Morning Spread

Morning Spread

Monday 14th September 2015
IndexLevelChg (%)
UK Market6157.30+0.65
Dow Indust Avg16433.09+0.63
S&P 5001961.05+0.45
Nasdaq Composite4822.34+0.54
Nikkei 22517965.70-1.63
Hang Seng21561.90+0.27
IndexLevelChg (%)
Nymex 1m44.45-0.40
Gold Spot1107.94+0.01
GBP/USD1.5455-0.17
GBP/EUR1.3638+0.24
EUR/USD1.1333-0.04
USD/JPY120.16+0.36

European stocks rose, remaining within tight ranges after the previous session’s fall, led by resilience in luxury stocks following weak China data published over the weekend. The ESTX 50 (+0.27%), UK markets (+0.36%), CAC 40 (+0.30%) and the Dax (+0.32%) all posted gains in early trading. Swatch rose +2.7% after Chief Executive Nick Hayek told a Sunday newspaper he was not worried by economic and market turbulence in China, noting its sales to Chinese customers would rise when stripping out exchange rate swings. RELX rose +1.9% after being raised to “outperform” by Exane BNP Paribas. BHP Billiton Ltd and Rio Tinto Group each added +2% or more. ARM Holdings Plc rose +3.2% ahead of an investor and analyst event tomorrow. Wm Morrison Supermarkets Plc slid -1.2%.

 

US stocks rose and the S&P 500 posted its biggest weekly gain since July as investors considered whether the Federal Reserve will raise interest rates this week. The Dow Jones Industrial Average (+0.63%), S&P 500 (+0.45%) and the Nasdaq Composite (+0.54%) all increased. Oil prices fell after Goldman Sachs cut its oil price forecast through next year, who cited oversupply and concerns over China’s economy. Goldman said crude could fall as low as $20 a barrel. ConcoPhillips down -2.2%, was the biggest drag on the S&P 500. Gilead rose +2.2% after the company’s $10 billion debt offering this week fuelled speculation it was planning a big acquisition. Zumiez fell -32.5% after forecasting third quarter sales and profit below analysts’ estimates.

 

Most Asian shares rose, while Japanese stocks fell after Chinese markets were hit by soft economic data, while the dollar sagged as investors questioned whether the US Federal Reserve will be confident enough to raise rates for the first time in almost a decade. The Hang Seng (+0.51%) and the S&P/ASX 200 (+0.50%) both advanced, while the Nikkei 225 (-1.63%) dropped. Softbank Corp Group Corp fell -5.5%, while competitor KDDI Corp fell -8.6% and NTT Docomo tumbled -9.8% after Japanese Prime Minister Abe called on cellphone companies to reduce rates. Inpex Corp declined -5% after Goldman Sachs said the oil price could drop. Haitong Securities Co sank -3.5% in Hong Kong as brokerages declined. Yunnan Copper Co and Hebei Iron & Steel Co both lost -10% as a gauge of material producers slumped -4.1% to its lowest level in a month.