Morning Spread

Morning Spread

Tuesday 29th July 2014
IndexLevelChg (%)
UK Market6794.36+0.09
Dow Indust Avg16982.59+0.13
S&P 5001978.91+0.03
Nasdaq Composite4444.91-0.10
Nikkei 22515618.07+0.57
Hang Seng24640.53+0.87
IndexLevelChg (%)
Nymex 1m101.73+0.06
Gold Spot1309.05+0.39
GBP/USD1.6985+0.02
GBP/EUR1.26390.00
EUR/USD1.3439-0.02
USD/JPY101.93-0.10

European stocks retreated as car manufacturers declined, offsetting reports of better than expected profit at several companies. The ESTX 50 (-0.08%), CAC 40 (-0.16%) and the Dax (-0.08%) posted small losses, while the UK markets (+0.01%) were flat. Renault slid -3.2% after revealing that it is consuming more cash than it did a year ago. Ferrovial gained +1.4% after the company posted first half profit that exceeded projections and said it will buy back shares. GKN jumped +6.3% after reporting higher first half pretax profit. Next climbed +2.4% after raising its full year revenue and earnings forecasts. Jardine Lloyd Thompson Group Plc slipped -1.3% after saying it was cautious about the outlook for the rest of the year.

 

US stocks were little changed, after erasing early losses, as merger activity and optimism over corporate earnings offset concern over crises abroad before a Federal Reserve policy decision. The Dow Jones Industrial Average (+0.13%), S&P 500 (+0.03%) and the Nasdaq Composite (-0.10%) all finished the session fairly flat. Family Dollar Stores Inc soared +25% after Dollar Tree agreed to buy it for about $8.5 billion. Trulia Inc jumped +15% as Zillow Inc agreed to purchase the company in a $3.5 billion deal. Tyson Foods Inc climbed +2.6% as it agreed to sell poultry businesses in Mexico and Brazil for $575 million. Cummins slipped -3.2% despite raising its full year revenue forecast after Jefferies Group LLC said expectations were fairly high.

 

Asian stocks rose ahead of a Federal Reserve meeting starting today. The Nikkei 225 (+0.57%), Hang Seng (+0.87%) and the S&P/ASX 200 (+0.20%) all advanced. Nissan Motor Co climbed +1.9% after reporting earnings that beat analyst estimates on higher sales in China. Keyence Corp jumped +3% in Tokyo after reporting a 33% increase in first quarter net income. QBE Insurance Group Ltd tumbled -11% after saying profit in the six months ended 30th June may fall 18% due to higher claims in Argentina. Hong Kong Exchanges & Clearing Ltd gained +3.1% after Deutsche Bank raised its share price forecast for the bourse operator by 41% and retained its “buy” rating. Bank of America Corp’s Merrill Lynch also rated the stock as a “buy”.