Morning Spread

Morning Spread

Wednesday 4th February 2015
IndexLevelChg (%)
UK Market6839.26-0.47
Dow Indust Avg17666.40+1.76
S&P 5002050.03+1.44
Nasdaq Composite4727.74+1.09
Nikkei 22517678.74+1.98
Hang Seng24679.76+0.51
IndexLevelChg (%)
Nymex 1m51.23-3.43
Gold Spot1264.96+0.36
GBP/USD1.5184-0.16
GBP/EUR1.3257+0.31
EUR/USD1.1453-0.16
USD/JPY117.34+0.01

European stocks retreated as Greek Finance Minister Yanis Varoufakis visits Germany to push his government’s case for bailout changes. The ESTX 50 (-0.18%), UK markets (-0.40%), CAC 40 (-0.09%) and the Dax (-0.36%) all posted losses in early trading. Banco Bilbao Vizcaya Argentaria SA rose +4.6% after swinging to a fourth quarter profit of €689 million as returns in its home market improved. LVMH Moet Hennessy Louis Vuitton SA climbed +5.6% after saying it is confident for 2015 after renewed demand for its biggest brand led to better than expected growth at its fashion and leather goods unit, and wines and spirits sales shoed improving trends. Sky Plc gained +1.9% after saying first half revenue rose 17% after more customers signed on for its services and it expanded in Italy and Germany. Hugo Boss AG fell -4% after reporting sales and profit that missed analyst estimates.

 

US stocks advanced after higher than expected January car sales and gains in energy shares as oil prices extended their recent rally. The Dow Jones Industrial Average (+1.76%), S&P 500 (+1.44%) and the Nasdaq Composite (+1.09%) all gained. US crude oil prices rose 7% to settle at $53.05. Brent and US oil prices have risen roughly 19% since last week. Exxon Mobil was up +3% and Chevron added +3.3%. Caterpillar rose +3.8% and was among the Dow’s biggest gainers. January car sales topped expectations, helped by low gas prices and easy credit. Ford Motor gained +2.5%, General Motors rose +2.6% and Fiat Chrysler climbed +3.3%. After the bell, shares of Chipotle Mexican Grill fell -5.9% while shares of Walt Disney rose +3.1% after both reported results.

 

Asian shares rose as material companies led gains and energy companies rallied after oil entered a bull market. The Nikkei 225 (+1.98%), Hang Seng (+0.51%) and the S&P/ASX 200 (+1.23%) all advanced. Mitsubishi UFJ Financial Group Inc advanced +5.2% after reporting third quarter profit that beat estimates. Hang Seng Bank Ltd rose +5.2% after it was reported that it is considering selling its stake in China’s Industrial Bank Co. BHP Billiton Ltd, Australia’s top oil producer, climbed +4.4% in Sydney. Inpex Corp jumped +2.6%, bringing the two day gain for Japan’s largest oil explorer to nearly 10%. Terumo Corp rallied +6.2% on a plan to buy back shares. Toyota Motor Corp gained +2.4% before reporting results after the close.