Morning Spread

Morning Spread

Wednesday 7th January 2015
IndexLevelChg (%)
UK Market6416.26+0.78
Dow Indust Avg17371.64-0.74
S&P 5002002.61-0.89
Nasdaq Composite4592.74-1.29
Nikkei 22516885.33+0.01
Hang Seng23681.26+0.83
IndexLevelChg (%)
Nymex 1m47.82-0.23
Gold Spot1214.86-0.29
GBP/USD1.5119+0.35
GBP/EUR1.2746+0.15
EUR/USD1.1862-0.50
USD/JPY119.07-0.49

European stocks rebounded amid optimism that inflation data will bolster the case for further ECB stimulus measures. The ESTX 50 (+0.24%), UK markets (+0.54%), CAC 40 (+0.35%) and the Dax (+0.27%) all posted gains in early trading. J Sainsbury Plc rose +0.2% after reporting a slowing decline in quarterly sales, beating analysts’ forecasts. Wm Morrison Supermarkets Plc climbed +2%, Tesco Plc increased +1.8% and Marks & Spencer Group Plc added +2.7%. Aggreko Plc increased +3.8% after saying it signed a new two year diesel fuel power contract in Argentina. Statoil ASA fell -1.8% as oil fell for a fifth day. Boohoo.com Plc slumped -38% after predicting that annual financial results will disappoint analysts. Asos Plc fell -2.1%.

 

Asian stocks were mixed as US equities extended declines and crudes slump deepened. The Nikkei 225 (+0.01%) was flat, the Hang Seng (+0.83%) advanced, while the S&P/ASX 200 (-0.21%) declined. Inpex Corp dropped -1.1% to pace losses among oil producers. Korean Air Lines Co slipped -4.7% in Seoul after announcing plans to sell 500 billion won in new shares. Tencent Holdings Ltd jumped +3.7% after Mizuho Securities Asia Ltd and JPMorgan Chase & Co recommended buying the stock.

 

US stocks dropped as data showed slower growth in the US service sector and oil prices fell further. The Dow Jones Industrial Average (-0.74%), S&P 500 (-0.89%) and the Nasdaq Composite (-1.29%) all retreated. Data yesterday pointed to slowing growth in the fourth quarter. The pace of expansion in services moderated in December and new orders for manufactured goods fell for a fourth consecutive month in November. Oil prices slid further on mounting worries about a supply glut. US crude settled at $47.93 a barrel, down -4.2% on the day. Southwestern Energy dropped -5% as brokerages continued to cut price targets on energy shares. AOL Inc shares rose +3.4% a day after a report that Verizon Communications approached AOL about a potential acquisition or joint venture.