Morning Spread

Morning Spread

Thursday 16th January 2014
IndexLevelChg (%)
UK Market6812.54-0.11
Dow Indust Avg16481.94+0.66
S&P 5001848.38+0.52
Nasdaq Composite4214..88+0.76
Nikkei 22515747.20-0.39
Hang Seng22986.41+0.37
IndexLevelChg (%)
Nymex 1m94.37+0.21
Gold Spot1237.26-0.37
GBP/USD1.6349+0.05
GBP/EUR1.2007-0.21
EUR/USD1.3619+0.19
USD/JPY

European stocks were slightly down this morning as investors weighed corporate earnings and awaited data on American jobless claims. The ESTX 50 (-0.30%), UK Markets (-0.11%), CAC 40 (-0.24%) and the DAX (-0.12%) all posted losses in early trading. Cie Financiere Richemont SA dropped -1.9% after posting third quarter sales growth that missed projections. Carrefour SA slid -3% after reporting fourth quarter sales. United Utilities Group Plc advanced +4.7% after Morgan Stanley upgraded the company to “buy” from “equal weight”. Premier Oil Plc lost -6.3% after Liberum Capital said the company’s forecast for 2014 output missed their estimate. Aberdeen Asset Management Plc declined -3.4% after reporting that assets under management fell 3.4% in the three months to December. In news closer to home it has been reported that Manx Telecom is preparing for a £250 million stock market flotation. The company is drawing up plans to list on the Alternative Investment Market in London in the next few weeks.

 

US stocks rose as the World Bank lifted its global growth forecast and Bank of America Corp’s profit spurred a rally in financial shares. The Dow Jones Industrial Average (+0.66%), S&P 500 (+0.52%) and the NASDAQ Composite (+0.76%) all advanced. Bank of America jumped +2.3% after reporting fourth quarter earnings and revenue that beat analysts’ estimates. Apple Inc gained +2% after China Mobile Ltd said pre-orders for iPhones had reached 1 million. Wells Fargo & Co rose +1.8% after reporting record quarterly profit. JPMorgan Chase & Co, whose earnings beat analysts’ estimates this week, rallied +3%. General Motors Co declined -1.6% after forecasting profit to modestly improve as introduces 15 new vehicles in the US. Fastenal lost -4.5% for the biggest decline in the S&P 500, after reporting profit and revenue that fell short of analysts’ forecasts.

 

Asian stocks were mixed after earlier gains on the back of the World Bank raising its forecast for global growth.  The Nikkei 225 (-0.39%) declined, while the Hang Seng (+0.37%) and the S&P/ASX 200 (+1.21%) both increased. China South City Holdings Ltd soared +61% in Hong Kong as Tencent Holdings Ltd said it will buy a stake in the company. Newcrest Mining Ltd jumped +7% after saying gold production will be around the top end of its forecast range. Ping An Insurance (Group) Co rose +3.8% after saying it is now offering financial services through an online platform. Aluminium Corp of China Ltd jumped +1.5%.