Morning Spread

Morning Spread

Wednesday 7th May 2014
IndexLevelChg (%)
UK Market6780.84-0.26
Dow Indust Avg16401.02-0.78
S&P 5001867.72-0.90
Nasdaq Composite4080.76-1.38
Nikkei 22514033.45-2.93
Hang Seng21746.26-1.05
IndexLevelChg (%)
Nymex 1m100.35+0.85
Gold Spot1312.27+0.32
GBP/USD1.6967+0.09
GBP/EUR1.2195-0.02
EUR/USD1.3915-0.07
USD/JPY

European stocks fell as the US said Ukraine should proceed with its presidential election this month, ignoring Russia’s calls to postpone the vote. The ESTX 50 (-0.21%), UK Markets (-0.35%), CAC 40 (-0.22%) and the DAX (-0.06%) all posted losses in early trading. Societe Generale SA slipped -2% after posting an unexpected decline in first quarter profit. Siemens AG dropped -1.2% after reporting worse than forecast quarterly income. Credit Agricole SA gained +3.6% after saying profit surged 85% in the first quarter. Carlsberg A/S declined -2.5% after saying industrywide demand in Russia will shrink by a mid-single digit amount. Anheuser-Busch InBev NV fell -0.9% after saying first quarter earnings rose 11% which trailed analysts’ estimates. Experian Plc dropped -4.3% after saying subdued trading in Brazil because of the forthcoming World Cup will impede first half growth. J Sainsbury Plc gained +1.7% after reporting full year earnings that beat estimates.  

 

US stocks fell following a selloff in tech companies, while American International Group Inc dragged down financials. The Dow Jones Industrial Average (-0.78%), S&P 500 (-0.90%) and the Nasdaq Composite (-1.38%) all retreated. Twitter plunged -18% as about 480 million shares from insiders became eligible for trading. AIG declined -4.1% after saying rising claims costs contributed to a 27% drop in profit. Yahoo! Inc gained +1.2% in after-hours trading as Alibaba Group Holding Ltd filed for what could become the largest initial public offering ever. Discovery Communications Inc fell -3.9% after reporting first quarter revenue that missed analysts’ estimates. D.R.Horton Inc slipped -2.4% after Deutsche Bank removed the stock from its short-term buy list. Anadarko Petroleum Corp climbed +3.3% after raising its 2014 forecast for sales volume.

 

Asian stocks fell as Japanese shares suffered as the yen maintained its gains, reducing the earnings outlook for exporters. The Nikkei 225 (-2.93%), Hang Seng (-1.04%) and the S&P/ASX 200 (-0.83%) all dropped. Panasonic fell -3.4% and Honda Motor Co, a company that gets 46% of its revenue in North America, lost -2.9% as the yen reached a three week high. Most members of the Bank of Japan agreed to keep easing monetary policy until inflation stabilises at 2%. Idemitsu Kosan Co tumbled -6.1% in Tokyo after forecasting net income that trailed estimates. Giordano sank -15% in Hong Kong after saying it expects significantly lower profit in the first half. SoftBank Corp which owns a stake in Alibaba Group Holding Ltd, slid -5.1% after Alibaba filed for a US IPO. Lynas Corp, which said plans to defer some debt repayments and sell shares, lost -10% in Sydney.