Morning Spread

Morning Spread

Monday 19th September 2016
IndexLevelChg (%)
UK Market6802.62+1.38
Dow Indust Avg18123.80-0.49
S&P 5002139.16-0.38
Nasdaq Composite5244.57-0.10
Nikkei 22516519.29+0.70
Hang Seng23550.45+0.92
IndexLevelChg (%)
Nymex 1m43.73+1.63
Gold Spot1316.64+0.49
GBP/USD1.3056-0.41
GBP/EUR1.1696+0.35
EUR/USD1.1163+0.07
USD/JPY101.82+0.46

European shares rose this morning in a broad based rally led by commodity producers. The ESTX 50 (+1.04%), CAC 40 (+1.34%), Dax (+0.86%) and the UK markets (+1.45%) all posted gains in early trading. Weir Group Plc added +4.4% after JPMorgan Chase & Co recommended buying shares of the maker of fracking pumps for oil companies, citing improving prospects. Sodexo SA gained +3.4% after an upgrade by Raymond James Financial Inc. Royal Dutch Shell Plc and Tullow Oil Plc added more than +1.5% as oil recovered from the lowest close in more than a month after clashes disrupted shipments from Libya. Glencore Plc and Anglo American Plc advanced at least +2.8% as commodities rose.

US stocks fell as the possibility of a $14 billion fine against Deutsche Bank weighed on big banks and investors wrestled with lingering uncertainty about when the US Federal Reserve will hike interest rates. The Dow Jones Industrial Average (-0.49%), S&P 500 (-0.38%) and the Nasdaq Composite (-0.10%) all declined. The settlement proposal, made during negotiations between the US Department of Justice and Deutsche Bank over claims that the German bank miss-sold mortgage backed securities, was larger than expected. Deutsche Bank’s US listed shares slumped -9.35%. Goldman Sachs and JPMorgan fell over -1% each.

Asian stocks outside Japan rose with oil as investors considered stronger than expected US inflation data ahead of policy meetings by the Federal Reserve and Bank of Japan later this week. The Hang Seng (+0.92%) rose, while the S&P/ASX 200 (-0.04%) was flat. Japanese markets are shut for holiday. TSMC rose +5.2% and Foxconn was up +6.8% in Taipei after the Economic Daily News reported that Apple asked Foxconn to get ready to produce more phones amid strong sales. Sunac China Holdings Ltd rose +7.5% in Hong Kong after announcing plans to buy properties worth 13.8 billion yuan from Legend Holdings Corp. Santos Ltd climbed +2.6% in Sydney as crude oil futures rebounded.