Morning Spread

Morning Spread

Wednesday 13th November 2013
IndexLevelChg (%)
UK Market6671.78-0.82
Dow Indust Avg15750.67-0.21
S&P 5001767.69-0.24
Nasdaq Composite3919.920.00
Nikkei 22514567.16-0.15
Hang Seng22463.83-1.91
IndexLevelChg (%)
Nymex 1m93.16+0.13
Gold Spot1276.67+0.68
GBP/USD1.5918-0.02
GBP/EUR1.1863+0.21
EUR/USD1.3417-0.18
USD/JPY

European stocks retreated as investors weighed corporate earnings and awaited data that may show euro-area industrial output fell. The ESTX 50 (-0.43%), UK equity markets (-0.86%), CAC 40 (-0.43%) and the DAX (-0.37%) all posted losses in early trading. The UK jobless rate declined to 7.6% in the three months through September, the lowest since 2009, the Office of National Statistics said today. The Bank of England has a 7% unemployment threshold for considering interest rate increases. Carlsberg A/S advanced +3% after posting quarterly profit and cutting the outlook for the Russian market. ProSiebenSat.1 Media AG slumped -6% after investors sold shares in the company at €31.53 apiece. Flybe Group Plc slid -10% after Rosedale Aviation Holdings Ltd sold its entire 48.1% stake in Europe’s biggest airline. J Sainsbury Plc gained +2.3% after posting earnings that exceeded analysts’ estimates. Standard Chartered Plc and Barclays Plc led banks lower, losing more than -2%.

US stocks fell as corporate earnings and an improving economy fuelled speculation the Federal Reserve will reduce stimulus next month. The Dow Jones Industrial Average (-0.21%) and the S&P 500 (-0.24%) both closed posting small losses, while the NASDAQ (0.00%) finished the session flat. NRG Energy Inc slipped -3.5% after the power generator lowered its 2013 adjusted earnings target. News Corp dropped -1.6% after reporting a decline in revenue. Dish Network Corp rose +6% after the company’s earnings exceeded estimates. Cliffs Natural Resources Inc lost -4% for the biggest slide in the S&P 500. Peabody Energy Corp slid -2.9%. Liberty Global Plc fell -1.1% after it was reported that the company is in talks to acquire Intel Corp’s online pay-TV service under development. Dean Foods Co fell -7.7% after the company lowered its full year earnings forecast. D.R.Horton Inc gained +4.7%, the biggest gain in the S&P 500, after reporting a higher quarterly profit as it increased prices amid a nationwide housing recovery. US Airways Group Inc added +1.1% after reaching an agreement with the US Justice Department over the government’s bid to block their merger with American Airlines, clearing the way to a tie up that would create the world’s biggest carrier.

Asian stocks fell after China’s leaders failed to outline steps to curb state dominance of the economy and amid bets the Federal Reserve may start reducing stimulus next month. The Nikkei 225 (-0.15%), Hang Seng (-1.91%) and the S&P/ASX 200 (-1.37%) all retreated. Tencent Holdings Ltd fell -4% after a news report quoted its chairman saying the company’s valuation is “scarily” high. Noble Group Ltd lost -2.8% in Singapore after saying profit slumped. Pioneer Corp surged +22% after posting an unexpected first half operating profit. Banks slumped in Hong Kong after a communique at the end of China’s four day plenum made scant mention of financial reforms. Industrial & Commercial Bank of China Ltd sank -3.6%. China Construction Bank Corp declined -2.9%. Sumitomo Mitsui Financial Group Inc gained +1.6% after raising its full year profit forecast 29%.