Morning Spread

Morning Spread

Thursday 3rd April 2014
IndexLevelChg (%)
UK Market6672.18+0.20
Dow Indust Avg16573.00+0.24
S&P 5001890.90+0.29
Nasdaq Composite4276.46+0.20
Nikkei 22515071.88+0.84
Hang Seng22565.08+0.18
IndexLevelChg (%)
Nymex 1m99.18-0.44
Gold Spot1286.53-0.26
GBP/USD1.6617+0.11
GBP/EUR1.2073-0.09
EUR/USD1.3764-0.02
USD/JPY

European stocks were little changed as investors awaited the ECB’s interest rate decision. The ESTX 50 (+0.14%), CAC 40 (-0.08%), DAX (+0.02%) and the UK Markets (+0.22%) all posted modest changes in early trading. Nokian Renkaat Oyj slid -5.7% after cutting its 2014 profit and sales forecasts because of weaker Russian demand. Deutsche Bank AG fell -1.7% after JPMorgan cut the stock to “neutral” from “overweight” on capital concerns. BTG plc added +3.2% after saying annual sales will be near the top of its forecast range. Quindell Plc increased +2.9% after saying Swinton Group ltd extended its contract with the company to March 2015. Tullow Oil Plc gained +3.9% after UBS AG recommended that investors buy the shares. Just Eat plc gained +5% on its first day of trading. McBride Plc tumbled -12% after posting a drop in quarterly revenue and saying it will probably miss analysts’ predictions for annual results.

 

US stocks rose as data showing companies added to payrolls last month fuelled optimism on growth in the economy. The Dow Jones Industrial Average (+0.24%), S&P 500 (+0.29%) and the Nasdaq Composite (+0.20%) all advanced. Intuitive Surgical Inc rose +5% after the Food and Drug Administration cleared a major upgrade of the company’s da Vinci robotic surgery system and JMP Securities LLC upgraded its rating to “market perform” from “market underperform”. MannKind surged +74% after moving a step closer to getting its first product on the market after Food and Drug Administration advisers recommended that the FDA approve its Adfrezza drug for treating Type 1 and Type 2 diabetes. Apollo Education slipped -8.8% after saying that the department’s Office of the Inspector General demanded records going back to the beginning of 2007 relating to a centralised service centre in Columbia, Maryland. Alcoa Inc slipped -1.5% after Nomura Holdings Inc said the stock’s recent outperformance is unwarranted and there is significant downside risk to 2014 earnings per share. Cowen & Co also said the stock is overvalued.

 

Asian stocks rose after an increase in US manufacturing boosted optimism about growth in the US economy. The Nikkei 225 (+0.84%), Hang Seng (+0.17%) and the S&P/ASX 200 (+0.12%) all gained. Nissan Motor Co,  a company that gets 34% of revenue in North America, added +1.5%. Renesas Electronics Corp surged +6% in Tokyo on a report Apple Inc is seeking to buy a stake in a unit that designs chips for liquid-crystal displays used in smartphones. Noble Group ltd advanced +5% in Singapore after Cofco Corp agreed to buy 51% of Noble’s agricultural trading unit. Sun Hung Kai Properties Ltd added +4.1% in Hong Kong after Leung Chun-ying said the real estate market is no longer overheated. Mainland developers also rose after the Shanghai Securities News said some cities are discussing easing curbs on home purchases. China Resources Land Ltd advanced +4.7%. Goodman Fielder Ltd slumped -22% in Sydney after it cut its fourth quarter earnings forecast.