Morning Spread

Morning Spread

Thursday 21st July 2016
IndexLevelChg (%)
UK Market6701.71-0.41
Dow Indust Avg18595.03+0.19
S&P 5002173.02+0.43
Nasdaq Composite5089.93+1.06
Nikkei 22516810.22+0.77
Hang Seng22000.49+0.54
IndexLevelChg (%)
Nymex 1m45.94+0.42
Gold Spot1321.30+0.40
GBP/USD1.3175+0.09
GBP/EUR1.1938-0.36
EUR/USD1.1037+0.28
USD/JPY105.89+0.75

European stocks were little changed as investors weighed a mix of corporate earnings and awaited the European Central Bank’s meeting. The ESTX 50 (+0.15%), CAC 40 (+0.06%) and the Dax (+0.19%) all posted small gains in early trading, while the UK markets (-0.40%) were down. Unilever gained +1.7% after its quarterly sales growth beat estimates. ABB Ltd advanced +1.7% after saying China continued to invest in large projects and reported earnings that topped projections. Deutsche Lufthansa AG dropped -7.2% after cutting its 2016 profit forecast. Tate & Lyle Plc added +1.8% after saying net debt dropped while profit excluding currency effects rose in the latest quarter. Actelion Ltd gained +2.4% after increasing its annual profit forecast.

US stocks gained as Microsoft’s strong results boosted the indexes and marked the latest sign that US corporate earnings season may be less dour than feared. The Dow Jones Industrial Average (+0.19%), S&P 500 (+0.43%) and the Nasdaq Composite (+1.06%) all increased. Microsoft surged +5.3% after posting sharp growth in its cloud computing business. Morgan Stanley closed +2.2% up after its profit topped analysts’ estimates, rounding off upbeat results from the six biggest Wall Street banks. Abbott Laboratories rose +2% after reporting better than expected quarterly sales and profit. After the market closed, Intel shares slipped -3% following release of its results.

Asian stocks climbed, helped by a recovery in global oil prices and as expectations for a stimulus package in Japan weakened the yen and better than anticipated corporate earnings in the US eased concerns over global growth. The S&P/ASX 200 (+0.43%), Hang Seng (+0.54%) and the Nikkei 225 (+0.77%) all increased. Nintendo Co climbed +0.9%. The stock has risen +95% since releasing the Pokemon Go mobile app on July 6 after the game became an instant hit. Mitsumi Electric Co advanced +14%, leading gains in electric appliance manufacturers. New World Development gained +2% after Credit Suisse lifted its rating on the company to “outperform” from “neutral”.