Morning Spread

Morning Spread

Friday 29th August 2014
IndexLevelChg (%)
UK Market6818.81+0.19
Dow Indust Avg17079.57-0.25
S&P 5001996.74-0.17
Nasdaq Composite4557.70-0.26
Nikkei 22515424.59-0.23
Hang Seng24742.060.00
IndexLevelChg (%)
Nymex 1m95.05+0.53
Gold Spot1285.50-0.32
GBP/USD1.6598-0.16
GBP/EUR1.2593+0.12
EUR/USD1.3180+0.04
USD/JPY103.90-0.12

European stocks rose as pharmaceutical companies rallied, outweighing a plunge in Tesco Plc shares. The ESTX 50 (+0.46%), UK Markets (+0.17%), CAC 40 (+0.35%) and the Dax (+0.44%) all posted gains in early trading. AstraZeneca Plc climbed +2.3% as UBS AG said the pharmaceutical firm’s treatment for colorectal cancer has moved to the next stage of testing. Tesco Plc dropped -6.6% after lowering its full year profit forecast and its interim dividend. D’leteren SA lost -1.3% after posting first-half pretax profit  that missed the average analyst estimate. CRH Plc increased +1.3% after Goldman Sachs Group Inc recommended buying shares in the Irish cement maker.

US stocks fell as violence in Ukraine and disappointing retail earnings overshadowed data showing the economy expanded more than estimated. The Dow Jones Industrial Average (-0.25%), S&P 500 (-0.17%) and the Nasdaq Composite (-0.26%) all declined. Williams-Sonoma Inc tumbled -12% after its third quarter earnings forecast missed analysts’ estimates. Abercrombie & Fitch Co declined -4.8% as second quarter sales fell more than analysts had projected. Guess? Inc sank -8.8% after the retailer cut its annual earnings forecast. Signet Jewellers Ltd climbed +7.7% after reporting earnings that beat estimates. Whole Foods Market Inc slid -1.6% after Wedbush Securities Inc initiated coverage of the stock with a “neutral” rating. RadioShack Corp shares jumped +31% on speculation that the company will get a rescue financing package that helps it stave off bankruptcy.

Asian stocks were mixed as investors weighed the conflict in Ukraine and company earnings. The Nikkei 225 (-0.23%) declined, while the Hang Seng (0.00%) and the S&P/ASX 200 (+0.03%) were both flat. Aluminium Corp of China Ltd slumped -4.6% in Hong Kong after reporting a wider first half loss amid lower prices. CSPC Pharmaceutical Group Ltd tumbled -5.7% after shareholder said it would sell an 11% stake in the Hong Kong based company. National Australia Bank Ltd gained +1.2% after saying it plans to sell its US unit to free capital and focus on its domestic business. Pioneer Corp sank -1.5% after saying it will end a capital alliance with Sharp Corp. Okuma Corp slid -1.7% as Mitsubishi UFJ Morgan Stanley Securities Co cut its rating on the stock. SoftBank Corp gained +3.4% for the biggest advance on the Nikkei 225.