Morning Spread

Morning Spread

Thursday 6th March 2014
IndexLevelChg (%)
UK Market6784.05+0.13
Dow Indust Avg16360.18-0.22
S&P 5001873.81-0.01
Nasdaq Composite4357.97+0.14
Nikkei 22515134.75+1.59
Hang Seng22702.97+0.55
IndexLevelChg (%)
Nymex 1m101.41-0.04
Gold Spot1335.03-0.14
GBP/USD1.6718+0.09
GBP/EUR1.2173-0.07
EUR/USD1.3733-0.02
USD/JPY

European stocks increased as investors awaited the ECB’s interest rate decision and US data on jobless claims. The ESTX 50 (+0.40%), CAC 40 (+0.53%), DAX (+0.21%) and the UK markets (+0.13%) all posted gains in early trading. Vivendi SA rose +2.1% after saying it received two bids for the French phone unit SFR it was planning to spin off. Gemalto NV rallied +3.5% after forecasting a double digit expansion of profit from operations and revenue at constant exchange rates in 2014. Logitech International SA jumped +7.8% after saying it will buy back up to $250 million of its own shares. The company forecast 2014 sales of $2.1 billion. Schroders Plc advanced +4.8% after increasing its dividend by 40% after reporting that 2013 pre-tax profit climbed 41% to £507.8 million. Orange SA rallied +5.1% after forecasting 2014 earnings that was higher than estimates.  

 

US stocks were little changed as investors assessed the Ukraine crisis and weaker than estimated data on payrolls and services. The Dow Jones Industrial Average (-0.22%), S&P 500 (-0.01%) and the NASDAQ Composite (+0.14%) were all little changed. Exxon lost -2.8% for the steepest drop in Dow. The company’s biggest international exploration opportunity may be threatened by Vladimir Putin’s Ukrainian foray, as US based companies could face restrictions on doing business in Russia. Exxon, under the terms of a 2011 contract with state controlled OAO Rosneft, owns drilling rights across 11.4 million acres of Russian land, its biggest exploration holding outside the US. Smith & Wesson added +16% for its biggest advance since June 2012 after forecasting annual earnings will exceed previous projections. GameStop jumped +3.8% after saying it will raise its quarterly payout. Facebook Inc advanced +4% for the biggest gain in the S&P 500 after Nicolaus & Co raised its 12 month price target on the company to $82 from $72, citing Facebook’s growing market share.

 

Asian stocks advanced with Japanese stocks benefiting from a weakened yen and an advisory committee saying the world’s largest pension fund doesn’t need a domestic bond focus. The Nikkei 225 (+1.59%) and the Hang Seng (+0.55%) both gained, while the S&P/ASX 200 (-0.01%) was flat. Myer Holdings Ltd added +1.5% in Sydney after the nations’ retail sales in January climbed the most in a year. Tencent Holdings Ltd increased +2% in Hong Kong to a record close. Kumiai Chemical Industry Co surged +8.4% after reporting that first quarter net income doubled. China’s renewable energy producers advanced after Premier Li said the government will encourage the use of alternative energy sources to combat pollution. Xinjiang Goldwind Science & Technology Co jumped +7.2%. China High Speed Transmission Equipment Group Co surged +10% despite saying it expects full year profit to slide. Standard Chartered Plc slid -1.3% after posting its first annual profit decline in more than a decade.