Morning Spread

Morning Spread

Tuesday 4th March 2014
IndexLevelChg (%)
UK Market6778.63+1.05
Dow Indust Avg16168.03-0.94
S&P 5001845.73-0.74
Nasdaq Composite4277.30-0.72
Nikkei 22514721.48+0.47
Hang Seng22657.63+0.70
IndexLevelChg (%)
Nymex 1m103.73-1.13
Gold Spot1339.06-0.85
GBP/USD1.6685-0.18
GBP/EUR1.2134+0.07
EUR/USD1.3751+0.11
USD/JPY

European stocks rose after Vladimir Putin ended a series of military exercises in western Russia and ordered the troops back to their bases. The ESTX 50 (+1.15%), UK markets (+1.11%), CAC 40 (+1.24%) and the DAX (+0.88%) all rallied this morning. Ashtead Group Plc rallied +6% after saying full year profit will exceed the company’s previous projections. GAM Holding AG increased +2.6% after raising its dividend after full year profit jumped. RWE AG added +1.3% after reaffirming its forecast for net income in 2014. Glencore Xstrata Plc gained +2.3% after saying adjusted net income rose 20% last year. Fresnillo Plc tumbled -8.3% after 2013 earnings missed analysts’ projections. Continental AG climbed +1.7% after saying it will expand outside its home region. Beiersdorf AG increased +1.3% after forecasting an increase in profitability this year. Bayer AG rose +2% and Deutsche Boerse AG gained +1.8%.

 

US stocks sank as investors sought havens on concern that Russia’s military presence in Ukraine could lead to a larger conflict. The Dow Jones Industrial Average (-0.94%), S&P 500 (-0.74%) and the NASDAQ Composite (-0.72%) all retreated. Airline stocks declined after a report from industry tracker Mas Flight estimated that cancellations caused by severe winter weather may have cost carriers as much as $500 million. American Airlines Group tumbled -2.3% and Delta Air Lines Inc dropped -1.9%. Yandex, whose market share in Russia is twice that of Google’s plunged -14%. Newmont Mining Corp advanced +1.6% after gold jumped to a four month high in New York as investors bought the metal as a haven. Reynolds American gained +4.8% after the Financial Times reported the company hired an investment bank to explore a deal for its rival in cigarette sales. Lorillard jumped +9.3%. Financial shares suffered with American Express sinking -1.4% and Visa dropping -2% for the steepest slide in the Dow. General Electric lost -1.4% and 3M dropped -1.9%.

 

Asian stocks rose as investors weighed the crisis in Crimea and ahead of the National People’s Congress annual meeting in China starting tomorrow. The Nikkei 225 (+0.47%), Hang Seng (+0.70%) and the S&P/ASX 200 (0.30%) all advanced. Tencent Holdings Ltd advanced +1.7% as Hong Kong shares rebounded from their biggest drop in a month. AGL Energy sank -2.5% in Sydney after its $1.35 billion deal to buy power plants in Australia’s most populous state was blocked by an antitrust regulator. Japanese developers advanced. Mitsubishi Estate jumped +2.2%, Sumitomo Realty & Development Co added +3.6% and Mitsui Fudosan increased +2.1%. China Vanke Co’s B shares jumped by the 10% daily limit after receiving regulatory approval to convert the shares into Hong Kong traded stocks. Noble Group Ltd climbed +5.6% in Singapore after saying it’s in talks over a potential joint venture for the group’s agriculture business.