Morning Spread

Morning Spread

Tuesday 15th March 2016
IndexLevelChg (%)
UK Market6135.12-0.64
Dow Indust Avg17229.13+0.09
S&P 5002019.64-0.13
Nasdaq Composite4750.28+0.04
Nikkei 22517117.07-0.68
Hang Seng20288.77-0.72
IndexLevelChg (%)
Nymex 1m36.36-2.21
Gold Spot1233.57-0.14
GBP/USD1.4167+1.00
GBP/EUR1.2773-1.06
EUR/USD1.1091+0.05
USD/JPY113.09+0.62

European shares feel this morning, mirroring weaker commodity prices and losses in Asia where stocks slipped after the Bank of Japan help policy steady and offered a bleaker view of the country’s economy. The ESTX 50 (-0.77%), CAC 40 (-0.78%), Dax (-0.62%) and the UK markets (-0.76%) all posted losses in early trading. Antofagasta Plc led miner’s lower, dropping -10% after abandoning it dividend and saying annual profit slumped 99%. Hennes & Mauritz AB fell -1.4% after its February sales grew less than estimated. Volkswagen AG declined -1.8% after institutional investors from around the world sued the company for €3.3 billion in Germany over the cover up of its polluting diesel engines. SFR rose +2.8% after saying its core operating profit grew 20% in 2015 as cost cuts offset declining mobile subscribers.

US stocks were little changed in light trading as consumer discretionary gains countered losses in energy shares and investors awaited a US Federal Reserve meeting. The Dow Jones Industrial Average (+0.09%), S&P 500 (-0.13%) and the Nasdaq Composite (+0.04%) all made small changes. The Fed is not expected to raise interest rates at the two day meeting, but investors will be on the lookout for clues about future hikes. Schlumberger fell -2.1% and Baker Hughes lost -4.2%, and weighed most on the S&P energy sector. Starwood Hotels & Resorts climbed +7.8% after receiving a takeover offer of $76 per share from a consortium of companies. GW Pharmaceuticals soared +120% after the company’s experimental cannabis based drug succeeded in treating children with a rare form of severe epilepsy.

Asian stocks fell after the Bank of Japan painted a gloomier view of the world’s third largest economy, but the yen firmed as policymakers appeared to back away from any imminent move to cut interest rates further into negative territory. The Nikkei 225 (-0.68%), S&P/ASX 200 (-1.43%) and the Hang Seng (-0.72%) all retreated. Dai-ichi Life Insurance Co retreated -3%. Bando Chemical Industries Ltd rose +2.9% after announcing it will buy back as much as 2.1% of its shares, while Kandenko Co declined -5.2% after saying it will sell 20 billion yen in convertible bonds. Oki Electric Industry Co rose +4% after Goldman Sachs Group Inc raised its rating on the company to “neutral” from “sell”.