Morning Spread

Morning Spread

Thursday 14th April 2016
IndexLevelChg (%)
UK Market6344.47-0.29
Dow Indust Avg17908.28+1.06
S&P 5002082.42+1.00
Nasdaq Composite4947.42+1.55
Nikkei 22516911.05+3.23
Hang Seng21337.81+0.85
IndexLevelChg (%)
Nymex 1m41.28-1.15
Gold Spot1242.77-0.02
GBP/USD1.4148+0.53
GBP/EUR1.2556-0.36
EUR/USD1.1268-0.17
USD/JPY109.11+0.08

European stocks retreated as oil prices weakened and Burberry shares fell. The ESTX 50 (-0.08%), CAC 40 (-0.14%) and the UK markets (-0.23%) all posted losses in early trading, while the Dax (+0.31%) increased. Oil prices fell as OPEC warned of slowing demand and Russia hinted that there might only be a loose agreement with little commitments at the upcoming exporter meeting to rein in ballooning oversupply. Burberry tumbled -6% after forecasting a drop in revenue at its wholesale unit in the first half of the year. Peers Hermes International SCA and LVMH lost -1.3%. Unilever dropped -1.3% after reporting slower sales increase in the first quarter. Hays Plc climbed +5.5% after saying it had strong growth in Europe in the three months ended March.   

US stocks rose, led by gains in financial shares after JPMorgan’s quarterly results. The Dow Jones Industrial Average (+1.06%), S&P 500 (+1.00%) and the Nasdaq Composite (+1.55%) all increased.  JPMorgan, the number one US bank by assets, surged +4.2% after reporting quarterly results that topped low market expectations. Goldman Sachs gained +3.59% and American Express Co jumped +2.44%. Citigroup Inc jumped +5.6%, while Morgan Stanley rose +5.3%. CSX Corp gained +4.2% after the company’s quarterly earnings matched lower expectations. Peabody Energy Corp shares dropped -2.36% and were halted after the company filed for chapter 11 protection from its creditors, just weeks after warning that it could go bankrupt.

Asian stocks rose as Singapore’s central bank unexpectedly eased monetary policy and weakness in the Japanese currency drove equities higher in Tokyo. The S&P/ASX 200 (+1.27%), Hang Seng (+0.85%) and the Nikkei 225 (+3.23%) all rallied. Gains in industrial metals and mining shares overnight followed through into Asia, with BHP Billiton Ltd and Rio Tinto Group jumping +5% and +3.4% in Sydney, respectively. Japanese exporters advanced as the yen weakened. Toyota Motor Corp advanced +3.3%, while Murata Manufacturing Co added +2.9%. Aeon Co jumped +5.4% after announcing full year operating profit, beating estimates for 162 billion yen. Kobe Steel Ltd surged +8.3%, while JFE Holdings Inc increased +5.8% after Credit Suisse Group AG upgraded its rating on JFE Holdings , due to its exposure to a resurgent Asian market.