Morning Spread

Morning Spread

Tuesday 3rd December 2013
IndexLevelChg (%)
UK Market6547.86-0.72
Dow Indust Avg16008.77-0.48
S&P 5001800.90-0.27
Nasdaq Composite4045.26-0.36
Nikkei 22515749.66+0.60
Hang Seng23910.47-0.53
IndexLevelChg (%)
Nymex 1m94.02+0.21
Gold Spot1221.29+0.13
GBP/USD1.6408-0.32
GBP/EUR1.2092+0.19
EUR/USD1.3570+0.14
USD/JPY

European stocks declined as investors weighed valuations before US jobs data this week that may help gauge the timing of a reduction in Federal reserve stimulus. The ESTX 50 (-0.74%), UK Markets (-0.52%), CAC 40 (-1.13%) and the DAX (-0.62%) all posted losses in early trading. Sonova lost -1.7% after Morgan Stanley downgraded the stock to “equal weight” from “overweight”, citing that new product releases from competitors may affect revenue growth. ThyssenKrupp AG declined after raising €882.3 million through a share sale. Rio Tinto Group slipped -1% after saying it will more than halve capital spending to about $8 billion in 2015. William Hill Plc advanced +1.8% after UBS AG recommended buying the bookmaker’s shares. Antofagasta Plc fell -2.7% pacing a decline among commodity producers.

 

US stocks fell amid data that showed manufacturing unexpectedly climbed last month and reports on holiday retail sales. The Dow Jones Industrial Average (-0.48%), S&P 500 (-0.27%) and the NASDAQ Composite (-0.36%) all declined. Urban Outfitters Inc lost -3.5% after being downgraded to “neutral” from “buy” at Sterne, Agee & Leach Inc and as retail spending fell on the weekend after Thanksgiving for the first time since 2009. EBay Inc climbed +1.6% as a report showed online spending on Black Friday rose to a record. Newmont Mining Corp slipped -4% as the price of gold declined. 3M dropped -4.4% for the biggest loss in the Dow, after Morgan Stanley downgraded the stock to “sell” and Oppenheimer & Co said the stock is overpriced. Travelers Cos slid -1.9% after being cut to “neutral” from “buy” at Goldman Sachs Group Inc. Groupon slid -3.3% after Goldman Sachs cut its rating on the stock to “neutral” from “buy”.

 

Asian stocks fell as signs the US economy is strengthening fuelled speculation that the Federal Reserve will soon start tapering stimulus. The Hang Seng (-0.53%) and S&P/ASX 200 (+0.44%) both retreated, while the Nikkei 225 (+0.60%) gained. Newcrest Mining Ltd sank -6.7% as bullion traded near a five month low. Zijin Mining Group Co dropped -1.7% in Hong Kong. Hyundai Motor Co lost -4.2% as November sales fell. Kia Motors Corp dropped -5.2%. Sekisui Chemical Co surged +7.5% in Tokyo on a report it developed a material that triples the capacity of electric vehicle batteries. Tenaga Nasional surged +11% after the government allowed the utility to increase electricity tariffs by an average 15% in Peninsular Malaysia.