Morning Spread

Morning Spread

Tuesday 24th December 2013
IndexLevelChg (%)
UK Market6706.65+0.42
Dow Indust Avg16294.61+0.45
S&P 5001827.99+0.53
Nasdaq Composite4148.90+1.08
Nikkei 22515889.33+0.12
Hang Seng23179.55+1.13
IndexLevelChg (%)
Nymex 1m98.88-0.03
Gold Spot1201.99+0.26
GBP/USD1.6338+0.14
GBP/EUR1.1946+0.04
EUR/USD1.3676-0.17
USD/JPY

European stocks were steady this morning, with trading during the shortened session expected to be quiet as many markets such as Germany, Switzerland and Italy closed for the Christmas break. The ESTX 50 (+0.16%), UK Markets (+0.47%) and the CAC 40 (+0.31%) were all positive in early trading. Tullow Oil Plc was down -1.18% after saying a well it drilled off the coast of Norway failed to find oil or gas. AXA was up +0.81% after saying it has agreed to sell its life and savings operations in Hungary to Vienna Insurance Group in a deal that will see it take a €40 million hit to full year net income. Segro Plc declined -0.59% after saying it sold its Neckermann site for €46 million. British Sky Broadcasting Group Plc climbed +3% for the biggest rally among UK blue chips this morning.

 

US stocks rose as Apple Inc rallied and the IMF indicated it would raise its outlook for the economy. The Dow Jones Industrial Average (+0.45%), S&P 500 (+0.53%) and the NASDAQ Composite (+1.08%) all advanced. Apple jumped +3.8% after the company struck a deal to sell its iPhones through China Mobile Ltd. T-Mobile US Inc added +2.8% after it was reported that SoftBank Corp CEO Masayoshi Son is exploring a deal for Sprint Corp to buy the majority of the company next year. Micron Technology Inc slid -3.1% after Bank of America downgraded its rating on the stock to “underperform” from “neutral”, citing increasing competition. KB Home gained +7.6% after Citigroup Inc upgraded the shares to “neutral” from “sell”, citing strengthening demand. PulteGroup added +5.9%.

 

Asian stocks after data showed the US economic recovery gaining momentum and China’s central bank moved to ease a cash crunch. The Nikkei 225 (+0.12%), Hang Seng (+1.13%) and the S&P/ASX 200 (+0.67%) all gained. Techtronic Industries Co, a company that gets 73% of sales from North America, climbed +3.4% in Hong Kong after US consumer spending rose. AAC Technologies Holdings a company that gets 64% of its revenue in the US, gained +4.2%. Agricultural Bank of China Ltd gained +1.3%. Mitsubishi Motors Corp jumped +4.3% after raising its operating profit forecast 43% to 100 billion yen, citing a weaker yen, cost cuts and a review of corporate taxes. Japan Tobacco Inc dropped -2.2% after Sky News reported the resignation of Pierre De Labouchere, the head of the company’s international business.