Morning Spread

Morning Spread

Wednesday 9th April 2014
IndexLevelChg (%)
UK Market6642.27+0.79
Dow Indust Avg16256.14+0.06
S&P 5001851.96+0.38
Nasdaq Composite4112.98+0.81
Nikkei 22514299.69-2.10
Hang Seng22843.17+1.09
IndexLevelChg (%)
Nymex 1m102.15-0.40
Gold Spot1309.70+0.08
GBP/USD1.6747+0.05
GBP/EUR1.2142-0.08
EUR/USD1.3792-0.03
USD/JPY102.03+0.09

In the US markets there was a bounce back in the Technology sector with Facebook up 2.18%, Amazon up nearly 3% and Google gained 3.1%. The quarterly earnings season traditionally kicks off with Alcoa, which reported after the market closed. Early indications suggest they beat analyst expectations, the shares were up nearly 2% yesterday in anticipation. Other companies to report this week include JP Morgan and Wells Fargo. Elsewhere there were gains for Halliburton which rose 2%, Deere gained 1.5% and China Mobile recovered 1.5%. On the losers front, Bristol Myers fell 2.4% on patent concerns and Goldman Sachs eased 1.26% on capital buffer fears.

Asia was mixed once again with the Japanese market notably weak as the Yen registered the largest one day increase against the US Dollar in seven months. Toyota fell just over 3% on news the auto manufacturer is recalling six million vehicles globally. The sector was weak generally with Mazda down 3.7%, Suzuki down 4% and Nissan down 2.6%. The market in Hong Kong in contrast was buoyant with further optimism in China related stocks. The property sector was in focus with China Resources Land up 3% and China Overseas Land up nearly 2%. In Australia, shares closed at their highest level since June 2008 with WorleyParsons up nearly 7% on news of extensive restructuring.

Europe is firmer this morning with auto stocks leading the way in Germany. A bullish research note on Volkswagen has seen the shares rise 3.23% and Porsche is up just over 4%. Banks are typically higher with Den Norske Bank up 2.2% boosted by a Citigroup note. Commerzbank is up just over 2%, Standard Chartered is up 2.6% and Lloyds Banking is up 1.3%. Other gainers include Seadrill up 2.3%, Thales is up 1.8% and Kering is up just over 1%. Fallers include Admiral down 1.6% on news that motor insurance prices in the UK are under downward pressure. Estimates suggest rates fell by 7.5% in the latest quarter.