Morning Spread

Morning Spread

Thursday 24th April 2014
IndexLevelChg (%)
UK Market6708.94+0.51
Dow Indust Avg16501.65-0.08
S&P 5001875.39-0.22
Nasdaq Composite4126.97-0.83
Nikkei 22514404.99-0.97
Hang Seng22562.80+0.24
IndexLevelChg (%)
Nymex 1m101.62+0.18
Gold Spot1283.64-0.02
GBP/USD1.6793-0.09
GBP/EUR1.2137-0.04
EUR/USD1.3836+0.13
USD/JPY

European stocks rose as several companies rallied on mergers and acquisitions activity. The ESTX 50 (+0.64%), UK Markets (+0.51%), CAC 40 (+0.70%) and the DAX (+0.58%) all posted gains in early trading. Alstom surged +13% after it was reported that General Electric Co has held talks to buy the French company. Telekom Austria jumped +6.7% after America Movil SAB agreed to share control of the company with the Austrian government. Technip SA added +5% after posting profit that beat predictions. Heineken NV gained +1% after posting sales growth that exceeded estimates. Air Liquide SA gained +2.1% after saying sales rose in the first three months of year. Anglo American Plc added +3.1% after saying first quarter iron-ore output jumped 10%. AstraZeneca Plc rose +2.8% after posting quarterly sales that exceeded analysts’ estimates. Unilever plc lost -1.1% after saying revenue growth slowed from the fourth quarter.

 

US stocks declined after disappointing earnings reports from several companies and an unexpected drop in home sales. The Dow Jones Industrial Average (-0.08%), S&P 500 (-0.22%) and the Nasdaq composite (-0.83%) all declined. AT&T Inc fell -3.8% as more customers opted to pay full price for smartphones in exchange for lower bills in the future. Boeing Co added +2.4% after profit topped estimates. Facebook rose +2.9% in extended trading after the company’s sales and profit exceeded analysts’ estimates. Apple Inc surged +8.3% after boosting its buyback to $90 billion and raised its dividend. The company also said it will do a seven for one stock split. EMC Corp declined -3.2% after cutting its earnings forecast for 2014 after reporting a drop in first quarter profit. Procter & Gamble Co slid -0.3% after posting third quarter revenue that missed expectations because of declines in its beauty and grooming businesses, as well as a strong dollar that reduced the value of its revenue abroad.

 

Asian stocks were mixed after an unexpected drop in US home sales signalled a housing recovery in the world’s largest economy is running out of steam. The Nikkei 225 (-0.97%) declined, while the Hang Seng (+0.21%) and the S&P/ASX 200 (+0.24%) both registered small gains. Toyota Motor Corp slid -1.4% pacing losses among Japanese exporters as the yen gained. Sony Corp sank -3.1% and Panasonic Corp fell -1.8%. Hyundai Motor Co fell -1.2% in Seoul after reporting first quarter profit that missed analysts’ estimates as a stronger won eroded export earnings. Kansai Electric Power Co sank -4.2% in Tokyo after saying it may take a long time to restart its nuclear reactors. Catcher Technology Co, which makes casings for iPhones, jumped +6.5% and Largan Precision Co, a supplier of lenses to Apple, rose +3.9% in Taipei.