Morning Spread

Morning Spread

Tuesday 23rd August 2016
IndexLevelChg (%)
UK Market6857.25+0.42
Dow Indust Avg18229.42-0.12
S&P 5002182.64-0.06
Nasdaq Composite5244.60+0.12
Nikkei 22516497.36-0.61
Hang Seng22998.930.00
IndexLevelChg (%)
Nymex 1m46.91-1.05
Gold Spot1340.11+0.08
GBP/USD1.3190-0.45
GBP/EUR1.1636+0.31
EUR/USD1.1335+0.14
USD/JPY100.16+0.17

European shares advanced this morning as commodity producers rebounded on higher metals prices. The ESTX 50 (+0.86%), CAC 40 (+0.68%), Dax (+0.75%) and the UK markets (+0.50%) all posted gains in early trading. Straumann Holding AF added +2.3% after raising its full year revenue guidance. Schneider Electric SE rose +1.7% after it was reported that the company is considering a sale of DTN, an agriculture news and data service that could be worth as much as $1.5 billion. Persimmon Plc climbed +3.8% after a reporting a robust first half of the year and the CEO saying he hadn’t seen any change in buyer behaviour since the Brexit vote.  

US stocks were little changed as a drop in oil prices that weighed on the energy sector was offset with a rally in biotechnology companies. The Dow Jones Industrial Average (-0.12%) and the S&P 500 (-0.06%) were slightly down, while the Nasdaq Composite (+0.12%) was positive. Oil prices settled down more than 3% on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. Biotech stocks received a boost from Pfizer’s $14 billion acquisition of Medivation. Medivation’s shares jumped nearly +20% as the biggest boost to the Nasdaq. Apple lost -0.8% and was the biggest drag on all three of the main indexes. Intersil jumped +19.8% after a source told Reuters that Japan’s Renesas was in the final stages of negotiations to acquire the company for about $2.99 billion.

Asian stocks swung between gains and losses as energy producers declined after crude oil futures slumped and investors weighed the chances of higher US interest rates this year. The S&P/ASX 200 (+0.70%) gained, the Hang Seng (+0.00%) was flat and the Nikkei 225 (-0.61%) dropped. Chugoku Electric Power Co added +2.2%, while oil explorer Inpex fell -2.2%. Sumco Corp sank -6% posting the largest drop on the Nikkei 225. Ono Pharmaceutical Co surged +5.8% after the Nikkei newspaper reported that the company will start selling its Opdivo product this year. Aoyama Trding Co rose +2.6% after announcing share buybacks worth up to 2 billion yen.