Morning Spread

Morning Spread

Friday 30th May 2014
IndexLevelChg (%)
UK Market6859.17-0.18
Dow Indust Avg16698.74+0.39
S&P 5001920.03+0.54
Nasdaq Composite4247.95+0.54
Nikkei 22514632.38-0.34
Hang Seng23081.65+0.31
IndexLevelChg (%)
Nymex 1m103.20-0.37
Gold Spot1254.88-0.06
GBP/USD1.6746-0.17
GBP/EUR1.2305+0.17
EUR/USD1.3610+0.01
USD/JPY

European stocks were little changed as investors awaited data on US business activity. The ESTX 50 (-0.19%), UK Markets (-0.18%) and the CAC 40 (-0.49%) retreated in early trading, while the Dax (+0.01%) was flat. Societe Generale SA slipped -1.9% after Les Echos reported that the bank’s Russian unit posted a decline in first-quarter profit. BNP Paribas SA lost -5.4% after it was reported that US authorities are seeking more than $10 billion from the bank to settle investigations into dealings with sanctioned countries. Kingfisher Plc was down -0.98% despite announcing that they to pay a special dividend as sales and retail profits grow. The special dividend will be 4.2p per share as part of the continuing capital returns programme. Fresnillo Plc dropped -3.1% as gauge of precious metals declined.

 

US stocks rose as investors speculated the economy is improving following a contraction in the first quarter. The Dow Jones Industrial Average (+0.39%), S&P 500 (+0.54%) and the Nasdaq Composite (+0.54%) all advanced. Hillshire Brands jumped +18% after Tyson made a $6.8 billion offer to buy the company, trumping a competing bid from Pilgrim’s Pride Corp. Tyson added +6.1% for the biggest gain in the S&P 500. Abercrombie & Fitch Co jumped +5.8% as the company posted a smaller than estimated quarterly loss. Paolo Alto Networks Inc climbed +5.3% after posting third quarter adjusted that beat analysts’ estimates. Twitter Inc gained +0.7% as Cantor Fitzgerald LP raised the stock to “buy” from “hold”. Tilly’s Inc slumped -17% after giving a profit projection that missed estimates. Biogen Idec climbed +3.6% after being raised to “overweight” from “neutral” by JPMorgan citing that the company has an impressive number of drugs in later stages of development.

 

Asian stocks swung between losses and gains as material producers declined and utility companies rose. The Nikkei 225 (-0.34%) and the S&P/ASX 200 (-0.49%) both declined, while the Hang Seng (+0.48%) increased. Raw material producers declined as the London Metal Exchange Index dropped -0.7% yesterday and copper futures headed for a second day of decline today. Rio Tinto and BHP Billiton Ltd both slipped -1.3% in Sydney. Lynas Corp tumbled -18% after saying it’s working with creditors to restructure debt obligations after raising an additional $11.2 million for a share top-up placement. Tata Motors Ltd slipped -1.7% in Mumbai after posting fiscal fourth quarter prodit that missed analyst estimates as a wider loss at the local business eroded gains from its Jaguar Land Rover unit. Envesta ltd gained +1.1% in Sydney after the Cheung Kong Group agreed to buy the company for A$2.4 billion.