Morning Spread

Morning Spread

Tuesday 1st November 2016
IndexLevelChg (%)
UK Market6944.08-0.15
Dow Indust Avg18142.420.00
S&P 5002126.15-0.01
Nasdaq Composite5189.14-0.02
Nikkei 22517442.40+0.10
Hang Seng23147.07+0.93
IndexLevelChg (%)
Nymex 1m46.92+0.13
Gold Spot1282.05+0.37
GBP/USD1.2245-0.14
GBP/EUR1.1135-0.16
EUR/USD1.0997+0.30
USD/JPY104.96+0.02

European shares gave up early gains this morning despite several companies reporting results that topped estimates. The ESTX 50 (-0.20%), CAC 40 (-0.42%), Dax (-0.13%) and the UK markets (-0.20%) were all negative in early trading. Royal Dutch Shell rose +3.7% after reporting an 18% rise in underlying net profit, beating analysts’ forecasts and saying that next year’s capital spend will be at the bottom end of the expected range. BP lost -1% despite reporting net income that beat expectations, the beat was largely on the back of a one off tax credit while upstream results came in below forecasts. Moneysupermarket Group jumped +7.8% after the price comparison site reported results.

US stocks barely changed as investors digested the latest large scale corporate mergers as well as the most recent twist in the US presidential election. The Dow Jones Industrial Average (-0.10%), S&P 500 (-0.01%) and the Nasdaq Composite (-0.02%) closed the session pretty much flat. Opinion polls have shown Clinton’s lead over Trump was narrowing slightly since early last week and it is not yet known if the email controversy will erode her support. General Electric slipped -0.4% after saying it merge its oil and gas business with oilfield services provide Baker Hughes. Baker Hughes fell -6.3%. Nike shares dropped -3.5% following a BofA Merrill Lynch downgrade.

Asian stocks were mixed as declines in oil prices dragged energy shares lower and investor anxiety grew over next week’s US presidential election. The S&P/ASX 200 (-0.51%) dropped, while the Hang Seng (+0.93%) and the Nikkei 225 (+0.10%) increased. Hitachi Ltd surged +5.1% in Tokyo after earnings at the company topped estimates. Mitsubishi Heavy Industries Ltd sank -3.5% after cutting its profit forecast citing a stronger currency. AIA Group Ltd shares slumped -4.8% after China UnionPay Co halted credit and debit card payments for most insurance policies in Hong Kong, as regulators cracked down on capital outflows from China.