Morning Spread

Morning Spread

Wednesday 22nd January 2014
IndexLevelChg (%)
UK Market6835.64+0.02
Dow Indust Avg16414.44-0.27
S&P 5001843.80+0.28
Nasdaq Composite4225.76+0.67
Nikkei 22515820.96+0.16
Hang Seng23082.25+0.21
IndexLevelChg (%)
Nymex 1m95.42+0.47
Gold Spot1239.60-0.15
GBP/USD1.6537-0.37
GBP/EUR1.2210+0.41
EUR/USD1.3546-0.04
USD/JPY

European stocks advanced as investors awaited minutes from the BoE’s last meeting. The ESTX 50 (+0.27%), UK Markets (+0.21%), CAC 40 (+0.23%) and the DAX (+0.08%) all advanced. Admiral Group Plc rose +3.5% after Numis Securities Ltd raised the company to “buy”. Sage Group Plc gained +3.1% after saying its first quarter performance matches its expectations. ABB Ltd retreated -3.3% after saying charges from project delays and operational issues will hurt profit. ASML Holding rose +3.2% after saying it plans to raise its 2013 dividend by 15%. Rautaruukki Oyj soared +28% after SSAB AB said it plans to buy the Finnish steelmaker.  

 

US stocks swung between losses and gains as results from several companies disappointed investors. The Dow Jones Industrial Average (-0.27%) declined, while The S&P 500 (+0.28%) and the NASDAQ Composite (+0.67%) both advanced. Johnson & Johnson dropped -2.3% after its earnings forecast trailed analysts’ estimates. Verizon Communications Inc slipped -2.9% as subscriber growth slowed from a record. Dow Chemical Co rallied +4.9% after Third Point LLC took a stake. Alcoa rallied +5.9% after JPMorgan Chase & Co recommended buying the stock. Travelers fell -1.7% despite posting a profit that beat expectations, though investors worried about the insurance providers margins. BlackBerry Ltd provided the biggest boost to the Nasdaq, jumping +9.4% as short sellers bailed out of the company. The stock is up about 33% in 2014. Delta Air Lines rose +3.3% after it reported a higher than expected fourth quarter profit, aided by lower fuel costs.

 

Asian stocks rose as the Bank of Japan pledged to maintain economic stimulus and the IMF raised its global growth forecast. The Nikkei 225 (+0.16%) and the Hang Seng (+0.21%) both increased, while the S&P/ASX 200 (-0.22%) declined. Tokyo Steel Manufacturing Co jumped +5% after returning to profit. TDK Corp advanced +6.3% after Nomura Holdings Inc raised its price target on the shares of the company. Newcrest Mining Ltd slipped -3.1% as gold bullion’s price traded near a two week low. MGM China Holdings Ltd slumped -7.3%, leading declines among Macau casinos in Hong Kong as JPMorgan Chase & Co cut its rating on the stock. Okuma jumped +6.5% after Mizuho raised its rating on the stock to “buy” from “underperform” on the outlook a weaker yen will boost earnings.