Morning Spread

Morning Spread

Wednesday 4th March 2015
IndexLevelChg (%)
UK Market6879.89-0.13
Dow Indust Avg18203.37-0.47
S&P 5002107.78-0.45
Nasdaq Composite4979.90-0.56
Nikkei 22518703.60-0.59
Hang Seng24465.38-0.96
IndexLevelChg (%)
Nymex 1m50.70+0.36
Gold Spot1204.43+0.05
GBP/USD1.5356+0.17
GBP/EUR1.3809+0.55
EUR/USD1.1121-0.72
USD/JPY119.63-0.04

European equities gained as investors awaited tomorrows ECB meeting for details about the QE programme announced in January. The ECB will also give its first growth and inflation forecasts for 2017 for clues on the duration of the plan. The ESTX 50 (+0.18%), UK markets (+0.09%) and the CAC 40 (+0.24%) all posted gains in early trading, while the Dax (-0.20%) was down. Royal KPN NV rose +1.8% after it was reported that the Dutch company is reviving the sale of its Belgian mobile business. ING Groep NV added +1.3% after saying it will end an investment in its former US insurance unit. ITV Plc jumped +5.6% after saying it plans a special dividend. Henkel AG fell -3.5% after reporting fourth quarter profit that missed analyst predictions as the rouble’s drop held back growth in Russia. Subsea 7 SA lost -1.7% after posting fourth quarter revenue that fell short of analysts’ estimates.

 

US stocks closed down on Tuesday amid soft car sales numbers and Israeli Prime Minister Benjamin Netanyahu warned Barack Obama against accepting a nuclear deal with Iran. The Dow Jones Industrial Average (-0.47%), S&P 500 (-0.45%) and the Nasdaq Composite (-0.56%) all retreated. Chrysler fell -3.3% while Ford Motor declined -2.4% after tough winter weather slowed US vehicle sales in February, for the second year in a row. Microsoft Corp dropped -1.4% and Cisco Systems retreated -2.2%, giving back most Monday’s gains, as investors took profits the day after the Nasdaq hit 5,000. The biggest percentage decliners in the S&P 500 were Micron Technology, down -5% and Applied Materials, which fell -4.5%.

 

Asian shares fell as investors grew cautious before upcoming central bank meetings and US job data, while India’s central bank surprised with its second inter-meeting rate cut this year. The Nikkei 225 (-0.59%), Hang Seng (-0.96%) and the S&P/ASX 200 (-0.54%) all declined. Sharp Corp dropped -5.3% after a cut to its credit rating by Standard & Poor’s. Sharp fell as much as -10% at one point after it was reported it will seek new funds for further restructuring from its two main lenders. Sumco Corp plunged -13% after announcing plans to sell shares. Dai-ichi Life Insurance Co slumped -2.8%. Lawson Inc dropped -1.8% after Nomura Holdings Inc cut its rating on the company. NGK Insulators Ltd jumped +3.1% to lead gains on the Nikkei 225 after its shares were upgraded by SMBC Nikko Securities Inc.