Morning Spread

Morning Spread

Tuesday 3rd March 2015
IndexLevelChg (%)
UK Market6956.65+0.23
Dow Indust Avg18288.63+0.86
S&P 5002117.39+0.61
Nasdaq Composite5008.10+0.90
Nikkei 22518815.16-0.06
Hang Seng24702.78-0.74
IndexLevelChg (%)
Nymex 1m50.27+1.37
Gold Spot1209.68+0.24
GBP/USD1.5371-0.08
GBP/EUR1.3748+0.06
EUR/USD1.1180+0.02
USD/JPY119.77+0.31

European stocks advanced as German and Swiss economic data beat forecasts. The ESTX 50 (+0.34%), UK markets (+0.27%), CAC 40 (+0.37%) and the Dax (+0.40%) all posted gains in early trading. Paddy Power Plc jumped +8.5% to a record after saying it plans to return €8 per share to investors. The company also posted annual sales and operating profit that beat estimates. Evonik Industries AG advanced +1.5% after forecasting an increase in 2015 profit and sales and reporting quarterly earnings that beat analysts’ projections. Barclays Plc declined -1.7% after setting aside an additional £750 million for the settlement of a currency manipulation investigation. Glencore lost -2.6% after saying annual net income dropped 7% amid a rout in resource prices.

 

US markets advanced after economic data pointed to a slowly recovering economy. The Dow Jones Industrial Average (+0.86%), S&P 500 (+0.61%) and the Nasdaq Composite (+0.90%) all gained. After oscillating around it for much of Monday, the Nasdaq gained steam in the afternoon to finish firmly above 5000 for only the third time. The last time was March 10th 2000. NXP Semiconductors NV rose +17.3% after it agreed to buy Freescale Semiconductor Ltd. Freescale rose +11.8%. Hewlett-Packard Co said it would buy Aruba Networks Inc for about $2.7 billion. Rival Cisco rose +2.3%. Lumber Liquidators plunged -25% after a news report said its products failed to meet safety standards.

 

Asian stocks declined as Chinese shares slumped amid concern the mainland slowdown is deepening. The Nikkei 225 (-0.06%), Hang Seng (-0.74%) and the S&P/ASX 200 (-0.42%) all retreated. Ono Pharmaceutical Co soared +11% in Tokyo after Credit Suisse Group AG upgraded the stock on optimism the company’s Opdivo treatment will be a blockbuster. Galaxy Entertainment Group Ltd climbed +2% after data showed Macau casino revenue fell less than expected last month. China Life Insurance Co dropped -3.8% in Hong Kong as mainland financial shares declined. Sharp Corp tumbled -3.5% after a report it plans to sell shares and seek investment from key lenders. JFE Holdings Inc slumped -3.6% as Nomura Holdings Inc cut its rating on the stock.