Morning Spread

Morning Spread

Wednesday 23rd March 2016
IndexLevelChg (%)
UK Market6203.69+0.18
Dow Indust Avg17582.57-0.23
S&P 5002049.80-0.09
Nasdaq Composite4821.66+0.27
Nikkei 22517000.98-0.28
Hang Seng20615.23-0.25
IndexLevelChg (%)
Nymex 1m41.11-0.82
Gold Spot1234.87-1.08
GBP/USD1.4175+0.30
GBP/EUR1.2667-0.03
EUR/USD1.1191-0.26
USD/JPY112.69-0.25

European shares rose this morning, stabilising after a pull back in the previous session following the events in Belgium, with Credit Suisse climbing after announcing more cost cuts. The ESTX 50 (+0.62%), CAC 40 (+0.66%), Dax (+0.80%) and the UK markets (+0.22%) all posted gains in early trading. Credit Suisse rose +3.2% after it announced 800 million Swiss francs in cost cuts and plans to shrink its investment bank further as it initiates a restructuring plan aimed at revitalising earnings. William Hill slumped -13% after warning of lower profits. Kingfisher Plc advanced +1% after reporting profit that beat estimates amid growth in the UK and Poland. Ingenico Group SA rose +2.7% after predicting profitability will increase over the next four years.

US stocks closed slightly lower, recovering from an initial selloff that followed the attacks in Brussels, as declines in consumer and telecom stocks offset a jump in healthcare shares. The Dow Jones Industrial Average (-0.23%) and the S&P 500 (-0.09%) both declined, while the Nasdaq Composite (+0.27%) increased. Airline and travel related stocks took a hit after the Brussels attacks. Carnival was down -2.1% and Royal Caribbean dipped -2.9%, while Expedia lost -1.8%. Apple rose +0.8%, providing the biggest boost to the S&P 500. Lumber Liquidators jumped +16% after the company settled with a California clean air agency.

Asian stocks retreated as the tragic events in Brussels weighed on sentiment. The S&P/ASX 200 (-0.47%), Hang Seng (-0.25%) and the Nikkei 225 (-0.28%) all decreased. Airlines from Air China Ltd to Korean Air Lines Co dropped at least -1.3% following the terror attacks in Belgium. Inpex Corp fell -1.3% in Tokyo, pacing losses among the region’s energy producers after crude oil futures retreated. Iluka Resources Ltd slumped -8.1% in Sydney after Deutsche Bank AG cut its rating on the company to “sell”. Inventec Corp sank -8.8% in Taipei after posting a decline in full year profit.