Morning Spread

Morning Spread

Tuesday 24th November 2015
IndexLevelChg (%)
UK Market6253.89-0.82
Dow Indust Avg17792.68-0.17
S&P 5002086.59-0.12
Nasdaq Composite5102.48-0.05
Nikkei 22519924.89+0.23
Hang Seng22587.63-0.35
IndexLevelChg (%)
Nymex 1m42.26+1.22
Gold Spot1074.02+0.45
GBP/USD1.5131-0.02
GBP/EUR1.4212-0.23
EUR/USD1.0647+0.25
USD/JPY122.58+0.26

European shares fell following some disappointing updates from several companies. The ESTX 50 (-0.99%), UK markets (-0.81%), CAC 40 (-1.19%) and the Dax (-0.81%) all posted losses in early trading. Zodiac Aerospace slumped nearly -10% after posting a 44.6% drop in core annual earnings in the wake of production delays at its troubled aircraft seats division. Kingfisher fell about -3% after missing forecasts with a 6.6% fall in third quarter profit. Altice dropped -5% as Next Alt said it wanted to exercise a right to sell 7.5% of Altice’s shares.

 

US stocks were negative in a quiet trading day on Wall Street, while a big healthcare deal failed to impress investors on Monday. The Dow Jones Industrial Average (-0.17%), S&P 500 (-0.12%) and the Nasdaq Composite (-0.05%) all decreased. Pfizer’s announcement of what is expected to be the biggest ever healthcare deal pushed its shares down -2.6% making it one of the biggest drags on the S&P. Target company Allergan closed -3.4% lower after the $160 billion deal announcement. Disappointment in the Pfizer/Allergan deal was driven by weaker than hoped for projected savings from the complex deal, antitrust issues, along with a possible delay in Pfizer’s plan to split into two companies, according to analysts. Tyson Foods rose +10.2% after its quarterly sales beat estimates.

 

Asian stocks fell as tumbling commodity prices dragged raw materials shares lower. The Nikkei 225 (+0.23%) gained, while the Hang Seng (-0.35%) and the S&P/ASX 200 (-0.95%) both retreated. BHP Billiton Ltd fell -1.7% and Rio Tinto Group lost -1.1% in Sydney. Sharp closed +14% higher, paring a record 36% surge earlier in the day, after Kyodo News reported some of the firm’s loans may be forgiven as part of the government’s potential investment in the struggling company. Sumitomo Metal Mining Co dropped -1.8% as copper futures held losses near the lowest price in more than six years. Nickle fell to the lowest level in more than a decade, sending Dowa Holdings Co down by -1.1%.