Morning Spread

Morning Spread

Tuesday 24th June 2014
IndexLevelChg (%)
UK Market6782.36-0.27
Dow Indust Avg16937.26-0.06
S&P 5001962.61-0.01
Nasdaq Composite4368.68+0.01
Nikkei 22515376.24+0.05
Hang Seng22880.64+0.33
IndexLevelChg (%)
Nymex 1m105.68-0.46
Gold Spot1324.25+0.52
GBP/USD1.6976+0.25
GBP/EUR1.2465-0.42
EUR/USD1.3619+0.17
USD/JPY0.00981-0.01

European stocks were little changed as investors awaited reports on German business sentiment and US consumer confidence. The ESTX 50 (+0.13%), CAC 40 (+0.16%) and the Dax (+0.06%) all posted modest gains in early trading , while the UK markets (-0.05%) were slightly down. Syngenta advanced +5.4% after it was reported that Monsanto Co had considered taking over the Swiss company. Shire Plc added +1.2% after a report that it had hired Goldman Sachs Group Inc as it faces potential offers. Imagination Technologies Group Plc advanced +7.1% after forecasting a high level of licensing activity for the full year. Altice SA dropped -5.5% after announcing a $1.3 billion share sale. Aviva Plc lost -1.2% after UBS AG cut its rating on the company. BG Group Plc and Tullow Oil Plc climbed more than +1% each.

 

US stocks declined after a strong opening and failed to gain traction from a report showing purchases of previously owned homes in the US rose more than projected. The Dow Jones Industrial Average (-0.06%) declined, while the S&P 500 (-0.01%) and the Nasdaq Composite (+0.01%) were flat. General Electric fell -1.1% after clinching the $17 billion purchase of Alstom SA’s energy assets. FMC Corp dropped -4.9% after cutting its 2014 profit forecast. Integrys Energy Group Inc jumped +12% after Wisconsin Energy Corp agreed to pay $5.7 billion for the company. Micros Systems rose +3.4% as Oracle Corp offered to buy it for a $68 a share. Lululemon Athletica Inc rose +2.5% after saying it is working to improve its product line and improve value for shareholders.

 

Asian stocks rose as utilities advanced and Hong Kong stocks rebounded from yesterday’s slump. The Nikkei 225 (+0.05%) and the Hang Seng (+0.43%) both gained, while the S&P/ASX 200 (-0.38%) retreated. GAIL India Ltd, an Indian distributor of natural gas, jumped +3.8%, helping lead power companies higher. Coolpad Group Ltd jumped +8.3% in Hong Kong after saying profit increased. Inpex Corp tumbled -3.3% as crude slid after Iraqi army victories damped concern the nation’s oil supplies will be disrupted. Lawson advanced +1.4% after the Nikkei newspaper reported the convenience store operator is likely to report an operating profit that far exceeds the analysts’ estimates. Japan Tobacco gained +1.3%. Maruha Nichiro Corp rose +1%. Kyokuyo Co rose +1.6%.