Morning Spread

Morning Spread

Thursday 17th April 2014
IndexLevelChg (%)
UK Market6570.95-0.20
Dow Indust Avg16424.85+1.00
S&P 5001862.31+1.05
Nasdaq Composite4086.23+1.29
Nikkei 22514417.530.00
Hang Seng22760.24+0.28
IndexLevelChg (%)
Nymex 1m103.78+0.02
Gold Spot1298.90-0.28
GBP/USD1.6831-0.19
GBP/EUR1.2161+0.12
EUR/USD1.3840+0.07
USD/JPY

European stocks were slightly negative this morning after several companies reported earnings and sales that missed estimates. The ESTX 50 (-0.26%), UK Markets (-0.18%), CAC 40 (-0.01%) and the DAX (-0.10%) all posted small losses in early trading. SAP lost -3.3% after saying that revenue from new software licences declined in the quarter. Akzo Nobel NV slid -3.8% after posting revenue that fell short of projections. Actelion Ltd climbed +2.2% after saying it may review its earnings forecast after reporting better than estimated quarterly profit. Diageo fell -4.8% after saying sales slipped 1.3% in the third quarter. RSA Insurance Group Plc gained +2.7% after agreeing to sell sour subsidiaries in eastern Europe to Polish Insurer PZU SA. Lavendon Group Plc added +3.7% after saying sales jumped 7% in the first three months of the year.

 

US stocks rose as several companies earnings topped estimates and industrial production gained more than forecast. The Dow Jones Industrial Average (+1.00%), S&P 500 (+1.05%) and the NASDAQ Composite (+1.29%) all advanced. Yahoo jumped +6.3% after sales surged at Alibaba Group Holding Ltd where it holds a stake. Bank of America Corp retreated -1.6% after reporting a quarterly loss. Google Inc sank -5.7% in extended trading after the company reported sales that missed estimates. International Business Machines Corp dropped Corp dropped -3.5% after the close as its sales fell for an eighth quarter. CSX Corp declined -1.8% after saying it expects modest earnings growth for 2014 and it’s unclear if 2015 will be strong enough to deliver a two year compound annual growth rate of 10% to 15%.

 

Asian stocks rose after US industrial production increased more than forecast in March and Federal Reserve Chair Janet Yellen said the central bank remains committed to supporting the economic recovery. The Hang Seng (+0.28%) and the S&P/ASX 200 (+0.63%) both advanced, while the Nikkei 225 (0.00%) was flat. GungHo Online Entertainment Inc surged +14% in Tokyo after the Nikkei newspaper reported the company’s profit rose. Canon Inc gained +1.3% on a report the company’s earnings in the March quarter jumped about 50%. Citic Pacific Ltd lost -3.2% in Hong Kong after agreeing to buy Chinese banking and brokerage assets from its state owned parent.