Morning Spread

Morning Spread

Thursday 2nd June 2016
IndexLevelChg (%)
UK Market6200.27+0.13
Dow Indust Avg17789.67+0.01
S&P 5002099.33+0.11
Nasdaq Composite4952.25+0.08
Nikkei 22516562.55-2.32
Hang Seng20853.40+0.45
IndexLevelChg (%)
Nymex 1m49.25+0.49
Gold Spot1215.78+0.23
GBP/USD1.4432+0.07
GBP/EUR1.2873-0.27
EUR/USD1.1211+0.33
USD/JPY108.91+0.68

European stocks were mixed this morning as investors awaited the European Central Bank’s rate decision and President Mario Draghi’s remarks. The ESTX 50 (-0.06%), CAC 40 (-0.18%), Dax (-0.26%) all declined in early trading, while the UK markets (+0.26%) were positive. Standard Chartered Plc rose +2.6% after saying it’s back on track to achieve a $1 billion cost cut target. Barclays Plc advanced +1.9%. Johnson Matthey Plc increased +1.7% after reporting earnings that beat projections. Wolseley Plc fell -1.9% on analyst downgrades following its earnings report yesterday.

US stocks fluctuated as investors processed data on global manufacturing, US car sales and inflation for clues about the Federal Reserve’s next interest rate hike. The Dow Jones Industrial Average (+0.01%) was flat, while the S&P 500 (+0.11%) and the Nasdaq Composite (+0.08%) both gained. US car sales weakened in May, with General Motors and Ford reporting lower US sales. GM shares fell -3.4% while Ford dropped -2.8%. Michael Kors rose +6.6% after posting its strongest quarterly sales growth in a year. Demandware soared +55.9% after Salesforce.com agreed to buy the company in a $2.8 billion deal. Salesforce fell -0.3%.

Asian stocks were mixed as the yen held gains against the dollar, weighing on Japanese equities before a meeting of OPEC and a monthly US jobs report. Japanese retail stocks, which stand to benefit from the delay to the sales tax, were mostly lower. Aeon Co lost -1.5% and Seven & I Holdings Co dropped -1.6%. Honda Motor Co sank -4.2% after its American sales dropped 4.8% last month, while Mazda Motor Corp slid -3.2% after revenue from North America declined 4.3% in the same period. Daikin Industries Ltd dropped -3.4% after SMBC Nikko Securities Inc cut its rating on the company, citing the potential negative impact of a stronger yen.