Morning Spread

Morning Spread

Wednesday 22nd July 2015
IndexLevelChg (%)
UK Market6719.25-0.74
Dow Indust Avg17919.29-1.00
S&P 5002119.21-0.43
Nasdaq Composite5208.12-0.21
Nikkei 22520593.67-1.19
Hang Seng25282.62-0.99
IndexLevelChg (%)
Nymex 1m50.17-1.36
Gold Spot1094.34-0.63
GBP/USD1.5619-0.33
GBP/EUR1.4277+0.51
EUR/USD1.0940-0.18
USD/JPY123.79+0.02

European stocks extended declines amid earnings reports. The ESTX 50 (-0.05%), UK markets (-0.75%), CAC 40 (-0.18%) and the Dax (-0.20%) all posted losses in early trading. BHP Billiton Ltd dropped -2.4% after saying its petroleum, copper and coal output will fall in fiscal 2016. Telenor ASA fell -2.7% after reporting earnings that fell short of analysts’ estimates. Danske Bank A/S climbed +3% after saying quarterly profit increased and raising its full year forecast. EasyJet Plc rose +4.6% after saying annual pre-tax profit will increase as much as 14% amid a recover in sales in the summer. ARM Holdings Plc slid -4% after reporting sales that missed analysts’ estimates. Ashtead Group Plc lost -5% after Bank of America Corp cut its rating on the stock to “sell”.

 

US stocks closed lower as results from IBM and United Technologies dampened early optimism over earnings and after hours trading declines in major tech shares suggested would continue on Wednesday. The Dow Jones Industrial Average (-1.00%), S&P 500 (-0.43%) and the Nasdaq Composite (-0.21%) all decreased. IBM’s shares fell -5.9%, a day after news that the company’s revenues dropped for the 13th consecutive quarter and fell short of analyst expectations. United Technologies tumbled -7% and was the worst performer in the Dow after cutting its full year profit outlook for the third time this year. A trio of tech companies pushed stock futures lower after the closing bell, as Apple tumbled -6.2%, Microsoft lost -3.5% and Yahoo shed -2.2% after their quarterly results.

 

Asian stocks declined after weak earnings dragged down US equities, while the dollar was trading just below highs hit earlier this week. The Nikkei 225 (-1.19%), Hang Seng (-0.99%) and the S&P/ASX 200 (-1.61%) all dropped. Financial and technology companies led declines by Chinese shares in Hong Kong. New China Life Insurance Co slumped -4.3%. AAC Technologies Holdings Inc tumbled -7.3% to pace losses by Apple Inc suppliers. iPhone shipments for the fiscal third quarter and the revenue forecast for the current period missed analysts’ projections. Japan Display Inc, which counts Apple as its biggest customer, sank -4.1%. TDK Corp declined -2.6% after the yen strengthened. Cosco Shipping Co jumped +6.6%. ZTE Corp surged +3.3% after estimating a 43% gain in net profit for the first half.