Morning Spread

Morning Spread

Wednesday 16th March 2016
IndexLevelChg (%)
UK Market6152.67+0.21
Dow Indust Avg17251.53+0.13
S&P 5002015.93-0.18
Nasdaq Composite4728.67-0.45
Nikkei 22516974.45-0.83
Hang Seng20257.70-0.15
IndexLevelChg (%)
Nymex 1m37.11+2.12
Gold Spot1232.50+0.01
GBP/USD1.4104+0.37
GBP/EUR1.2711-0.22
EUR/USD1.1095-0.14
USD/JPY113.59-0.51

European stocks rose slightly this morning before the Chancellor of the Exchequer George Osborne presents his 2016 budget. The ESTX 50 (+0.52%), CAC 40 (+0.48%), Dax (+0.87%) and the UK markets (+0.21%) all posted gains in early trading. Hikma Pharmaceuticals Plc sank -5.9% after saying 2015 profit attributable to shareholders declined and revenue misses analysts estimates. Moneysupermarket.com Group Plc lost -5.3% as its founder sold shares. Smiths Group Plc fell -1.7% after reporting a decline in operating profit in the first half. Deutsche Boerse AG gained +1.4% and the London Stock Exchange Group Plc added +0.5% after they agreed to merge. Solvay SA advanced +2.2% after saying it will divest its stake in a joint venture with Ineos earlier than planned. Zodiac Aerospace dropped -5.8% after saying annual profit probably won’t rise.

US stocks decreased in another day of quiet trading as investor’s cautiously awaited news from the US Federal Reserve’s two day policy meeting. The Dow Jones Industrial Average (+0.13%) gained, while the S&P 500 (-0.18%) and the Nasdaq Composite (-0.45%) both declined. US retail sales fell less than expected in February, but a sharp downward revision to January’s data could reignite concerns about the economy’s growth prospects. Valeant Pharmaceuticals International Inc plunged -51.5% after cutting its 2016 revenue forecast and flagged the risk of defaulting on its debt. Allergan dropped -3.4% and was the biggest drag on the S&P 500. Apple climbed +2% after Morgan Stanley said March iPhone demand was tracking ahead of expectations, providing the biggest boost to the S&P 500.

Asian stocks fell ahead of a Federal Reserve policy decision as commodity producers and health care shares dragged down the regional indexes. The Hang Seng (-0.15%) and the Nikkei 225 (-0.83%) both dropped, while the S&P/ASX 200 (+0.15%) increased. Sharp Corp sank -12% after it was reported that Foxconn Technology Group is delaying finalisation of its deal with Sharp. Okuma Corp dropped -3.3% after Credit Suisse Group downgraded its rating on the company to “neutral” from “outperform” Kobe Bussan Co surged +11% after announcing its first quarter operating profits rose 49% against the previous year. Honda Motor Co fell -2.2% and Mitsubishi UFJ Financial Group sank -3.6%.