Morning Spread

Morning Spread

Friday 24th October 2014
IndexLevelChg (%)
UK Market6399.59-0.30
Dow Indust Avg16677.90+1.32
S&P 5001950.82+1.23
Nasdaq Composite4452.79+1.60
Nikkei 22515291.64+1.01
Hang Seng23302.20-0.13
IndexLevelChg (%)
Nymex 1m81.32-0.94
Gold Spot1232.44+0.05
GBP/USD1.6055-0.12
GBP/EUR1.2686+0.02
EUR/USD1.2686+0.11
USD/JPY108.15+0.07

European stocks fell after a case of Ebola was diagnosed in New York. The ESTX 50 (-0.16%), UK markets (-0.29%), CAC 40 (-0.25%) and the Dax (-0.14%) all posted losses in early trading. C&C Group Plc dropped -8.2% in Dublin after making a preliminary approach to bid for Spirit Pub Co, challenging Greene King Plc’s agreed bid. BASF SE lost -2.6% after predicting it won’t achieve its 2015 financial targets, calling them ambitious. Volvo AB jumped +11% after saying it plans to reduce costs by a further 3.5 billion kronor by the end of 2015, compared with end 2012 figures, in addition to the 6.5 billion kronor already saved. Belgacom SA rose +7.5% after saying it expects a slightly positive adjusted Ebitda for 2014, from a previous estimate of a decline of as much as 2%. AstraZeneca Plc slipped -1.3% after former suitor Pfizer Inc announced an $11 billion share buyback, casting doubt on a revival of a takeover. Tesco Plc slumped -3.4% after Moody’s Corp said the company’s debt rating may be cut to junk.

 

US stocks advanced amid better than forecast corporate earnings and data signalling stronger economies from China to Europe. The Dow Jones Industrial Average (+1.32%), S&P 500 (+1.23%) and the Nasdaq Composite (+1.60%) all gained. Caterpillar added +5% after raising its full year earnings forecast amid higher sales of construction machinery in North America. 3M climbed +4.4% after boosting sales in all of its businesses. Tractor Supply Co surged +16% after increasing its profit forecast. Amazon.com Inc sank -10% in late trading after its earnings and forecast missed estimates. Parker Hannifin Corp surged +6.6% after boosting its quarterly dividend and announced plans to buy back as many as 35 million shares. AT&T Inc slumped -2.4% after missing profit estimates and cut its sales forecast for 2014 as promotions and price cuts took a toll. Alibaba Group Holding Ltd jumped +3.1%.

 

Asian stocks rose after US earnings beat estimates and data signalled stronger European growth. The Nikkei 225 (+1.01%) and the S&P/ASX 200 (+0.54%) both advanced, while the Hang Seng (-0.06%) was slightly down. Great Wall Motor Co slid -6.7% in Shanghai after third quarter profit dropped 22%. China Construction Bank Corp lost -0.3% in Shanghai and lost -0.7% in Hong Kong after earnings trailed estimates. Anhui Conch Cement Co slumped -2.4% in Hong Kong after new home prices in China fell in all but one city monitored by the government last month. Fujifilm Holdings Corp gained +2.5% after saying its Avigan treatment may be included among experimental Ebola treatments to be tested by aid group Doctors Without Borders. Hitachi Ltd surged +3.6% after preliminary profit beat its forecast. Japan Airlines Co fell -0.6% after the Ebola case was reported.