Morning Spread

Morning Spread

Monday 25th November 2013
IndexLevelChg (%)
UK Market6704.79+0.46
Dow Indust Avg16064.77+0.34
S&P 5001804.76+0.50
Nasdaq Composite3991.65+0.57
Nikkei 22515619.13+1.54
Hang Seng23684.45-0.05
IndexLevelChg (%)
Nymex 1m93.62-1.29
Gold Spot1231.12-1.01
GBP/USD1.6189+0.11
GBP/EUR1.1965-0.04
EUR/USD1.3532-0.05
USD/JPY

European shares rose as Iran agreed to limit its nuclear program and as investors awaited a report on US pending home sales. The ESTX 50 (+0.36%), UK Equities (+0.46%), CAC (+0.37%) and DAX (+0.69%) all posted gains in early trading. PSA Peugeot Citroen gained +4.2% after it was reported its CEO plans to step down next year. Fresenius Medical Care AG climbed +7.9% after US regulators scrapped a plan to cut Medicare payments next year. International Consolidated Airlines Group SA and EasyJet Plc both climbed more than +2.5% after the price of oil slumped. J Sainsbury Plc rose +1.1% after Cantor Fitzgerald LP raised its price estimate on the company. Deutsche Lufthansa AG, Europe’s biggest airline by sales, gained +2.4%.

US stocks rose after the pace of hiring increased and pharmaceuticals rallied on favourable decisions by European regulators. The Dow Jones Industrial Average (0.34%), S&P 500 (+0.50%) and the NASDAQ Composite (+0.57%) all advanced. United Continental Holdings Inc climbed +3.9% after David Tepper, the hedge fund manager who runs Appaloosa Management LP, said his big play in the market is airlines. Goldman Sachs Group Inc also lifted its rating on the airline to “buy” from “neutral”. Biogen Idec surged +13% after the company’s multiple sclerosis drug Tecfidera won designation as a new active substance in Europe, giving it added protection against generic copies and paving the way for approval there. The pill is projected to be the company’s top seller by 2015. Gilead rallied +3.7% after receiving a positive recommendation for its hepatitis C treatment from the European Medicines Agency. Time Warner Cable jumped +10% after it was reported that Comcast Corp and Charter Communications Inc have discussed a joint bid for the company to divide its assets between them. Gap Inc fell -1.3% after maintaining its annual profit forecast range, signalling that the holiday shopping quarter may fall short of analysts’ estimates. Abercrombie & Fitch Co slid -2.3% after being cut to “market perform” from “outperform” at Wells Fargo Securities.

Asian stocks rose as the yen weakened, Iran agreed to limit its nuclear program and investors bet improving US economic data will boost earnings. The Nikkei 225 (+1.54%) and the S&P/ASX (+0.32%) both increased, while the Hang Seng (-0.05%) declined. Nikon Corp advanced +3.6% as the yen touched the weakest level in almost six months against the dollar, boosting the outlook for Japanese exporters. Warrnambool Cheese & Butter Factory Co climbed +2% in Sydney after Saputo Inc raised its offer for the company. Beadell Resources Ltd slumped -8.4%, leading Australian gold miners lower as the price of the metal retreated after Iran agreed to limit its nuclear program in exchange for as much as $7 billion of relief from economic sanctions. Silver Lake Resources Ltd retreated -8.9% and Evolution Mining Ltd fell -5.5%.