Morning Spread

Morning Spread

Wednesday 29th January 2014
IndexLevelChg (%)
UK Market6608.31+0.55
Dow Indust Avg15928.56+0.57
S&P 5001792.50+0.61
Nasdaq Composite4097.96+0.35
Nikkei 22515383.91+2.70
Hang Seng22141.61+0.82
IndexLevelChg (%)
Nymex 1m96.86-0.56
Gold Spot1255.45-0.11
GBP/USD1.6584-0.10
GBP/EUR1.2131+0.04
EUR/USD1.3670+0.05
USD/JPY

European stocks advanced as Turkey’s central bank increased interest rates to halt a currency slide. The ESTX 50 (+0.62%), CAC 40 (+0.69%), DAX (+0.93%) and the UK markets (+0.75%) all posted gains in early trading. Anglo American Plc gained +5.3% after saying fourth quarter platinum production rose +25%. Lloyds Banking Group Plc added +0.9% after a report that it is moving ahead with an initial public offering of TSB. Osram Licht AG advanced +4.6% after reporting first quarter net income that beat analysts’ forecasts. Mulberry Group Plc tumbled -19% after saying full year tax profit will be substantially below current market estimates. Antofagasta Plc gained +4.5% as the mining company’s projections for copper and gold output beat some analysts’ estimates.  

 

US stocks rose as earnings at several companies topped estimates and consumer confidence increased ahead of Federal Reserve policy meeting. The Dow Jones Industrial Average (+0.57%), S&P 500 (+0.61%) and the NASDAQ Composite (+0.35%) all advanced. Pfizer advanced +2.6% after earnings beat estimates as it cut costs and saw its tax rate fall. D.R.Horton jumped +9.8% after a report showed house prices climbed. American International Group Inc rose +2.5% after Bank of America Corp said it expects the insurer to buy back $10 billion of stock during the next two years. Apple Inc tumbled -8% as iPhone sales trailed estimates. Comcast Corp increased +1.6% after it was reported the cable company is near a deal to buy assets from Charter Communications Inc. Comcast also reported a 26% increase in fourth quarter profit after adding TV subscribers for the first time in more than six years. Cliffs Natural Resources Inc advanced +2.1% after Casablanca Capital LP, which owns 5.2% of cliffs, said the company’s valuation would rise to $53 if Cliffs spun off foreign assets, doubled its dividend and converted US assets to a master limited partnership to significantly cut costs.

 

Asian stocks rose after Turkey’s central bank more than doubled interest rates to arrest a currency slide that disturbed global markets. Nikkei 225 (+2.70%), Hang Seng (+0.82%) and the S&P/ASX 200 (+1.04%) all gained. Japanese exporters advanced. Honda Motors Co climbed +3%, Toyota Motor Corp gained +2% and Panasonic Corp added +2.5%. Sharp Corp jumped +7.9% after Kyodo News agency reported that the company may post net income of more than 10 billion yen in the nine months to 31st December, its first profit in three years. Atlas Iron jumped +10% after saying it expects to ship between 10.2 and 10.7 million metric tons of iron in the year ending 30th June, which beat forecasts. Tencent Holdings Ltd advanced +4.8% in Hong Kong after Credit Suisse Group AG maintained its “outperform” rating on the stock, saying WeChat Payment is set to become more popular. Advantest sank -4.4% in Tokyo after predicting a wider full year net loss than previously projected.