Morning Spread

Morning Spread

Tuesday 26th April 2016
IndexLevelChg (%)
UK Market6290.49+0.47
Dow Indust Avg17977.24-0.15
S&P 5002087.79-0.18
Nasdaq Composite4895.79-0.21
Nikkei 22517353.28-0.49
Hang Seng21407.27+0.48
IndexLevelChg (%)
Nymex 1m42.91+0.63
Gold Spot1235.03-0.23
GBP/USD1.4543-0.38
GBP/EUR1.2885+0.20
EUR/USD1.1287+0.18
USD/JPY110.80+0.39

European equities rose this morning, boosted by earnings results. The ESTX 50 (+0.73%), UK markets (+0.47%), CAC 40 (+0.50%) and the Dax (+0.53%) all posted gains in early trading. BP Plc advanced +2.2% after reporting a surprise quarterly profit despite falling oil prices. EON SE gained +0.4% after saying it expects underlying net income of as much as €1 billion this year after spinning off its Uniper unit. ThyssenKrupp AG fell -3.8%, as France won a $39 billion contract to build Australian submarines, beating a bid from the German company. Whitbread rose +3.6% after full year earnings beat estimates. British American Tobacco Plc added +1.8% after its sales growth topped analysts’ projections because of higher volumes in western Europe.

 

US shares retreated, tracking a decline in oil prices, while earnings from several companies also weighed on stocks. The Dow Jones Industrial Average (-0.15%), S&P 500 (-0.18%) and the Nasdaq Composite (-0.21%) finished the session down. Perrigo Co dropped -18% after it lowered its adjusted profit forecast for the full year, and was among the largest drags on the S&P 500. Xerox tumbled -13.3% after reporting lower revenue. The US Justice Department approved Charter Communications purchase of Time Warner Cable, whose shares jumped +4.1%. Charter rose +4.6%. Tribune Publishing soared +53% after Gannett offered to buy the owner of the Los Angeles Times. Gannett was up +6.5%.

 

Asian stocks fell as raw material shares declined before this week’s central bank meetings in the US and Japan. The Nikkei 225 (-0.49%) and the S&P/ASX 200 (-0.30%) both declined, while the Hang Seng (+0.33%) increased. Mitsubishi Motors Corp plunged -9.6% after the Nikkei newspaper reported the company may have used fuel efficiency tests inconsistent with government guidelines since the 1990’s. JSR Corp sank -3.2% after the company’s forecast for operating profit missed analyst estimates. Hitachi Chemical Co climbed +5.3% after reporting profit that beat estimates. Japan Steel Works Ltd surged +13% following an upgrade by Morgan Stanley MUFG Securities Co.