Morning Spread

Morning Spread

Monday 23rd November 2015
IndexLevelChg (%)
UK Market6303.30-0.49
Dow Indust Avg17823.81+0.51
S&P 5002089.17+0.38
Nasdaq Composite5104.92+0.62
Nikkei 22519879.81+0.10
Hang Seng22665.90-0.39
IndexLevelChg (%)
Nymex 1m40.63-3.03
Gold Spot1072.42-0.51
GBP/USD1.5156+0.23
GBP/EUR1.4255-0.08
EUR/USD1.0632-0.13
USD/JPY123.13-0.26

European shares were lower this morning, dragged down by a steep fall in commodities and energy stocks on demand fears. The ESTX 50 (+0.51%), UK markets (-0.55%), CAC 40 (-0.94%) and the Dax (-0.47%) all posted losses in early trading. Mining stocks were the top sectoral faller with a drop of more than 2% as metal prices fell to multi year lows on worries about China demand. Energy shares were also lower, weighed down by a drop in crude prices. Copper fell through $4,500 a metric ton for the first time since 2009, dipping 2.1% to $4,486 a ton on the LME. Nickel plunged 5.7% to the lowest since 2003. Anglo American Plc dropped -4.3% and Glencore lost -2.47%. Wincor Nixdorf AG rose +4% after US rival Diebold Inc launched a $1.8 billion cash and share offer.

 

US stocks gained as healthcare, technology and consumer stocks advanced and investors looked beyond a widely expected December interest rate hike. The Dow Jones Industrial Average (+0.51%), S&P 500 (+0.38%) and the Nasdaq Composite (+0.62%) all rallied. The S&P 500 ended its strongest week in almost a year, while the Dow Jones erased its year to date loss, led by a 5.46% in Nike, which announced a $12 billion share buyback and a 2 for 1 share split. Allergan rose +3.45% on reports that the US Treasury’s new tax inversion rules were unlikely to thwart its proposed deal with Pfizer. Abercrombie & Fitch surged +25% after reporting that its quarterly profit more than doubled and same store sales fell less than expected. Sprint tumbled -5.43% after saying it would raise about $1.1 billion in cash through a sale and lease back deal with a company backed by Japan’s SoftBank.

 

Asian stocks were mixed amid low trading volumes as commodity producers tracked a slide in industrial metals and crude oil. The Nikkei 225 (+0.10%) and the S&P/ASX 200 (+0.39%) both increased, while the Hang Seng (-0.39%) decreased. As the chances rise of a Federal Reserve interest rate increase, the dollar is climbing, making commodities more expensive for buyers in other currencies. The London Metal Exchange index of six industrial metals has plummeted 27% this year, the worst annual performance since the global financial crisis in 2008. BHP Billiton declined -2.1% and Rio Tinto Ltd slipped -1% in Sydney. Guotai Junan International Holdings Ltd plunged -17% in Hong Kong after the brokerage said it can’t contact its Chairman. Woolworths Ltd climbed +3.9% after the Australian Financial Review reported private equity firms are eyeing the retailer’s Big W unit.