Morning Spread

Morning Spread

Tuesday 20th May 2014
IndexLevelChg (%)
UK Market6816.91-0.40
Dow Indust Avg16511.86+0.12
S&P 5001885.08+0.38
Nasdaq Composite4125.82+0.86
Nikkei 22514075.25+0.49
Hang Seng22834.68+0.57
IndexLevelChg (%)
Nymex 1m102.60-0.01
Gold Spot1291.60-0.11
GBP/USD1.6828-0.08
GBP/EUR1.2297+0.26
EUR/USD1.3686-0.17
USD/JPY

European stocks were little changed as investors weighed corporate earnings. The ESTX 50 (-0.08%), CAC 40 (+0.03%), UK markets (-0.12%) and the DAX (+0.09%) were all fairly flat in early trading. Carnival Plc climbed +3.8% after announcing a fleet expansion in Australia and after Morgan Stanley raised its recommendation on the shares. United Internet AG rose +6.3% after reporting quarterly sales that beat analysts’ estimates. Vodafone Group Plc fell -3.8% after predicting profit will drop this year. Deutsche Annington Immobilien SE dropped -7% as investors offered to sell a 12.5% stake in the company. Marks & Spencer retreated -2.5% after reporting a fall in annual pretax profit.

 

US stocks rose as small-cap and internet shares extended advances on one of the slowest trading days of the year. The Dow Jones industrial Average (+0.12%), S&P 500 (+0.38%) and the Nasdaq Composite (+0.86%) all advanced. Micron Technology Inc increased +3.5% after being upgraded to “outperform” from “sector perform” by RBC Capital Markets, who cited favourable changes in the memory industry amid strong demand cycles. Pfizer climbed +0.6% after AstraZeneca rejected Pfizer’s sweetened £69.4 billion takeover offer, saying the bid fails to reflect the value of pipeline experimental medicines. Pfizer said its offer was final and the company will not go to shareholders with a hostile bid. Johnson Controls Inc surged +4.3% after announcing plans to spin off its automotive-interiors business into a joint venture with China’s Yanfeng Automotive Trim Systems Co. Campbell Soup dropped -2.4% after lowering its sales forecast for 2014 after reporting third quarter sales that missed analysts’ estimates.

 

Asian stocks fluctuated as IT companies climbed and energy shares declined. The Nikkei 225 (+0.49%), Hang Seng (+0.57%) and the S&P/ASX 200 (+0.21%) all gained. Coal India Ltd dropped -4.9% after surging 13% yesterday. Yahoo Japan jumped +12% after cancelling plans to acquire eAccess from SoftBank Corp to focus on developing services as part of a strategy to expand into mobile. The company’s rating was also raised to “outperform” from “neutral” at SMBC Nikko Securities Inc. Treasury Wine Estates Ltd surged +18% in Sydney after rejecting a takeover bid from KKR & Co.