Morning Spread

Morning Spread

Friday 28th March 2014
IndexLevelChg (%)
UK Market6619.04+0.47
Dow Indust Avg16264.23-0.03
S&P 5001849.04-0.19
Nasdaq Composite4151.23-0.54
Nikkei 22514696.03+0.50
Hang Seng22065.53+1.06
IndexLevelChg (%)
Nymex 1m101.80+0.51
Gold Spot1295.60+0.33
GBP/USD1.6617+0.01
GBP/EUR1.2114+0.19
EUR/USD1.3718-0.21
USD/JPY

European stocks advanced on China infrastructure plans and as investors awaited data that may show euro-area economic confidence rose in March. The ESTX 50 (+0.62%), UK Markets (+0.51%), CAC 40 (+0.36%) and the DAX (+0.88%) all posted gains in early trading. Intesa Sanpaolo SpA gained +1.9% after it forecast dividend pay-outs of about €10 billion in total for the period 2014 to 2017. Deutsche Wohen AG rose +0.7% after posting a 68% increase in annual profit. Pirelli & C SpA increased +2.6% after reporting 2013 earnings that surpassed analysts’ predictions.  Insurers dropped in light of the FCA’s current investigation into policies issued over the last 30 years. Legal & General Group (-5.13%), Aviva Plc (-4.22%), Standard Life Plc (-2.61%), Prudential Plc (-2.40%) and Old Mutual Plc (-0.30%) were among the biggest fallers in the UK this morning. Resolution Ltd was the worst hit, dropping -10.41%, as it specialises in closed book.

 

US stocks fell as investors resumed a rotation out of the bull market’s biggest winners. The Dow Jones Industrial Average (-0.03%), S&P 500 (-0.19%) and the NASDAQ Composite (-0.54%) all declined. Citigroup lost -5.4% after failing to win approval to raise its dividend to 5 cents a share and put in place a $6.4 billion buyback. The Federal Reserve also expressed concern about the bank’s ability to project losses in parts of its global operations and to reflect all business exposures in its internal stress test. Accenture slumped -5% after saying Eastern Europe adds to uncertainty even as it raised its full year earnings projections. Alcoa surged +6.2% after Sterne, Agee & Leach Inc said a UK ruling against London Metal Exchange’s pending warehousing changes is positive for the company. Exxon Mobil Corp jumped +1.6% for the steepest climb in the Dow as oil rose to a two week high on supply concerns.  

 

Asian stocks rose, heading for their biggest weekly increases in almost a year. The Nikkei 225 (+0.50%), Hang Seng (+1.06%) and the S&P/ASX 200 (+0.31%) all advanced. Brilliance China jumped +7.1%, for its biggest rally since September 2012, after saying net income surged 47% and projecting a 30% growth in sales volume. Industrial Bank of China Ltd advanced +2.2% as net income climbed after setting aside lower provisions for bad debt than analysts’ estimated. Yahoo Japan plunged -6.4% after saying it will start a new service called Y!mobile that shares phone networks with SoftBank, and the transaction will go ahead once eAccess completes a merger with Willcom Inc.