Morning Spread

Morning Spread

Wednesday 3rd September 2014
IndexLevelChg (%)
UK Market6877.95+0.71
Dow Indust Avg17067.56-0.18
S&P 5002002.28-0.05
Nasdaq Composite4598.19+0.39
Nikkei 22515728.35+0.38
Hang Seng25317.95+2.30
IndexLevelChg (%)
Nymex 1m93.65+0.83
Gold Spot1267.10+0.13
GBP/USD1.6484+0.01
GBP/EUR1.2548-0.10
EUR/USD1.3138+0.10
USD/JPY105.06+0.06

European stocks extended gains as Ukraine and Russia agreed on a ceasefire in eastern Ukraine. The ESTX 50 (+1.57%), UK markets (+0.80%), CAC 40 (+1.37%) and the Dax (+1.58%) all posted gains in early trading. Danone increased +2.2% after appointing Emmanual Faber as CEO as it split the chairman’s dual roles. Ashtead Group Plc advanced +2.3% after saying full year results will be higher than previously forecast. Hermes International SCA fell -6.5% after LVMH Moet Hennessy Luis Vuitton SA said it will distribute its stake in the company to its own shareholders. ING Groep NV climbed +1.9% after saying it will reduce its stake in a former US insurance unit, Voya Financial Inc, by selling $1.18 billion in shares. Hargreaves Lansdown Plc fell -3.3% after reporting that pretax profit was less than analysts had estimated. Booker Group Plc tumbled -5.8% as Metro AG is selling its entire 9% in the company.

 

US stocks fell as energy producers sank with the price of crude to offset data showing US manufacturing expanded at the fastest pace in three years. The Dow Jones Industrial Average (-0.18%) and the S&P 500 (-0.05%), while the Nasdaq Composite (+0.39%) increased. Newfield Exploration and Noble Corp slid at least -2.1% as the price of West Texas Intermediate crude slumped. Chevron Corp lost -1.5%. Home Depot sank -2% after saying it was working with banks and law enforcement to investigate the possible breach. Sraples climbed +8.1% after being raised to “outperform” from “neutral” at Credit Suisse. Tesla rose +5.4% after a report by Stifel Nicolaus & Co cited that the company’s increasing production and said it may be worth $400 a share even before it starts making a lower priced model.

 

Asian stocks rose as reports showing faster growth in China’s service industries and US manufacturing boosted optimism in the world’s biggest economies. Japanese exporters advanced. Sony gained +2.7%. Honda Motor Co, a company that gets more than 80% of sales outside Japan, added +0.9%. Panasonic Corp advanced +1.8%. Yokogawa Electric Corp jumped +9.1% after JPMorgan raised its rating to “neutral” from “underweight” and increased its share-price forecast to 1,380 yen from 1,160 yen. Renesas Electronics Corp surged +17% after saying Innovation Network Corp of Japan’s stake in the company is too large. The comment suggests INCJ and others are willing to sell down their stakes because Renesas has been successful in restructuring.