Morning Spread

Morning Spread

Thursday 6th August 2015
IndexLevelChg (%)
UK Market6731.96-0.30
Dow Indust Avg17540.47-0.06
S&P 5002099.84+0.31
Nasdaq Composite5139.95+0.67
Nikkei 22520664.44+0.24
Hang Seng24375.28-0.57
IndexLevelChg (%)
Nymex 1m44.99-0.35
Gold Spot1085.36+0.03
GBP/USD1.5606-0.01
GBP/EUR1.4330-0.16
EUR/USD1.0891+0.16
USD/JPY124.86+0.02

European shares retreated amid some weak corporate results. The ESTX 50 (-0.14%), CAC 40 (-0.14%), Dax (-0.01%) and the UK markets (-0.39%) all posted losses in early trading. Novozymes slid -9.2% after reporting second quarter earnings below expectations. KBC rising +3.5% after it posted higher profits. Zurich Insurance Group AG slipped -3.5% after reporting earnings that trailed projections. Munich Re AG climbed +3.1% after raising its full year profit forecast. BP Plc and Total SA lost -1% each, pushing oil and gas shares to the worst performance among European industry groups.  

 

US stocks rose as tech shares advanced. The S&P 500 (+0.31%) and the Nasdaq Composite (+0.67%) both gained, while the Dow Jones Industrial Average (-0.06%) declined. Disney’s shares fell -9.2% after it cut its profit forecast for its cable networks unit, fuelling concern for the entire industry. Comcast fell -4.7%, Discovery Communications lost -12.1% and Twenty-First Century Fox fell -7%. Disney’s shares are still up +17.3% year to date, compared with a 2% on the S&P 500. First Solar jumped +16.7% after it reported sharply higher quarterly sales and earnings and said results for the year would top Wall Street estimates. Chesapeake Energy tumbled -12.1% on worries about hefty debt and spending at the company. Apple added +0.7%.

 

Asian stocks were mixed despite optimism over the US economy and as the yen weakened. The S&P/ASX 200 (-1.13%) and the Hang Seng (-0.56%) both retreated, while the Nikkei 225 (+0.24%) advanced. Nippon Telegraph & Telephone Corp rose +4.6% after saying it will buy back as much as 100 billion yen of shares. Meiji Holdings Co surged a record +18% after boosting its profit forecast. Ebara Corp slumped -7.4% after posting a wider net loss. Toyota Motor Corp added +1.5% as the yen weakened. Global exporter Li & Fung fell -3.9% to their lowest level since January 2009.