Morning Spread

Morning Spread

Wednesday 27th April 2016
IndexLevelChg (%)
UK Market6272.53-0.19
Dow Indust Avg17990.32+0.07
S&P 5002091.70+0.19
Nasdaq Composite4888.28-0.15
Nikkei 22517290.49-0.36
Hang Seng21361.60-0.21
IndexLevelChg (%)
Nymex 1m44.82+1.77
Gold Spot1247.02+0.29
GBP/USD1.4563+0.14
GBP/EUR1.2859-0.41
EUR/USD1.1325+0.27
USD/JPY111.11+0.25

European equities were little changed amid mixed earnings results. The ESTX 50 (+0.11%), CAC 40 (+0.22%), Dax (+0.14%) all posted gains in early trading, while UK markets (-0.15%) declined. Barclays Plc climbed +4% as revenue at the investment bank fell less than expected. Banco Santander SA added +2.9% after net income beat analysts’ estimates. Adidas AG gained +4.9% after raising its annual profit forecast as consumers spend more before this year’s European Football Championship in France. Societe BIC SA sank -6.3% after reporting a decline in margins. Total SA added +1.7% after posting a smaller than projected drop in quarterly earnings, helped by cost cuts and rising production. Dialog Semiconductor Plc slipped -2.3% after Apple reported a drop in quarterly revenue. 

 

US stocks advanced, buoyed by gains in the energy and materials sectors, even though lacklustre economic data weakened the US dollar, thereby giving support to oil and gold prices. The Dow Jones Industrial Average (+0.07%) and the S&P 500 (+0.19%) both gained, while the Nasdaq Composite (-0.15%) was down. DuPont rose +2.4% after saying it is aiming to buy back $2 billion in shares this year. 3M and Proctor & Gamble were down -1.3% and 2.3% respectively after reporting declining sales. Apple shares almost dropped almost -7% after the bell as its earnings fell below expectations and its outlook also disappointed. Twitter lost more than -10% after it reported lower than expected revenue for the first quarter, hurt by weaker spending by big advertisers.

 

Asian stocks fell as suppliers to Apple Inc declined and fund managers awaited policy decisions from the Federal Reserve and the Bank of Japan. The S&P/ASX 200 (-0.63%), Hang Seng (-0.21%) and the Nikkei 225 (-0.36%) all retreated. Suppliers to Apple slipped after Apple posted its first quarterly revenue drop in more than a decade and forecast another decline in the current period. Alps Electric Co fell -1.2%, while Murata Manufacturing Co dropped -4.4% in Tokyo. iPhone sales in China, Taiwan and Hong Kong fell -26% in that period. Mitsubishi Motors Corp lost -2.8%, taking its loss since April 19th to 51% as a scandal over improper fuel economy testing deepens. Coca-Cola East Japan Co surged +13% and Coca-Cola West Co jumped +10% after the companies announced plans to merge.