Morning Spread

Morning Spread

Wednesday 8th January 2014
IndexLevelChg (%)
UK Market6731.45-0.36
Dow Indust Avg16530.94+0.64
S&P 5001837.88+0.61
Nasdaq Composite4153.18+0.96
Nikkei 22516121.45+1.94
Hang Seng22996.59+1.25
IndexLevelChg (%)
Nymex 1m93.77+0.11
Gold Spot1227.05-0.41
GBP/USD1.6423+0.01
GBP/EUR1.2072+0.18
EUR/USD1.3604-0.19
USD/JPY

European stocks were little changed before a report on hiring by US companies that may help investors assess the pace of Federal Reserve stimulus. The ESTX 50 (+0.25%), CAC 40 (+0.10%) and the DAX (+0.01%) all posted modest gains in early trading, while the UK Markets (-0.24%) were slightly down. SAP AG added +1.1% after UBS recommended that investors buy the shares. Kion Group AG slid -2.8% after its biggest shareholder put a 10.8% stake in the company on sale. Persimmon Plc was up +1.31% after saying it had a strong finish to 2013 with the number of legally completed house sales in the second half 30% higher than in the first half, adding it will deliver strong underlying pretax profit growth for the year. AstraZeneca was down -0.27% after signing a deal with Immunocore to boost its experimental cancer drug pipeline as it seeks to find new medicines to replace those going off patent.  

 

US stocks rose ahead of Friday’s employment report and the start of fourth quarter earnings season this week. The Dow Jones Industrial Average (+0.64%), S&P 500 (+0.61%) and the NASDAQ Composite (+0.96%) all advanced. UnitedHealth climbed +3.1% after being raised to “buy” from “hold” by Deutsche Bank AG. Johnson & Johnson increased +2.1% after RBC Capital boosted the stock to “outperform” from “sector perform”. Tenet Healthcare Corp rallied +4.9% and HCA Holdings Inc advanced +2.7% after Credit Suisse, which rates both companies “outperform”, advised buying hospital stocks on any weakness. MGM rose +4.4%, Wynn Resorts gained +2.9% and Las Vegas Sands added +2.2% after Nomura increased their estimates for the companies Macau earnings and raised their price targets for all three stocks. Netflix Inc slid -5.6% after Morgan Stanley said the company faces more competition.

 

Asian stocks rose as the IMF said it will raise its global economic growth forecast and the US trade deficit narrowed. The Nikkei 225 (+1.94%) and the Hang Seng (+1.25%) both increased, while the S&P/ASX 200 (-0.02%) was flat. Nintendo Co jumped +11% in Tokyo after China lifted a 13 year ban on games consoles. Belle International Holdings Ltd soared +13% in Hong Kong after Barclays Plc said the retailer may boost earnings. Seven & I Holdings Co jumped +6% in Tokyo after the company’s profit beat analyst estimates. Chow Tai Fook Jewellery Group Ltd jumped +10% after reporting that quarterly sales increased 26%. Mitsubishi Motors Corp dropped -4% after saying it plans to raise as much as 241.6 billion yen in a public share sale.