Morning Spread

Morning Spread

Friday 29th July 2016
IndexLevelChg (%)
UK Market6701.30-0.29
Dow Indust Avg18456.35-0.09
S&P 5002170.06+0.16
Nasdaq Composite5154.98+0.30
Nikkei 22516569.27+0.56
Hang Seng21856.29-1.43
IndexLevelChg (%)
Nymex 1m40.85-0.70
Gold Spot1332.31-0.26
GBP/USD1.3178-0.26
GBP/EUR1.1888+0.18
EUR/USD1.1084+0.08
USD/JPY103.67+1.14

European shares rose this morning, with EDF surging after its board approved Hinkley Point nuclear project. The ESTX 50 (+0.36%), CAC 40 (+0.25%), Dax (+0.43%) and the UK markets (+0.07%) all posted gains in early trading. EDF rose +10% after saying it was confident about the new British government’s commitment to build nuclear reactors in Hinkley Point. Shortly after EDF announced its board had given the go-ahead for the controversial project, Prime Minister Theresa May said it wanted to give the project further consideration. Kering shares rose +6% after Gucci posted forecast beating second quarter organic sales growth of 7.4%, driven by solid demand for the brand’s new looks designed by Alessandro Michele. Barclays rose +3.8% after results, while UBS gained +2.8% after beating analysts’ estimates for second quarter earnings.  

US stocks edged higher as investors looked beyond disappointing earnings from Ford and bought shares in Apple. The S&P 500 (+0.16%) and the Nasdaq Composite (+0.30%) both increased, while the Dow Jones Industrial Average (-0.09%) was slightly down. Ford reported weak China sales and declared that the US auto industry’s long recovery was at an end, triggering a -8.16% fall in its shares. General Motors fell -3.22% and Fiat Chrysler dropped -4.77%. In extended trade, Alphabet jumped +4% after reporting stronger than expected revenue. Amazon.com rose +1.7% after its quarterly report. Apple rose +1.35%, giving the S&P 500 its biggest boost.

Asian stocks declined after touching a near one year peak on Friday and the yen strengthened as the Bank of Japan’s fresh stimulus measures disappointed markets, although Japanese stocks recovered on higher purchases of ETF’s. The Hang Seng (-1.28%) dropped, while S&P/ASX 200 (+0.10%) and the Nikkei 225 (+0.56%) both recovered from early losses to finish the session higher. Shanghai New Culture Media Group Co tumbled -5.9% after the securities markets regulator rejected an asset purchase plan by the company. Tech Pro Technology Development Ltd plummeted -58% in Hong Kong after an -86% plunge in the previous session, after activist short seller Glaucus Research Group questioned the company’s accounting. Mitsubishi UFJ Financial Group jumped +7.7% and Mizuho Financial Group soared +5.7%. Dai-ichi Life Insurance Co surged +8.7%.