Morning Spread

Morning Spread

Tuesday 3rd June 2014
IndexLevelChg (%)
UK Market6840.84-0.34
Dow Indust Avg16743.63+0.16
S&P 5001924.97+0.07
Nasdaq Composite4237.20-0.13
Nikkei 22515034.25+0.66
Hang Seng23291.04+0.91
IndexLevelChg (%)
Nymex 1m102.33-0.14
Gold Spot1244.54+0.05
GBP/USD1.6765-0.16
GBP/EUR1.2322+0.08
EUR/USD1.3606+0.08
USD/JPY

European stocks were little changed as investors awaited economic data on euro-area unemployment and US factory orders. The ESTX 50 (+0.02%), UK Markets (-0.22%), CAC 40 (-0.04%) and the Dax (-0.05%) all posted small changes in early trading. Wolseley Plc advanced +2% after it said it expected its revenue to grow about 4% in the next six months and posted a 5.1% rise in third quarter like for like revenue, lifted by strong trading in the US and Nordic region. Royal Mail Plc fell -1.2% after selling its distribution centre in Rotherham. Foxtons Group Plc dropped -2.8% after stepping down less than a year after its initial public offering. Consumer and media stocks such as broadcaster ProSiebenSat1, British American Tobacco and brewer Heineken were down between 1.3% and 3%.

 

US stocks rose as the Institute for Supply Management twice corrected the reading in it May manufacturing index. The Dow Jones Industrial Average (+0.16%) and the S&P 500 (+0.07%) both advanced, while the Nasdaq Composite (-0.13%) declined. Broadcom Corp rose +9.3% after saying it will explore options for its cellular baseband business. American Realty Capital Healthcare Trust Inc jumped +9.7% after Ventas Inc agreed to buy it. Protective Life Corp surged +12% after it was reported that Dai-Ichi Insurance Co is in talks to buy the company for about 500 billion yen. Frontier Communications Corp decreased -1.2% after entering into a new $350 million senior unsecured delayed draw term loan facility and a $750 million revolving credit facility. Apple Inc fell -0.7% after introducing new health and messaging features for the software powering the iPhone and iPad, laying the groundwork for a busy second half of the year as the company works to emerge from a stretch of slowing growth.

 

Asian stocks rose as concern eased about a slowdown in the Chinese economy. The Nikkei 225 (+0.66%) and the Hang Seng (+0.80%) both rose, while the S&P/ASX 200 (-0.70%) retreated. China Everbright International Ltd soared +6.4% in Hong Kong after saying it agreed to transfer water treatment assets to HanKore Environment Tech Group Ltd for the equivalent of about 5.81 billion yen in stock. Daio Paper sank -7.1% in Tokyo following its share-sale plan, hoping to raise as much as 22.4 billion yen. Galaxy Entertainment Group Ltd dropped -3.3% in Hong Kong after Macau casino revenue growth missed estimates in May. Sands China retreated -2.4%. Cosco Pacific Ltd increased +4.1% in Hong Kong. KCC Corp jumped +11% in Seoul after Samsung Everland Inc announced plans for an initial public offering.