Morning Spread

Morning Spread

Monday 14th April 2014
IndexLevelChg (%)
UK Market6541.67-0.31
Dow Indust Avg16026.75-0.89
S&P 5001815.69-0.95
Nasdaq Composite3999.73-1.34
Nikkei 22513910.16-0.36
Hang Seng23042.49+0.16
IndexLevelChg (%)
Nymex 1m104.44+0.67
Gold Spot1325.93+0.58
GBP/USD1.673-0.01
GBP/EUR1.21-0.23
EUR/USD1.39-0.24
USD/JPY101.61unch

US equities were weak once again on Friday, leading to the worst week for the S&P 500 since 2012 and the NASDAQ index closed below the 4,000 level. One notable faller was JP Morgan which lost just over 3.5% as results disappointed investors on lower bond trading revenues and mortgage business. The Financial sector was weak generally with Goldman Sachs down 2%, Morgan Stanley lost 2.7% and Bank of America was down 2.2%. It is an even busier week for corporate results this week with 54 companies reporting including Coca Cola and General Electric. Other decliners included Home Depot down 1.4%, Toll Brothers down 2.3% and Transocean down 2.8%. One of the few risers was Conoco with the shares up 1.7% after the shares were upgraded by Morgan Stanley.

Asia was generally weaker, although Japan managed to eke out some small gains. However a major faller was the electronics company, Sharp, which fell nearly 9%. The supplier of displays to Apple commented that it was considering ways of raising additional finance. The mining sector was also lower with Rio Tinto down 1.3%, BHP Billiton down 0.7% and Atlas Iron was almost 3% lower. The pain continued for Coca Cola Amatil as a host of brokers downgraded after the profit warning, the shares fell 7%. In Hong Kong, Sinopec fell 3% after the petrochemical division swung into losses. Great Wall Motors gained just over 2% on news of a new model release, the Haval H8, taking the company into the SUV market.

Europe is also down this morning, although markets are doing their best to recover earlier sharper falls. Banks are still in focus with Espirito Santo down 2.2%, Santander is also down 2.3% and ING is down nearly 1%. Other fallers across the region include Ericsson down 3.4%, EDF France down 2.2% and Kuehne/Nagel is down another 3%. In the UK, Glencore has made a major disposal of a copper project and the shares are nearly 1% higher. Tobacco stocks are higher with Imperial Tobacco up 1.8% and British American is up 1.6%.