Morning Spread

Morning Spread

Tuesday 13th October 2015
IndexLevelChg (%)
UK Market6320.94-0.79
Dow Indust Avg17131.86+0.28
S&P 5002017.46+0.13
Nasdaq Composite4838.64+0.17
Nikkei 22518234.74-1.11
Hang Seng22600.46-0.57
IndexLevelChg (%)
Nymex 1m47.78+1.44
Gold Spot1157.13-0.58
GBP/USD1.5293+0.43
GBP/EUR1.3418-0.60
EUR/USD1.1398+0.16
USD/JPY119.68+0.20

European shares fell this morning, following losses overnight in Asia. The ESTX 50 (-1.09%), UK markets (-0.70%), Dax (-1.07%) and the CAC 40 (-1.46%) all posted losses in early trading. SABMiller rose +9% and Anheuser-Busch was up +3.8% after it was reported that SABMiller said it had indicated to AB InBev that its board would be prepared to accept the offer and said it had asked for a two week extension to October 28th of a deadline set for its rival to announce a firm intention to bid. SAP was +4.8% higher after reporting a 19% rise in third quarter operating profit, beating the most optimistic analyst estimate. LVMH fell -3% after posting a mixed set of third quarter revenue figures that revealed a strong rebound in cognac sales, particularly in China, but a slowdown in its key fashion and leather business.  

 

US advanced as gains in utilities offset a retreat in energy shares, as investors remained cautious about third quarter corporate results. The Dow Jones Industrial Average (+0.28%), S&P 500 (+0.13%) and the Nasdaq Composite (+0.17%) all increased. This week brings results from some of the biggest US banks, among other companies, and investors are eyeing a projected 4.8% year-on-year decline in third quarter S&P 500 earnings, according to Thomson Reuters data. That would be the worst earnings season in six years. Eli Lilly’s shares fell -7.8%, its biggest single day percentage decline in seven years, after saying it was scrapping an experimental heart treatment. EMC’s shares were up +1.8% after Dell said it would buy the data storage company in a $67 billion deal.

 

Asian stocks dropped as Japanese shares slipped after a holiday and investors awaited China’s trade data. The Nikkei 225 (-1.11%), Hang Seng (-0.79%) and S&P/ASX 200 (-0.57%) all retreated. Fast Retailing Co sank -3.7%, extending Friday’s 9.8% drop after forecasting profit that missed estimates. Toyota Motor Corp and Honda Motor Co sank at least -2.5% after Jefferies Group LLC lowered its rating on both company’s shares. Sharp Corp jumped +6.5% after a report it may get 200 billion yen in investment from a state backed fund. Inpex Corp slumped -3.4%. Among the most active Chinese stocks were China Nuclear Power up +1.6%, China Shipbuilding down -0.1% and Meiyan Jixiang up +0.2%.