Morning Spread

Morning Spread

Wednesday 5th March 2014
IndexLevelChg (%)
UK Market6800.00-0.35
Dow Indust Avg16395.88+1.41
S&P 5001873.91+1.53
Nasdaq Composite4351.97+1.75
Nikkei 22514897.63+1.20
Hang Seng22579.78-0.34
IndexLevelChg (%)
Nymex 1m103.25-0.08
Gold Spot1334.75+0.03
GBP/USD1.6681-0.04
GBP/EUR1.2155+0.12
EUR/USD1.3724-0.07
USD/JPY

European stocks were little changed as investors turned their attention from the crisis in the Ukraine to economic data from Europe and the US. The ESTX 50 (+0.09%), UK Markets (-0.24%), DAX (-0.10%) and the CAC 40 (-0.09%) all posted small changes in early trading. Adidas AG slid -2.9% after forecasting 2014 net income that trailed estimates. Bourbon SA rose +1.8% after reporting better than estimated earnings and raised the dividend by 34%. Subsea 7 SA lost -5.6% after posting fourth quarter profit that missed analysts’ projections. Tele2 AB rose +1.1% after it was reported that they are considering a sale of its Norwegian phone business. Melrose Industries Plc retreated -4.9% after reporting a fall in 2013 revenue. Persimmon Plc slid -2.7% after Credit Suisse downgraded the shares. Admiral Group plc rose +4.7% after posting profit that beat analysts’ estimates. RSA Insurance Group Plc rose +2% after HSBC Holdings Plc upgraded the company.

 

US stocks rose as comments from Vladimir Putin signalled the Ukraine crisis won’t immediately escalate. The Dow Jones Industrial Average (+1.41%), S&P 500 (+1.53%) and the NASDAQ Composite (+1.75%) all advanced. Qualcomm Inc gained +3.4% after raising its dividend and boosting its buyback plan. Abercrombie & Fitch Co advanced +6.7% after Credit Suisse Group AG lifted its rating on the company to “outperform” from “neutral”, citing a more competitive pricing strategy, tighter cost controls and inventory management, among other initiatives, will help boost earnings. J.C.Penney Co climbed +4.2% after Standard & Poor’s changed their outlook on the company to “stable” from “negative”, citing modes improvements during the fourth quarter. Facebook Inc climbed +2.1% after it was reported that it may buy Titan Aerospace for $60 million. American Express Co jumped +2.9% for the biggest advance in the Dow. Pfizer Inc gained +2.2%.

 

Asian stocks rose after comments from Vladimir Putin. Chinese shares declined amid concern the country faces its first onshore corporate bond default this week. The Nikkei 225 (+1.20%) and the S&P/ASX 200 (+0.85%) both increased, while the Hang Seng (-0.34%) retreated. Fuji Heavy Industries Ltd dropped -1.8% after cutting its profit forecast. GCL-Poly Energy Holdings Ltd surged +4.3% after Trina Solar Ltd said it expects shipments of solar modules to soar on surging demand. Japanese exporters advanced. Honda Motor Co, a company that gets more than 80% of sales overseas, increased +1.3%. Sony Corp, which gets about 70% of its revenue outside Japan, added +2.1%. Sharp Corp, which makes more than half its sales abroad, gained +1.3%. PetroChina Co slumped -2.2% and China Construction Bank Corp lost -1.5%.