Morning Spread

Morning Spread

Thursday 16th October 2014
IndexLevelChg (%)
UK Market6204.15-0.12
Dow Indust Avg16141.74-1.06
S&P 5001862.49-0.81
Nasdaq Composite4215.32-0.28
Nikkei 22514738.38-2.22
Hang Seng22900.94-1.03
IndexLevelChg (%)
Nymex 1m80.58-1.47
Gold Spot1240.30-0.14
GBP/USD1.6001-0.39
GBP/EUR1.2491+0.25
EUR/USD1.2810+0.15
USD/JPY105.86-0.03

European stocks fluctuated between gains and losses amid concerns the region’s economy is worsening. The ESTX 50 (-0.21%) and the CAC 40 (-0.42%) both posted losses in early trading, while the UK markets (+0.36%) and the Dax (+0.03%) both gained. Nestle SA slipped -2.3% after saying sales for the past nine months increased less than analysts’ had anticipated. Shire Plc continued its plunge, tumbling -7.8% today, after AbbVie Inc’s board formally asked shareholders to vote against its takeover of the company. Man Group advanced +5.3% after saying assets under management jumped 25% in the third quarter, in line with some analysts’ estimates, helped by acquisitions in the US. Ashtead Group Plc climbed +1.4% after US peer United Rentals Inc posted better than estimated profit. Roche rose +0.5% after it reaffirmed its full year sales and profit targets as a strong performance by its new breast cancer treatments helped it beat expectations in the third quarter. Remy Cointreau gained +0.7% after it confirmed full year targets for organic growth.

 

An afternoon rebound helped US stocks pare their biggest intraday plunge since 2011 amid speculation the selloff was overdone. The Dow Jones Industrial Average (-1.06%), S&P 500 (-0.81%) and the Nasdaq Composite (-0.28%) all retreated. Commodity and energy shares, two of the groups that are down the most since the market’s high last month, ended higher as the market recovered from its lows of the session. EOG Resources Inc, Williams Cos and Air Products & Chemicals Inc all gained at least +3.7% to pace gains. KeyCorp lost -5.8% after reporting that net income dropped 13%. Bank of America Corp lost -4.6% after reporting that revenue slid -4.3% to $21.2 billion. Regions Financial Corp and Citigroup Inc both lost at least -3.5%. Intel Corp lost -2.7% despite projecting sales that are poised to top analysts’ estimates in the fourth quarter.

 

Asian stocks dropped after a rout in global shares resumed and the yen gained the most against the dollar in six months. The Nikkei 225 (-2.22%) and the Hang Seng (-1.09%) both retreated, while the S&P/ASX 200 (+0.18%) increased. Japanese banks and exporters suffered. Mitsubishi UFJ Financial Group Inc dropped -3.2% and Sumitomo Mitsui Financial Group Inc declined -2.7%. Toyota Motor Corp, which gets 75% of its car sales abroad, sank -1.9%. Nissan Motor Co slipped -1.4%. Japan Display tumbled -18% after saying it expects a loss of 10 billion yen in the year ending March, compared with a previous forecast for net income of 26.8 billion yen. Recruit surged +7.4% on its debut. Its successful IPO follows a string of lacklustre debuts in Japan. Yunnan Aluminium Co slumped -5.3% and China Oilfield Services Ltd tumbled -4.7% in Hong Kong as commodities sank to a five year low as energy prices extended losses on rising supplies and US economic data that missed estimates.