Morning Spread

Morning Spread

Wednesday 24th September 2014
IndexLevelChg (%)
UK Market6657.32-0.28
Dow Indust Avg17055.87-0.68
S&P 5001982.77-0.58
Nasdaq Composite4508.69-0.42
Nikkei 22516167.45-0.24
Hang Seng23921.61+0.35
IndexLevelChg (%)
Nymex 1m91.51-0.05
Gold Spot1223.53+0.02
GBP/USD1.6402-0.26
GBP/EUR1.2768+0.28
EUR/USD1.2846-0.01
USD/JPY108.57+0.34

European stocks were little changed as a report showed German business confidence fell for a fifth month. The ESTX 50 (-0.03%), UK markets (-0.22%) and the Dax (-0.11%) all posted small losses in early trading, while the CAC 40 (+0.03%) was flat. Adecco SA slipped -4.4% after saying Germany and France experienced weaker growth than normal this month. Royal Bank of Scotland Plc declined -1.5% after selling the shares of its US subsidiary below the initial offer price. AstraZeneca dropped -1.1% after it was reported that Pfizer Inc has approached Actavis Plc about a possible acquisition. Fresnillo Plc gained +2.6% after UBS AG added the company to a list of most preferred stocks. Rio Tinto Group climbed +1% after Morgan Stanley lifted its rating on the company.

 

US stocks fell as health care shares declined amid a government crackdown on tax-saving mergers and as the Middle East conflict escalated. The Dow Jones Industrial Average (-0.68%), S&P 500 (-0.58%) and the Nasdaq Composite (-0.42%) all retreated. Medtronic Inc slid -2.9% after the Treasury Department disclosed plans to limit inversion deals. UnitedHealth Group Inc slid -1.3%, AbbVie fell -2%, Medtronic declined -2.9% and Abbott Laboratories declined -2.1%. CarMax Inc sank -9.5% after earnings missed estimates. Alibaba Group Holding Inc fell -3% for a second day of losses. Burger King Worldwide Inc slid -2.7%. The company which agreed at the end of August to buy Canada based Tim Hortons Inc, will proceed with the deal even amid the crackdown on inversions. Salix Pharmaceuticals jumped +5.8% after it was reported that Allergan Inc is in talks to acquire the company to help it fend off a hostile takeover from Valeant Pharmaceuticals International Inc.

 

Asian stocks fell following declines in US equities and as the yen strengthened. The Nikkei 225 (-0.24%) and the S&P/ASX 200 (-0.74%) both retreated, while the Hang Seng (+0.33%) advanced. China Coal Energy Co rallied +3.8% and Yanzhou Coal Mining Co advanced +3.2% after it was reported that China, both the world’s biggest market for coal and worst carbon-dioxide emitter, is seeking to reduce output at the nation’s 14 largest producers after prices slumped amid efforts to moderate economic growth and fight pollution. Citic Securities Co climbed +3.4% and Changjiang Securities Co advanced by the +10% daily limit, after it was reported that the number of funded accounts increased by 158,000 last week, the most since February. Jiangxi Hongdu Aviation Industry Co surged +10% after President Xi Jinping called on the People’s Liberation Army to boost their combat readiness.