Morning Spread

Morning Spread

Thursday 4th September 2014
IndexLevelChg (%)
UK Market6874.92+0.02
Dow Indust Avg17078.28+0.06
S&P 5002000.72-0.08
Nasdaq Composite4572.57-0.56
Nikkei 22515676.18-0.33
Hang Seng25297.92-0.08
IndexLevelChg (%)
Nymex 1m94.85-0.72
Gold Spot1272.10+0.21
GBP/USD1.6463-0.09
GBP/EUR1.2521+0.04
EUR/USD1.3148+0.05
USD/JPY104.89-0.03

Most European stocks fell as investors awaited the ECB’s next steps on interest rates and quantitative easing. The ESTX 50 (-0.32%), CAC 40 (–0.28%) and the Dax (-0.48%) all posted losses in early trading, while the UK markets (+0.14%) gained. Bilfinger slumped -9.5% after cutting its full year profit targets for a third time. Henderson Group plc lost -2.6% after Morgan Stanley cut its rating on the stock to “equal weight” from “buy”. Paddy Power Plc dropped -1% after appointing Andy McCue as Chief Executive Designate, to succeed Patrick Kennedy on January 1st 2015. Balfour Beatty Plc rose +2.3% after agreeing to sell a US unit to Montreal based WSP Global Inc and saying it will return some of the proceeds to shareholders. Standard Life Plc rallied +9.4% after selling its Canadian unit to Manulife Financial Corp for about $3.7 billion, and saying it will return £1.75 billion to shareholders when the transaction is completed.

 

US stocks ended Wednesday’s session down, as a decline in Apple shares dragged the Nasdaq lower and investors held off before the ECB’s upcoming policy meeting. The Dow Jones Industrial Average (+0.06%) gained, while the S&P 500 (-0.08%) and the Nasdaq Composite (-0.56%) both retreated. Apple shares slid -4.2% after several brokers considered downgrading the stock as Apple grappled with a possible security breach of its iCloud service a week before the launch of its new iPhone. Airline shares fell after Delta Airlines, down -5.2%, trimmed its operating margin forecast and said its international passenger traffic fell slightly in August. American Airlines Group Inc fell -3.4%. Housing stocks were weak, weighed down by a -4.7% in Toll Brothers after posting quarterly results.

 

Asian stocks fell as developers declined, while Samsung Electronics rallied after unveiling new Galaxy Note phones. The Nikkei 225 (-0.33%), Hang Seng (-0.05%) and the S&P/ASX 200 (-0.44%) all retreated. DLF Ltd tumbled -7.8% after a report that a court cancelled a land allocation in Gurgaon. Yuexiu Property Co sank -3% in Hong Kong after announcing a rights issue. Hengen International Group Co slipped -1.9% after BNP Paribas cut its rating on the stock to “hold” from “buy” and reduced its share price forecast to HK$85 from HK$89.50. Samsung Electronics rose +1.8% in Seoul after unveiling the Note Edge with a 5.6 inch screen that extends and the new Note 4, which features an upgraded display and improved camera.