Morning Spread

Morning Spread

Wednesday 1st October 2014
IndexLevelChg (%)
UK Market6598.96-0.36
Dow Indust Avg17042.90-0.17
S&P 5001972.29-0.28
Nasdaq Composite4493.39-0.28
Nikkei 22516082.25-0.56
Hang Seng22932.98-1.28
IndexLevelChg (%)
Nymex 1m91.57+0.45
Gold Spot1206.31-0.15
GBP/USD1.6195+0.15
GBP/EUR1.2861+0.14
EUR/USD1.2592-0.29
USD/JPY109.79-0.12

European stocks were up this morning as investors awaited a report on US jobs and Italy cut its economic growth forecasts. The ESTX 50 (+0.26%), CAC 40 (+0.18%) and the Dax (+0.40%) all posted gains this morning, while the UK markets (-0.32%) retreated. Orange lost -2.8% after it was reported that Bpifrance offered the phone company’s shares at €11.60 to market price. The French state owned investment bank is selling 50 million shares, cutting its holding in Orange to 11.6% from 13.5%. Afren gained +3.2% after saying that an independent review didn’t disclose more improper transactions beyond the ones being investigated. Nexans tumbled -5.6% after saying full year revenue would be flat as sales dropped by around 4% on an organic basis in the third quarter. J Sainsbury was slightly up +0.3% despite cutting its full year sales after trading fell sharply in the second quarter, dragged down by intense competition.

 

US stocks fell as small cap and energy shares slumped amid an unexpected decline in consumer confidence. The Dow Jones Industrial Average (-0.17%), S&P 500 (-0.28%) and the Nasdaq Composite (-0.28%) all declined. Ford dropped -2.1% after saying it will miss a profit forecast for 2014 as weakening sales in Russia, deflation in South America and recall costs in North America reduce income. EBay jumped +7.5% after announcing it will split itself into two publicly listed entities. The announcement follows activist shareholder Carl Icahn’s campaign earlier this year for PayPal’s spinoff. Move rallied +37% after it was reported that News Corp will buy the company for $21 a share. That’s 37% higher than Move’s closing price. News Corp fell -2.7%.

 

Asian stocks fell after consumer confidence in the US unexpectedly declined and Hong Kong braced for bigger protests as Chinese holidays started. The Hang Seng (-1.28%) and Nikkei 225 (-0.56%) both retreated, while the S&P/ASX 200 (+0.78%) advanced. Ibiden Co plunged -15% in Tokyo after cutting its full year profit forecast. Mermaid Marine Australia Ltd jumped +8.8% in Sydney after Deutsche Bank AG raised the company’s rating to “buy”. Samsung Electronics dropped -2.36% and LG Electronics retreated -4.41%, pacing losses among South Korean exporters after reports showed the nation’s industrial production unexpectedly dropped and export growth missed estimates.