Morning Spread

Morning Spread

Wednesday 13th August 2014
IndexLevelChg (%)
UK Market6636.51+0.06
Dow Indust Avg16560.54-0.06
S&P 5001933.75-0.16
Nasdaq Composite4389.25-0.27
Nikkei 22515213.63+0.35
Hang Seng24890.34+0.81
IndexLevelChg (%)
Nymex 1m97.24-0.13
Gold Spot1309.50+0.01
GBP/USD1.68100.00
GBP/EUR1.2589+0.05
EUR/USD1.3353-0.05
USD/JPY102.49-0.23

European stocks advanced on better than forecast earnings reports from several companies. The ESTX 50 (+0.94%), UK markets (+0.07%), CAC 40 (+0.84%) and the Dax (+0.97%) all posted gains in early trading. EON gained +4.7% after reporting first half underlying net income that surpassed the average analyst projection. Salzgitter rose +1.9% after reporting a pre-tax profit of €4.5 million that beat the €5.38 million loss that analysts’ had predicted. Swiss Life advanced +4.3% after reporting first half net income that beat the average estimate of analysts. Nobel Biocare Holding AG rose +2.5% after Credit Suisse Group AG raised its rating on the company to “outperform” from “neutral”. Admiral lost -2.3% after saying turnover dropped in the first half of the year.  

US stocks declined as investors watched geopolitical developments and energy shares sank after Brent crude fell to a 13 month low. The Dow Jones Industrial Average (-0.06%), S&P 500 (-0.16%) and the Nasdaq Composite (-0.27%) all retreated. Nuance Communications Inc tumbled -9% after posting third quarter revenue that missed analysts’ estimates. Intercept Pharmaceuticals Inc soared +17% after a clinical trial met its primary goal. Consol Energy lost -2.4%, while Kinder Morgan Inc fell -1.6% as Breny crude settled at the lowest level since July 2013. Pioneer Natural Resources Co slid -2%. Newmont Mining rose +2% for the biggest gain in the S&P 500 and its highest level since November 2013.

Asian stocks swung between gains and losses as investors weighed earnings reports. The Nikkei 225 (+0.35%) and the Hang Seng (+0.88%) both advanced, while the S&P/ASX 200 (-0.28%) declined. CSL Ltd rose +2.5% in Sydney after posting an increase in annual profit and saying it will consider buying back more shares. Dentsu Inc advanced +3.2% after its quarterly loss narrowed. Eclat Textile Co slumped -6.9% in Taipei after quarterly profit missed estimates. Amorepacific Group jumped +6.1% after brokers raised their target prices on South Korean maker of cosmetics.