Morning Spread

Morning Spread

Thursday 19th June 2014
IndexLevelChg (%)
UK Market6825.52+0.69
Dow Indust Avg16906.62+0.58
S&P 5001956.98+0.77
Nasdaq Composite4362.84+0.59
Nikkei 22515361.16+1.62
Hang Seng23167.73-0.06
IndexLevelChg (%)
Nymex 1m106.17+0.19
Gold Spot1281.13+0.27
GBP/USD1.7018-0.41
GBP/EUR1.2480-0.05
EUR/USD1.3637+0.46
USD/JPY.00983-0.37

European stocks rose after the Federal Reserve repeated its pledge to leave interest rates near their record low and said the US economy should experience sustained growth. The ESTX 50 (+0.92%), UK Markets (+0.75%), CAC (+0.83%) and the Dax (+0.80%) all posted gains in early trading. Rolls-Royce Holdings Plc jumped +5.7% after saying it will buy back £1 billion of its own shares. Qiagen NV advanced +1.1% after saying US regulators approved its kit to test for cytomegalovirus. Ryanair Holdings Plc increased +0.8% after UBS AG recommended buying the shares. CRH Plc and Balfour Beatty Plc each rose more than +1%, tracking gains in European construction and materials companies. Darty Plc rallied +2.3% after posting full year pretax profit that beat estimates.

 

US stocks rose as the Federal Reserve comments and repeated that interest rates will remain low for a considerable time. The Dow Jones Industrial Average (+0.58%), S&P 500 (+0.77%) and the Nasdaq Composite (+0.59%) all advanced. FedEx Corp advanced +6.2% after predicting a pickup in domestic and global economic growth. Adobe Systems Inc jumped +8.2% after posting revenue and profit that beat analysts’ estimates. ConAgra Foods Inc dropped -7.3% as the company cut its fourth quarter forecast. Walgreen Co rose +4.1% after Barclays upgraded the company to “overweight” from “equal weight” and increased their price target to $92 from $56, citing that earnings could get a lift if the board decides to act on shareholder recommendations.

 

Asian stocks rose after the Federal Reserve said interest rates will remain low for some time as US growth rebounds, and Premier Li Keqiang pledged to sustain China’s economic expansion forecast. The Nikkei 225 (+1.62%) and the S&P/ASX 200 (+1.59%) both gained, while the Hang Seng (-0.06%) was fairly flat. Materials shares led gains across the region as BHP Billiton climbed +3.3% and Rio Tinto Group advanced +2.3% in Sydney. Nippon Steel & Sumitomo Metal Corp gained +3.1% in Tokyo. Nippon Sheet Glass Co surged +17% after Nomura Holdings raised its rating on the company to “buy” from “neutral”, citing expectations for greater improvement in the glass business over the next three years. China Overseas Land lost -2% in Hong Kong as UBS said it expects more extensive price cuts for property.