Morning Spread

Morning Spread

Tuesday 16th December 2014
IndexLevelChg (%)
UK Market6180.04-0.04
Dow Indust Avg17180.84-0.58
S&P 5001989.63-0.63
Nasdaq Composite4605.16-1.04
Nikkei 22516755.32-2.01
Hang Seng22670.50-1.55
IndexLevelChg (%)
Nymex 1m54.34-2.81
Gold Spot1197.27+0.34
GBP/USD1.5661-0.12
GBP/EUR1.2533-0.35
EUR/USD1.2496+0.47
USD/JPY116.38+1.49

European stocks fell as disappointing factory data from China and France fuelled concern the global economy is faltering. The ESTX 50 (-0.73%), UK markets (-0.17%), CAC 40 (-0.57%) and the Dax (-0.63%) all posted losses in early trading. Petroleum Geo-Services ASA and Technip SA declined at least -2% as crude extended losses, trading below $55 a barrel for the first time since May 2009, amid speculation that US producers may further increase output as they battle OPEC for market share. Repsol SA dropped -3.6% after saying it will buy Talisman Energy Inc for $8 per common share in a cash deal. Orange SA rose +2.1% after BT Group Plc started exclusive talks to acquire EE for £12.5 billion. Barclays Plc added +1.2% after passing a stress test set by the Bank of England. Imagination Technologies Group Plc rallied +11% after first half sales beat estimates.

 

Asian stocks fell as the slump in oil raised concern about the global economy and Hong Kong shares entered a correction. The Nikkei 225 (-2.01%), Hang Seng (-1.55%) and the S&P/ASX 200 (-0.65%) all retreated. Cnooc Ltd slid -3.4% in Hong Kong as oil extended losses from a five year low amid speculation US producers may further increase output as they battle OPEC for market share and as a Chinese manufacturing gauge missed estimates. Inpex Corp slid -2.1%. Mazda Motor Corp, which gets three quarters of its revenue outside Japan, fell -3.7% in Tokyo as the yen extended yesterday’s gain. Aeon Co tumbled -6.4% after Credit Suisse Group AG cut the stock’s rating. Fujikura Ltd jumped +7.4% after saying it will buy back shares.

 

US stocks retreated as the continuing selloff in oil overshadowed a surge in industrial production and corporate deals. The Dow Jones Industrial Average (-0.58%), S&P 500 (-0.63%) and the Nasdaq Composite (-1.04%) all declined. McDonald’s Corp, Goldman Sachs Group Inc, International Business Machines Corp and Chevron Corp lost more than -1.4% for the biggest declines in the Dow. Boeing Corp rose +1.1% and extended gains in late trading after saying it would boost its share buyback program and increase its dividend. Energy shares declined after gaining in early trading. QEO Resources Inc slipped -3.8% and Marathon Oil Corp retreated -2.6%. Some of last week’s worst performers gained the most yesterday. Nabors Industries Ltd rose +2.8% after declining -18% last week. Exxon Mobil Corp rose +0.6%, following a -7.7% plunge last week that was its worst since 2008. Diamond Offshore Drilling Inc climbed +5.6%, extending last week’s rally of 12%. Newmont Mining Corp lost -5.9% for the biggest decline in the S&P 500 as gold for February delivery sank -2.1% to $1,196.70 an ounce.