Morning Spread

Morning Spread

Tuesday 30th August 2016
IndexLevelChg (%)
UK Market6835.75+0.05
Dow Indust Avg18502.99+0.58
S&P 5002180.38+0.52
Nasdaq Composite5232.33+0.26
Nikkei 22516725.36-0.07
Hang Seng23016.11+0.85
IndexLevelChg (%)
Nymex 1m47.26+0.60
Gold Spot1321.40-0.16
GBP/USD1.3069+0.09
GBP/EUR1.1701-0.03
EUR/USD1.1169-0.06
USD/JPY102.34-0.18

European stocks climbed as a weaker euro boosted exporters. The ESTX 50 (+1.11%), CAC 40 (+1.09%), Dax (+1.04%) and the UK markets (+0.05%) all posted gains in early trading. Antofagasta Plc, Randgold Resources Ltd and Glencore Plc fell more than -3% as commodities declined amid a stronger dollar. Bunzl Plc advanced +1.5% after reporting an increase in revenue and operating margin. Stada fell -0.3% after Active Ownership Capital succeeded in persuading shareholders of Stada over the weekend to remove the company’s supervisory board chairman in a vote, but failed to install its own candidate. Alstom rose +2.9% after signing a €1.8 billion deal to design and build 28 new high speed trains for Amtrak.

US stocks gained as financial stocks rose after the Federal Reserve Chair said the case for an interest rate hike had strengthened. The Dow Jones Industrial Average (+0.58%), S&P 500 (+0.52%) and the Nasdaq composite (+0.26%) all increased. Financial stocks, which stand to gain the most in a higher interest rate environment, rose as traders raised bets on a hike in the coming months. Wells Fargo rose +2.5% and provided the biggest boost to the S&P 500, while JPMorgan and Bank of America rose about +1.1%. Goldman Sach’s gained +1.1% which made it the biggest influence and gainer in the Dow. Micron Tech rose +2.9% after Deutsche Bank and Stifel raised price targets.

Asian stocks rose, following a rebound in US shares on signs of strength in the American economy, while equities in Japan slumped after the yen snapped a four day slide. The S&P/ASX 200 (+0.17%) and the Hang Seng (+0.85%) both increased, while the Nikkei 225 (-0.07%) declined. Fast Retailing Co lost -0.2% and Marui Group Co dropped -2.7% as most Japanese retail stocks declined. Toyota Motor Corp advanced +0.6% closing at its highest level since March. Hitachi Ltd climbed +0.4% after the Nikkei newspaper reported that the company plans to cut costs by 200 billion yen. Guoyuan Securities Co and Pacific Securities Co climbed at least +1.5% in Chinese mainland trading, pacing an advance by financial companies.