Morning Spread

Morning Spread

Wednesday 6th November 2013
IndexLevelChg (%)
UK Market6751.04+0.06
Dow Indust Avg15618.22-0.13
S&P 5001762.97-0.28
Nasdaq Composite3939.86+0.08
Nikkei 22514337.31+0.79
Hang Seng23036.94-0.01
IndexLevelChg (%)
Nymex 1m94.19+0.88
Gold Spot1318.54+0.51
GBP/USD1.6105-0.44
GBP/EUR1.1919+0.10
EUR/USD1.3514+0.33
USD/JPY

European stocks gained as several companies posted earnings that beat estimates. The ESTX 50 (+0.71%), UK Markets (+0.03%), CAC 40 (+0.78%) and the DAX (+0.42%) all posted gains in early trading. Alstom added +3.6% after posting operating profit that exceeded estimates and saying it will seek to raise as much as €2 billion from asset sales. ING climbed +2.3% after net income exceeded projections. Adecco SA rose +4% after reporting profit that beat estimates and predicted increasing demand for part time labour in Europe. EasyJet Plc climbed +2.1% after saying seat occupancy increased last month from a year ago. Meggitt Plc rose +1.8% after Cantor Fitzgerald LP upgraded its rating of the stock to “buy”. Experian Plc tumbled -6.4% after saying it will buy Passport Health Communications inc for $850 million. Weir Group Plc dropped -1.05% after Investec Ltd cut its recommendation on the shares

US stocks declined as investors awaited this week’s data on economic growth and employment. The Dow Jones Industrial Average (-0.13%) and the S&P 500 (-0.28%) both declined, while the NASDAQ Composite (+0.08%) increased. D.R.Horton sank -2.2% after an analyst with JPMorgan said D.R.Horton’s quarterly order growth may miss expectation, which is already below analysts’ estimates. Delphi Automotive dropped -5.2% after narrowing its earnings forecast. Tenet Healthcare declined -8.8% for the biggest loss in the S&P 500 after announcing a fourth quarter forecast that was less than analysts’ estimates because of slow patient admissions. CVS Caremark Corp gained +2% after reporting third quarter profit that beat analyst estimates and raised its earnings forecast for the year. AOL Inc advanced +8.5% after reporting third quarter sales and adjusted profit above forecasts. Michael Kors Holdings Ltd gained +5.8% after predicting full year earnings that exceeded the average analyst forecast.

Asian stocks rose as Japanese shares were boosted by the yen weakening against the dollar and Commonwealth Bank of Australia posted a surge in profit. The Nikkei 225 (+0.79%) and the S&P/ASX 200 (+0.03%) both gained, while the Hang Seng (-0.01%) was flat. Canon Inc gained +0.8% as the yen dropped, boosting the earnings outlook for Japanese exporters. Toyota Motor Corp gained +1.3% after public broadcaster NHK said the company may raise its operating profit forecast. Toyota did boost its earnings estimate after the market closed. Commonwealth Bank climbed +1.3% to a record after saying first quarter cash profit jumped +14% on lower bad debt charges. HTC Corp rose +3.9% after analysts said the company’s fourth quarter forecast was better than estimated. Acer Inc slumped -6.9% after reporting a record loss.