Morning Spread

Morning Spread

Thursday 13th March 2014
IndexLevelChg (%)
UK Market6620.96+0.01
Dow Indust Avg16340.08-0.07
S&P 5001868.20+0.03
Nasdaq Composite4323.33+0.37
Nikkei 22514815.98-0.10
Hang Seng21756.08-0.67
IndexLevelChg (%)
Nymex 1m97.990.00
Gold Spot1372.56+0.42
GBP/USD1.6687-0.45
GBP/EUR1.1956+0.07
EUR/USD1.3956+0.38
USD/JPY

European stocks were little changed as investors awaited reports on American retail sales and initial jobless claims. The ESTX 50 (+0.21%), UK Markets (+0.01%), CAC 40 (+0.16%) and the DAX (+0.31%) all posted modest increases in early trading. Deutsche Lufthansa AG jumped +6.5% after it reinstalled dividend payments and maintained a target to triple operating profit within two years. Wm Morrison Supermarkets Plc plunged -8.8% after saying it will sell property and forecasting a profit decline. Morrison weighed on other retail stocks with J Sainsbury falling more than -6% and Tesco down -3% in early trading. Adecco SA fell -8.2% after its largest investor said it will sell about 16% of the company.  

 

US stocks erased losses as investors watched developments in Ukraine and weighed prospects for global economic growth. S&P 500 (+0.03%) and the NASDAQ Composite (+0.37%) both increased, while the Dow Jones Industrial Average (-0.07%) declined. Newmont Mining increased +2.7% and Barrick Gold rose +2.6% as gold rallied 1.8% after tension in Ukraine increased demand for a haven. EPL Oil & Gas climbed +29% after Energy XXI agreed to buy the company to become the largest public independent producer on the Gulf of Mexico shelf. PulteGroup dropped -1.3% and Toll Brothers fell -0.6% after Credit Suisse cut both stocks ratings to “neutral” from “outperform”, citing continued weakness in demand and lower buyer traffic. Urban Outfitters Inc fell -1.7% after Barclays Plc downgraded the company to “equal-weight” from “overweight”.  

 

Asian stocks declined after reports showed growth in China’s industrial output and retail sales missed estimates, adding to concern about the outlook for the Chinese economy. The Nikkei 225 (-0.10%) and the Hang Seng (-0.67%) both declined, while the ASX/S&P 200 (+0.53%) advanced. Jiangxi Copper Co rose +1.5% in Hong Kong, retreating from an advance of as much as 3.7% as the China data added to a sign of an economic slowdown, making the government’s 2014 expansion target harder to reach. NCSoft Corp jumped +8.6% in Seoul after announcing plans to release an inline game in the US and Europe in June. China Overseas Land & Investment Ltd sank -4.1% after the developer posted underlying profit that missed analysts’ projections.