Morning Spread

Morning Spread

Wednesday 6th April 2016
IndexLevelChg (%)
UK Market6121.84+0.50
Dow Indust Avg17603.32-0.75
S&P 5002045.17-1.01
Nasdaq Composite4843.93-0.98
Nikkei 22515715.36-0.11
Hang Seng20206.67+0.15
IndexLevelChg (%)
Nymex 1m37.08+3.32
Gold Spot1226.20-0.42
GBP/USD1.4101+0.44
GBP/EUR1.2424-0.04
EUR/USD1.1350-0.41
USD/JPY110.42-0.16

European shares rose this morning following steep declines in the previous session, with energy shares gaining following a bounce back in crude oil prices. The ESTX 50 (+0.07%), UK markets (+0.36%) and the CAC 40 (+0.18%) all posted gains in early trading, while the Dax (-0.33%) declined. Fortum and Swedbank fell -10% and -6.2% respectively as their shares traded without the attraction of their latest dividend payouts. Anglo American Plc and BHP Billiton Ltd rose more than +1.6%. Shire Plc rose +2.7% as Bank of America Corp said it may become an acquisition target if new US tax proposals derail a deal between Pfizer Inc and Allergan Plc. Barclays plc and Standard Chartered Plc both gained at least +1.5%.

US stocks fell as investors took profits following a recent rally and ahead of an upcoming quarterly reporting season that is expected to reveal sharply lower earnings. The Dow Jones Industrial Average (-0.75%), S&P 500 (-1.01%) and the Nasdaq Composite (-0.98%) all decreased. Reflecting concerns on Wall Street, International Monetary Fund Managing Director Christine Lagarde warned of increasing risks to global economic growth unless policymakers take stronger measures. Allergan fell -14.77% after the US Treasury unveiled rules to curb tax inversion deals, potentially derailing the company’s merger with Pfizer. Pfizer climbed -2.1%. Baker Hughes fell -5.09% after Reuters reported that the US Justice Department will file a lawsuit as soon as this week to stop Halliburton Co from acquiring the oil services company.

Most Asian stocks advanced while a stronger yen weighed on Japanese shares. The Nikkei 225 (-0.11%) declined, while the Hang Seng (+0.15%) and S&P/ASX 200 (+0.44%) increased. Santos Ltd climbed +3.9% in Sydney, pacing gains among energy producers as crude oil rallied for a second day. Kyushu Electric Power Co jumped +7.2% in Tokyo after a Japanese court rejected a residents appeal that may have forced the utility to shut its two Sendai nuclear reactors. Hermes Microvision Inc slumped -8.7% in Taipei after JPMorgan Chase & Co downgraded the company to “underweight”.