Morning Spread

Morning Spread

Wednesday 23rd April 2014
IndexLevelChg (%)
UK Market6678.96-0.04
Dow Indust Avg16514.37+0.40
S&P 5001879.55+0.41
Nasdaq Composite4161.56+0.97
Nikkei 22514546.27+1.09
Hang Seng22509.64-0.97
IndexLevelChg (%)
Nymex 1m101.32-0.42
Gold Spot1283.87+0.01
GBP/USD1.6806+0.14
GBP/EUR1.2141-0.45
EUR/USD1.3841+0.30
USD/JPY

European stocks were negative this morning as data signalled contraction in Chinese manufacturing. The ESTX 50 (-0.27%), CAC 40 (-0.35%) and the DAX (-0.13%) all posted losses, while the UK Markets (+0.04%) were pretty flat. Scania AB retreated -4.2% after Alecta, which owns just over 2% of Scania, said Volkswagen’s offer does not fully reflect Scania’s long-term fundamental value. Associated British Foods Plc led advancing shares rallying +8.2% as its Primark chain posted a 26% increase in first half profit and planned US entry. Ericsson AB slid -4.5% after reporting sales that missed analysts’ estimates. Banca Monte dei Paschi di Siena SpA rose +3.9% after Goldman Sachs upgraded the stock to “neutral” from “sell”. Thomas Cook Group Plc advanced +4.7% after Barclays upgraded the stock to “overweight” from “underweight”.

 

US stocks as health-care shares surged amid a $45.7 billion bid for Allergan Inc and earnings from several companies topped estimates. The Dow Jones Industrial Average (+0.40%), S&P 500 (+0.41%) and the Nasdaq Composite (+0.97%) all advanced. Allergan surged +15% after Valeant Pharmaceuticals Inc offered to merge with the company. Netflix soared +7% after saying it expects to increase prices for new customers. Harley-Davidson added +6.4% after its earnings release. Comcast Corp advanced +1.9% after saying its increased number of subscribers helped it post a first quarter profit that beat estimates. McDonald’s Corp dropped -0.4% after posting falling sales and first quarter profit trailed analysts’ estimates. Facebook Inc climbed +2.9% after Credit Suisse raised its rating on the company to “outperform” from “neutral”.

 

Asian stocks pared gains after a Chinese manufacturing report signalled persisting weakness in the world’s second largest economy. The Nikkei 225 (+1.09%) and the S&P/ASX 200 (+0.70%) both advanced, while the Hang Seng (-0.83%) declined. China Mobile Ltd fell -2.5% after posting its third straight drop in quarterly profit. Resona Holdings Inc climbed +2.5% after Greenlight Capital Inc said it bought shares in the Japanese company. Chinese developers and banks led losses in Hong Kong as fourth month of contraction for mainland factory activity added to concern the nation may miss its economic growth goal. China Overseas Land declined -3.4%. China Resources Land Ltd slipped -2.5%. Industrial & Commercial Bank of China Ltd dropped -1.5%. Seibu Holdings Inc jumped +11% on its trading debut in Tokyo after pricing its public offering at the bottom of its planned range.