Morning Spread

Morning Spread

Wednesday 20th April 2016
IndexLevelChg (%)
UK Market6384.80-0.32
Dow Indust Avg18053.60+0.27
S&P 5002100.80+0.31
Nasdaq Composite4940.33-0.40
Nikkei 22516906.54+0.19
Hang Seng21236.31-0.93
IndexLevelChg (%)
Nymex 1m40.12-2.34
Gold Spot1247.06-0.25
GBP/USD1.4348+0.26
GBP/EUR1.2635-0.08
EUR/USD1.1355-0.18
USD/JPY108.95+0.16

European stocks fell as investors assessed earnings reports. The ESTX 50 (-0.03%), CAC 40 (-0.21%) and the UK markets (-0.30%) all posted losses in early trading, while the Dax (+0.08%) was positive. ABB Ltd rose +2.7% after posting better than estimated first quarter profit. Telia AB climbed +2.2% after reporting better than estimated first quarter earnings as investments in faster internet boosted demand in its home market. Heineken NV gained +2.8% after reporting beer shipments rose more than analysts estimated, led by growth in Asia and the Americas. ARM Holdings rose +2.2% after reporting a 14% rise in first quarter profit, outperforming a weak semiconductor market as its most advanced chips were used in an increasing number of smartphones.

 

US stocks climbed, lifted by energy stocks and some solid quarterly reports. The Dow Jones Industrial Average (+0.27%) and the S&P 500 (+0.31%) both increased, while the Nasdaq Composite (-0.40%) decreased. Energy companies got a lift from a rally in crude after a strike by oil workers in Kuwait dented the OPEC country’s output. A recent rebound in oil and signs the US economy is slowly improving have helped stocks rally from a steep selloff earlier this year. Transocean climbed +9.5%, while Freeport-McMoRan rose +9%. IBM fell -5.59% after it reported its worst quarterly revenue in 14 years, and was the biggest drag on the Dow and S&P 500. Netflix fell -12.97% after subscriber forecast missed estimates. Johnson & Johnson rose +1.57% after it reported marginal growth in quarterly sales. Goldman Sachs added +2.28% after better than expected quarterly profit.

 

Asian stocks fluctuated as Chinese shares tumbled as crude oil retreated, while Japanese equities advanced. The S&P/ASX 200 (+0.52%) and the Nikkei 225 (+0.19%) both advanced, while the Hang Seng (-0.93%) retreated. Mitsubishi Motors plummeted -15% after scheduling a press conference in Tokyo to discuss improper handling of fuel tests. The announcement impacted on other car manufacturers. Nissan Motor Co erasing a +1.5% gain to close -1% lower. GS Yuasa Corp dropped -5.7%. Kubota Corp jumped +4.6% after the Nikkei newspaper said the company will look to halve inventory in an effort to boost productivity.