Morning Spread

Morning Spread

Friday 15th April 2016
IndexLevelChg (%)
UK Market6357.14-0.16
Dow Indust Avg17926.43+0.10
S&P 5002082.78+0.02
Nasdaq Composite4945.89-0.03
Nikkei 22516848.03-0.37
Hang Seng21316.47-0.10
IndexLevelChg (%)
Nymex 1m41.02-1.16
Gold Spot1229.29+0.11
GBP/USD1.4171-0.10
GBP/EUR1.2584+0.11
EUR/USD1.1261-0.01
USD/JPY109.14+0.06

European stocks edged lower this morning as investors assessed earnings reports and valuations. The ESTX 50 (-0.22%), CAC 40 (-0.37%), Dax (-0.43%) and the UK Markets (-0.16%) all posted losses in early trading. Volkswagen AG slipped -1.7% after data from the European Automobile Manufacturers Association showed its shares of the European market contracted to a five year low. Anheuser-Busch InBev NV led food and beverage companies higher, rising +2.5% after agreeing to create a fund that will support the South African beer industry and protect jobs in the country to help seal approval for its proposed takeover of SABMiller Plc, which added +1.3%. Carrefour SA advanced +3.4% after reporting higher first quarter revenue as growth in Southern Europe and Latin America compensated for a decline in China.

US stocks were little changed as investors digested the latest round of big bank earnings and financial shares continued to bounce back. The Dow Jones Industrial Average (+0.10%), S&P 500 (+0.02%) and the Nasdaq Composite (-0.03%) all finished the session fairly flat. Bank of America Corp rose +2.5%, giving the biggest boost to the S&P 500, after reporting a slide in quarterly profit in line with expectations. Wells Fargo slipped -0.5% after the bank’s quarterly report. Seagate Technology fell -20.1%, and was the biggest drag on the S&P 500, after estimating third quarter revenue and adjusted gross margin below its forecast.

Asian stocks fell as investors assessed a torrent of Chinese data, Japanese shares dropped after an earthquake. The S&P/ASX 200 (+0.76%) gained, while the Hang Seng (-0.10%) and the Nikkei 225 (-0.37%) both declined. Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, sank -2.2% after forecasting second quarter sales below analyst estimates on decelerating smartphone demand and sliding personal computer shipments.  Wuhan Iron & Steel Co retreated -1.7%, while Angang Steel Co dropped -2.6% after saying it expects a net loss for the first three months of 2016. Tongling Nonferrous Metals Group Co slumped -2.7%.