Morning Spread

Morning Spread

Tuesday 1st April 2014
IndexLevelChg (%)
UK Market6624.35+0.39
Dow Indust Avg16457.66+0.82
S&P 5001872.34+0.79
Nasdaq Composite4198.99+1.04
Nikkei 22514791.99-0.24
Hang Seng22448.54+1.34
IndexLevelChg (%)
Nymex 1m101.27-0.31
Gold Spot1286.80+0.22
GBP/USD1.6650+0.19
GBP/EUR1.2082-0.24
EUR/USD1.3790+0.13
USD/JPY

European stocks advanced as investors awaited economic data out of Europe and America this week. The ESTX 50 (+0.48%), UK Markets (+0.48%), CAC 40 (+0.57%) and the DAX (+0.42%) all posted gains in early trading. Novartis AG climbed +3.5% after saying the last phase of a clinical trial showed a treatment for chronic heart failure helped patients live longer. ING Groep NV climbed +2.8% after saying it intends to resume dividend payments as soon as next year after a five year pause. ING Groep will pay a dividend over 2015 after fully repaying a 2008 government bailout by next May at the latest. ING said dividend payouts should grow to at least 40% of net income by 2017. Delhaize Group advanced +2.7% after JPMorgan Chase & Co raised its recommendation to “overweight” from “neutral”, citing sales growth in the US. RWE lost -1.3% after UBS listed the company among its European stocks to avoid, citing weak growth. Shanks Group Plc slid -5.5% after Liberum capital downgraded its rating on the company to “hold” from “buy”, citing expectations of unchanged profit in fiscal year 2015. Rio Tinto climbed +1.8% and Anglo American advanced +1.2%.

 

US stocks rose and the dollar fell as Federal Reserve Chair Janet Yellen said the economy will need further support. The Dow Jones Industrial Average (+0.82%), S&P 500 (+0.79%) and the NASDAQ Composite (+1.04%) all advanced. Edwards Lifesciences rose +4.2% and Medtronic Inc climbed +1.9% after studies were released that will increase use of their man-made heart valves. Amgen Inc gained +2.3% after releasing data that showed its experimental heart treatment was effective in lowering cholesterol. Microsoft rose +1.7% after CEO Satya Nadella said he had appointed new leaders for the company’s cloud and enterprise organisation, the Xbox business and the devices group. Netflix Inc dropped -1.9%, extending its loss this month to 21%. The stock had rallied 137% in the previous 12 months. Micron Technology rallied +8%.

 

Asian stocks rose as consumer shares led an advance. The Hang Seng was up +1.08%, while the Nikkei 225 (-0.24%) and the S&P/ASX 200 (-0.10%) both declined. Eclat Textile Co gained +7% in Taiwan after Deutsche Bank AG recommended the stock, citing valuations and saying its second quarter should improve on rush orders for seasonal products. Samsung SDI jumped +6.6% after it said Cheil Industries for about 3.5 trillion won in stock. Samsung SDI said the deal will take effect from July 1 if approved by stockholders. Cheil soared +5.8%. Cnooc Ltd dropped -5.4% in Hong Kong after saying its net income declined 11% last year from 2012. The shares target price was cut to HK$14.5 from HK$15.5 at BNP Paribas. Intime Retail Group Co slid -7.5% in Hong Kong following a 17% surge after saying it will receive about $692 million in an investment from Alibaba Group Holding Ltd.