Morning Spread

Morning Spread

Thursday 22nd May 2014
IndexLevelChg (%)
UK Market6830.19+0.13
Dow Indust Avg16533.06+0.97
S&P 5001888.03+0.81
Nasdaq Composite4131.54+0.85
Nikkei 22514337.79+2.11
Hang Seng22953.76+0.51
IndexLevelChg (%)
Nymex 1m103.94-0.12
Gold Spot1294.62+0.20
GBP/USD1.6871-0.01
GBP/EUR1.2333-0.13
EUR/USD1.3681+0.13
USD/JPY

European stocks rose a second day, as minutes from the latest Federal Reserve meeting showed policy makers expect the inflation rate to remain below their target, and as Chinese manufacturing data beat estimates. The ESTX 50 (+0.03%), UK Markets (+0.28%), CAC 40 (+0.14%) and the DAX (+0.31%) all posted gains in early trading. Raiffeisen advanced +3.9% after reporting first quarter net income that exceeded the average analyst estimate in a Bloomberg survey. Vivendi rose +0.7% after it was reported that it plans to sell 41.5 million shares in Activision by May 28th under an existing agreement. Royal Mail declined -5.6% after posting full year pre-tax profit that missed the average analyst estimate. Royal Dutch Shell Plc’s A shares gained +1.7% after the company cancelled its scrip dividend program, enabling shareholders to take part in buybacks without having to pay the Dutch withholding tax. SABMiller Plc added +3.8% after saying full year earnings increased.

 

US stocks rose while treasuries and gold fell as Federal Reserve meeting minutes were released. The Dow Jones Industrial Average (+0.97%), S&P 500 (+0.81%) and the Nasdaq Composite (+0.85%) all advanced. Tiffany gained +9.2% to lead an advance among retailers as quarterly profit beat estimates. Netflix Inc rose +5.1% after saying it will expand its online-video service in Europe. TJX Cos rallied +4.9% after tumbling -7.6% in the previous session after posting first quarter profit and sales that trailed analysts’ estimates. Exxon Mobil advanced +1.4% and Chevron increased +1.4% to pace gains among energy companies. Occidental Petroleum Corp surged +2.2%. West Texas Intermediate crude rose to a one month high after a government report showed US supplies tumbled last week as imports dropped to a 17 year low.

 

Asian stocks rose after Federal Reserve meeting minutes showed policy makers see a muted risk of inflation from continued US stimulus and as a Chinese manufacturing gauge topped estimates. The Nikkei 225 (+2.11%), Hang Seng (+0.51%) and the S&P/ASX 200 (+1.02%) all advanced. China gas Holdings Ltd jumped +7.6% in Hong Kong after Russia reached a $400 billion supply accord with China. China Resources Gas Group ltd climbed +2.7% in Hong Kong. Sanrio Co slumped -16% in Tokyo on concern about earnings after yesterday’s strategy briefing from the maker of Hello Kitty toys. Raw material firms advanced. Alumina surged +7.1% and Rio Tinto Group climbed +2.6% in Sydney. Zijin Mining Group Co added +1.7% in Hong Kong.