Morning Spread

Morning Spread

Wednesday 13th April 2016
IndexLevelChg (%)
UK Market6323.65+1.30
Dow Indust Avg17721.25+0.94
S&P 5002061.72+0.97
Nasdaq Composite4872.09+0.80
Nikkei 22516381.22+2.84
Hang Seng21169.89+3.25
IndexLevelChg (%)
Nymex 1m41.64-1.26
Gold Spot1249.70-0.46
GBP/USD1.4231+0.08
GBP/EUR1.2537+0.12
EUR/USD1.1352-0.21
USD/JPY108.98-0.20

European equities advanced this morning on optimism that China’s economy is stabilising. The ESTX 50 (+1.73%), CAC 40 (+1.89%), Dax (+1.93%) and the UK markets (+1.25%) all posted gains in early trading. Axa SA rose +2.6% after it was reported that the company is in talks to sell most of its UK life insurance and wealth investment units. Standard Life Plc was up +1.8% as it bids for its platform that helps UK independent financial advisors manage clients’ investments. Premier Foods Plc tumbled -29% after McCormick & Co abandoned plans to make a takeover bid for it, saying the company’s board want to high a price. Tesco Plc dropped -3.2% after saying profit this year will be held back by the cost of improving its product range.

US stocks gained as investors bought equities at the start of corporate earnings season. The Dow Jones Industrial Average (+0.94%), S&P 500 (+0.97%) and the Nasdaq Composite (+0.80%) all increased. Global oil prices rose, hovering just under $45 a barrel after a report that top producers Russia and Saudi Arabia have agreed to freeze output ahead of a much anticipated producers meeting on Sunday. Alcoa fell -2.7% after reporting a lower quarterly profit, with results hurt by low commodity prices. Juniper Networks sank -7.4% after projecting lower than expected quarterly profit and revenue.

Asian stocks rose as trade data added to signs of a pickup in China and a rebound in commodity prices helped raw material producers. The S&P/ASX 200 (+1.59%), Hang Seng (+3.19%) and the Nikkei 225 (+2.84%) all rallied. China’s exports jumped by the most in a year in March and declines in imports narrowed, adding to evidence of stabilisation in the world’s second largest economy. Yanzhou Coal Mining Co jumped +8.2% after China International Capital Corp said prices of some coal products will increase on strained supply. Jiangxi Copper Co surged +8.4% to pace commodity shares. Inpex Corp climbed +3.9%, while Japan Petroleum Exploration Co added +3.7%.