Morning Spread

Morning Spread

Wednesday 4th June 2014
IndexLevelChg (%)
UK Market6810.32-0.38
Dow Indust Avg16722.34-0.13
S&P 5001924.24-0.04
Nasdaq Composite4234.08-0.07
Nikkei 22515067.96+0.22
Hang Seng23151.71-0.60
IndexLevelChg (%)
Nymex 1m103.28+0.60
Gold Spot1245.89+0.07
GBP/USD1.6730+0.16
GBP/EUR1.2296+0.04
EUR/USD1.3606-0.20
USD/JPY

European stocks were little changed ahead of tomorrow’s European Central Bank meeting. The ESTX 50 (-0.08%), UK Markets (-0.02%), CAC 40 (-0.01%) and the Dax (+0.01%) were all pretty flat in early trading. Tesco gained +0.9% after saying UK comparable sales declined 3.8% in the first quarter, less than the 4% drop predicted by analysts in a Bloomberg survey. Tesco also said trading conditions remain challenging in the UK grocery market. Volkswagen retreated -1.2% after selling preferred  shares at €191 apiece to institutional investors as part of funding its acquisition of Swedish company Scania. Volkswagen is spending €6.7 billion for the stake it doesn’t already own in Scania. Sports Direct International Plc climbed +1% after Exane BNP Paribas added it to its key-ideas list. SABMiller Plc slipped -1% after Morgan Stanley downgraded the shares.

 

US stocks were little changed as investors awaited a European Central Bank decision on stimulus measures and a report on American employment in May. The Dow Jones Industrial Average (-0.13%), S&P 500 (-0.04%) and the Nasdaq Composite (-0.07%) all made small moves before the session closed. Krispy Kreme Doughnuts Inc dropped -15% after cutting its earnings forecast because of mounting costs and slow first-quarter sales. Quicksilver Inc slumped -41% after posting a wider loss than analysts had predicted. Hillshire Brands Co jumped +9.5% after confirming that Pilgrim’s Pride Corp has increased its bid for the company.  Casino companies declined as May revenue from Macau rose 9.3%, falling short of the average analyst estimate for growth of 14.5%. Wynn Resorts Ltd and Las Vegas Sands Corp decreased more than 2.6%. Applied Materials Inc increased +4.4% after Jefferies & Co initiated coverage on the company and rated it a “buy” with a price target of $28.

 

 

Asian stocks fell as investors awaited reports on US jobs and a decision from the ECB on monetary policy. The Hang Seng (-0.67%) and the S&P/ASX 200 (-0.64%) both declined, while the Nikkei 225 (+0.22%) increased. HTC Corp tumbled -4.3% after sales slumped at the Taiwanese company. Japanese utilities retreated. Tepco fell -2%, Tohoku Electric Power Co retreated -1% and Kansai Electric Power Co declined -0.8%. Australand Property Group surged +5.6% and Stockland gained +1.8 after Frasers Centrepoint Ltd offered AUD 4.48 per share compared with Stockland’s AUD 4.43 all-share bid. Australand’s board said it intends to recommend the offer in the absence of a superior proposal. JFE Holdings Inc climbed +3.2% after Credit Suisse Group AG advised buying shares of the company.