Morning Spread

Morning Spread

Thursday 24th July 2014
IndexLevelChg (%)
UK Market6806.98+0.13
Dow Indust Avg17086.63-0.16
S&P 5001987.01+0.18
Nasdaq Composite4473.70+0.40
Nikkei 22515284.42-0.29
Hang Seng24141.50+0.71
IndexLevelChg (%)
Nymex 1m102.81-0.30
Gold Spot1297.15-0.57
GBP/USD1.7016+0.11
GBP/EUR1.2621-0.25
EUR/USD1.3483+0.15
USD/JPY101.55-0.07

European stocks advanced, reversing earlier losses, as data showed euro-area manufacturing and services are accelerating this month and as investors weighed earnings from several companies. The ESTX 50 (+0.41%), UK Markets (+0.02%), CAC 40 (+0.35%) and the Dax (+0.17%) all posted gains in early trading. Nokia rallied +7.3% after posting second quarter earnings that topped estimates. Roche added +1.3% after reaffirming its forecast, saying revenue this year will increase by a low to mid-single digit percentage at constant exchange rates, while earnings per share will rise faster than sales. Danske Bank A/S advanced +5.3% after raising its full year forecast. BASF fell -1.9% after a reporting an increase in earnings that missed estimates. The company said it stands by its target of achieving a slight increase in profit this year.

 

US stocks rose as Apple Inc boosted technology companies and health care shares rallied amid earnings. The S&P 500 (+0.18%) and the Nasdaq Composite (+0.40%) both increased, while the Dow Jones Industrial Average (-0.16%) decreased. Apple added +2.6% after signalling the wait for new products is nearing an end. Biogen Idec Inc rallied +11% after raising its full year forecast. PepsiCo Inc climbed +1.9% after reporting better than projected profit and raised its annual forecast after reducing costs. Delta Air Lines Inc rose +3.9% as the company benefited from strong domestic demand to post profit that topped estimates. Boeing sank -2.3% for the steepest decline in the Dow after taking the after-tax charge related to development of the KC-46A military tanker. It also raised its full year profit forecast, as it reaps gains from faster production that is driving jetliner deliveries to record levels.

 

Asian stocks advanced after a Chinese manufacturing gauge rose to its strongest reading in 18 months. The Hang Seng (+0.68%) and the S&P/ASX 200 (+0.20%) both gained, while the Nikkei 225 (-0.29%) retreated. LG Display Co climbed +1.4% in Seoul after posting second quarter profit that beat analyst estimates. Great Wall Motor Co advanced +6.8% in Hong Kong as China International Capital Co recommended the shares after the company posted preliminary results. Newcrest Mining Ltd sank -6.2% after saying it may write down the value of its assets by as much as AUD$2.5 billion, mainly for its Lihir mine in Papua New Guinea. That follows a $5.7 billion writedown in 2013 that triggered a record loss, a regulatory inquiry and a boardroom clean-out. TransAsia Airways Corp tumbled -5.5% in Taipei after one of its passenger planes crashed as it prepared to land on Taiwan’s outlying Penghu Islands, killing 48 people and injuring 10.