Morning Spread

Morning Spread

Thursday 23rd July 2015
IndexLevelChg (%)
UK Market6673.15+0.09
Dow Indust Avg17851.04-0.38
S&P 5002114.15-0.24
Nasdaq Composite5171.77-0.70
Nikkei 22520683.95+0.44
Hang Seng25398.85+0.46
IndexLevelChg (%)
Nymex 1m49.37+0.37
Gold Spot1104.21+0.91
GBP/USD1.5601-0.05
GBP/EUR1.4196-0.75
EUR/USD1.0990+0.79
USD/JPY123.80+0.22

European stocks rose as better than expected results from several companies offset a decline in energy shares. The ESTX 50 (+0.24%), UK markets (+0.13%), CAC 40 (+0.21%) and the Dax (+0.16%) all posted gains in early trading. Credit Suisse rose +4.4% after quarterly profit beat estimates on gains in private banking and wealth management. Unilever climbed +2.1% after reporting higher than forecast second quarter sales growth. BP Plc’s dropped -1.2% as oil neared a bear market. Daimler AG rose +1.3% after saying second quarter operating profit jumped 54%, beating estimates as Mercedes-Benz outpaced rivals in China and new models boosted sales. Roche Holding AG advanced +1.5% after reporting first half profit that exceeded analyst estimates.  

 

US stocks declined as the technology sector fell on disappointing results. The Dow Jones Industrial Average (-0.38%), S&P 500 (-0.24%) and the Nasdaq Composite (-0.70%) all retreated. Apple shares slumped -4.3%, a day after forecasting revenue would fall below expectations, its biggest percentage drop since January 2014. Apple was the biggest drag on all three indexes and contributed nearly 37 to the Dow’s overall decline. Microsoft fell -3.7% after reporting its biggest ever quarterly loss, as the company wrote down its Nokia phone business and demand fell for its Windows operating system. Yahoo shed -1.2% after it forecast lower than expected revenue for the current quarter as it struggles to revise its core online advertising business. Lennar Corp gained +2.3% after data showed home re-sales rose to their highest level in nearly 8 ½ years in June.

 

Asian stocks rose as a rally in Japanese equities countered a decline in mining shares and a deepening commodities rout. The Nikkei 225 (+0.44%) and the Hang Seng (+0.49%) both rose, while the S&P/ASX 200 (-0.43%) declined. Brokerages paced gains among Chinese financial shares, with Citic Securities Co and Haitong Securities Co both advanced at least +2%. Ping An Insurance (Group) Co jumped +4.2% after saying it expects first half net profits to have risen 62%. Airline ANA Holdings Inc climbed +2.3% on the prospect for lower fuel costs. Oji Holdings Corp jumped +3.9% after the Nikkei newspaper forecast that the company’s operating profit will soar. Nidec Corp surged +8.7% to a record after reporting better than expected earnings. Eisai Co sank -5.9% after trials of an experimental Alzheimer’s drug it is co-developing were inconclusive.