Morning Spread

Morning Spread

Tuesday 23rd September 2014
IndexLevelChg (%)
UK Market6703.61-1.03
Dow Indust Avg17172.68-0.62
S&P 5001994.29-0.80
Nasdaq Composite4527.69-1.14
Nikkei 22516205.90-0.71
Hang Seng23837.07-0.49
IndexLevelChg (%)
Nymex 1m91.20+0.36
Gold Spot1225.20+0.83
GBP/USD1.6353-0.04
GBP/EUR1.2692-0.37
EUR/USD1.2884+0.41
USD/JPY108.40+0.49

European stocks dropped as investors awaited data that may show manufacturing in the US and the Euro area continued to expand. The ESTX 50 (-0.94%), UK markets (-1.00%), CAC 40 (-1.21%) and the Dax (-0.80%) all posted losses in early trading. Raiffeisen Bank International AG, the foreign bank with most at risk in Ukraine and Russia, plunged -10.07% after predicting an annual loss. Tate & Lyle Plc dropped -16.52% after forecasting annual profit that missed analysts’ estimates. Michelin & Cie lost -1.6% after Les Echos cited its CFO as saying the sales target has become harder to reach. Rexel SA fell -3.2% after Ray Investment SARL sold 20.9 million shares of the company for €15.35 each. Tesco Plc lost -1.7% after announcing that Alan Stewart will join the board as chief financial officer. Royal Phillips NV rose +3.2% after CEO Frans van Houten said he plans to break up the company to focus on health care equipment and its range of consumer goods. AstraZeneca Plc dropped -5.2% and Shire Plc plunged -6.4%.

 

US stocks fell as China’s finance minister quelled stimulus hopes and sales of existing homes. The Dow Jones Industrial Average (-0.62%), S&P 500 (-0.80%) and the Nasdaq Composite (-1.14%) all declined. Alibaba Group Holdings Ltd slumped -4.3% in New York after soaring 38% in its trading debut last week. Yahoo! Inc dropped -5.6% after Sanford C Bernstein & Co lowered its rating on the company. Sigma-Aldrich Corp jumped +33% after Merck KGaA agreed to buy the company for $17 billion. Existing home sales fell -1.8% in August, with a growth of 1% expected. D.R.Horton lost -2.6%, Beazer Homes declined -2.8% and Toll Brothers retreated -3.1%. TripAdvisor fell -4.1% after the company’s Viator unit on Friday said the payment card and personal information of about 880,000 customers might have been breached.

 

Asian stocks fell as investors awaited data that is expected to Chinese manufacturing growth slowed for a second month. The Nikkei 225 (-0.71%) and Hang Seng (-0.41%) both declined, while the S&P/ASX 200 (+0.98%) increased. China Shipbuilding Industry Co climbed +2.9% and China CSSC Holdings jumped +7% after the preliminary Purchasing Managers’ index from HSBC Holdings Plc and Markit Economics increased to 50.5 this month from a final reading of 50.2 in August. Poly Real Estate Group Co, up +1.6%, led gains by property developers in Shanghai after the 21st Century Business Herald said the nation’s four biggest banks may loosen criteria for mortgage lending. Tencent Holdings Ltd dropped -1.5% in Hong Kong, taking its decline since the beginning of August to -11%. Citic 21CN Co, in which Alibaba Group Holding Ltd owns a stake, tumbled -10%.