Morning Spread

Morning Spread

Thursday 26th June 2014
IndexLevelChg (%)
UK Market6737.41+0.06
Dow Indust Avg16867.51+0.29
S&P 5001959.53+0.49
Nasdaq Composite4379.76+0.68
Nikkei 22515308.49+0.27
Hang Seng23197.83+1.45
IndexLevelChg (%)
Nymex 1m106.53+0.03
Gold Spot1310.74-0.64
GBP/USD1.7031-0.30
GBP/EUR1.2510+0.47
EUR/USD1.3614-0.18
USD/JPY0.00983-0.03

European stocks were little changed amid increased mergers and acquisitions activity, and as investors’ awaited data to assess the health of the US economy. The ESTX 50 (-0.01%), Dax (0.00%), UK Markets (-0.06%) and the CAC 40 (+0.04%) were all flat in early trading. London Stock Exchange climbed +5.9% after it was reported that LSE is buying Frank Russell to expand the index business and exchange-traded funds. LSE said the takeover will boost earnings in the first full year. Fresenius Medical Care AG advanced +2.9% after Credit Suisse Group AG raised its rating on the stock to “outperform” from “neutral”. Barclays slipped -5.2% after falsifying marketing materials to hide how much high frequency traders were buying and selling, according to a complaint filed by New York Attorney General Eric Schneiderman. Standard Chartered Plc dropped -5.1% after saying first half operating profit will probably decline 20% from the same period last year because of weaker income from its financial-markets division and increased bad loans.

 

US stocks rose as investors speculated the economy is recovering from a first quarter contraction. The Dow Jones Industrial Average (+0.29%), S&P 500 (+0.49%) and the Nasdaq Composite (+0.68%) all advanced. Monsanto rallied +5.1% after announcing a $10 billion stock buyback plan. CBS Corp jumped +6.2% after the US Supreme Court ruled that Aereo Inc is violating broadcaster rights. Bristol-Myers Squibb Co gained +3% after stopping a late-stage study of a top experimental drug after skin cancer patients showed superior overall survival. Schlumberger Ltd jumped +6.4% after saying that earnings for the company may reach $10 a share in 2017. General Mills Inc retreated -3.6% after reporting quarterly earnings that trailed analysts’ estimates and said it began a review of its North American manufacturing and distribution network as part of a wider effort to reduce costs.

 

Asian stocks rose amid optimism the US economy is emerging from a worse than estimated contraction last quarter. The Nikkei 225 (+0.27%), Hang Seng (+1.45%) and the S&P/ASX 200 (+1.15%) all advanced. China Gas Holdings Ltd surged +6.9% in Hong Kong as it said plans to increase sales threefold by 2020. Rakuten Inc rose +2.9% after the Japanese online retailer was reported to be in talks to invest in a discount airline with AirAsia Bgd. Luk Fook Holdings International Ltd climbed +4.1% in Hong Kong after profit at the company rose. Casino operators advanced in Hong Kong after Macau’s finance secretary commented on payment card devices used by jewellery and watch retailers within gaming houses. Sands China Ltd jumped +4%. Galaxy Entrainment Group Ltd climbed +3.7%.