Morning Spread

Morning Spread

Monday 23rd June 2014
IndexLevelChg (%)
UK Market6801.14-0.35
Dow Indust Avg16947.08+0.15
S&P 5001962.87+0.17
Nasdaq Composite4368.08+0.20
Nikkei 22515369.28+0.13
Hang Seng22804.81-1.68
IndexLevelChg (%)
Nymex 1m106.95+0.11
Gold Spot1315.27+0.03
GBP/USD1.7021-0.05
GBP/EUR1.2535+0.20
EUR/USD1.3580-0.15
USD/JPY0.00982-0.21

European stocks fell as investors awaited reports on manufacturing in the euro area and US. The ESTX 50 (-0.66%), UK Markets (-0.46%), CAC 40 (-0.68%) and the DAX (-0.74%) all posted losses in early trading. Asos Plc lost -2.5% after it suspended its website following a fire at its main warehouse. Distribuidora Internacional de Alimentacion SA advanced +4.5% after saying it will sell its French business to Carrefour SA. Shire Plc retreated -1.5%, following a 17% rally on Friday, before it holds a call with investors. Rio Tinto Plc rose +2.24% led London listed mining stocks higher as data showed Chinese manufacturing unexpectedly expanded in June. Lonmin Plc rose +0.81% and Anglo American Plc advanced +1.27% after a labour union at South Africa’s platinum mines said members may return to work in two days if they accept a proposal to end a pay strike.

 

US stocks rose as several companies rallied on merger activity and investors speculated economic growth will accelerate. The Dow Jones Industrial Average (+0.15%), S&P 500 (+0.17%) and the Nasdaq Composite (+0.20%) all advanced. Cross-border deals are accelerating as US companies seek lower taxes and ways to spend almost $2 trillion protected from US taxes in cash abroad. Merck & Co increased +1.1%. Eli Lilly & Co jumped +3.6%, Alexion Pharmaceuticals rose +3.6% and Amgen Inc climbed +2.7%. CarMax added +17% after Autodata Corp said demand for cars has risen with an improving job market, more housing starts and low interest rates, which drove the annualised pace for new light vehicle sales to the fastest rate since February 2007. AutoNation Inc rallied +5.2%. Oracle slid -4% after fiscal fourth quarter profit and sales fell short of estimates as Salesforce.com Inc and other cloud computing rivals lure customers away.

 

Asian stocks fell as indexes swung between gains and losses, as Hong Kong shares slumped. The Nikkei 225 (+0.13%) and the S&P/ASX 200 (+0.62%) both advanced, while the Hang Seng (-1.68%) retreated. China Mobile Ltd dropped -2.4% in Hong Kong, leading a decline among regional telecommunication shares. Olympus Corp surged +4.9% in Tokyo after Goldman Sachs Group Inc reiterated its “buy” rating on the Japanese company. Great Wall Motor Co sank -4.3%, extending its year-to-date plunge to -33%, after replacing three of its executives amid a sales slump. Anhui Conch, China’s largest cement maker, gained +2.6%. and Jiangxi Copper advanced +1.5%  after a private survey of Chinese manufacturing topped estimates.