Morning Spread

Morning Spread

Tuesday 7th October 2014
IndexLevelChg (%)
UK Market6514.29-0.75
Dow Indust Avg16991.91-0.10
S&P 5001964.82-0.16
Nasdaq Composite4454.80-0.47
Nikkei 22515788.83-0.67
Hang Seng23422.52+0.46
IndexLevelChg (%)
Nymex 1m89.85-0.54
Gold Spot1209.15+0.15
GBP/USD1.6092-0.43
GBP/EUR1.2737+0.13
EUR/USD1.2633+0.30
USD/JPY108.45+0.42

European stocks declined as data showed German industrial production fell in August more than economists forecast. The ESTX 50 (-0.89%), UK Markets (-0.62%), CAC 40 (-0.87%) and the DAX (-0.86%) all posted losses in early trading. Deutsche Bank AG slipped -0.8% after the New York Times reported US prosecutors are discussing whether to press the German bank to plead guilty to interest rate rigging. Wirecard AG climbed +4% after boosting its outlook for earnings in 2014. Cairn Energy Plc rallied +11% after saying it has discovered oil at its FAN-1 well, offshore Senegal. Tesco Plc increased +1.7% after it was reported that commercial director Kevin Grace has been asked to step aside. AstraZeneca Plc and Shire Plc both slipped more than -1% after Morgan Stanley downgraded its rating on European health care stocks. Schroders Plc fell -3% as Bank of America Corp’s Merrill Lynch recommended selling the shares.

 

US stocks fell as small-cap shares resumed a selloff of corporate earnings season to assess the strength of the economy. The Dow Jones Industrial Average (-0.10%), S&P 500 (-0.16%) and the Nasdaq (-0.47%) all declined. Micron Technology Inc fell -4% after Samsung Electronics Co said it will spend $15 billion building a chip plant in South Korea. GT Advanced Technologies Inc sank -93% after the company filed for bankruptcy. Hewlett-Packard Co jumped +4.7% after saying it will split into two companies. CareFusion Corp surged +23% as Becton Dickinson & Co agreed to buy the company for $12.2 billion. H&R Block Inc fell -5.6%, the biggest decline in the S&P 500, after saying the sale of its banking unit to Bofl Federal Bank is being slowed by regulatory approval process. Durata Therapeutics Inc rallied +75% as Actavis Plc announced a deal to acquire the company.

 

Asian stocks were mixed as the yen extended gains after the Bank of Japan kept its bond buying program unchanged in a policy decision today. The Nikkei 225 (-0.67%) and the S&P/ASX 200 (-0.16%) both declined, while the Hang Seng (+0.46%) advanced. Toshiba Corp slumped -4.3% after SMBC Nikko Securities Inc cut its share price target for the company. Fujifilm Holdings Corp rose +2.7% after a French Ebola patient who was given its Avigan treatment with another experimental treatment, was sent home from hospital. Japanese exporters dropped as the yen gained. Sony Corp sank -1.2% and Toyota Motor Corp slid -0.3%. Rio Tinto Group surged +4.3% in Sydney after saying it rejected a merger approach from Glencore Plc that would’ve created the world’s largest miner.