Morning Spread

Morning Spread

Friday 28th October 2016
IndexLevelChg (%)
UK Market6941.41-0.65
Dow Indust Avg18169.68-0.16
S&P 5002133.04-0.30
Nasdaq Composite5215.98-0.65
Nikkei 22518169.68+0.63
Hang Seng22953.71-0.77
IndexLevelChg (%)
Nymex 1m49.54-0.36
Gold Spot1266.84-0.12
GBP/USD1.2173-0.03
GBP/EUR1.1153-0.18
EUR/USD1.0915+0.21
USD/JPY105.280.00

European shares retreated this morning following the release of some disappointing results. The ESTX 50 (-0.81%), CAC 40 (-0.26%), Dax (-0.77%) and the UK markets (-0.56%) all posted losses in early trading. Novo Nordisk slumped -14.5% after the company lowered its full year profit growth forecast and said it saw ongoing market difficulties in the United States. Gemalto was down -13.8% after a worse than expected outlook for 2017. RBS shares rose +1.7% after its results, extending the recent run of banks outperforming broader markets.

US stocks dipped after the latest round of earnings reports, as a decline in the consumer discretionary sector and interest rate sensitive stocks outweighed gains in healthcare names. The Dow Jones Industrial Average (-0.16%), S&P 500 (-0.30%) and the Nasdaq Composite (-0.65%) all declined. The S&P 500 healthcare index rose +0.53% to help keep the S&P 500 near the unchanged mark, buoyed by strong results and forecasts from Bristol-Myers, up +5.4% and Celgene up +6.4%. The two companies were the biggest boosts to the S&P 500. Comcast fell -1.7% after Barclays and Deutsche Bank cut their price targets and cited increased competition from DirecTV Now. After the market closed, Alphabet rose +2.3%, while Amazon.com tumbled more than -6% after their quarterly results.

Asian stocks fell as oil explorers pushed down Hong Kong gauges, while investors digested earnings from several companies. The S&P/ASX 200 (-0.22%) and the Hang Seng (-0.77%) both retreated, while the Nikkei 225 (+0.63%) increased. Cnooc Ltd lost -2.5% in Hong Kong after its third quarter sales fell -15%. China Petroleum & Chemical Corp lost -1.4% and PetroChina Co decreased -2%. Canon Inc lost -3% in Tokyo after cutting its operating profit forecast. Samsung Electronics Co added +0.4% after posting third quarter net income of 4.4 trillion won, beating estimates for a 3.9 trillion won profit. Tata Motors Ltd fell -1.7% in Mumbai after the Group’s ousted Chairman Cyrus Mistry warned the conglomerate may face $18 billion in writedowns because of five unprofitable businesses he inherited.