Morning Spread

Morning Spread

Monday 7th April 2014
IndexLevelChg (%)
UK Market6662.01-0.50
Dow Indust Avg16412.71-0.96
S&P 5001865.09-1.25
Nasdaq Composite4127.73-2.60
Nikkei 22514808.85-1.69
Hang Seng22377.15-0.59
IndexLevelChg (%)
Nymex 1m100.51-0.62
Gold Spot1299.20-0.34
GBP/USD1.6577-0.02
GBP/EUR1.2088-0.07
EUR/USD1.3714+0.07
USD/JPY

European stocks declined as technology shares tumbled following a selloff in the US. The ESTX 50 (-0.48%), UK Markets (-0.49%), CAC 40 (-0.73%) and the DAX  (-1.22%) all posted losses in early trading. Iliad SA lost -5.3% and Nokia Oyj slid -2.4% helping lead technology stocks lower. Holcim and Lafarge SA both advanced more than +4% after agreeing to merge, creating the world’s biggest cement company with more than $40 billion in sales. Altice SA jumped +9.5%, while Bouygues SA slumped -6.1% after Vivendi SA agreed to sell its phone unit SFR to Altice in a deal valued at more than €17 billion.

 

US stocks fell after large tech stocks such as Google Inc and Yahoo Inc plunged as investors sold the bull market’s biggest winners. The Dow Jones Industrial Average (-0.96%), S&P 500 (-1.25%) and the Nasdaq Composite (-2.60%) all declined. Google Class A shares sank -4.6%, for its biggest drop in 18 months. Facebook Inc lost -4.6%, bringing its two day slide to -9.5%. Yahoo Inc declined -4.2% to the lowest level since November. Netflix Inc sank -4.9% for a third straight decline, the stock nearly quadrupled in 2013 after jumping 34% last year. GrubHub rallied +31% as it surged in its trading debut after raising a higher than expected $192 million in an initial public offering.

 

Asian stocks fell as telecommunication and technology shares led the declines. The Nikkei 225 (-1.69%), Hang Seng (-0.59%) and the S&P/ASX 200 (-0.17%) all retreated. Naver Corp slumped -6.5% in Seoul, SoftBank Corp lost -4.6% in Tokyo and Tencent Holdings Ltd fell -4.3% in Hong Kong as telecom and technology shares slid. Daiichi Sankyo Co rose +3.3% after Sun Pharmaceutical Industries Ltd agreed to buy Ranbaxy Laboratories Ltd in a $4 billion stock deal. Daiichi owns 63.5% of Ranbaxy. Fanuc sank -1.7%