Morning Spread

Morning Spread

Wednesday 3rd August 2016
IndexLevelChg (%)
UK Market6639.76-0.08
Dow Indust Avg18313.77-0.49
S&P 5002157.03-0.64
Nasdaq Composite5137.73-0.90
Nikkei 22516083.11-1.88
Hang Seng21761.94-1.66
IndexLevelChg (%)
Nymex 1m39.55+0.10
Gold Spot1365.45+0.13
GBP/USD1.3320+0.13
GBP/EUR1.1883-0.01
EUR/USD1.1210-0.12
USD/JPY101.01-0.25

European stocks fell this morning on renewed concern about the strength of the economy, despite a rebound in banks. The ESTX 50 (-0.35%), CAC 40 (-0.71%), Dax (-0.34%) and the UK markets (-0.09%) all posted losses in early trading. HSBC Holdings Plc rose +3.8% after announcing it will buy back $2.5 billion of its own shares. Societe Generale SA climbed +2.8%  and Credit Agricole SA gained +2.5% after reporting a jump in quarterly profit, boosted by the sale of stakes the banks had in Visa Europe Ltd. ING Groep NV jumped +6.8% after saying second quarter profit more than tripled. Continental AG fell -4.1% after posting revenue that missed analyst projections. Aggreko Plc dropped -13% after reporting a decline in revenue and profit. Axel Springer SE fell -2.3% after posting sales that missed estimates.

US stocks dropped as falling crude prices and lacklustre consumer spending data revived anxiety that global growth will falter. The Dow Jones Industrial Average (-0.49%), S&P 500 (-0.64%) and the Nasdaq Composite (-0.90%) all declined. Equities narrowly avoided their worst day since the selloff following Britain’s vote to leave the European Union, with car manufacturers pummelled as sales disappointed while retailers suffered their steepest drop in five weeks. Pfizer Inc fell -2.5% after leaving its full year forecast unchanged, even as quarterly profit and sales exceeded predictions. Apple Inc lost -1.5%. Ford Motor Co and General Motors Co lost at least -4.3% as their July sales missed analysts’ estimates. Retailers fell from highs reached in the previous session, paced by Amazon.com Inc’s -0.9% decline, while Target Corp and Carmax Inc decreased more than -2.1%.

Asian stocks fell, following declines in global equities, as Japanese shares led losses after the yen gained on disappointment over Prime Minister Abe’s stimulus steps. The S&P/ASX 200 (-1.35%), Hang Seng (-1.76%) and the Nikkei 225 (-1.88%) all retreated. Casio Computer Co sank -14% after lowering its operating profit forecast by 11% to 20 billion yen for the half year through June. Mitsubishi UFJ Financial Group Inc slumped -3.9%. Honda Motor Co rose +3.8% after reporting operating profit that beat analyst estimates. FamilyMart Co surged +11% after the operators of the Nikkei 225 said it will add the company to its measure. FamilyMart will merge with Uny Group Holdings Co which also rose +11%.