Morning Spread

Morning Spread

Friday 13th May 2016
IndexLevelChg (%)
UK Market6061.85-0.69
Dow Indust Avg17720.50+0.05
S&P 5002064.11-0.02
Nasdaq Composite4737.33-0.49
Nikkei 22516412.21-1.41
Hang Seng19719.29-0.99
IndexLevelChg (%)
Nymex 1m46.20-1.07
Gold Spot1275.73+0.95
GBP/USD1.4412+0.36
GBP/EUR1.2695-0.06
EUR/USD1.1352-0.30
USD/JPY108.71+0.22

European shares fell as energy producers followed oil lower and Volkswagen AG paced declines in car manufacturers. The ESTX 50 (-0.58%), CAC 40 (-0.53%), Dax (-0.43%) and UK Markets (-0.62%) all posted losses in early trading. Volkswagen slid -1.4% after a report showed the scandal ridden company’s market share fell to a five month low in April. Subsea 7 SA and Royal Dutch Shell Plc each dropped -1.4% as crude prices pared a weekly advance. Bouygues rose +3.8% after confirming full year targets and said it’s seeing the first signs of stabilisation in the French construction business. Eutelsat Communications SA plummeted -31% after the satellite operator cut its results forecasts for this year and the next.

US stocks were mixed with gains in telecommunications and consumer staples helping make up for a tumble in Apple. The Dow Jones Industrial Average (+0.05%) increased, while the S&P 500 (-0.02%) was flat and the Nasdaq Composite (-0.49%) declined. First quarter earnings for S&P 500 companies have mostly beaten analysts’ expectations, but are estimated to have fallen 5.4% from a year ago, according to Thomsen Reuters data. Apple Inc dropped -2.35% as worries festered about slowing demand for iPhones. Monsanto Co rose +8.39% after media reports said the company was a possible acquisition target. Kohl’s Corp tumbled -9.17% after posting an unexpected drop in quarterly comparable sales.

Asian stocks dropped as crude oil retreated and technology shares declined after Apple fell to its lowest since June 2014. The S&P/ASX 200 (-0.57%), Hang Seng (-0.99%) and the Nikkei 225 (-1.41%) all retreated. Pioneer Corp plunged -13% after reporting full year net income and operating profit that missed forecasts. Suppliers to Apple dropped in Japan, including Alps Electric Co, which fell -3.2% and TDK Corp which lost -2.3%. Japan Display Inc sank -6.1% after earnings disappointed and it forecast sales that were below levels expected by analysts’. Yanzhou Coal Mining Co plunged -11%, Shenzhen Zhongjin Lingnan Nonfemet Co slid -8.9% and Zhongjin Gold Corp retreated -5.6% in China.