Morning Spread

Morning Spread

Monday 16th May 2016
IndexLevelChg (%)
UK Market6116.00-0.37
Dow Indust Avg17535.32-1.05
S&P 5002046.61-0.85
Nasdaq Composite4717.68-0.41
Nikkei 22516466.40+0.33
Hang Seng19883.95+0.84
IndexLevelChg (%)
Nymex 1m47.07+1.86
Gold Spot1281.54+0.67
GBP/USD1.4375-0.07
GBP/EUR1.2693-0.07
EUR/USD1.1325+0.14
USD/JPY108.71-0.07

European stocks declined in a broad-based slide, with German and Swiss markets among those shut for a holiday. The ESTX 50 (-0.71%), UK markets (-0.38%) and the CAC 40 (-0.84%) all posted losses in early trading.  Hennes & Mauritz AB dropped -1.5% as its April sales rose less than analysts had estimated. Telecom Italia SpA climbed +4.7% after almost tripling its target for reducing expenses to €1.6 billion by 2018. Konecranes Oyj surged +20% after agreeing to acquire Terex Corp, abandoning a full merger. Anglo American Plc and Antofagasta Plc gained at least +3%, following metal prices higher.

 

US stocks fell as a decline in oil prices added to pressure after gloomy quarterly reports from several companies overshadowed upbeat April retail sales data. The Dow Jones Industrial Average (-1.05%), S&P 500 (-0.85%) and the Nasdaq Composite (-0.41%) all decreased. The decline in department stores’ shares marked the end of week that highlighted the expanding influence of Amazon.com and the plight of bricks and mortar retailers struggling to keep up with the online retailer. Nordstrom slumped -13.42% and J.C.Penney Co Inc lost -2.82% after both reported lower than expected sales. Dillard’s Inc fell -1.29% after also giving a quarterly report that disappointed Wall Street.  Amazon lost -1.12% but was +5% higher for the week following steady gains since last Friday.

 

Asian stocks rebounded as Japanese shares advanced after a report the government may delay a planned sales tax increase. The Nikkei 225 (+0.33%), Hang Seng (+0.84%) and the S&P/ASX 200 (+0.56%) all increased. Shiseido Co surged +9.9% after raising its net income forecast on better sales to tourists visiting Japan. Sumitomo Electric Industries Ltd jumped +14% after saying operating profit will climb 12% this fiscal year. Japan Post Bank Co fell -2.4% after saying revenue will shrink 5.3% this fiscal year. Hitachi Ltd added +3.7% despite saying operating profit will contract to levels below those estimated by analysts.