Morning Spread

Morning Spread

Friday 1st November 2013
IndexLevelChg (%)
UK Market6726.44-0.08
Dow Indust Avg15545.75-0.47
S&P 5001756.54-0.38
Nasdaq Composite3919.71-0.28
Nikkei 22514201.57-0.88
Hang Seng23249.79+0.19
IndexLevelChg (%)
Nymex 1m96.42+0.07
Gold Spot1317.74-0.42
GBP/USD1.5994-0.36
GBP/EUR1.1827-0.20
EUR/USD1.3524-0.55
USD/JPY

US equities retreated for the second day in a row, as investors digested further the possible reduction in the liquidity conditions and it was also the last trading day of the month. It was another busy day for corporate results with Exxon Mobil gaining nearly 1% after releasing positive third quarter numbers. The Mining sector was weak on the back of a falling Gold price, Newmont Mining dropped 2.78% and Freeport McMoran lost 1.40%. Financials were the main fallers with virtually all the Banks declining, JPMorgan lost 2%, Citigroup was 2.25% lower and American Express fell 1.6%. Bucking the trend was Invesco which recovered from a recent weak period with good results and the stock gained 2.5%.

Europe is also moving lower this morning and in the UK the main attention is on Royal Bank of Scotland which is currently down 3.65%. The company plans to set up an internal bad bank and also to IPO the Citizens Bank in the second half of 2014. Barclays are 2.30% lower as they were listed amongst eight other banks by Fannie Mae, who are suing over the alleged manipulation of the Libor. Vodafone has continued it’s fantastic run this year and is 2.18% higher on reports that AT&T will launch a takeover bid as early as 2014. Other gainers across the region include Yara International up 1.75%, ING is up nearly 2% and Nokia continues the recovery up nearly 1.50%.

Asia was weak overnight, although volumes were relatively low. Chinese energy companies were higher with China Power up 1.30% and China Coal Energy was up 1.70%. Industrials were weaker on US liquidity fears with Techtronic down nearly 2.5%. In Australia, the falling Gold price impacted many stocks with St Barbara down 4.2%, Newcrest down 3.5% and Northern Star Resources 8% lower. In Japan, Ricoh was nearly 7% down after operating profits missed estimates. Sony was also a sharp faller losing 11% after admitting far more aggressive cost saving measures were needed. Gainers included Panasonic up 6.6%, Sumitomo Heavy up 7.6% and Konica Minolta up nearly 6%.