Morning Spread

Morning Spread

Monday 2nd February 2015
IndexLevelChg (%)
UK Market6767.27+0.26
Dow Indust Avg17164.95-1.45
S&P 5001994.99-1.30
Nasdaq Composite4635.24-1.03
Nikkei 22517558.04-0.66
Hang Seng24484.74-0.09
IndexLevelChg (%)
Nymex 1m47.13-2.30
Gold Spot1275.09-0.68
GBP/USD1.5053+0.05
GBP/EUR1.3279-0.47
EUR/USD1.1336+0.40
USD/JPY117.65-0.14

European shares gained this morning starting the month positively following gains in January and as the UK January manufacturing PMI number beat estimates. The UK markets (+0.39%), Dax (+0.59%), CAC 40 (+0.29%) and the ESTX 50 (+0.02%) all posted gains in early trading. Julius Baer rose +6.4% after it said it had launched a 100 million Swiss franc cost savings programme in response to the recent appreciation of the Swiss currency. CRH gained +6% after it agreed to pay €6.5 billion for assets that rivals Lafarge and Holcim needed to sell to secure regulatory approval for their planned merger. Ryanair lost -3.7% after saying profit growth would be modest next year as rivals’ cheaper fuel push fares down. Greek shares continued to recover, helped by a rally in bank stocks bouncing off record lows. Eurobank was up +18%, while National Bank of Greece gained +11%.  

 

US stocks closed down on Friday after a volatile session amid concern about weak US growth data and whether instability in Europe could hurt corporate earnings in the US. The Dow Jones Industrial Average (-1.45%), S&P 500 (-1.30%) and the Nasdaq Composite (-1.03%) all declined. Chevron fell -2.5% after saying it plans to spend $35 billion this year on oil and gas projects, 13% less than in 2014. Google Inc rose +4% even though revenue growth of 15% in the fourth quarter fell short of Wall Street’s target. Visa rose +4.7% after it reported better than expected quarterly profit and announced a 4 for 1 split of its class A common stock.

 

Asian shares were mixed after the latest gauge of China’s factory sector activity raised concerns about the world’s second largest economy. The Nikkei 225 (-0.66%) and the Hang Seng (-0.09%) both declined, while the S&P/ASX 200 (+0.66%) increased. China Minsheng slid -3.2% after Caixin magazine reported that the company’s president is being investigated by authorities. China Railway Construction Corp slid -9.9% in Shanghai after Mexico shelved a high speed rail project that the company expected to bid on Japan Airlines Co sank -2.1% in Tokyo after boosting its net income forecast less than expected. Seiko Epson fell -10.1% while Konica Minolta dropped -9.4%.