Morning Spread

Morning Spread

Wednesday 25th June 2014
IndexLevelChg (%)
UK Market6746.01-0.60
Dow Indust Avg16818.13-0.70
S&P 5001949.98-0.64
Nasdaq Composite4350.36-0.42
Nikkei 22515266.61-0.71
Hang Seng22866.70-0.06
IndexLevelChg (%)
Nymex 1m106.58+0.52
Gold Spot1314.00-0.33
GBP/USD1.6976-0.02
GBP/EUR1.2475-0.14
EUR/USD1.3609+0.16
USD/JPY0.00981-0.18

European stocks fell as violence in the Middle East escalated. The ESTX 50 (-0.47%), UK Markets (-0.55%), CAC 40 (-0.64%) and the Dax (-0.43%) all posted losses in early trading. GDF Suez SA dropped -3% after France said it will sell as much as €1.79 billion of shares in the company. Banco Comercial Portugues SA deceased -5.2% after saying it plans a €2.25 billion capital increase. Actividades de Construccion y Servicios SA lost -1.5% as Corporacion Financiera Alba is selling a 3.7% stake in Spain’s biggest builder. Bunzl Plc fell -1% after saying it bought Allshoes Benelux BV in the Netherlands and JPLUS Comercio e Distribuicao Ltds in Brazil. Bunzl also reported that first half revenue climbed 6% at a constant foreign-exchange rate. Meggitt Plc dropped -2.7% after JPMorgan Chase & Co downgraded the shares. Tullow Oil Plc lost -2.5%. Anglo American Plc and Antofagasta Plc slipped more than -1.6% each as a commodity producers declined.

 

US stocks fell amid concern over escalating violence in Iraq as investors gauged the strength of the global economy. The Dow Jones Industrial Average (-0.70%), S&P 500 (-0.64%) and the Nasdaq Composite (-0.42%) all declined. Elizabeth Arden Inc fell -3.1% after announcing a restructuring program that will eliminate jobs and shut its Puerto Rico affiliate. Intercontinental Exchange dropped -4% after Wells Fargo cut its rating on the company to “hold” from “buy”. Micron Technology Inc climbed +4% after saying third quarter profit rose to $806 million, while sales rose to $3.98 billion. Both of which exceeded analysts’ projections, with limited supply in the industry bolstering prices. Vertex Pharmaceuticals Inc surged +40% after it was reported that a combination of two of the company’s drugs significantly improved lung function in clinical trials on patients with the most common form of cystic fibrosis. Exxon Mobil Corp dropped -1.6% and Pioneer Natural Resources Co slumped -4.8% as energy shares declined.

 

Asian stocks fell as escalating violence in the Middle East sapped demand for riskier assets. The Nikkei 225 (-0.71%), Hang Seng (-0.06%) and the S&P/ASX 200 (-0.57%) all retreated. FIH Mobile lost -4.2% in Hong Kong after its rating was cut to “hold” from “buy” at Jefferies. Miura slid -3% after the stocks rating was lowered to “equal-weight” from “overweight” at Barclays. Shougang Fushan Resources Group Ltd fell -3.1% in Hong Kong to lead materials companies lower. Newcrest Mining Ltd slid -2.4% in Sydney. China Petrochemical Development Corp lost -2.4% in Taiwan. China Vanke Co jumped as much as 10% as the country’s biggest developer debuted shares in Hong Kong to gain access to international investors.