Morning Spread

Morning Spread

Wednesday 1st July 2015
IndexLevelChg (%)
UK Market6568.42+0.73
Dow Indust Avg17619.51+0.13
S&P 5002063.11+0.27
Nasdaq Composite4986.87+0.57
Nikkei 22520329.32+0.46
Hang Seng26250.03+1.09
IndexLevelChg (%)
Nymex 1m58.56-1.53
Gold Spot1173.97+0.13
GBP/USD1.5682+0.27
GBP/EUR1.4122+0.15
EUR/USD1.1105-0.43
USD/JPY122.67-0.46

European shares rose this morning, tracking gains on Wall Street and Asia, with some investors still eyeing a positive outcome in Greece even after it became the first advanced economy to default on a loan with the IMF. The ESTX 50 (+0.79%), UK markets (+0.54%), CAC 40 (+0.87%) and the Dax (+0.69%) all posted gains in early trading. European finance ministers will confer today over Greek Prime Minister Alexis Tsipras’ request for a new two year loan to pay debts that amount to nearly €30 billion. French finance minister Michel Sapin said France would still try to reach a goal with Greece before the Sunday referendum. Airbus shares rose +2.6% after China placed a landmark order for dozens of wide-body jets from Airbus in a multi-billion-dollar deal that paves the way for a second European aircraft plant in the world’s fastest growing aviation market. Tullow Oil Plc advanced +4.2% after it raised this year’s production forecast following a strong performance from the company’s largest field in Ghana.

 

US stocks rose as investors held out hope on Tuesday for a deal on Tuesday to keep Greece in the euro even as it veered close to a potential debt default. The Dow Jones Industrial Average (+0.13%), S&P 500 (+0.27%) and the Nasdaq Composite (+0.57%) all increased. US corporations have limited exposure to Greece, but investors are concerned about the fallout across Europe if the country exits the euro zone. Volatility picked up on Tuesday also due to the expiration of quarterly options. The expiry of weekly options is a day early due to US Independence Day holiday observance on Friday. Insurance broker and risk-advisory firm Willis Group Holdings and professional-services group Towers Watson said they had agreed to an all-stock merger valuing the combined company at $18 billion. Willis’s shares climbed +3.3%, while Towers Watson fell -8.8%.

 

Asian shares gained as investors gave a resigned shrug to news Greece had become the first developed economy to default on a loan with the International Monetary Fund. The Nikkei 225 (+0.46%), Hang Seng (+1.09%) and the S&P/ASX 200 (+1.04%) all increased. Shiseido Co soared +7.3% after saying it will sell a subsidiary. Lawson Inc jumped +2.4% on a report its quarterly profit is expected to rise. Suzuki Motor Corp slumped -3.4%, reversing Tuesday’s rally, after a change of management. Citic Securities Co led declines for Chinese financial companies, slumping -5.7%. Haitong Securities Co dropped -5.3%. Industrial & Commercial Bank of China Ltd fell -2.7%, while China Life Insurance Co dropped -5.3%.