Morning Spread

Morning Spread

Monday 26th September 2016
IndexLevelChg (%)
UK Market6824.36-1.23
Dow Indust Avg18261.45-0.71
S&P 5002164.69-0.57
Nasdaq Composite5305.75-0.71
Nikkei 22516544.56-1.25
Hang Seng23317.92-1.56
IndexLevelChg (%)
Nymex 1m44.50+0.04
Gold Spot1334.62-0.23
GBP/USD1.2926+0.30
GBP/EUR1.1501-0.42
EUR/USD1.1239+0.11
USD/JPY100.61+0.41

European stocks fell this morning, weighed down by a pullback in the major banking shares and energy companies. The ESTX 50 (-1.58%), CAC 40 (-1.61%), Dax (-1.39%) and the UK markets (-1.12%) all posted losses in early trading. Lloyds declined -2.8% after Goldman Sachs cut its rating on the bank to “sell” from “neutral”. Lanxess surged +7.9% as investors welcomed its move to buy chemical company Chemtura for about $2.1 billion in cash. K+S fell -4.7% after Deutsche Bank cut its rating on the stock to “sell” from “hold”.

US stocks retreated as lower oil prices weighed on energy shares and Facebook and Apple declined. The Dow Jones Industrial Average (-0.71%), S&P 500 (-0.57%) and the Nasdaq Composite (-0.63%) all declined. Oil prices tumbled -4% on signs Saudi Arabia and Iran were making little progress in achieving agreement ahead of talks by crude exporters aimed at freezing production. Facebook shares fell -1.6% after the Wall Street Journal reported that the company overestimated viewing time for video ads. Apple dropped -1.7% on concerns about iPhone sales. Twitter shares surged +21% on reports that the company was exploring selling itself. Endo International jumped +15% after announcing a new CEO.

Asian shares declined following losses on Wall Street as investors attention turned from central banks to American politics ahead of the first US presidential debate. The Hang Seng (-1.56%) and the Nikkei 225 (-1.25%) both dropped, while the S&P/ASX 200 (0.00%) was flat. Half of America’s likely voters will rely on the presidential debates to help them make their choice between Republican Donald Trump and Democrat Hillary Clinton in the Nov 8 election. Apple suppliers TDK Corp tumbled -6.3%, Japan Display Inc dived -7.4% and Murata Manufacturing shed -3.3% after market research firm GfK said that new iPhone European sales would be lower than iPhone 6’s pace.