Morning Spread

Morning Spread

Wednesday 30th October 2013
IndexLevelChg (%)
UK Market6811.35+0.58
Dow Indust Avg15680.35+0.72
S&P 5001771.95+0.56
Nasdaq Composite3952.34+0.31
Nikkei 22514502.35+1.23
Hang Seng23304.02+2.00
IndexLevelChg (%)
Nymex 1m97.59-0.62
Gold Spot1347.42+0.19
GBP/USD1.6057+0.20
GBP/EUR1.1665unch
EUR/USD1.3764+0.14
USD/JPY

US equities traded in positive territory for most of yesterday as investors seized on the liquidity driven rally and were fearful of missing out. Both the Dow Jones and the S&P Indices closed at all time highs. There were reports that IBM would buyback an additional $15 billion of stock, the share rose 2.7%. Telecoms was a strong sector with Verizon gaining 1.02% and AT&T gained nearly 2%. Consumer Staples and Retailers were also positive which was surprising given the relatively weak consumer confidence data. Colgate-Palmolive rose 1.8%, Procter & Gamble was up 1.4% and Home Depot was 1.9% higher. Energy stocks were strong with Nabors up nearly 3% and Halliburton was 2.3% higher. The only notable faller was Apple which lost nearly 3%, after the release of quarterly results.

Asia was also stronger and looked set to put together the best back to back monthly returns for several years. In Japan, Toshiba lifted profit forecasts as a result of the continuing rally in chip prices. The stock was 1.4% higher, with Rohm up 1.2% and in Taiwan, United Microelectronics was up 3.5%. Despite missing profit forecasts, Honda was up just over 1% and both Nissan and Toyota were up 1.5%. In the Financials, Insurance Australia rose nearly 3% as the company reiterated forecasts and QBE Insurance was up 1.2%. In China, there was a near 3% rise in China Petroleum & Chemical as the company reported third quarter earnings which beat estimates.

European equities are continuing the rally, although UBS is down a further 1.6%, despite yesterday’s slump, the transition towards wealth manager is proving a hard one. Other Banks are on a firmer footing with Barclays up 3.65%. Energy stocks are also boosted with ENI up over 3%, B.P is up another 2% and Tullow Oil is 1.55% higher. In the U.K, strong results from retailing giant Next have left the shares some 6.6% higher. A notable faller includes Pearson which is down 3.6% after the company reported weak US textbook sales. Other risers include EADS up 1.3%, Thyssenkrupp up 2.4% and Nokia also up 2.4%.