Morning Spread

Morning Spread

Wednesday 30th April 2014
IndexLevelChg (%)
UK Market6776.25+0.09
Dow Indust Avg16535.37+0.53
S&P 5001878.33+0.48
Nasdaq Composite4103.54+0.72
Nikkei 22514304.11+0.11
Hang Seng22133.97-1.42
IndexLevelChg (%)
Nymex 1m100.31-0.96
Gold Spot1290.55-0.41
GBP/USD1.6812+0.06
GBP/EUR1.2189+0.05
EUR/USD1.3794-0.13
USD/JPY

European stocks were negative this morning ahead of a Federal Reserve decision on monetary policy and data on growth in the world’s largest economy. The ESTX 50 (-0.45%), UK Markets (-0.04%), CAC 40 (-0.38%) and the DAX (-0.20%) all posted losses in early trading. Banco Bilbao Vizcaya Argentaria SA slipped -1.1% after reporting a drop in first quarter profit. BNP Paribas SA fell -2.3% despite reporting first quarter profit had increased 5.2%, helped by the purchase of the rest of its Fortis unit in Belgium. Alstom SA added +11% after saying it has approved plans to start official talks with General Electric Co about the sale of the company’s energy business. Rolls-Royce Holdings Group Plc advanced +1% after saying it’s in talks to sell power-generation assets to Siemens. The planned disposal concerns the energy gas turbine and compressor business. Bayer increased +1.3% after it was reported that the company is trying to beat an all-cash bid by Reckitt Benckiser Group Plc for Merck & Co’s consumer business. Sanofi climbed +1.1% after Reuters reported that the company may sell a portfolio of mature pharmaceuticals that could fetch between $7 billion and $8 billion.   

 

US stocks rose as several companies reported results that topped estimates and before a federal decision on monetary policy. The Dow Jones Industrial Average (+0.53%), S&P 500 (+0.48%) and the Nasdaq Composite (+0.72%) all advanced. Merck rose +3.6% as earnings were helped by cuts in spending on promotions and research. Sprint added +11% after sales beat estimates as the company held onto more subscribers than forecast. Coach Inc fell -9.3% after sales in North American stores plunged 21% amid increased competition and bad weather. Yahoo advanced +5.4% after saying it will start two comedy shows to attract viewers to its website. Twitter Inc climbed +4.6% during regular trading but dropped -8.7% after saying membership for the first quarter reached 255 million, with user growth slowing to 25% from 30% in the previous quarter. EBay Inc slumped -3.1% after reporting sales in the current period that missed analysts’ estimates. Facebook Inc climbed +3.6% and Google Inc gained +2.6%.

 

Asian stocks fluctuated as investors weighed corporate earnings and the Bank of Japan refrained from expanding stimulus. The Nikkei 225 (+0.11%) and the S&P/ASX 200 (+0.05%) both made modest gains, while the Hang Seng (-1.33%) retreated. Aluminium Corp of China Ltd fell -3.5% after its first quarter loss widened. Woolworths Ltd slipped -1.9% after sales fell short of expectations. Kyocera Corp climbed +3.4% in Tokyo after reporting full year profit that beat analyst estimates. Industrial & Commercial Bank of China Ltd slid -1.5% after reporting its weakest quarterly profit growth in almost five years. DBS gained +1% in Singapore after first quarter profit unexpectedly rose. Oversea-Chinese Banking advanced +2.4% after reporting a 29% jump in quarterly income.