xstrata fell -1.8% in Hong Kong. Inpex Corp dropped -2% in Tokyo as crude fell. Belle International sank -9.3% in Hong Kong after reporting a 2.7% decline in same store footwear sales in the three months through February.