Morning Spread

Morning Spread

Wednesday 12th November 2014
IndexLevelChg (%)
UK Market6604.15-0.35
Dow Indust Avg17614.90+0.01
S&P 5002039.68+0.07
Nasdaq Composite4660.56+0.19
Nikkei 22517197.05+0.43
Hang Seng23938.18+0.55
IndexLevelChg (%)
Nymex 1m77.22-0.92
Gold Spot1163.47-0.07
GBP/USD1.5934-0.31
GBP/EUR1.2799+0.42
EUR/USD1.2450-0.11
USD/JPY115.26+0.39

European stocks declined, as banks dropped and investors considered valuations after equities extended a five week. The ESTX 50 (-0.85%), CAC 40 (-0.57%), Dax (-0.88%) and the UK markets (-0.38%) all dropped in early trading. Barclays fell -1.9% after saying it’s not ready to reach an agreement with regulators related to the currency rigging investigation. Banco Popolare SC slid -3.5% after posting a wider than projected third quarter loss. UniCredit SpA, Piraeus Bank SA and Banca Popolare di Milano Scrl all fell more than -3%. Enel SpA lost -3.5% after third quarter profit fell more than analysts had predicted. SMB Offshore NV surged +19% after settling a case of alleged improper payments to sales agents. SSE Plc retreated -1.7% after saying annual profit will be little changed from the prior year, or at the lower end of its forecast, because of low production and consumption of energy.

 

US stocks advanced as gains in homebuilders helped offset losses among industrial companies. The Dow Jones Industrial Average (+0.01%), S&P 500 (+0.07%) and the Nasdaq Composite (+0.19%) all increased. D.R.Horton Inc rose +2.2% after reporting higher profit and a surge in orders for its fiscal fourth quarter. Time Warner Cable lost -1.3%, while Cablevision fell -2.7% after President Obama called for the strongest possible rules to protect the open internet, saying that high speed service should be regulated. Juniper Networks Inc lost -5.7% after CEO Shaygan Kheradpir stepped down after less than year on the job, following a board review of his conduct related to customer negotiation. Alibaba slid -3.9% despite saying the company had about $9.3 billion in sales during the company’s annual Single’s Day promotion. Zynga Inc rose +11% after Jefferies raised its rating on the stock to “buy” from “hold”, saying the company’s mobile game business will help increase advertising sales.

 

Asian stocks rose as Chinese shares rallied amid optimism for next week’s exchange link with Hong Kong. The Hang Seng (+0.55%) and the Nikkei 225 (+0.43%) both advanced, while the S&P/ASX 200 (-0.98%) dropped. Rakuten Inc surged +5.6% amid speculation Japan will delay another increase to its sales tax. Hyundai Heavy Industries Co soared +11% after winning a $2 billion order. BOC Hong Kong Holdings Ltd jumped +3.8% after Hong Kong lifted it cap on yuan conversion. Haitong Securities Co jumped +4.5% while Citic Securities advanced +3.5% as brokerages rallied in China and Hong Kong. Bank of China Ltd slid -2.2% after a 10% jump in the previous session in Shanghai wiped out its discount to Hong Kong listed shares. The Hong Kong stock added +1.1%.