Morning Spread

Morning Spread

Thursday 23rd October 2014
IndexLevelChg (%)
UK Market6355.44-0.69
Dow Indust Avg16461.32-0.92
S&P 5001927.11-0.73
Nasdaq Composite4382.85-0.83
Nikkei 22515138.96-0.37
Hang Seng23333.18-0.30
IndexLevelChg (%)
Nymex 1m80.68+0.20
Gold Spot1238.60-0.21
GBP/USD1.6016+0.36
GBP/EUR1.2642-0.40
EUR/USD1.2669+0.04
USD/JPY107.48-0.20

European stocks were positive this morning as data showing manufacturing returned to growth offset disappointing results from several companies. The ESTX 50 (+0.34%), CAC 40 (+0.32%) and the Dax (+0.52%) all posted gains in early trading, while the UK markets (-0.46%) declined. Unilever lost -2.1% after posting slower than expected sales growth. Michelin fell -5.4% after reporting a larger than expected quarterly sales drop and saying it will sell fewer products this year than previously estimated. Tesco Plc slid -5.1% after saying it found that accounting irregularities have gone on for longer than initially reported. Wm Morrison Supermarkets Plc and J Sainsbury Plc slid at least -2.7%.  Nokia Oyj rose +4.5% as quarterly profit beat estimates.

 

US stocks dropped while the dollar advanced as the cost of living in America unexpectedly rose. The Dow Jones Industrial Average (-0.92%), S&P 500 (-0.73%) and the Nasdaq Composite (-0.83%) all retreated. Yahoo! Inc rallied +4.5% and Broadcom Corp jumped +5.5% after reporting sales that beat forecasts. Biogen Idec Inc slid -5.4% as sales of its top drug, Tecfidera, missed analyst estimates. Boeing Co dropped -4.5% for the biggest loss in the Dow as investors grew concerned that the company isn’t moving fast enough to curb costs on the 787 Dreamliner after the company reported third quarter earnings today. Six Flags Entertainment Corp soared +13% after reporting adjusted earnings per share and revenue last quarter that beat analysts’ estimates.

 

Asian stocks fell as investors awaited preliminary data on China’s manufacturing. The Nikkei 225 (-0.37%), Hang Seng (-0.30%) and the S&P/ASX 200 (-0.05%) all declined. Honda Motor Co, which gets more than 80% of its revenue from outside Japan, lost -3%. Nidec Corp sank -4.1% after reporting earnings, matching analyst estimates. Mitsui O.S.K Lines Ltd jumped +1.8% as shipping rates climbed. SoftBank Corp slid -0.7% and Orix lost -3% in Tokyo. Pangang Group Vanadium Titanium and Resources Co plunged -10% after the company said it has no plan to sell its mom-mining assets. China CNR Corp and CSR Corp both jumped at least +3.7% after the government approved railway investment worth 97.4 billion yuan.