Morning Spread

Morning Spread

Friday 22nd August 2014
IndexLevelChg (%)
UK Market6767.23-0.15
Dow Indust Avg17039.49+0.36
S&P 5001992.37+0.29
Nasdaq Composite4532.10+0.12
Nikkei 22515539.19-0.30
Hang Seng25112.23+0.47
IndexLevelChg (%)
Nymex 1m93.52-0.47
Gold Spot1281.16+0.34
GBP/USD1.6587-0.01
GBP/EUR1.2493+0.03
EUR/USD1.3276-0.02
USD/JPY103.67+0.15

European stocks were little changed as investors awaited a speech by Janet Yellen for clues about the interest rate outlook. The ESTX 50 (-0.07%), CAC 40 (-0.21%), Dax (+0.02%) and UK markets (-0.01%) all posted small changes in early trading. London Stock Exchange Group Plc declined -0.9% after announcing a rights offering. Marine Harvest advanced +1% after Norway said it will allow fish farmers to hold more stock and delay harvesting to limit the impact of a Russian import ban shutting out close to 10% of the Nordic country’s salmon output. Lonmin Plc climbed +4% after Goldman Sachs Group Inc raised the company to “Conviction Buy” from “Neutral”, saying concerns over the company’s balance sheet are overdone.

US stocks rose amid optimism the Federal Reserve is committed to supporting a strengthening economy. The Dow Jones Industrial Average (+0.36%), S&P 500 (+0.29%) and the Nasdaq Composite (+0.12%) all advanced. Hormel Foods Corp gained +4.3% after reporting earnings and revenue that beat analysts’ estimates. Hewlett-Packard advanced +5.4%, the most in the S&P 500, after posting its first sales growth in 12 quarters, fuelled by improving personal computer sales. Sears Holdings Corp fell -7.2% after posting a wider second quarter loss as sales decreased for the 30th straight quarter. Dollar Tree Inc fell -1.3% as the discount chain cut the top end of its full year earnings forecast amid costs related to its bid for Family Dollar Stores Inc. Family Dollar lost -0.5% and Dollar General slipped -0.2%.

Asian stocks rose after reports from US housing to manufacturing showed the world’s largest economy is strengthening. The S&P/ASX 200 (+0.12%) and the Hang Seng (+0.36%) both increased, while the Nikkei 225 (-0.30%) decreased. China Rongsheng Heavy Industries Group Holdings Ltd climbed +9.4% in Hong Kong after agreeing to buy a stake in Kyrgyzstan oilfields. GungHo Online Entertainment Inc gained +1.4% in Tokyo as parent SoftBank Corp plans to buy the unit’s stake in a Finnish online game developer. Li & Fung lost -4.6% after saying most of its customers are delaying order decisions until they get better indications about consumer confidence in the third quarter. Iluka Resources Ltd climbed +3.4% in Sydney after posting an unexpected profit. Santos Ltd jumped +3.9% as earnings increased at the Australian oil and gas producer.