Morning Spread

Morning Spread

Thursday 5th March 2015
IndexLevelChg (%)
UK Market6927.32+0.12
Dow Indust Avg18096.90-0.58
S&P 5002098.53-0.44
Nasdaq Composite4967.14-0.26
Nikkei 22518751.84+0.26
Hang Seng24193.04-1.11
IndexLevelChg (%)
Nymex 1m51.95+0.82
Gold Spot1201.38+0.09
GBP/USD1.5237+0.17
GBP/EUR1.3799+0.11
EUR/USD1.1042-0.28
USD/JPY119.93-0.13

European stocks advanced as investors await details of the ECB’s bond buying program. The ESTX 50 (+0.47%), UK markets (+0.14%), CAC 40 (+0.49%) and the Dax (+0.53%) all posted gains in early trading. Carrefour SA gained +1% after reporting a 6.7% increase in full year earnings as sales strengthened in Brazil and Argentina. Adidas AG advanced +1.7% after forecasting 2015 net income from continuing operations to rise as much as 10%. Schroders Plc climbed +0.9% after saying investors poured £24.8 billion into its funds last year, up from £7.9 billion in 2013.

 

US stocks declined after the recent rally gave investors reason to exercise caution. The Dow Jones Industrial Average (-0.58%), S&P 500 (-0.44%) and the Nasdaq Composite (-0.26%) all retreated. After a slow start to the year, equities rallied in February, helping send both the Dow and S&P to record highs on Monday, and the Nasdaq went above the 5,000 level for the first time. Economic data continued to point to a slowly accelerating US economy, increasing the likelihood the US Federal Reserve will begin to hike interest rates at some point this year. Bob Evans Farms plunged -22.6% after saying it was not currently looking at selling or spinning off its food products business and was evaluating strategic options for all or part of its real estate assets. Abercrombie & Fitch slumped -14.9% after saying its quarterly profit fell by a third. American Eagle Outfitters jumped +8.3% after better than expected fourth quarter sales. Alcoa fell -5.9% after Bank of America Merrill Lynch cut the stock to a “neutral” rating.

 

Asian stocks were mixed after Wall Street continued to pull back from record highs ahead of tomorrow’s US jobs data. The Nikkei 225 (+0.26%) and the S&P/ASX 200 (+0.04%) both gained, while the Hang Seng (-1.11%) dropped. China Shenhua Energy Co and Anhui Conch Cement Co each slid at least -2.6% in Hong Kong. Olympus Corp slumped -2.9% in Tokyo after CNN reported that the company’s endoscopes, which have been linked to two deaths, were allegedly sold without regulatory approval. Hanergy Thin Film Power Group Ltd surged as much as +42% to a record in Hong Kong after jumping 22% yesterday. Toray Industries Inc jumped +4.8% after Mitsubishi UFJ Morgan Stanley Securities Co raised its rating on the company.