Morning Spread

Morning Spread

Tuesday 8th March 2016
IndexLevelChg (%)
UK Market6129.50-0.86
Dow Indust Avg17073.95+0.40
S&P 5002001.58+0.09
Nasdaq Composite4708.25-0.19
Nikkei 22516783.15-0.76
Hang Seng20011.58-0.73
IndexLevelChg (%)
Nymex 1m37.60-0.79
Gold Spot1274.64+0.57
GBP/USD1.4208+0.48
GBP/EUR1.2901-0.40
EUR/USD1.1013-0.08
USD/JPY112.91+0.58

European stocks dipped this morning with a drop in industrial metals prices following poor trade data from China, putting pressure on the mining sector. The ESTX 50 (-1.57%), UK markets (-1.02%), CAC 40 (-1.61%) and the Dax (-1.44%) all posted losses in early trading. Saipem fell nearly -8% after two of the banks that guaranteed a recent stock issue at the Italian oil services group sold a 6% stake at a discount on Monday. Casino also fell by around -1% after Muddy Waters launched an attack on the company. Casino had no immediate comment in response to Muddy Waters’ report. Burberry rose +4% after the Financial Times reported that Burberry was seeking help to fight a takeover bid.

US stocks rose as a spike in energy shares offset sharp declines in large cap technology names. The Dow Jones Industrial Average (+0.40%) and the S&P/ASX 200 (+0.09%) both increased, while the Nasdaq Composite (-0.19%) declined. A string of positive data from major economies and stabilising commodity prices have helped improve sentiment ahead of a relatively quiet week in terms of data for Wall Street as corporate earnings season draws to a close. Alphabet and Facebook fell more than -2% each while Microsoft lost -1.9% and Apple dropped -1.1%. Valeant Pharmaceuticals rose +7.1% after saying it would report fourth quarter numbers next week, giving investors hope for positive news after months of uncertainty and volatility.

Asian stocks dropped as Japanese shares fell for a second day as a stronger yen cut the earnings outlook for exporters while China’s export slump deepened in February. The Hang Seng (-0.73%), Nikkei 225 (-0.76%) and the S&P/ASX 200 (-0.68%) all decreased. Suzuki Motor Corp slumped -3.8% after announcing plans to sell 200 billion yen in convertible bonds. Toshiba Corp slid -7% after Mizuho Securities cut its rating on the company. Marine Containers (Group) Co plunged -4.3%, while Spring Airlines Co dropped -3.2%. Jiangxi Copper Co and Zijin Mining Group Co paced losses for Chinese material producers, sliding at least -1.8%.