Morning Spread

Morning Spread

Friday 15th November 2013
IndexLevelChg (%)
UK Market6686.32+0.30
Dow Indust Avg15876.22+0.35
S&P 5001790.62+0.48
Nasdaq Composite3972.74+0.18
Nikkei 22515165.92+1.95
Hang Seng23032.15+1.69
IndexLevelChg (%)
Nymex 1m93.91+0.16
Gold Spot1282.49-0.37
GBP/USD1.6055+0.10
GBP/EUR1.1951+0.18
EUR/USD1.3436-0.26
USD/JPY100.38+0.46

European stocks were little changed after yesterday’s rally, as investors awaited US industrial data. The ESTX 50 (-0.16%), UK Markets (+0.31%), CAC 40 (-0.01%) and the DAX (-0.06%) all posted small changes in early trading. Vivendi gained +2.7% after posting profit adjusted for non-recurring elements that exceeded the average analysts’ estimates compiled by Bloomberg. Serco rose +1.7% after UBS upgraded its rating on the stock to “buy” from “neutral” after the shares plunged -17% yesterday, saying the price is attractive for investors betting the company can withstand current risks. PSA Peugeot Citroen climbed +0.7% after it was reported the company may sign an agreement with DongFeng Automobile Co this year to cooperate in China and Southeast Asia. Safran declined -3.2% after the French government sold 19.5 million shares, a 4.7% stake, in the manufacturer.

US stocks rose as comments from Janet Yellen signalled she will continue the Federal Reserve’s stimulus efforts. The Dow Jones Industrial Average (+0.35%), S&P 500 (+0.48%) and the NASDAQ Composite (+0.18%) all advanced. Office Depot rose +4.5% after Bank of America raised its rating on the stock to “buy” from “underperform”, citing potential cost savings following its merger with OfficeMax Inc and the appointment of Roland Smith as CEO. Tyco International Ltd rose +2.4% after reporting quarterly revenue that bear estimates. Eli Lilly & Co rose +1% after saying it will pour another $700 million into manufacturing capacity, more than tripling its investment in the expanding market for diabetes treatments. Cisco tumbled -11% after giving quarterly profit and sales forecasts that missed analysts’ estimates. Kohl’s plunged -8.1% after reporting third quarter earnings that missed analysts’ estimates and trimmed its full year outlook. PulteGroup Inc jumped +4.9% as homebuilders surged. Lennar Corp climbed +2.7% and D.R.Horton Inc added +2.8%.

Asian stocks headed for the first weekly gain in a month amid speculation China will release detail of economic reform. The Nikkei 22 (+1.95%), Hang Seng (+1.69%) and the S&P/ASX 200 (+0.96%) all gained. Japanese exporters climbed as the yen lost -0.2%, extending the biggest weekly drop among 16 major currencies and boosting the earnings outlook for generating sales overseas. Toyota Motor Co added +1.1% and Honda Motor Co gained +0.9%. Dai-ichi Life Insurance Co surged +7.3% in Tokyo after raising its full year net income forecast by 54%. Luk Fook Holdings (International) Ltd climbed +6.4% after saying increased sales in gold products will boost profit. Dwango Co surged +21% and Nintendo Co rallied +5.1% in Tokyo after Nintendo bought a stake in Dwango, a company that provides content through mobile phones.