Morning Spread

Morning Spread

Monday 3rd March 2014
IndexLevelChg (%)
UK Market6713.82-1.41
Dow Indust Avg16321.71+0.30
S&P 5001859.45+0.28
Nasdaq Composite4308.12-0.25
Nikkei 22514652.23-1.27
Hang Seng22500.67-1.47
IndexLevelChg (%)
Nymex 1m103.99+1.36
Gold Spot1343.85+1.31
GBP/USD1.6734+0.06
GBP/EUR1.2141+0.08
EUR/USD1.3784-0.13
USD/JPY

European stocks declined amid increasing geopolitical tension over Ukraine. The ESTX 50 (-1.92%), UK markets (-1.36%), CAC 40 (-1.75%) and the DAX (-2.21%) all posted losses in early trading. The standoff over Ukraine intensified over the weekend after putting its forces on combat readiness after Russian President Vladimir Putin got parliamentary approval to send troops into the Ukraine. Barack Obama warned Russia not to intervene. Roche Holding AG lost -2.1% after it was advised to end a trial of a lung cancer drug. Bouygues SA slid -2.1% after a report that the company is planning a bid for Vivendi SA’s phone carrier SFR. Kuehne & Nagel International AG retreated -3.3% after reporting financial results. Yara International ASA rose +4.9% after JPMorgan Chase & Co raised its rating on the company. Randgold Resources Ltd climbed +4.4% and Fresnillo Plc advanced +2.4%

 

US stocks rose as improving consumer confidence and speculation that the Federal Reserve will support the economy offset concern over escalating conflict in Ukraine. The Dow Jones Industrial Average (+0.30%) and the S&P 500 (+0.28%) both advanced, while the NASDAQ Composite (-0.25%) declined. Principal Financial Group Inc rose +1.6% after Keefe, Bruyette & Woods Inc raised its rating on the stock. Monster Beverage Corp advanced +4% after reporting sales that beat analysts’ estimates. Apple slid -0.3% as shareholders approved the company’s proposals and rejected those that the board opposed at its annual meeting. Deckers Outdoor Corp dropped -12% after forecasting an unexpected first quarter loss. Southwestern Energy Co fell -4.2% for the biggest decline in the S&P 500 after reporting disappointing results.

 

Asian stocks fell amid escalating geopolitical tension over Ukraine and after an official gauge of Chinese manufacturing dropped to an eight month low. The Nikkei 225 (-1.27%), Hang Seng (-1.47%) and the S&P/ASX 200 (-0.38%) all dropped. Rio Tinto Ltd lost -1.6% in Sydney as raw material shares declined. Mazda Motor Corp, a company that gets 73% of sales overseas, tumbled -3.5% in Tokyo as the yen touched an almost one month high against the dollar. Toyota Motor Corp declined -1.1%. Gold producers climbed as investors sought assets considered a haven. Bullion for immediate delivery jumped as much as 1.8% to $1,350.37 an ounce. Newcrest Mining Ltd gained +5.7% and Zijin Mining Group Co advanced +3%.