Morning Spread

Morning Spread

Monday 31st March 2014
IndexLevelChg (%)
UK Market6643.56+0.42
Dow Indust Avg16323.06+0.36
S&P 5001857.62+0.46
Nasdaq Composite4155.76+0.11
Nikkei 22514827.83+0.90
Hang Seng22151.06+0.39
IndexLevelChg (%)
Nymex 1m101.55-0.12
Gold Spot1292.38-0.22
GBP/USD1.6625+0.08
GBP/EUR1.2099-0.01
EUR/USD1.3743-0.06
USD/JPY

European stocks rose as investors awaited economic data out later this week. The ESTX 50 (+0.18%), UK Markets (+0.44%), CAC 40 (+0.14%) and the DAX (+0.26%) all posted gains in early trading. Novartis AG advanced +2.8% after saying the last phase of a clinical trial showed treatment for chronic heart failure helped patients live longer. Drillisch AG added +2.4% after a report said they may pay a special dividend or buy back shares.  Italian banks advanced on news they will not require any state funds. Shares in Monte dei Paschi di Siena, Intesa Sanpaolo and Unicredit rose between 0.8% and 3.6%. Banco Popolare gained +3.5% on the first day of a €1.5 billion capital increase which according to the Italian press has attracted interest from international investors. Rio Tinto Group and Anglo American Plc climbed more than +1.5% as miners advanced. Resolution Ltd and Prudential plc increased more than +1% as insurers rose, following their slide on Friday.

 

US stocks climbed as consumer shares rebounded amid data showing household purchases rose the most in three months. The Dow Jones Industrial Average (+0.36%), S&P 500 (+0.46%) and the NASDAQ Composite (+0.11%) all advanced. H&R Block climbed +6.2% and GameStop advanced +8.8%. Investors also bought large companies with stable earnings. Microsoft Corp surged +2.4% for the biggest gain in the Dow. Exxon Mobil Corp added +1.5%. Cognizant gained +4.4% after being boosted to “overweight” by Morgan Stanley citing that the company’s growth may have been underestimated. PG&E Corp fell -4% after it was reported that charges filed by the US Attorney’s office will accuse the company of violating the federal Pipeline Safety Act, leading to explosion and deaths. BlackBerry Ltd dropped -7.1% after saying sales won’t grow until the fiscal year that begins next March, even after cost cutting helped the company post a smaller quarterly loss than analysts estimated.

 

Asian stocks rose as consumer shares led advances. The Nikkei 225 (+0.90%), Hang Seng (+0.28%) and the S&P/ASX 200 (+0.52%) all gained. Halla Visteon Climate Control jumped +7% Eclat Textile Co gained +7% in Taiwan after Deutsche Bank AG recommended the stock, citing valuations and saying its second quarter revenue should improve on rush orders for seasonal products. Samsung SDI jumped +6.6% after saying it will buy Ceil Industries for about 3.5 trillion won in stock to add chemical and electronic material businesses. Cnooc Ltd dropped -6.3% in Hong Kong after saying its net income fell 11% from last year, the share price was also cut to HK$14.5 from HK$15.5 at BNP Paribas. Intime Retail Group Co declined -3.5% in Hong Kong after surging as much as 17% after saying it will receive about $692 million in an investment from Alibaba Group Holding Ltd.