Morning Spread

Morning Spread

Thursday 23rd January 2014
IndexLevelChg (%)
UK Market6822.69-0.05
Dow Indust Avg16373.34-0.25
S&P 5001844.86+0.06
Nasdaq Composite4243.00+0.41
Nikkei 22515695.89-0.79
Hang Seng22733.90-1.51
IndexLevelChg (%)
Nymex 1m96.83+0.10
Gold Spot1245.69+0.70
GBP/USD1.6600-0.15
GBP/EUR1.2172-0.50
EUR/USD1.3637+0.63
USD/JPY

European stocks were little changed as a report showed manufacturing in China probably contracted this month. The ESTX 50 (+0.09%), UK Markets (-0.10%), CAC 40 (+0.20%) and DAX (-0.05%) all posted modest changes in early trading. Inditex and Asos fell -1.4% and -4.8% respectively, as Goldman Sachs cut its rating on the stocks to “neutral” from “buy”. Marks & Spencer Group Plc rose +3.4% as Exane BNP Paribas advised investors to buy the shares. EasyJet Plc declined -1.7% after forecasting a wider first half pre-tax loss. Pearson Plc tumbled -7.4% after posting preliminary results for 2013 and as JPMorgan Chase & Co said the company’s 2014 earnings might miss estimates.

 

US stocks rose as investors assessed earnings from several companies. The S&P 500 (+0.06%) and the NASDAQ Composite (+0.41%) both increased, while the Dow Jones Industrial Average (-0.25%) declined. BlackBerry Ltd rose +8.6% after saying it plans to sell most of its Canadian real estate to raise cash for its turnaround plan. Coach slumped -6% after sales missed analysts’ estimates. IBM slid -3.3% as revenue declined for seventh consecutive quarter amid weaker demand for servers. Norfolk Southern climbed +4.8% after posting a fourth quarter profit that exceeded analysts’ estimates. Textron Inc advanced +5.3% after announcing earnings that beat analysts’ estimates. Motorola Solutions Inc fell -3.9% after forecasting first quarter profit that was below analysts’ estimates, and said it expects sales to decline between 4% and 6%.

 

Asian stocks fell after a gauge of China’s manufacturing unexpectedly contracted. The Nikkei 225 (-0.79%), Hang Seng (-1.51%) and the S&P/ASX 200 (-1.07%) all retreated. China Construction Bank Corp slid -3% in Hong Kong, pacing losses among Chinese banks. Agricultural Bank of China Ltd fell -2.6% and Industrial & Commercial Bank of China slipped -3.4%. Hang Lung Properties Ltd declined -5.1% after posting a drop in underlying profit. Insurance Australia Group Ltd lost -3% after lowering its growth forecast for gross premiums. Nidec Corp jumped +5.6% in Tokyo after boosting its full year profit forecast and announced a share buyback.