Morning Spread

Morning Spread

Thursday 28th November 2013
IndexLevelChg (%)
UK Market6677.17+0.42
Dow Indust Avg16097.33+0.15
S&P 5001807.23+0.25
Nasdaq Composite4044.75+0.67
Nikkei 22515727.12+1.80
Hang Seng23789.09-0.70
IndexLevelChg (%)
Nymex 1m92.17-0.14
Gold Spot1242.47+0.36
GBP/USD1.6306-0.21
GBP/EUR1.19910.00
EUR/USD1.3599+0.21
USD/JPY

European stocks rose as investors weighed valuations. The ESTX 50 (+0.35%), UK Equity (+0.19%), CAC 40 (+0.27%) and the DAX (+0.37%) all posted gains in early trading. Thomas Cook Group Plc rose +11% after posting a 49% increase in full year profit. Boliden rose +3.1% after Morgan Stanley raised its rating on the shares to “overweight” from “equalweight”, estimating that mining growth and increasing charges for copper refining will drive the shares higher. Compass lost -1.2% as Citigroup cut its rating on the stock to “neutral” from “buy”. Imperial Tobacco Group Plc retreated -2.67% following a report that UK government plans a new review of cigarette packaging. Rio Tinto Group rose +1.4% after agreeing to increase iron ore output capacity.

 

US stocks rose as data on employment and consumer confidence boosted optimism in the economy. The Dow Jones Industrial Average (+0.15%), S&P 500 (+0.25%) and the NASDAQ Composite (+0.67%) all advanced. Hewlett-Packard jumped +9.1% after posting revenue and profit that topped analysts’ estimates. Apple Inc advanced +2.4% after the Wall Street Journal reported that the waiting time for the company’s iPhone 5S has shortened as Foxconn Technology Co boosted production. Marathon Petroleum advanced +3.4% and Valero increased +3.7% as refiners rallied. The contract for West Texas intermediate traded at the widest discount since March to Brent oil in London, indicating US companies may be able to maintain favourable prices for crude. However falling crude prices weighed on other energy companies. Schlumberger declined -1.7% and Noble Energy sank -4.5%.

 

Asian stocks rose as the yen touched a six month low after US employment and consumer confidence reports boosted optimism in the world’s largest economy. The Nikkei 225 (+1.80%) advanced, while the Hang Seng (-0.07%) and the S&P/ASX 200 (+0.03%) were both pretty flat. Honda Motor Co added +1.5% after the yen fell against the dollar, boosting the profit outlook for Japanese exporters. Warrnambool Cheese & Butter Factory Co advanced +0.8% after Murray Goulburn Cooperative Co raised its takeover offer. Forge Group Ltd slumped -84% in Sydney after the mining services firm said it will report a 2014 loss. Cathay Pacific Airways Ltd added +1.9% after UBS AG reiterated its “buy” recommendation and raised its price forecast for the airline.