Morning Spread

Morning Spread

Wednesday 16th April 2014
IndexLevelChg (%)
UK Market6565.38+0.37
Dow Indust Avg16262.56+0.55
S&P 5001842.98+0.68
Nasdaq Composite4034.16+0.29
Nikkei 22514417.68+3.01
Hang Seng22696.01+0.11
IndexLevelChg (%)
Nymex 1m104.66+0.88
Gold Spot1303.02+0.02
GBP/USD1.6813+0.52
GBP/EUR1.2142-0.31
EUR/USD1.3846+0.20
USD/JPY102.33+0.78

US equities were firmer once again, buoyed by strong quarterly results from Coca Cola. The drinks company rose 3.75% as global sales volume rose 2% and with cost cutting also ahead of expectations, there is also stronger momentum into Q2 trading. In after hours trading, there appeared to be a strong jump in both Yahoo and Intel which reported late in the day. Other gainers included Johnson & Johnson up 2.1%, Microsoft up 1.45% and Conoco up 2%. On the negative side, Newmont Mining was down 2.3%, Ultra Petroleum was down 1.4% and Toll Brothers lost 1.1%.

Europe is also stronger this morning, with UK supermarket giant, Tesco, up 3.65% on relief that results were not as bad as some investors feared. The retailer has been facing a squeeze from discounters such as Aldi and Lidl. Europe’s largest semiconductor company, ASML Holdings, is down 4.5% on revenues that missed analyst forecasts. The company cited uncertainties in next generation device designs. Other fallers include Heineken down 1.1%, Credit Suisse down 2.1% and Danone down 1.8%. On the risers, Commerzbank is up 2.3%, International Consolidated Airlines is up 3% and B.P is up just over 1%.

Asia was strong overnight with the Nikkei index in Japan up 3%. Yahoo Japan was up over 4%, Softbank rose 8.5% and Daihatsu Diesel was nearly 8% higher. In Australia, there was focus on the mining sector with sharp falls in gold exposed companies. Newcrest lost nearly 1%, Northern Star fell nearly 2% and Beadell declined 3%. One of the giants of the sector reported earnings, with BHP Billiton up 0.4% on positive iron ore production guidance. In Hong Kong, Wynn Macau was down 2.5% on fears that high end casinos may slow as the Chinese economy cools.