Morning Spread

Morning Spread

Monday 18th November 2013
IndexLevelChg (%)
UK Market6689.04-0.07
Dow Indust Avg15961.70+0.54
S&P 5001798.18+0.42
Nasdaq Composite3985.97+0.33
Nikkei 22515164.30-0.01
Hang Seng23660.06+2.73
IndexLevelChg (%)
Nymex 1m93.60-0.26
Gold Spot1283.74-0.50
GBP/USD1.6121-0.11
GBP/EUR1.1936-0.07
EUR/USD1.3506+0.18
USD/JPY

European stocks were slightly down in early trading despite China vowing to carry out the broadest plan for economic reform since the 1990’s. The ESTX 50 (-0.26%), FTSE 100 (-0.27%), CAC 40 (-0.26%) and the DAX (-0.19%) were all on the retreat this morning. Aberdeen Asset Management Plc jumped +11% after Lloyds Banking Group Plc agreed to sell its Scottish Widows Investment Partnership division to the money manager. Sonova Holding AG advanced +6.9% after raising its full year forecast after first half revenue beat analyst estimates. Medica SA climbed +8.6% after the company and Korian SA said they planned to merge. Petrofac Ltd plunged -15% after predicting its growth will be flat to modest in 2014. Aveva Group Plc fell -8.9% after saying first half revenue amounted to £108.5 million, falling short of the £109.8 million analysts had projected. Promotora de Informaciones SA lost -1.7% after it was reported that the company is seeking to reach an agreement with creditors to refinance more than €3 billion in debt as early as this week.

US stocks rose as investors assessed data on factory output amid growing speculation the Federal Reserve will maintain the pace of its monthly stimulus. The Dow Jones Industrial Average (+0.54%), S&P 500 (+0.42%) and the NASDAQ Composite (+0.33%) all gained. Exxon Mobile Corp rallied +2.2% to a record after Warren Buffet’s Berkshire Hathaway Inc disclosed a stake. FedEx Corp climbed +1.6% as billionaire investors George Soros and John Paulson took positions. Fannie Mae and Freddie Mac increased more than +6% as Bill Ackman’s hedge fund bought shares in the government backed mortgage insurers. Western Union Co dropped -4.3% after the company said its CFO is leaving. General Electric Co rose +0.8% after saying it will sell as much as 20% of its North American consumer lending business in an IPO in 2014. Kellogg Co declined -1.1% after being cut to “underweight” from “equal-weight” at Barclays. American Express Co added +1.1% and Visa Inc rose +0.9%.

Asian stocks rose after China vowed to carry out the broadest expansion of economic freedoms since at least the 1990’s. The Hang Seng jumped +2.73%, while the S&P/ASX 200 declined -0.31% and the Nikkei 225 was flat (-0.01%). China Mengniu Dairy Co jumped +5.1% after policy makers pledged to relax the nation’s one child policy. Yashili International Holdings Ltd, which makes dairy products, jumped +9.3% in Hong Kong. Biostime International Holdings Ltd climbed +4%. Citic Securities Co surged +13% in Hong Kong, leading gains among Chinese brokerages as the government flagged policy changes that signalled the end of a ban on mainland IPO’s. Haitong Securities Co jumped +10%. Dwango Co soared +17% in Tokyo after jumping by the daily limit when the provider of content through mobile phones said Nintendo Co bought a stake in the company. Nintendo lost -0.2%.