Morning Spread

Morning Spread

Friday 21st March 2014
IndexLevelChg (%)
UK Market6564.85+0.34
Dow Indust Avg16331.05+0.67
S&P 5001872.01+0.60
Nasdaq Composite4319.29+0.27
Nikkei 22514224.23-1.65
Hang Seng21436.70+1.20
IndexLevelChg (%)
Nymex 1m99.03+0.13
Gold Spot1337.65+0.74
GBP/USD1.6502-0.02
GBP/EUR1.1963-0.11
EUR/USD1.3793+0.12
USD/JPY

European stocks advanced for second day, following the US and Asian markets. The ESTX 50 (+0.46%), UK Markets (+0.27%), CAC 40 (+0.39%) and the DAX (+0.53%) all posted gains in early trading. Commerzbank rose +2.7% after Morgan Stanley raised its rating on the company to “overweight” from “equal weight” citing that non-core assets are undervalued and the likelihood of another capital increase has reduced. Meggitt increased +1.8% after UBS upgraded its rating on the company to “buy” from “neutral”, citing the stocks relative value to the UK’s main index. Crest Nicholson slipped -3.2% after Bloomberg reported that Deutsche Bank is selling as many as 16.5 million shares in the company. Ericsson declined -1.2% after it was reported UBS offered 20.6 million class B shares on behalf of an undisclosed institutional shareholder. Anglo American Plc led commodity producers higher, adding +2.2%, as copper climbed in London. Burberry Group Plc fell -1.4% after Bank of America Corp downgraded the company to “hold”.

 

US stocks rose as reports on leading indicators and regional manufacturing encouraged optimism in the economy, overshadowing concern that interest rates may rise in the middle of next year. The Dow Jones Industrial Average (+0.67%), S&P 500 (+0.60%) and the NASDAQ Composite (+0.27%) all advanced. Microsoft Corp gained +2.7% after Morgan Stanley said the company’s anticipated Office software for Apple Inc’s iPad could add an extra $1.2 billion. Morgan Stanley maintained is “equal-weight” rating on the stock. AT&T Inc jumped +3.4% to lead a rally in phone stocks. Guess? Inc slipped -3.4% after its full year earnings projection trailed analysts’ predictions. Nike Inc jumped +0.6% after posting third quarter profit that topped analysts’ estimates as sales gained in North America. Teradata Corp had the biggest advance in the S&P, rising +4.6%, after saying it has been selected by NTT Docomo Inc to implement a marketing operations platform for its consumer credit services business.

 

Asian stocks rose as indexes outside of Japan rebounded from the biggest loss since August. The Hang Seng (+1.20%) and the S&P/ASX 200 (+0.83%) both increased, while the Nikkei 225 (-1.65%) declined. Li & Fung Ltd surged +18% in Hong Kong after the world’s largest supplier of clothes and toys to retailers reported profit that beat analyst estimates and proposed to spin off its branding and licensing business. Gome Electrical Appliances Holding Ltd gained +8.3% in the city as earnings exceeded forecasts. Metcash Ltd slumped -9.5% in Sydney after missing profit projections and saying it will cut its dividend. PetroChina Co gained +4.1% in Hong Kong after saying it’s cutting spending and net income for last year rose 12% to 129.6 billion yuan.