Morning Spread

Morning Spread

Tuesday 18th March 2014
IndexLevelChg (%)
UK Market6552.68-0.24
Dow Indust Avg16247.22+1.13
S&P 5001858.83+0.96
Nasdaq Composite4279.95+0.81
Nikkei 22514411.27+0.94
Hang Seng21583.50+0.51
IndexLevelChg (%)
Nymex 1m98.30+0.22
Gold Spot1363.06-0.30
GBP/USD1.6608+0.18
GBP/EUR1.1934-0.12
EUR/USD1.3916-0.06
USD/JPY

European stocks fell as Federal Reserve officials begin a two day meeting to decide on stimulus policy. The ESTX 50 (-0.53%), UK Markets (-0.15%), CAC 40 (-0.29%) and the DAX (-0.70%) all posted losses in early trading. Scania AB declined -3.5% after a board committee recommended rejecting Volkswagen’s takeover offer. J.Sainsbury Plc fell -0.9% after reporting the first drop in same store sales in more than nine years. Kuoni Reisen Holding AG advanced +3.1% after posting 2013 profit that exceeded analysts’ estimates. Vodafone slipped -1% after Fitch Ratings said it may cut the company’s credit rating and Oriel Securities downgraded the shares. Antofagasta Plc rose +3.9% after announcing a dividend that beat forecasts. Fresnillo Plc slid -4.5% and Randgold Resources Ltd dropped -1.2%

 

US stocks rose as data showing a gain in industrial production boosted optimism over the economy and investors watched developments in Ukraine. The Dow Jones Industrial Average (+1.13%), S&P 500 (+0.96%) and the NASDAQ Composite (+0.81%) all advanced. Yahoo! Inc jumped +4% after Alibaba Group Holding Ltd began the process for listing shares in the US. Hertz Global Holdings Inc added +4.8% after a report that the company will spin off its equipment rentals unit. Adobe Systems Inc climbed +1.5% after RBC Capital Markets LLC raised the stock’s 12 month price target. VeriSign tumbled the most in the S&P 500, losing -5.8% after Cowen & Co downgraded the shares to “market perform” from “outperform” and reduced its 12 month price target. International Business Machines Corp rose +2% and 3M Co gained +1.9% for the biggest advances in the Dow.

 

Asian stocks rose as data showing improvement in US factory output boosted optimism for the world’s biggest economy. The Nikkei 225 (+0.94%), Hang Seng (+0.51%) and the S&P/ASX 200 (+0.51%) all made gains. Lippo surged +36% in Hong Kong, its biggest advance on record, after the South Korean tourism ministry said the company and Caesars will build a casino, hotel and shopping complex near the Incheon International Airport west of Seoul. The government granted preliminary approval for the first part of a project valued at as much as 2.3 trillion won. Mitsubishi Electric Corp gained +3.1% in Tokyo after saying it would raise its dividend. Tencent advanced +5.8% in Hong Kong after dropping -11.5% the past four trading days. Nissan Motor Co, a company that gets about 80% of sales overseas, rose +2.2%. LG Electronics climbed +4.2% in Seoul. Samsung Electronics Co added +0.9%.