Morning Spread

Morning Spread

Thursday 5th May 2016
IndexLevelChg (%)
UK Market6138.68+0.44
Dow Indust Avg17651.26-0.56
S&P 5002051.12-0.59
Nasdaq Composite4725.64-0.79
Nikkei 22516147.38-3.11
Hang Seng20449.82-0.37
IndexLevelChg (%)
Nymex 1m45.29+3.45
Gold Spot1276.35-0.26
GBP/USD1.4488+0.02
GBP/EUR1.2652+0.38
EUR/USD1.1451-0.40
USD/JPY107.25-0.16

European stocks rose as crude oil climbed to about $45 a barrel and earnings from several companies beat estimates. The ESTX 50 (+0.05%), Dax (+0.11%) and UK markets (+0.28%) all posted gains in early trading, while the CAC 40 (-0.06%) was slightly negative. BT rose +3.1% after reporting a better than expected 6% rise in full year earnings. Firmer oil prices also lifted the shares of major oil producers, with Repsol up +4.5% despite posting lower first quarter profits.  Wm Morrison Supermarkets Plc added +1.7% after its same store sales rose at a faster pace than forecast. Glencore Plc and BHP Billiton Ltd gained more than +2.4% pacing gains among mining stocks.

 

US stocks dropped on weak early jobs data and a dip in productivity. The Dow Jones Industrial Average (-0.56%), S&P 500 (-0.59%) and the Nasdaq Composite (-0.79%) all decreased. Bank stocks, which have slumped this year on expectations that the Federal Reserve isn’t in a hurry to raise interest rates, declined further. Goldman Sachs Group fell -1.9%, making it one of the largest decliners in the Dow. Priceline Group fell -7.5% after the company warned investors that its profit growth would slow sharply in the second quarter. Etsy Inc rose +5% after posting a surprise profit in the first quarter thanks to strong revenue gains in services sold to the users who sell merchandise on its site. Time Warner Inc gained +1.6% after its first quarter earnings beat Wall Street forecasts.

 

Asian stocks dropped amid global economic growth concerns. The Hang Seng (-0.37%) and Nikkei 225 (-3.11%) both retreated, while the S&P/ASX 200 (+0.15%) increased. National Bank of Australia Bank Ltd climbed +3.2% in Sydney after posting a 6.5% increase in first half cash profit as it bucked a trend among Australia’s largest banks by decreasing bad-debt charges and as margins improved for the first time since 2011. Crown Resorts Ltd rose +5% in Sydney after selling $800 million worth of shares in its Macau venture. New World Development fell -2.1% and Hang Lung Properties Ltd retreated -1.6% in Hong Kong after Goldman Sachs Group Inc downgraded Hong Kong property stocks, predicting a 20% drop in home prices.