Morning Spread

Morning Spread

Friday 28th February 2014
IndexLevelChg (%)
UK Market6805.66-0.07
Dow Indust Avg16272.65+0.46
S&P 5001854.29+0.49
Nasdaq Composite4318.93+0.63
Nikkei 22514841.07-0.55
Hang Seng22836.96+0.04
IndexLevelChg (%)
Nymex 1m101.99-0.40
Gold Spot1327.39-0.30
GBP/USD1.6729-0.28
GBP/EUR1.2184+0.14
EUR/USD1.3730+0.14
USD/JPY

European stocks advanced as investors awaited reports on US housing, consumer spending and economic growth. The ESTX 50 (+0.16%), CAC 40 (+0.12%) and the DAX (+0.33%) all posted gains in early trading, while the UK markets (-0.15%) declined. Old Mutual Plc rose +3.5% after making an acquisition. Serco Group Plc jumped +9.79% after naming a new CEO. Belgacom SA slipped -0.40% after proposing a dividend cut in the next three years. International Consolidated Airlines Group slipped -2.17% despite reporting consensus beating annual profits on a strong performance from British Airways and its low cost Spain based carrier Vueling, and said it was on track to meet its 2015 targets. William Hill advanced +2.77% after reporting an increase in operating profit for 2013. Rightmove jumped +4.88% after saying internet traffic rose 27%, with underlying profit boosted by 19%.

 

US stocks rose after Janet Yellen said the central bank may change its strategy for reducing asset purchases should the economy weaken. The Dow Jones Industrial Average (+0.46%), S&P 500 (+0.49%) and the NASDAQ Composite (+0.63%) all advanced. Verizon climbed +2.5% after Morgan Stanley resumed coverage with the stock with an “Overweight” rating and JPMorgan said the shares may reach $57 over the next six to twelve months. J.C.Penney surged +25% after saying same store sales will increase by a mid-single digit percentage and gross margin will significantly improve this year. Sears added +6.5% after saying its net loss narrowed. Mylan Inc climbed +9.4% after forecasting 2014 revenue that exceeded the average analyst estimate. Transocean declined -1.1% after reporting fourth quarter revenue that missed the average analyst estimate. 3M Co gained +1.1%.

 

Asian stocks swung between gains and losses after the Yuan posted its steepest one day loss against the dollar. The Nikkei 225 (-0.55%) and the S&P/ASX 200 (-0.12%) both declined, while the Hang Seng (+0.04%) was slightly up. James Hardie Industries Plc surged +6.1% after saying profit jumped last quarter. Foster Electric Co tumbled -12% after cutting its forecast.  Telecommunication companies were among the biggest sufferers. SoftBank dropped -3.1% in Tokyo. China Communications Services Corp slid -4.7% while Singapore Telecommunications Ltd lost -1.4%. BYD jumped +8.1% after its profit jumped to 552.8 million yuan from 81.4 million yuan a year earlier. Zoomlion Heavy Industry Science & Technology Co jumped +8.8%.