Morning Spread

Morning Spread

Thursday 28th August 2014
IndexLevelChg (%)
UK Market6814.87-0.23
Dow Indust Avg17122.01+0.09
S&P 5002000.12+0.01
Nasdaq Composite4569.62-0.02
Nikkei 22515459.86-0.48
Hang Seng24745.14-0.70
IndexLevelChg (%)
Nymex 1m93.50-0.40
Gold Spot1292.02+0.73
GBP/USD1.6598-0.12
GBP/EUR1.25670.00
EUR/USD1.3208+0.11
USD/JPY103.74+0.21

European stocks fell as investors weighed valuations and awaited US data to gauge the health of the US economy. The ESTX 50 (-0.48%), UK markets (-0.15%), CAC 40 (-0.39%) and the Dax (-0.64%) all posted losses in early trading. Gemalto lost -5.7% after reporting first half revenue of €1.13 billion, missing analysts’ estimates of €1.16 billion. Gemalto said profits from operations was €120 million, below projections of €135 million. Essilor rallied +5.3% after posting first half adjusted operating profit of €494 million and saying it expects medium term growth. For the full year, the company projected more than a 13% increase in revenue, excluding the impact of currency movements. CSR Plc surged +29% after a report that the company has received bids and is exploring a sale. CRH Plc gained +1.8% after Credit Suisse Group AG upgraded the stock. Wm Morrison Supermarkets Plc advanced +1.6% after Deutsche Bank AG raised it. Rio Tinto Group and Antofagasta Plc each dropped more than -1.5%.

US stocks registered small changes as the rally that propelled the S&P 500 above 2,000 lost a bit of momentum today. The S&P 500 (+0.01%), Dow Jones Industrial Average (+0.09%) and the Nasdaq Composite (-0.02%) all finished the session fairly flat. Tiffany & Co added +1% after posting second quarter profit that topped analysts’ estimates and raised its earnings forecast for the year as higher prices boosted revenue. Smith & Wesson Holding Corp tumbled -14% after cutting its full year sales and profit forecast amid declining demand. Chico’s FAS Inc slumped -4.6% on lower than estimated sales. Michaels Cos jumped +9.3% after reporting second quarter earnings that topped analysts’ estimates. Express Inc increased +13% after raising its full year profit forecast. Best Buy Co rose +6.3% after posting second quarter profit that topped analysts’ estimates, helped by lower costs.

Asian stocks declined as a rising yen dragged Japanese shares lower and materials and consumer shares retreated. The Nikkei 225 (-0.48%), Hang Seng (-0.88%) and the S&P/ASX 200 (-0.47%) all retreated. Country Garden Holdings Co retreated -6.1% in Hong Kong after the property developer said it plans to raise HK$3.18 billion in a share sale to refinance debt. Qantas Airways Ltd surged +7% after posting narrower than forecast annual loss and said it will return to profit in the first half of 2015. Alibaba Group Holding Ltd said first quarter net income almost tripled to $1.99 billion. Revenue for the company, which may kick off roadshow meetings to market its initial public offering next month in New York, climbed 46% in local currency terms. BHP Billiton Ltd dropped -1.2% in Sydney.