Morning Spread

Morning Spread

Thursday 23rd June 2016
IndexLevelChg (%)
UK Market6297.96+0.59
Dow Indust Avg17780.83-0.27
S&P 5002085.45-0.17
Nasdaq Composite4833.32-0.22
Nikkei 22516238.35+1.07
Hang Seng20865.36+0.34
IndexLevelChg (%)
Nymex 1m49.30+0.35
Gold Spot1268.54+0.18
GBP/USD1.4779-0.50
GBP/EUR1.3055+0.34
EUR/USD1.1321+0.16
USD/JPY104.47+0.01

European equities extended their rally as UK voters headed to polls to vote on whether to stay or leave the European Union. The ESTX 50 (+0.93%), CAC 40 (+0.93%), Dax (-1.07%) and the UK markets (+0.97%) all posted gains in early trading. In the run-up to the UK referendum, the nation’s stocks have benefited from a weakening of the pound, and the UK stocks have been the best performer among major western European equity gauges. Tesco Plc gained +3% after reporting a second quarter of UK sales growth. DS Smith Plc added +4.2% as it said its revenue and profit grew.

US stocks declined, with traders focusing on today’s referendum on whether Britain will remain part of the European Union. The Dow Jones Industrial Average (-0.27%), S&P 500 (-0.17%) and the Nasdaq Composite (-0.22%) all decreased. Stocks rose early after data showed US home sales rose in May to a 9 year high, adding to retail sales and international trade data that painted an upbeat picture of the economy in the second quarter. Tesla Motors was down -10.5% after making an offer to buy SolarCity in a deal worth as much as $2.8 billion. SolarCity was up +3.1%. FedEx fell -4.5% a day after it reported a quarterly loss. Adobe Systems was down -5.7% after its second quarter revenue and full year revenue forecast just about met analysts’ estimates.

Asian stocks edged higher as investors await the start of Brexit voting. The S&P/ASX 200 (+0.18%), Hang Seng (+0.35%) and the Nikkei 225 (+1.07%) all increased. Sharp Corp jumped +6.4%, to lead gains on the Nikkei 225, after the Nikkei newspaper reported that the company will start shipping organic light emitting diode panels next year. Mitsubishi Motors Corp fell -0.9% after saying it expects an annual loss of 145 billion yen due to compensation costs relating to its fuel economy manipulation scandal. In Hong Kong, HSBC rose for a fifth day, adding +1.2%. Bank of East Asia Ltd climbed +1%. Industrial Bank of China Ltd advanced +1.1%.