Morning Spread

Morning Spread

Wednesday 25th February 2015
IndexLevelChg (%)
UK Market6947.67-0.03
Dow Indust Avg18209.19+0.51
S&P 5002115.48+0.28
Nasdaq Composite4968.12+0.14
Nikkei 22518585.20-0.10
Hang Seng24778.28+0.11
IndexLevelChg (%)
Nymex 1m49.20-0.16
Gold Spot1208.72+0.69
GBP/USD1.5538-0.50
GBP/EUR1.3654+0.11
EUR/USD1.1379+0.38
USD/JPY118.76+0.11

European stocks were negative in early trading, pausing their recent sharp rally. The ESTX 50 (-0.20%), CAC 40 (-0.08%), Dax (-0.02%) and UK markets (-0.08%) all posted modest losses this morning. Telefonica SA slipped -1% after reporting a 36% decline in fourth quarter operating profit as it wrote down the value of its Venezuelan business to account for lower exchange rates. Axa advanced +4% after posting a 12% jump in full year profit, buoyed by higher earnings at its life and savings division. Weir Group fell -6% after warning about a significant reduction in revenue in 2015. Whitbread advanced +2% after forecasting full year earnings near the top of a previous range. St James’s Place jumped +4.3% after increasing its full year dividend by a higher than expected 50%.

 

US stocks closed higher on Tuesday as investors attempted to interpret a subtle change in emphasis in testimony by Janet Yellen. The Dow Jones Industrial Average (+0.51%), S&P 500 (+0.28%) and the Nasdaq Composite (+0.14%) all advanced. Yellen told a congressional committee that the Federal Reserve is preparing to consider increases on a meeting by meeting basis. Home Depot gained +3.98% after reporting a better than expected quarterly same store sales and announced by an $18 billion in annual expenses. JPMorgan Chase climbed +2.5% after telling investors it aims to save about $1.4 billion in annual expenses. It also forecast about 10% core loan growth in 2015. Toll Brothers rose +3.9% after reporting a higher than expected quarterly profit and raised the low end of its full year home delivery forecast.

 

Asian stocks rose following Wall Street’s gains after Janet Yellen suggested the Federal Reserve would not rush into raising rates. The Hang Seng (+0.11%) and the S&P/ASX 200 (+0.30%) both increased, while the Nikkei 225 (-0.10%) declined. Techtronic Industries Co, a company that gets about 73% of sales from North America, climbed +3.8% in Hong Kong. Daewoo Engineering & Construction Co gained +7.7% in Seoul after being upgraded to “buy” at Samsung Securities Co. Sands China Ltd slipped -5.8% amid weak gambling revenue over the Lunar New Year holiday period. Genting Singapore Plc dropped -6.2% after reporting a slump in profit.