Morning Spread

Morning Spread

Tuesday 26th November 2013
IndexLevelChg (%)
UK Market6673.48-0.32
Dow Indust Avg16072.54+0.05
S&P 5001802.48-0.13
Nasdaq Composite3994.57+0.07
Nikkei 22515515.24-0.67
Hang Seng23681.28-0.01
IndexLevelChg (%)
Nymex 1m94.56+0.50
Gold Spot1252.34+0.08
GBP/USD1.6190-0.26
GBP/EUR1.1941-0.06
EUR/USD1.3558+0.32
USD/JPY

European stocks dropped as investors awaited US housing and consumer confidence data to gauge the health of the US economy. The ESTX 50 (-0.25%), UK Equities (-0.48%), CAC 40 (-0.36%), DAX (-0.04%) all posted losses in early trading. Britvic Plc rose +4.5% after full year earnings exceeded analysts’ estimates. SABMiller Plc slipped -1.8%, following alocoholic beverage makers lower, after Remy Cointreau SA predicted annual profit will drop. Remy sank -9.2%. Repsol SA advanced +3.8% after the governments of Spain and Argentina reached a preliminary agreement to compensate the Madrid based oil company for its stake in YPF SA. Glencore Xstrata lost -1.7% after Bank of America Corp’s Merrill Lynch unit downgraded the stock.  

 

US stocks were hardly changed as energy shares retreated following Iran’s agreement to limit its nuclear program. The S&P 500 (-0.13%) was slightly down, while the Dow Jones Industrial Average (+0.05%) and the NASDAQ Composite (+0.07%) both registered small gains. Schlumberger, the world’s largest oilfield services provider, dropped -3.2%. Noble, an offshore rig contractor, slipped -4.1%. Delta Air Lines Inc rose +2% and United Continental Holdings Inc gained +3.4%. Alcoa gained +3.8% after Goldman Sachs Group Inc upgraded the shares of the company to “buy” from “neutral”. Caterpillar added +1.8% after Bank of America Corp raised the company to “buy” from “neutral”, saying the power systems business will help earnings next year. DaVita HealthCare Partners Inc jumped +8.9% for the biggest gain in the S&P 500 after US regulators scrapped a proposed 9.4% reduction in Medicare payments to dialysis providers.

 

Most Asian stocks retreated after valuations climbed to near the highest level in six months. Japanese exporters declined on a stronger yen, while gold producers advanced. The Nikkei 225 (-0.67%) was down, while the Hang Semg (-0.01%) and the S&P/ASX 200 (+0.08%) were fairly flat. Doosan Engineering & Construction Co slumped -15% after the Korea Economic Daily said the provider of architectural services will sell redeemable convertible preferred shares. Perseus Mining Ltd rose +3.6% in Sydney to lead a rebound in gold producers after prices for the metal rallied from their lowest since July. Evolution Mining Ltd added +1.7%, following its -5.5% loss yesterday. Honda fell -2% and Toyota Motor Corp retreated -1.2% after the yen gained +0.2%. China Petroleum & Chemical Corp sank -2.6% after Chinese authorities detained seven employees from the nation’s biggest refiner following the death of 55 people in a pipeline blast.