Morning Spread

Morning Spread

Monday 17th March 2014
IndexLevelChg (%)
UK Market6554.78+0.41
Dow Indust Avg16065.67-0.27
S&P 5001841.13-0.28
Nasdaq Composite4245.40-0.35
Nikkei 22514277.67-0.35
Hang Seng21473.95-0.30
IndexLevelChg (%)
Nymex 1m98.66-0.23
Gold Spot1379.83-0.23
GBP/USD1.6629+0.11
GBP/EUR1.1971+0.03
EUR/USD1.3892-0.16
USD/JPY

European stocks advanced after several companies sold businesses. The ESTX 50 (+0.74%), UK Markets (+0.38%), CAC 40 (+0.65%) and the DAX (+0.65%) all posted gains in early trading. In Crimea, a total of 95.5% of voters opted to secede from Ukraine in yesterday’s poll. The EU said the referendum is illegal and illegitimate and its outcome will not be recognised. Russia deployed about 60,000 troops along the Ukrainian border. Ukraine closed border crossings to Russia and said it will mobilise as many as 15,000 volunteers in the next 15 days to defend the nation. RWE rose +2.3% after agreeing to sell its Dea oil and gas business to L1 Energy. RWE posted its first loss since the foundation of the Federal Republic of Germany in 1949. Allianz SE added +1.6% after agreeing to spend €440 million buying assets from Unipol Gruppo Finanziario SpA. Societe Generale gained +1.2% after agreeing to sell its Asian private bank to DBS Group Holdings Ltd. Vodafone Group Plc climbed +0.9% after agreeing to buy Grupo Corporativo Ono SA. Persimmon rallied +6.8% for the biggest gain in the UK.  

 

US stocks fell as talks with Russia failed to end a standoff over Crimea ahead of yesterday’s referendum. The Dow Jones Industrial Average (-0.27%), S&P 500 (-0.28%) and the NASDAQ Composite (-0.35%) all declined. Bank of America dropped -2.1% amid a rate rigging lawsuit by the US Federal Deposit Insurance Corp. Credit Suisse decreased -2.5% in US trading and Citigroup fell -1%. Aeropostale tumbled -20% after forecasting a loss that exceeded the estimate of analysts’. The company has also said it has entered a strategic partnership with Sycamore Partners, which will provide a $150 million loan. Yahoo rose +1% after it was reported that Alibaba Group Holding Ltd, which Yahoo owns a 24% stake, is preparing to file for an initial public offering in the US. Boston Scientific Corp climbed +2.1% after the company’s Ingevity pacemaker wires received European approval as they met certain product standards.

 

Asian stocks fell as Western nations disputed Crimea’s vote to re-join Russia. The Nikkei 225 (-0.35%), Hang Seng (-0.30%) and S&P/ASX 200 (-0.22%) all retreated. Aeon Co sank -4.3% in Tokyo after posting profit that trailed estimates. Tencent Holdings Ltd slid -3.1% in Hong Kong after China blocked plans to offer virtual credit cards. SoftBank Corp, a company that owns part of Alibaba Group Holdings Ltd, jumped +4.9% after China’s biggest e-commerce company started the process for what may be the biggest US initial public offering in two years. Malaysian Airline System Bhd fell -2.1% in Kuala Lumpur as investigators stepped up scrutiny of the crew of the missing passenger jet. Police on March 15th searched the house of the pilot and first officer after Prime Minister Najib Razak said Flight 370 was intentionally diverted en-route to Beijing.