Morning Spread

Morning Spread

Friday 14th March 2014
IndexLevelChg (%)
UK Market6542.82-0.17
Dow Indust Avg16108.89-1.41
S&P 5001846.34-1.17
Nasdaq Composite4260.42-1.46
Nikkei 22514327.66-3.30
Hang Seng21539.49-1.00
IndexLevelChg (%)
Nymex 1m98.29+0.09
Gold Spot1370.04-0.01
GBP/USD1.6620+0.06
GBP/EUR1.1964-0.30
EUR/USD1.3891+0.24
USD/JPY

European stocks fell as investors awaited a referendum that may lead to Crimea’s secession from Ukraine. The ESTX 50 (-0.62%), UK Markets (-0.14%), CAC 40 (-0.67%) and the DAX (-0.36%) all posted losses in early trading. Pandora A/S lost -3.8% after shareholders of the company agreed to sell a stake worth 4.51 billion kroner. Dassault Systemes SA fell -0.9% after the French developer of 3 D design software extended the closing date of its offer for Accelrys Inc until March 25th. Dassault agreed in January to buy Accelrys for $750 million. Aberdeen Asset Management Plc, CRH Plc and Petrofac Ltd posted the biggest drops in the UK this morning, each falling more than -2%. J Sainsbury Plc jumped +2.3% after slumping the most in over 6 six years.

 

US stocks fell as weaker than forecast data from China and tension in Ukraine overshadowed reports showing an improving American economy. The Dow Jones Industrial Average (-1.41%), S&P 500 (-1.17%) and the NASDAQ Composite (-1.46%) all retreated. Homebuilders declined for a seventh straight day as Toll Brothers Inc dropped -2.7% and PulteGroup Inc fell -2.5%. Offshore drillers decreased after ISI Group said in a note that deepwater rig demand is weaker than the market anticipated. Diamond Offshore Drilling Inc slid -4.3%, Noble Corp fell -4.6% and Transocean Ltd erased -3.1%. PVH Corp declined -5.7% after being downgraded to “market perform” from “outperform” at Wells Fargo & Co, while Morgan Stanley lowered its rating to “equal-weight” from “overweight”. Dollar General slipped -2.8% after forecasting first quarter earnings of no more than 74 cents, which was below analysts’ estimates.

 

Asian stocks dropped after at least four investment banks cut their growth forecasts on the region’s biggest economy. The Nikkei 225 (-3.30%), Hang Seng (-1.00%) and the S&P/ASX 200 (-1.54%) all fell. BHP Billiton Ltd, a company that gets about 29% of sales from China, slipped -2% in Sydney amid signs slowing growth in China will hurt demand. Japanese exporters suffered as the yen strengthened. Toyota Motor Corp, a company that counts North America as its biggest market, fell -3% in Tokyo. Honda Motor Co, which gets about 83% of sales from overseas, decreased -3.1%. Sony Corp sank -4.2%. Tokyo Dome Corp sank -6.4% after saying it will plunge 53%, missing estimates. Olam International Ltd surged +11% in Singapore after a unit of Temasek Holdings Pte offered to buy the rest of the commodity trader in a deal valued at $4.2 billion.