Morning Spread

Morning Spread

Thursday 21st November 2013
IndexLevelChg (%)
UK Market6676.93-0.06
Dow Indust Avg15900.82-0.41
S&P 5001781.37-0.36
Nasdaq Composite3921.27-0.26
Nikkei 22515365.60+1.92
Hang Seng23580.29-0.51
IndexLevelChg (%)
Nymex 1m93.84-0.01
Gold Spot1247.94+0.30
GBP/USD1.6086+0.28
GBP/EUR1.1974-0.24
EUR/USD1.3433-0.04
USD/JPY

European shares fell after a gauge of China manufacturing dropped more than forecast and minutes from the Federal Reserve’s last meeting indicated the US may reduce stimulus in the coming months. The ESTX 50 (-0.75%), UK Markets (-0.15%), CAC 40 (-0.99%) and the DAX (-0.64%) all posted losses in early trading. Zurich Insurance Group AG slid -0.9% after selling its entire stake in New China Life Insurance Co for $943 million. Swiss Re lost -0.4% after agreeing to buy more than half of the stock. Johnson Matthey Plc climbed +2.4% after reporting a profit increase. SABMiller Plc rose +1.3% after it posted first half earnings that topped analysts’ estimates. Atos declined -4.7% after saying it sold 8.9 million shares. British American Tobacco Plc and Imperial Tobacco Group Plc both lost -1.5% after Philip Morris International Inc forecast 2014 profit growth below its long term target. Antofagasta Plc and Vedanta Resources Plc led miners lower as they both dropped more than -2%.

US stocks dropped after minutes from the Federal Reserve signalled the central bank may reduce bond purchases in the coming months. The Dow Jones Industrial Average (-0.41%), S&P 500 (-0.36%) and the NASDAQ Composite (-0.26%) all declined. J.C.Penney Co jumped +8.4% as its decline in sales abated in the third quarter. Yahoo! Inc advanced +2.9% after boosting its stock buyback plan by $5 billion. Deere & Co rose +2.1% as it forecast better than estimated annual earnings on rising demand for construction and forestry machinery. Lowe’s Cos slipped -6.2% after profit trailed analysts’ projections. Herbalife Ltd gained +6.5% after the CEO of Post Holdings Inc boosted his holding in Herbalife to 6.4% and said he’ll seek talks with the nutrition company. J.M.Smucker Co slid -6.5% for the biggest decline in the S&P 500 after cutting its sales forecast and saying price reductions are hurting margins.

Asian stocks outside Japan fell after minutes from the Federal Reserve’s last meeting signalled bond purchases may be reduced in coming months and a gauge of China manufacturing fell more than expected. The Nikkei 225 gained +1.92%, while the Hang Seng (-0.51%) and the S&P/ASX 200 (-0.36%) both retreated. Perseus Mining Ltd slumped -10% in Sydney after prices for gold fell amid concern tapering stimulus will erode demand for haven assets. Newcrest Mining Ltd declined -4% and Zijin Mining Group Co dropped -2.2%. Honda Motor Co, a company that gets more than 80% of its revenue abroad, rose 3.4% as the yen fell. Fanuc Corp, a company that gets 78% of its sales abroad, rose +1.8%. Australand Property Group fell -4% in Sydney after CapitaLand Ltd said it was selling part of its 59% stake in developer to raise as much as $403 million.