Morning Spread

Morning Spread

Wednesday 2nd April 2014
IndexLevelChg (%)
UK Market6660.50+0.12
Dow Indust Avg16532.61+0.46
S&P 5001885.52+0.70
Nasdaq Composite4268.04+1.64
Nikkei 22514946.32+1.04
Hang Seng22523.94+0.34
IndexLevelChg (%)
Nymex 1m99.70-0.04
Gold Spot1283.00+0.32
GBP/USD1.6652-0.05
GBP/EUR1.2075+0.12
EUR/USD1.3790-0.06
USD/JPY

Most European stocks rose ahead of reports that may signal the US economic recovery is gathering pace. The ESTX 50 (+0.27%) UK Markets (+0.13%), CAC 40 (+0.14%) and the DAX (+0.40%) all posted gains in early trading. BMW increased +0.7% after saying US sales climbed 7.9% in March, narrowing the gap to rival Daimler AG’s Mercedes-Benz brand. Bouygues SA climbed +0.4% in Paris after saying an earlier version of its proposal to acquire Vivendi SA’s SFR unit remains valid with subsequently revised offer. BHP Billiton Ltd added +1.35% after saying that it may simplify its operations to focus on iron core, copper, coal and petroleum. Rio Tinto Group rose +1.1%. Babcock International Group Plc +0.79% after Panmure Gordon & Co raised its rating on the company to “buy” from “hold”, saying it is in a strong position to beat earnings forecasts due to improved margins.

 

US stocks rose after an increase in manufacturing boosted optimism the economy withstood severe winter weather. The Dow Jones Industrial Average (+0.46%), S&P 500 (+0.70%) and the Nasdaq Composite (+1.64%) all advanced. Ford jumped +4.6% after saying deliveries rose 3.3% last month. General Motors Co fell -0.2% after losing 16% in the first quarter. The company yesterday announced a new recall of 1.5 million vehicles for faulty power steering, doubling recall-related charges to $750 million. United Continental Holdings Inc added +5.1% after UBS raised its rating on the company to “buy” from “neutral”, predicting a benchmark measure for revenue will grow at a faster pace, starting in the second quarter of this year. MGM Resorts added +2.6%, Las Vegas Sands Corp advanced +2.4% and Wynn Resorts ltd climbed +2.3% after a report indicated that revenue from Macau’s gambling industry rose 13.1% last month, topping estimates.

 

Asian stocks rose after an increase in US manufacturing boosted optimism about growth in the US economy. The Nikkei 225 (+1.04%), Hang Seng (+0.29%) and the S&P/ASX 200 (+0.26%) all gained. Companies that do business in the US gained. Nissan Motor Co, a company that gets 34% of revenue in North America, added +1.5%. Yue Yuen Industrial (Holdings) Ltd, a company that gets 31% of sales from the US, climbed +1.6%. Renesas Electronics Corp soared +6% in Tokyo on a report Apple Inc is seeking to buy a stake in a unit that designs chips for liquid-crystal displays used in smartphones. Noble Group Ltd advanced +3.8% in Singapore after Cofco Corp agreed to buy 51% of Noble’s agricultural trading unit. Goodman Fielder Ltd slumped -22% in Sydney after it cut its fourth quarter earnings forecast.