Morning Spread

Morning Spread

Friday 2nd May 2014
IndexLevelChg (%)
UK Market6812.07+0.05
Dow Indust Avg16558.87-0.13
S&P 5001883.68-0.01
Nasdaq Composite4127.45+0.31
Nikkei 22514457.51-0.19
Hang Seng22260.67+0.57
IndexLevelChg (%)
Nymex 1m100.01+0.59
Gold Spot1284.16-0.01
GBP/USD1.6884+0.07
GBP/EUR1.2182-0.01
EUR/USD1.3860-0.06
USD/JPY

European stocks were little changed before a report on American employment. The ESTX 50 (-0.28%) and the CAC 40 (-0.33%) both declined, while the UK Markets (+0.07%) and the DAX (+0.05%) both increased. Royal Bank of Scotland Group Plc rallied +9.1% after saying quarterly profit tripled and impairments fell as it avoided additional costs for compensating its customers. Software AG slid -3.4% after first quarter sales missed analysts’ estimates and profit dropped. InterContinental Hotels Group Plc rallied +7.5% after reporting that revenue per available room rose 6% in the first quarter, driven by better than estimated growth in Europe and the Americas. The company also said it will pay a special dividend of $750 million.

 

US stocks were little changed as data showed an increase in jobless claims before the government’s monthly labour report. The Dow Jones Industrial Average (-0.13%), S&P 500 (-0.01%) and the Nasdaq Composite (+0.31%) all posted modest changes. Avon Products Inc tumbled -10% after earnings trailed analysts’ estimates by almost half. T-Mobile US Inc rallied +8.1% after adding 1.3 million new monthly subscribers last quarter. Sprint Corp surged +2.7% after meeting with banks to make debt arrangements for a bid for T-Mobile. Yelp Inc gained +9.8% after raising its forecast for 2014. DirecTV advanced +4.1% after the Wall Street Journal reported that AT&T made an approach to buy the company. LinkedIn Corp climbed +5.1%, then fell -2.5% in extended trading after giving a second quarter sales forecast that missed analysts’ estimates as the company struggles to reignite growth.

 

Asian stocks rose as investors weighed corporate earnings ahead of the release of US non-farm payrolls today. The Nikkei (-0.19%) declined, while the Hang Seng (+0.57%) and the S&P/ASX 200 (+0.17%) both advanced. Wynn Macau Ltd jumped +3.8% in Hong Kong after beating analyst profit estimates and a report showed casino revenue from Macau exceeded expectations. Galaxy Entertainment Group Ltd rose +2.1% and Sands China Ltd added +1.5%. China Railway Group Ltd jumped +9.6% after HSBC Holdings Plc said in a report the Chinese government will raise investment in rail infrastructure. Hyundai Department Store Co fell -2.3% in Seoul after posting earnings that fell short of analyst forecasts.  Treasury Wine Estates Ltd increased +6.5% in Sydney after the Australian newspaper said Pernod Ricard SA is interested in buying its US assets.