Morning Spread

Morning Spread

Tuesday 6th October 2015
IndexLevelChg (%)
UK Market6303.90+0.08
Dow Indust Avg16776.43+1.85
S&P 5001987.05+1.83
Nasdaq Composite4781.26+1.56
Nikkei 22518186.10+1.00
Hang Seng21831.62-0.10
IndexLevelChg (%)
Nymex 1m46.19-0.15
Gold Spot1136.93+0.11
GBP/USD1.5168-0.08
GBP/EUR1.3536-0.08
EUR/USD1.1205+0.16
USD/JPY120.37+0.08

European stocks declined this morning as investors assessed valuations and consider whether weak economic data will encourage central banks to keep monetary policy accommodative for longer. The ESTX 50 (-0.18%), UK markets (-0.11%), CAC 40 (-0.06%) and the Dax (-0.32%) all posted losses in early trading. Glencore Plc gave up -5.8% after posting its biggest ever advance yesterday. Rio Tinto Group slipped -1.1% and Anglo American Plc fell -2.2% as Goldman Sachs Group Inc warned that commodity prices may stay lower for years. Total SA and BP Plc led energy companies lower as oil halted its advance near $46 a barrel. SABMiller Plc slid -1.7% after the New York Post reported that management may fight an expected bid from Anheuser-Busch InBev NV.

 

US stocks gained as rising oil prices boosted energy stocks and investors bet the Federal Reserve would not raise interest rates this year. The Dow Jones Industrial Average (1.85%), S&P 500 (+1.83%) and the Nasdaq Composite (+1.56%) all increased. Energy stocks jumped +2.9%, boosted by a 1.5% rise in US crude oil prices. They were helped by a rally in US gasoline and Russia’s willingness to meet other major oil producers to discuss the market. Consol Energy Inc climbed +9% and Chesapeake Energy Corp added +6.7%. DuPont gained +5.5% in after-market trading after announcing its chief executive was retiring and that it had extended cost cuts. Trian Fund Management co-founder Nelson Peltz has been calling for deep cost cuts and a breakup of Dupont.

 

Asian stocks rose following gains in US equities, amid speculation that global central bank policy will remain accommodative to counteract weak economic growth. The Nikkei 225 (+1.00%) and the S&P/ASX 200 (+0.33%) both increased, while the Hang Seng (-0.10%) decreased. Sands China Ltd and Wynn Macau Ltd jumped at least +5.8% after JPMorgan Chase & Co raised its ratings on the gaming companies. Mitsubishi Corp advanced +0.7%, building on yesterday’s rally, after SMBC Nikko Securities Inc said the trading house and its peers are among the likely winners from the trade accord. Tokai Tokyo Financial Holdings Inc tumbled -7.2% as Credit Suisse Group AG cut its rating on the company.