Morning Spread

Morning Spread

Tuesday 4th November 2014
IndexLevelChg (%)
UK Market6501.83+0.21
Dow Indust Avg17366.24-0.14
S&P 5002017.81-0.01
Nasdaq Composite4638.91+0.18
Nikkei 22516862.47+2.73
Hang Seng23845.66-0.29
IndexLevelChg (%)
Nymex 1m77.62-1.47
Gold Spot1165.75+0.02
GBP/USD1.59860.00
GBP/EUR1.2784-0.16
EUR/USD1.2505+0.15
USD/JPY113.58+0.32

European stocks gained as several companies posted better than expected earnings. The ESTX 50 (+0.35%), UK markets (+0.24%), CAC 40 (+0.21%) and the Dax (+0.47%) all posted gains in early trading. Securitas AB jumped +5.6% after reporting third quarter net income that beat estimates. DSM advanced +3.2% after posting quarterly results that beat projections. Hugo Boss AG slid -5.7% after lowering its 2014 sales outlook. L’Oreal SA retreated -1.6% after saying third quarter sales climbed 2.3%, compared with the average analyst estimate for a 3.8% gain. Hunting Plc lost -3.1%, while Seadrill Ltd retreated -2.5% as oil companies declined amid lower prices. Fugro NV declined -1.3%. Legal & General rose +2.2% after saying corporate bulk annuities this year rose to a record. Imperial Tobacco Group Plc rose +1.7% after saying it’s committed to annual dividend growth of at least 10%.  

 

Most US stocks fell as energy companies dropped with the price of oil after Saudi Arabia cut the cost of crude sent to American customers. The Dow Jones Industrial Average (-0.14%) declined, The Nasdaq Composite (+0.18%) advanced, while the S&P 500 (-0.01%) was flat. West Texas Intermediate oil dropped to the lowest level in more than two years after Saudi Arabia reduced the cost of its crude to US customers in the face of soaring North American output. Exxon Mobil, Chevron Corp and Schlumberger Ltd all lost at least -1.5%. Sapient Corp rose +42% on heavy volume after Publicis agreed to buy the digital ad company for $3.7 billion in cash. Covance Inc jumped +25.9% after Laboratory Corp of America Holdings agreed to buy the company for $6.1 billion. Laboratory Corp fell -7.4% as the S&P’s biggest decliner. AIG rose +1.4% in after hours trading after reporting better than estimated third quarterly earnings.

 

Asian stocks rose after the yen weakened as investors weighed additional stimulus by Japan’s central bank. The Nikkei 225 (+2.73%) and the S&P/ASX 200 (+0.24%) both advanced, while the Hang Seng (-0.29%) declined. In Japan brokerages and consumer lenders led gains with Nomura Holdings Inc surging +7.7% and Aiful Corp soaring +13%. Japanese exporters also advanced as the yen weakened. Toyota Motor Corp, a company that gets 75% of sales abroad, advanced +4.7%. Nissan Motor Co gained +3%. Sony Corp jumped +11%, posting its highest close since May 2011. China Communications Construction Co climbed +9.1% in Hong Kong and Sany Heavy Industry Co surged +7.5% in Shanghai after  government officials familiar with the matter said the funds will be used to build and expand railways, roads and pipelines in Chinese provinces that are part of the strategy to facilitate trade over land and shipping routes.