Morning Spread

Morning Spread

Monday 1st September 2014
IndexLevelChg (%)
UK Market6803.44-0.24
Dow Indust Avg17098.45+0.11
S&P 5002003.37+0.33
Nasdaq Composite4580.27+0.50
Nikkei 22515476.60+0.34
Hang Seng24752.09+0.04
IndexLevelChg (%)
Nymex 1m95.57-0.41
Gold Spot1289.70+0.15
GBP/USD1.6627-0.17
GBP/EUR1.2656+0.13
EUR/USD1.3138+0.04
USD/JPY104.14-0.06

European stocks posted little changes as Germany’s trade expanded more than estimated and as a drop in Chinese manufacturing spurred speculation of further stimulus. The ESTX 50 (+0.01%), UK markets (-0.13%), CAC 40 (+0.02%) and the Dax (+0.04%) were all fairly flat in early trading. Havas SA gained +2.5% after posting first half revenue of €867 million, exceeding analysts’ projection of €849 million. Iliad fell -1.8% after it was reported that the company has been talking to US buyout firms as well as companies and sovereign wealth funds to improve its bid for T-Mobile. Tesco Plc dropped -1.9% after the Sunday Telegraph reported that Harris Associates cut its stake in the British grocer to 1% from 3%.

 

US stocks rose amid improving economic data and speculation central banks will continue to spur growth. The Dow Jones Industrial Average (+0.11%), S&P 500 (+0.33%) and the Nasdaq Composite (+0.50%) all advanced before closing for the weekend. Avago Technologies Ltd climbed +7.5% for the biggest gain in the S&P 500 after it reported earnings that topped estimates. Pacific Sunwear of California Inc slid -9.6% after projecting losses in the third quarter that were deeper than analysts’ estimated. Veeva Systems Inc jumped +20% after it boosted its year end earnings prediction and reported second quarter earnings that beat estimates.

 

Most Asian stocks rose as investors weighed whether Chinese policy makers will add stimulus after reports showing slower manufacturing growth. The Nikkei 225 (+0.34%) and the S&P/ASX 200 (+0.07%) both advanced, while the Hang Seng (-0.03%) was flat. Dongfeng Motor Group Co gained +1.5% in Hong Kong after first half net income increased to 8.51 billion yuan from 5.54 billion yuan a year ago. Hitachi Zosen soared +13% in Tokyo after Mizuho raised its rating on the stock to “buy” from “neutral”, saying orders will boost operating profit growth. Nisshin Steel Co dropped -5% after the company announced plans to raise up to 10.8 billion yen selling treasury shares.