Morning Spread

Morning Spread

Tuesday 15th April 2014
IndexLevelChg (%)
UK Market6576.19-0.12
Dow Indust Avg16173.24+0.91
S&P 5001830.61+0.82
Nasdaq Composite4022.69+0.57
Nikkei 22513996.81+0.62
Hang Seng22674.11-1.59
IndexLevelChg (%)
Nymex 1m103.17-0.85
Gold Spot1310.78-1.30
GBP/USD1.6698-0.23
GBP/EUR1.21+0.01
EUR/USD1.3798-0.22
USD/JPY101.80unch

US equities were stronger in Monday’s trading as investors looked to pick up oversold positions after last week’s falls. In the Financials sector, Citigroup, unexpectedly beat market estimates and the shares rose 4.35%. The company highlighted strong capital markets revenue, better than expected loan losses and controlled expenses. In the economy, there were strong retail sales figures for March, rising by 1.1%, the biggest gain since September 2012. Other notable gainers on the day included Alcoa up 2.55%, Transocean was up just over 4% and Frontier Communications gained 2.8%. The only real faller was The Gap which lost 1.6%.

Asia was mixed once again with Japan following the US markets, however Hong Kong and China related stocks fell sharply on tightening credit conditions and money supply that grew at the slowest pace since 2001. Great Wall Motor reversed yesterday’s gains with a near 6% decline as a result of the economic data but also a downgrade from broker, JP Morgan. Hong Kong Exchanges also gave up some of the recent gains from the news last week of cross border trading, the shares lost nearly 4%. In Japan, some of the gainers included Hitachi up 1.5%, Nippon Electric Glass up nearly 5% and Toho Zinc up nearly 7%.

Europe is weaker in early trading, overshadowed by the Chinese economic data overnight. Lloyds Banking Group continues its miserable recent run, down 0.55% to 72p. Other fallers include HSBC down 0.61%, Standard Chartered down 0.59% and Santander down 1%. In France, the support services company, Sodexo, is up 4.5% after a Deutsche Bank buy rating was issued. Swiss Re is lower only after a special capital payment to shareholders. Cap Gemini is 2.5% higher after being cited as a likely takeover target. Finally, SABMiller is down 2.5% after full year results underwhelmed investors. In the current year, the brewer will be held back by adverse FX movements in the South African Rand against the US Dollar.