Morning Spread

Morning Spread

Wednesday 14th May 2014
IndexLevelChg (%)
UK Market6864.92-0.12
Dow Indust Avg16715.44+0.12
S&P 5001897.45+0.04
Nasdaq Composite4130.17-0.33
Nikkei 22514405.76-0.14
Hang Seng22582.77+1.03
IndexLevelChg (%)
Nymex 1m102.07+0.36
Gold Spot1301.67+0.62
GBP/USD1.6816+0.12
GBP/EUR1.2256-0.27
EUR/USD1.3721+0.16
USD/JPY

European stocks were little changed as investors weighed earnings and equity valuations. The ESTX 50 (-0.25%), UK Markets (-0.14%), CAC (-0.21%) and the DAX (-0.01%) all posted modest moves in early trading. RWE slipped -0.7% after saying first quarter profit fell 36% with CEO Peter Terium citing a difficult environment in the energy business. ICAP retreated -2.1% after the world’s biggest broker of transactions between banks reported full year operating profit of £295 million, trailing projections for £304.5 million. The company said market conditions remain challenging and the regulatory environment is uncertain. Nordex gained +6.5% after saying it expects 2014 sales of €1.5 billion to €1.6 billion, compared with an earlier prediction of as much as €1.5 billion.

 

US stocks were little changed as data showed retail sales in March were higher than initially reported. The Dow Jones Industrial Average (+0.12%) and the S&P 500 (+0.04%) both made modest gains, while the Nasdaq Composite (-0.33%) declined. Keurig Green Mountain climbed +7.6% after Coca-Cola increased its stake in the company to 16%, three months after acquiring a 10% holding. McKesson advanced +3.3% after reporting  earnings of the fourth quarter of its financial year that beat the average analyst estimate. Whirlpool slid -2.8% after Longbow Research LLC cut the company’s rating to “neutral” from “buy”. Elizabeth Arden Inc tumbled -23% after reporting quarterly revenue that missed analysts’ estimates. Lennar Corp increased +1.4% and D.R.Horton Inc climbed +2.2%.

 

Asian stocks rose as Hong Kong equities jumped, driven by property developers. The Hang Seng (+1.03%) advanced, while the Nikkei 225 (-0.14%) and the S&P/ASX 200 (-0.035) posted modest losses. China Overseas Land & Investment Ltd surged +5.2% after the People’s Bank of China told lenders to expedite home loans. ICBC added +2.4% and China Construction Bank gained +2.2%. Nexon soared +12% in Tokyo after revealing that it plans to spend as much as 10 billion yen to buy back as many as 12.5 million shares. Kadokawa soared +10% and Dwango surged +9% in Tokyo as they held board meetings to discuss a merger. JGC Corp plunged -13% after targeting a full year net income of 42 billion yen for the current fiscal year, compared with the 52.6 billion yen analysts estimated.