Morning Spread

Morning Spread

Monday 5th September 2016
IndexLevelChg (%)
UK Market6882.21-0.18
Dow Indust Avg18491.96+0.39
S&P 5002179.98+0.42
Nasdaq Composite5249.90+0.43
Nikkei 22517037.63+0.66
Hang Seng23649.55+1.65
IndexLevelChg (%)
Nymex 1m45.55+2.50
Gold Spot1326.56+0.11
GBP/USD1.3350-0.42
GBP/EUR1.1941+0.20
EUR/USD1.1180+0.22
USD/JPY103.40+0.51

European stocks were little changed as gains in commodity producers offset declines in banks. The ESTX 50 (+0.24%), CAC 40 (+0.30%) and the Dax (+0.24%) all posted gains in early trading, while the UK markets (-0.10%) declined.  SFR Group SA jumped +6.8% after Patrick Drahi’s Altice NV agreed to buy the 22% of the company that it didn’t already own for €2.4 billion. Altice gained +5.1%. Hunting Plc dropped -2.2% after reporting its first half loss widened from a year ago. Zodiac Aerospace declined -3% after saying its operating income will be about 10% lower than analysts estimate due to higher litigation provisions and continued weakness in the helicopter market. Tesco Plc lost -1.4% after Wm Morrison Supermarkets Plc said it will cut the price of essential meat and poultry products.

US stocks advanced as a weaker than expected payrolls report reduced expectations for a September rate hike from the US Federal Reserve, although hawkish comments from another Fed official kept expectations for one this year intact. The Dow Jones Industrial Average (+0.39%), S&P 500 (+0.42%) and the Nasdaq Composite (+0.43%) all increased. US nonfarm payrolls rose by 151,000 jobs in August after upwardly revised 275,000 increase in July, with job cuts in manufacturing and construction, the Labour Department said. Lululemon Athletica lost -10.6% after reporting quarterly comparable sales growth below expectations. Broadcom fell -2.2% after reporting that revenue in its largest segment stalled in the latest quarter.

Asian shares rose after a weaker than expected US jobs report prompted investors to trim expectations that the Federal Reserve would hike interest rates as early as this month. The S&P/ASX 200 (+1.06%), Hang Seng (+1.65%) and Nikkei 225 (+0.66%) all increased. Alumina Ltd jumped +8.4% in Sydney amid speculation a settlement of a dispute with its joint-venture partner Alcoa Inc may ignite takeover interest in the company. Mitsui OSK Lines Ltd rose +6.6% in Tokyo amid hopes freight rates my recover after Hanjin Shipping Co filed for court receivership. Hanjin Shipping tumbled -14% in Seoul as it resumed trading.