Morning Spread

Morning Spread

Tuesday 1st July 2014
IndexLevelChg (%)
UK Market6772.57+0.42
Dow Indust Avg16826.60-0.15
S&P 5001960.23-0.04
Nasdaq Composite4408.18+0.23
Nikkei 22515326.20+1.08
Hang Seng23190.72-0.13
IndexLevelChg (%)
Nymex 1m105.88+0.48
Gold Spot1325.48-0.14
GBP/USD1.7123-0.12
GBP/EUR1.2511+0.15
EUR/USD1.3687-0.02
USD/JPY0.00985+0.23

European stocks climbed as investors awaited reports on US and euro-area manufacturing. The ESTX 50 (+0.27%), UK markets (+0.40%), CAC 40 (+0.31%) and the Dax (+0.15%) all posted gains in early trading. BNP Paribas SA added +2.8% after saying it intends to keep its dividend unchanged even after agreeing to plead guilty to US sanctions violations and pay $8.97 billion in fines. CaixaBank SA rose +1.1% after its chief executive resigned. Bilfinger SE sank -15% after cutting its full-year profit forecast. Kloeckner & Co fell -3% after Credit Suisse Group AG downgraded the company to “underperform” from “buy”, citing a lacklustre steel environment. Rhoen Klinikum AG fell -2.3% after Fresenius SE said it sold a 5% in company, or 6.9 million shares, to Berenberg, which will sell them to institutional investors. Rio Tinto Group gained +2.8% after Bank of America raised its recommendation on the company to “buy” from “neutral”, citing its valuation.    

 

US stocks were little changed, capping its longest streak of quarterly gains since 1998, as housing data beat estimates to offset a weaker than forecast manufacturing reading. The Dow Jones Industrial Average (-0.15%) and the S&P 500 (-0.04%) both declined, while the Nasdaq Composite (+0.23%) was up. Yahoo added +2.6% after Piper Jaffray raised its rating on the company to “overweight” from “neutral”, saying its 23% stake in Alibaba Group Holding Ltd is undervalued. Micron Technology Inc advanced +4.6% for the biggest increase in the S&P 500 after Credit Suisse Group AG added the company to the firms top investment ideas. Bank of New York Mellon Corp rose +3.5% after it was reported that Trian Fund Management LP is seeking talks with Bank of New York after revealing a 2.5% stake in the world’s largest custody bank. General Motors Co fell -0.9% after recalling 8.45 million cars for defects including ignitions and electrical malfunctions. D.R.Horton Inc rallied +3.2%.

 

Asian stocks rose driven by a rally in Japanese stocks as investors weighed a survey of business sentiment. The Nikkei 225 (+1.08%) advanced, while the Hang Seng (-0.13%) and the S&P/ASX 200 (-0.37%) both declined. Epistar gained +1.9% and Formosa Epitaxy soared +6.9% in Taipei after it was reported that Formosa Epitaxy will become Epistar’s wholly owned subsidiary after the completion of a share swap, scheduled for 30th December. Square Enix jumped +6.5% after President Yosuke Matsuda said that the company aims to boost sales from Asia outside its home market of Japan to as much as 40% of its total within several years. GS Engineering & Construction jumped +7% in Seoul. Daikin Industries Ltd soared +4.5%.