Morning Spread

Morning Spread

Monday 16th June 2014
IndexLevelChg (%)
UK Market6768.62-0.14
Dow Indust Avg16775.74+0.25
S&P 5001936.16+0.31
Nasdaq Composite4310.65+0.30
Nikkei 22514933.29-1.09
Hang Seng23300.67-0.08
IndexLevelChg (%)
Nymex 1m107.02+0.10
Gold Spot1281.65+0.37
GBP/USD1.6968-0.01
GBP/EUR1.2537+0.07
EUR/USD1.3534-0.04
USD/JPY

European stocks dropped as Sunni insurgents made further territorial gains in Iraq, while investors awaited a report on US industrial production. The ESTX 50 (-0.42%), UK Markets (-0.10%), CAC 40 (-0.41%) and the Dax (-0.27%) all posted losses in early trading. Smith & Nephew Plc slid -2.3% after Medtronic In agreed to buy Covidien Plc. Medtronic Inc had considered making a bid for Smith & Nephew. Actelion rallied +14% after saying its experimental treatment for a lung disease met the main goal of a late-stage study. BT Group Plc lost -2.1% after the Sunday Times reported that the company may need to increase its pension contributions. Centrica was down -0.34%, despite Sam Laidlaw, the boss of Centrica ruling himself out of the running to take the top job at BG Group. BG Group was down -0.20%.

 

US stocks rose as corporate deals overshadowed concern that violence in Iraq will disrupt oil supplies. The Dow Jones Industrial Average (+0.25%), S&P 500 (+0.31%) and the Nasdaq Composite (+0.30%) all advanced. Intel jumped +6.8% after raising its sales forecasts for the second quarter and the full year, buoyed by improving business demand for personal computers. Applied Materials Inc gained +2.9% and Micron Technology Inc gained +1%. Express Inc surged +21% after Sycamore Partners said it plans to buy the company. Priceline Group Inc dropped -3% after agreeing to buy OpenTable Inc for $2.6 billion in cash. Citigroup Inc fell -1.4% after the US Justice Department said it will seek $10 billion as part of a probe into mortgage-backed bond sales. Finisar Corp sank -22% after forecasting first quarter earnings that missed analysts’ estimates.

 

Most Asian stocks fell amid an escalation of violence in Iraq. The Nikkei 225 (-1.09%) and the Hang Seng (-0.12%) both declined, while the S&P/ASX 200 (+0.13%) showed a modest increase. Korean Air Line fell -2.2%, Fanuc Corp retreated -1.9% in Tokyo and AirAsia BHD slid -2.5% in Kuala Lumpur as Brent crude oil prices advanced. Kobe Bussan Co slumped -3.9% after the Japanese supermarket operator’s first half net income plunged. GCL-Poly Energy Holdings Ltd tumbled -4.6% in Hong Kong after BNP Paribas SA said installation of solar panels in China will slow this year. Echo Entertainment gained +7.6% in Sydney after saying it sees earnings in the 2014 fiscal year being above the current median estimate of analysts. King Fook Holdings Ltd jumped +35% after saying its controlling stakeholder was approached by potential investors.