Morning Spread

Morning Spread

Wednesday 8th July 2015
IndexLevelChg (%)
UK Market6449.32+0.27
Dow Indust Avg17776.91+0.53
S&P 5002081.34+0.61
Nasdaq Composite4997.60+0.11
Nikkei 22519737.64-3.14
Hang Seng23516.56-5.84
IndexLevelChg (%)
Nymex 1m51.56-1.47
Gold Spot1152.54-0.25
GBP/USD1.5410+0.11
GBP/EUR1.3971-0.94
EUR/USD1.1030+0.83
USD/JPY121.57+0.58

European shares rose this morning after euro zone members gave Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans. The ESTX 50 (+0.96%), UK markets (+0.33%), CAC 40 (+0.81%) and the Dax (+0.46%) all posted gains in early trading. Under a timetable agreed by the 19 leaders of the euro zone, Greece will submit today a formal request for a two year loan programme, with a first list of reform commitments to be spelled out in greater detail tomorrow. Barclays Plc rose +3.2% as Chairman John McFarlane ousted CEO Antony Jenkins to speed up an overhaul. Tesco Plc gained +2.2% after falling for seven consecutive days. HSBC Holdings Plc, Aberdeen Asset Management Plc, Prudential Plc and Standard Chartered Plc all dropped more than -1.5%.

 

US stocks rose as a rebound in US oil prices helped offset concerns about a slowdown in China and the Greek debt crisis. The Dow Jones Industrial Average (+0.53%), S&P 500 (+0.61%) and the Nasdaq Composite (+0.11%) all increased. Altria Group Inc climbed +3.5% to lead a rally in consumer staples. Costco Wholesale Corp rose +3.4%, Hershey Co added +2.7% and General Mills Inc climbed +2.3%. Freeport-McMoRan Inc lost -3.3% as industrial metal prices tumbled amid fears that demand for raw materials from China will decrease. Newmont Mining Corp slumped -6.1% as gold dropped to a 15 week low. Energy companies rebounded as oil erased its retreat. Chesapeake Energy Corp soared +10% and Transocean Ltd increased +5.4%. Banks dropped along with a decline in Treasury yields. Citigroup Inc and Bank of America lost at least -1%. Comerica Inc fell -3.4%.

 

Asian stocks plummeted as Chinese shares extended a rout and European leaders gave Greece until Sunday to submit a new set of reforms. The Nikkei 225 (-3.14%), Hang Seng (-7.21%) and the S&P/ASX 200 (-2.00%) all dropped. China suspended initial public offerings and brokerages pledged to buy shares in weekend measures aimed at halting the market rout. Mainland shares posted their biggest three week slump since 1992 on concern leveraged traders are liquidating bets after valuations exceeded levels seen during China’s stock market bubble of 2007. Chinese brokerages Huatai Securities Co and Citic Securities Co slumped more than -16% in Hong Kong. Hong Kong Exchanges & Clearing Ltd dropped -7.8%, a record ninth day of decline. Fortescue Metals Group Ltd dropped -3.6% as the raw material used to make steel dropped below $50 a metric ton for the first time since April.