Morning Spread

Morning Spread

Wednesday 14th September 2016
IndexLevelChg (%)
UK Market6698.26+0.49
Dow Indust Avg18066.75-1.41
S&P 5002127.02-1.48
Nasdaq Composite5155.25-1.09
Nikkei 22516614.24-0.69
Hang Seng23190.64-0.11
IndexLevelChg (%)
Nymex 1m45.29+0.87
Gold Spot1321.41+0.18
GBP/USD1.32000.00
GBP/EUR1.1760+0.10
EUR/USD1.1224-0.10
USD/JPY103.20-0.97

European stocks advanced this morning as gains in miners offset declines in luxury-goods companies. The ESTX 50 (+0.18%), CAC 40 (+0.24%), Dax (+0.32%) and the UK markets (+0.44%) all posted gains in early trading. Cie Financiere Richemont SA fell -4% after saying first half operating profit will probably decline about 45%. Hermes International SCA slid -7.3% after abandoning its mid-term annual sales growth target. Det Norske Oljesekskap ASA rose +1.1% after lowering its guidance for production costs and raised its output forecasts for 2016. Compass Group Plc gained +1.5% after JPMorgan Chase & Co recommended buying the shares on the basis of the company’s earnings growth.    

US stocks fell, with energy firms dragged down by lower oil prices and financials dropping on diminished prospects of a near term rate hike. The Dow Jones Industrial Average (-1.41%), S&P 500 (-1.48%) and the Nasdaq Composite (-1.09%) all retreated. Futures traders cut the chances of a rake hike at the Fed’s meeting on September 20th to 21st to just 15%, from 21%, according to the CME Group’s FedWatch tool. Goldman Sachs cut its view to 25% from 40%. Freeport McMoRan tumbled -8.39% on a deal to sell some Gulf of Mexico assets to Anadarko Petroleum, which dipped -0.35%. Apple jumped +2.55% after two carriers reported strong demand for its newest smartphones.

Asian stocks extended a global slump and volatility soared after a report showed fund managers are hoarding more money in cash amid uncertainty over the trajectory of central bank stimulus globally. The Hang Seng (-0.11%) and Nikkei 225 (-0.69%) both declined, while the S&P/ASX 200 (+0.38%) increased. Mitsubishi UFJ Financial Group Inc lost -3.2%, while Sumitomo Mitsui Financial Group Inc slid -1% as uncertainty mounts in global financial markets over what’s in the pipeline from central bankers. Alps Electric Co rose +4% after reports iPhone 7 orders at some US carriers surged past prior models. Japan Display In advanced +4.7%.