Morning Spread

Morning Spread

Tuesday 25th March 2014
IndexLevelChg (%)
UK Market6593.12+1.12
Dow Indust Avg16276.69-0.16
S&P 5001857.44-0.49
Nasdaq Composite4226.39-1.18
Nikkei 22514423.19-0.36
Hang Seng21732.32-0.52
IndexLevelChg (%)
Nymex 1m99.89+0.29
Gold Spot1316.03+0.56
GBP/USD1.6496+0.24
GBP/EUR1.1944+0.21
EUR/USD1.3811-0.47
USD/JPY

European stocks rose as investors awaited American data to gauge whether the world’s largest economy has rebounded from the harsh winter. The ESTX 50 (+0.69%), UK Markets (+1.15%), CAC 40 (+0.86%) and the DAX (+0.87%) all posted gains in early trading. EasyJet Plc gained +4% after forecasting that its loss will narrow in the six months to March 2014. Luxottica Group SpA climbed +3.6% after saying it will design spectacles that use Google Inc’s Glass technology. Baloise Holding AG rose +1.3% after the Swiss insurer unexpectedly increased its dividend. Kingfisher Plc gained +3.3% after saying adjusted pre-tax profit climbed more than analysts’ had projected. The company also said it would return about £200 million to shareholders during its 2015 financial year. SABMiller Plc added +3.5% after Sanford C.Bernstein & Co raised its rating on the brewer. Royal Mail Plc dropped -1.4% after saying it will cut jobs.

 

US stocks fell as economic data signalled a slowdown in American manufacturing and some banks said Russia’s economy will enter a recession. The Dow Jones Industrial Average (-0.70%), S&P 500 (-0.61%) and the Nasdaq Composite (-0.59%) all declined. Health-care and consumer-discretionary companies, the best performing industries over the past 12 months, led the retreat, falling at least 1%. The Nasdaq Biotechnology Index dropped -3%, after rallying 17% in the first two months of the year. It has tumbled 12% from its February 25th record. Alexion Pharmaceuticals declined -6.3% and Biogen Idec Inc slipped -1.9%. Tesla fell -3.8%, the stock had been the best performer in the Nasdaq this year with a 52% jump. NetApp Inc fell -3.2% after being cut to “underweight” from “equal-weight” by Morgan Stanley, citing that the company’s cost cuts may not be enough to expand margins amid increased competition. Proctor & Gamble Co and JPMorgan Chase & Co both added more than +1.5%.

 

Asian stocks fell as data showed slowing US factory activity and investors weighed prospects of recession. The Nikkei 225 (-0.36%), Hang Seng (-0.52%) and the S&P/ASX 200 (-0.19%) all retreated. Sekisui House Ltd dropped -1% after saying it found defects in a Tokyo residential complex being built by Taisei Corp. Tingyi Holding Corp rose +2.2% in Hong Kong after UBS AG upgraded the company. Cosco Pacific lost -2.4% after reporting full year net income that missed estimates. Yashili plunged -10% after reporting full year profit that missed estimates. Tongda Group Holdings Ltd slumped -9.4% after selling 600 million new shares.