Morning Spread

Morning Spread

Friday 8th November 2013
IndexLevelChg (%)
UK Market6678.05-0.29
Dow Indust Avg15593.98-0.97
S&P 5001747.15-1.32
Nasdaq Composite3857.33-1.90
Nikkei 22514086.80-1.00
Hang Seng22744.39-0.60
IndexLevelChg (%)
Nymex 1m94.46+0.28
Gold Spot1311.35+0.28
GBP/USD1.6084-0.03
GBP/EUR1.1985-0.11
EUR/USD1.3420+0.11
USD/JPY

Asian stocks fell after faster US economic growth fuelled concern the Federal Reserve may reduce stimulus sooner than expected. The Nikkei 225 (-1.00%), Hang Seng (-0.60%) and the S&P/ASX 200 (-0.39%) all retreated. Sony Corp, a company that gets 68% of sales outside Japan, lost -2.7% after the yen’s surge against the dollar yesterday weighed on Japanese exporters. Panasonic Corp declined -2.6%, Toyota Motor Corp fell -1.1% and Honda Motor Co slid -0.8%. Fortescue Metals Group Ltd sank -4.2% after Teck Resources Ltd sold a stake worth about $473 million in the company. Samsung Electronics Co preferred shares declined -5% in Seoul after Citigroup Inc managed the sale of $350 million stake in the electronics manufacturer. DeNA Co slumped -11% after reporting a larger than forecast decline in second quarter profit.

European stocks dropped after Standard & Poor’s France’s credit rating and investors awaited data on American jobs. The ESTX 50 (-0.53%), FTSE 100 (-0.28%), CAC 40 (-0.70%) and the DAX (-0.56%) all posted losses in early trading. France’s long-term foreign and local currency credit rating was lowered one step to AA from AA+ by S&P, citing slower growth that will constrain the government’s ability to improve public finances. French banks were among the biggest losers, with Societe Generale down -1.3% and Natixis down -1.2%. Telefonica SA slipped -1% after reporting a 13% slide in third quarter profit before some items. International Consolidated Airlines Group SA rose +3.6% after saying third quarter earnings more than doubled and raised its full year outlook. Cie Financiere Richemont slid -1.8% after posting first half operating profit that missed analysts’ estimates. Puma SE fell -3.1% after lowering its full year profit forecast. K+S AG added +2.7% after JPMorgan upgraded Europe’s biggest potash distributor.

US stocks fell as speculation the Federal Reserve may scale back stimulus amid faster than estimated economic growth overshadowed a move by the ECB to cut their interest rate. The Dow Jones Industrial Average (-0.97%), S&P 500 (-1.32%) and NASDAQ Composite (-1.90%) all declined. Twitter Inc, which raised $1.82 billion in its IPO, rallied +73% in its debut. Qualcomm Inc dropped -3.8% after predicting quarterly sales that missed analysts’ estimates. J.C.Penney Co jumped +5.6% after posting its first rise in monthly same stores sales in two years. Whole Foods Markets Inc slumped -11% after cutting its profit forecast. Tesla Motors Inc plunged -7.5% after a Model S sedan fire yesterday, the third in five weeks involving the car. SolarCity Corp tumbled -17% company predicted a loss that surpassed the average analyst estimate. Transocean Ltd jumped +7% after posting third quarter adjusted earnings that beat analyst estimates.