Morning Spread

Morning Spread

Friday 16th May 2014
IndexLevelChg (%)
UK Market6847.40+0.10
Dow Indust Avg16446.81-1.01
S&P 5001870.85-0.94
Nasdaq Composite4069.29-0.76
Nikkei 22514096.59-1.41
Hang Seng22712.91-0.08
IndexLevelChg (%)
Nymex 1m101.48-0.02
Gold Spot1293.41-0.21
GBP/USD1.6802-0.09
GBP/EUR1.2246-0.01
EUR/USD1.3720+0.10
USD/JPY

Most European stocks dropped as investors awaited US reports on housing starts and consumer confidence. The ESTX 50 (-0.11%), CAC 40 (-0.06%) and the DAX (-0.07%) all posted losses in early trading, while the UK markets (+0.01%) were flat. Credit Suisse group AG slid -1.1% after it was reported that the bank will soon reach an agreement with the US to resolve investigations into whether it helped Americans evade taxes. Bouygues SA gained +4.2% after a report that Orange SA has looked into buying Bouygues Telecom. Orange gained +0.6%. Iliad SA, the most recent entrant to the mobile phone market, jumped +6.4%. Wm Morrison Supermarkets Plc advanced +3% amid continued speculation that a US led private equity consortium may bid for the company. Intertek Group Plc dropped -4.4% after saying the energy-infrastructure market in the first four months of 2014 was weaker than expected.

 

US stocks fell as investors continued to sell small-cap shares and several companies forecast profit that missed estimates. The Dow Jones Industrial Average (-1.01%), S&P 500 (-0.94%) and the Nasdaq Composite (-0.76%) all retreated. Wal-Mart sank -2.4% after forecasting profit that missed analysts’ estimates. Kohl’s Corp decreasing -3.4% after reporting sales and profit estimates that fell short of analysts’ forecasts. Bristol-Myers Squibb Co plummeted -6.1% for the biggest decline in the S&P 500. Lincoln National dropped -5.2% for its biggest slide since 2012, pacing losses among insurers. General Motors dropped -1.7% after announcing that it is recalling an additional 2.7 million vehicles. Cisco rallied +6% after saying revenue in the quarter ending July will be higher than analysts estimated.

 

Asian stocks fell after China’s bad loans jumped the most since 2005 and the yen held gains amid concern about global growth. The Nikkei 225 (-1.41%), Hang Seng (-0.18%) and the S&P/ASX 200 (-0.58%) all declined. Toyota Motor Corp, a company that gets 31% of its revenue in North America, lost -2% in Tokyo. Japan Display Inc slumped -12% after forecasting a drop in profit. NCSoft Corp plunged -8.5% in Seoul after reporting quarterly net income missed estimates. Johnson Electric Holdings Ltd slumped -12% in Hong Kong after reporting full year net income that was below estimates and said its profit may drop this fiscal year. Greentown China Holdings Ltd jumped +5.1% after saying it was in talks to sell a stake of as much as 30% to Sunac China Holdings Ltd. Sunac shares lost -6.1%.