Morning Spread

Morning Spread

Monday 16th March 2015
IndexLevelChg (%)
UK Market6771.61+0.46
Dow Indust Avg17749.31-0.82
S&P 5002053.40-0.61
Nasdaq Composite4871.76-0.44
Nikkei 22519246.06-0.04
Hang Seng23949.55+0.53
IndexLevelChg (%)
Nymex 1m44.52-0.71
Gold Spot1158.32-0.02
GBP/USD1.4786-0.28
GBP/EUR1.4045-0.01
EUR/USD1.0528+0.30
USD/JPY121.40+0.01

European stocks climbed as the ECB started buying sovereign debt. The ESTX 50 (+0.55%), UK Markets (+0.41%), CAC 40 (+0.47%) and the Dax (+0.75%) all posted gains in early trading. Linde AG rose +1.3% after predicting profit will grow this year. Hennes & Mauritz AB added +2.4% after reporting that first quarter sales rose more than analysts had projected. Royal DSM NV climbed +3.1% after agreeing to sell a majority stake in a plastics and resins business. Lafarge SA slipped -4.1% and Holcim Ltd dropped -1.3% after Lafarge said it’s willing to consider revising the share exchange ratio in its planned merger with Holcim. Holcim wrote to Lafarge last week saying that it doesn’t intend to pursue the transaction under the terms agreed in July. Standard Life Plc slumped after a report that it may increase its stake in an Indian joint venture.

 

US stocks fell on Friday as the dollar resumed its climb, adding to worries about its impact on US multinationals’ earnings. The Dow Jones Industrial Average (-0.82%), S&P 500 (-0.61%) and the Nasdaq Composite (-0.44%) all retreated. The dollar hit a 12 year high against the euro on Friday as dollar buying momentum overcame soft US economic data that would normally weaken the currency. Herbalife rose +8.2% after Bill Ackman said some people hired by a consulting group working for his hedge fund had received subpoenas from federal agencies investigating possible manipulation of Herbalife’s stock. Carmike Cinemas Inc gained +9.7% after it was reported that it had hired JPMorgan Chase & Co to help it explore strategic alternatives. Oil’s worst week since December pushed Exxon Mobil Corp and Chevron Corp down more than -1.8%, with Exxon closing at the lowest level in two and a half years.

 

Asian shares were mixed after Friday’s falls on Wall Street kept sentiment in check, while the euro recovered from a its low against the dollar on the divergent monetary paths between the United States and the euro zone. The Nikkei 225 (-0.04%) and the S&P/ASX 200 (-0.29%) both declined, while the Hang Seng (+0.53%) advanced. Hundsun Technologies Inc and Glodon Software Co surged more than +9% after Chinese Premier Li encouraged the development of e-commerce. China Mobile Ltd climbed +2.7% in Hong Kong. Inpex Corp dropped -4.3% in Tokyo as oil dropped to a six year low. China Hongqiao Group ltd tumbled -16% after saying it needs more time to release its annual results. Toyo Tire & Rubber Co tumbled -13% after saying that it supplied a rubber product used as building material that failed to meet government standards for protecting against earthquakes.