Morning Spread

Morning Spread

Tuesday 6th January 2015
IndexLevelChg (%)
UK Market6335.25-1.28
Dow Indust Avg17501.65-1.86
S&P 5002020.58-1.83
Nasdaq Composite4652.57-1.57
Nikkei 22516883.19-3.02
Hang Seng23485.41-0.99
IndexLevelChg (%)
Nymex 1m48.69-2.70
Gold Spot1212.89+0.67
GBP/USD1.5187+0.26
GBP/EUR1.2753-0.13
EUR/USD1.1908-0.13
USD/JPY118.85+0.64

European stocks were pushed lower by a drop in energy shares and growing concern over Greece as Prime Minister Antonis Samaras said this month’s election could lead to the nation exiting the euro area. The UK markets (-0.93%), CAC 40 (-0.19%) and the Dax (-0.08%) all posted losses in early trading, while the ESTX 50 (+0.04%) was slightly positive. Bavarian Nordic rose +3.4% after Johnson & Johnson started clinical trials of its experimental Ebola vaccine. Ashtead fell -8% after shares in its US rival United Rentals also slumped overnight following a brokerage downgrade on United Rentals. Tullow Oil and Royal Dutch Shell Plc lost more than -2% each as crude extended losses below $50 barrel.

 

US stocks had their worst day in almost three months, with energy shares leading the decline as global economic concerns were compounded by falling oil prices. The Dow Jones Industrial Average (-1.86%), S&P 500 (-1.83%) and the Nasdaq Composite (-1.57%) all retreated. Crude oil futures prices dropped to their lowest since 2009 amid a global supply gut and lacklustre demand. Boston Scientific was the S&P’s biggest winner with a 4% gain after a brokerage upgrade. The S&P’s worst performer was United Rental with a 10.7%, followed by Noble Energy which was down -9.9%. Gilead Sciences Inc rose +2.6% after CVS Health Corp said it will give Gilead’s hepatitis C treatment preferred status and cover a competing treatment from AbbVie Inc only as an exception. AbbVie lost -2%.

 

Asian stocks fell, extending a global selloff as the bear market in oil deepened. The Nikkei 225 (-3.02%), Hang Seng (-0.99%) and the S&P/ASX 200 (-1.57%) all declined. BHP Billiton Ltd slid -4.7% to pace losses among energy and materials shares. Toyota Motor Corp fell -2.8% in Tokyo after missing US sales estimates and as the yen gained. Nissan Motor Co lost -4.4% despite a report showing the company had better than expected US sales in December. Galaxy Entertainment Group Ltd sank -4.3% in Hong Kong after Bank of America Corp’s Merrill Lynch unit cut its rating on the company. Tencent Holdings Ltd surged +5.7% after the shares were recommended by JPMorgan Chase & Co. Yahoo Japan Corp dropped -4.8% after Jefferies Group LLC cut the company’s rating from buy.