Morning Spread

Morning Spread

Monday 24th February 2014
IndexLevelChg (%)
UK Market6811.60-0.39
Dow Indust Avg16103.30-0.19
S&P 5001836.25-0.19
Nasdaq Composite4263.41-0.10
Nikkei 22514837.68-0.19
Hang Seng22388.56-0.80
IndexLevelChg (%)
Nymex 1m102.40+0.20
Gold Spot1334.06+0.74
GBP/USD1.6667-0.31
GBP/EUR1.2112+0.11
EUR/USD1.3761+0.11
USD/JPY

European stocks were up as investors awaited data on German business confidence and results from several companies. The ESTX 50 (+0.37%), CAC 40 (+0.30%) and the DAX (+0.24%) all posted gains in early trading, while the UK markets (-0.38%) were negative. Volkswagen AG tumbled -6.6% after offering to buy the remaining stake in Scania AB for €6.7 billion. HSBC fell -4.1% after reporting 2013 pre-tax profit that trailed the median of analysts’ predictions. PostNL tumbled -15% after posting a full year net loss that was €14 million larger than the average analyst estimate. RSA Insurance Group Plc retreated -1.3% after saying that it is considering a share sale as one of the ways to replenish capital. G4S Plc fell -0.8% after a report said the company is facing accounting allegations. Bunzl Plc climbed +3.5% after posting full year revenue that jumped 12% and beat analysts’ estimates.

 

Asian stocks declined as G20 finance chiefs endorsed accommodative monetary policy and China’s central bank signalled the nation’s economy can sustain growth of 7% to 8%. The Nikkei 225 (-0.19%) and Hang Seng (-0.80%) both retreated, while the S&P/ASX 200 (+0.03%) was flat. China Vanke Co and Poly Real Estate Group Co both plunged more than -6% after the Shanghai Securities News reported Industrial Bank Co and other banks have curbed lending to the property sector. Industrial Bank led declines for banks with a -3.7% loss. China Petroleum & Chemical Corp slid as much as -6.4% erasing gains since it announced plans to sell a stake to private investors. Japanese exporters dropped as the yen gained. Toyota declined -1% and Fuji Heavy Industries Ltd fell -1%. Sanrio Co climbed -2.3% after being upgraded at Mitsubishi UFJ Morgan Stanley Securities Co.

 

US stocks fell as Federal Reserve officials indicated the central bank is unlikely to slow the pace of stimulus cuts. The Dow Jones Industrial Average (-0.19%), S&P 500 (-0.19%) and the NASDAQ Composite (-0.10%) all declined. Groupon Inc slumped -22% after giving a profit forecast that trailed estimates. Juniper Networks Inc rose +2% after announcing plans to return at least $3 billion to shareholders and cut $160 million in expenses. Seagate Technology rallied +1.5% after RBC Capital Markets upgraded the company to “outperform” from “sector perform”, citing an improving PC market and the possibility share buybacks will boost the shares this year. Barnes & Noble jumped +5.4% after G Asset Management proposed buying 51% of the company.