Morning Spread

Morning Spread

Friday 27th September 2013
IndexLevelChg (%)
UK Market6546.38-0.29
Dow Indust Avg15328.30+0.36
S&P 5001698.67+0.35
Nasdaq Composite3787.43+0.70
Nikkei 22514760.07-0.26
Hang Seng23207.04+0.35
IndexLevelChg (%)
Nymex 1m102.58-0.44
Gold Spot1324.06-0.00
GBP/USD1.6073-0.36
GBP/EUR1.1902+0.15
EUR/USD1.3504+0.23
USD/JPY--

European stocks declined as investors awaited a report on economic confidence in euro area. The ESTX 50 (-0.22%), FTSE 100 (-0.29%), CAC 40 (-0.26%) and the
DAX (-0.19%) all posted small losses in early trading. H&M added +0.6% after Cantor lifted its rating on the shares from “hold” from “sell”, while Credit Suisse boosted its recommendation to “outperform” from “neutral”, meaning investors should buy the stock. Societe Generale raised its rating to “buy” from “hold”. Vestas surged +12% after agreeing with Mitsubishi Heavy to form a venture to develop offshore wind energy. The partnership, to be formed in March 2014 and equally owned by the two companies, will design, procure, build and sell offshore wind power plants. Vallourec SA slid -8% after saying it will buy the assets of Lupatech’s tubular services Rio das Ostras unit for €21 million. Countrywide Plc dropped -2.7% after it was reported that Alchemy Partners LLp is selling a 5.9%, about 12.9 million shares in the UK’s largest property broker. Travis Perkins Plc and Michael Page International Plc gained at least +1% as Goldman Sachs Group Inc recommended investors buy the shares.

US stocks rose as an unexpected drop in jobless claims overshadowed concern that a budget impasse could hurt economic growth. The Dow Jones Industrial Average (+0.36%), S&P 500 (+0.35%) and the NASDAQ Composite (+0.70%) all gained. EBay Inc jumped +4.5% after agreeing to buy Braintree for $800 million to expand its mobile transactions business. Bed Bath & Beyond Inc added +4.5% after raising the low end of its earnings forecast. Eli Lilly & Co fell -3% as its experimental drug ramucirumab failed to meet its goals for treating breast cancer in a late stage trial. Hertz Global Holdings Inc sank -16% after cutting its forecasts. J.C.Penney Co climbed +3%, halting a six day slide that peaked with a 15% plunge in the previous session, after repeating that it expects positive sales trends in the second half of the year. Nike Inc climbed +2.1%, for the biggest rise in the Dow, after reporting better than estimated quarterly earnings.

Asian stocks gained after US jobless claims unexpectedly fell and Japan’s inflation accelerated to the fastest pace since 2008. The Hang Seng (+0.31%) and the S&P/ASX 200 (+0.24%) both advanced, while the Nikkei 225 (-0.26%) retreated. Tokyo Electric Power Co gained +7.5% as the operator of the Fukushima Dai-Ichi nuclear station received approval for nuclear safety checks. Australand Property Group gained +1.3% in Sydney after JPMorgan Chase & Co advised buying shares of the developer. Mirabela Nickel Ltd slumped -52% after the Australian producer of the metal said it may miss its output forecast.