Morning Spread

Morning Spread

Tuesday 28th April 2015
IndexLevelChg (%)
UK Market7044.40-0.84
Dow Indust Avg18037.97-0.23
S&P 5002108.92-0.41
Nasdaq Composite5060.25-0.63
Nikkei 22520058.95+0.38
Hang Seng28442.75+0.03
IndexLevelChg (%)
Nymex 1m56.51-0.84
Gold Spot1200.97-0.08
GBP/USD1.5231+0.10
GBP/EUR1.4008+0.21
EUR/USD1.0872-0.31
USD/JPY119.08-0.12

European stocks declined after several companies reported earnings. The ESTX 50 (-0.41%), UK markets (-0.42%), CAC 40 (-0.60%) and the Dax (-0.52%) all posted losses in early trading. Orange dropped -2% after reporting a decline in quarterly sales and earnings as increased competition in its European markets weighed on prices. Commerzbank AG retreated -5.4% after saying it plans to sell €1.4 billion of shares in an accelerated offering to boost capital after a US fine eroded its buffers. Daimler AG climbed +2.4% after saying first quarter operating profit jumped 41% amid rising demand. Banco Santander SA added +1% after posting a 32% rise in first quarter profit. BP gained +1.6% after reporting first quarter profit that was than double what analysts estimated. Total SA rose +1.4% after first quarter profit beat forecasts as refining gains and the fastest rate of production growth in more than a decade helped offset lower oil prices.

 

US stocks retreated after disappointing news from several companies. The Dow Jones Industrial Average (-0.23%), S&P 500 (-0.41%) and the Nasdaq Composite (-0.63%) all declined. Amgen shares led the decline in the S&P 500 and Nasdaq, dropping -3.3% after US regulators said Amgen’s skin cancer immunotherapy cannot be considered for an accelerated review at this time. Celladon Corp fell -80.7% and hit a record low after saying it expected layoffs and cost cuts after the company’s lead experimental gene therapy to treat heart failure failed a key trial. Mylan fell -5.7% after it rejected Teva Pharmaceutical’s unsolicited $40 billion takeover offer, saying it grossly undervalues the company. Teva lost -4.3%. After the bell, Apple shares gained +1.1% after reporting a 27% jump in quarterly revenue.

 

Asian stocks declined as sentiment gave way to caution ahead of the Federal Reserve’s policy two day meeting. The Hang Seng (-0.19%) and the S&P/ASX 200 (-0.57%) both retreated, while the Nikkei 225 (+0.38%) gained. Shares of PetroChina and Sinopec Corp, which surged yesterday due to merger speculations, softened after the two oil giants dismissed the rumour, saying they have never received any official information after such a restructuring. PetroChina shares dropped -2.2% in Shanghai, also hit by a sharper than expected 82% fall in first quarter profit. Sinopec shares rose +1.4%. China COSCO and Merchants Energy Shipping Co both jumped their maximum 10% on consolidation expectations. Fanuc Corp rose +3.3% after saying it will double its dividend. Osaka Gas Co added +3.2% after reporting profit that beat its forecast.