Morning Spread

Morning Spread

Wednesday 9th December 2015
IndexLevelChg (%)
UK Market6114.04-0.35
Dow Indust Avg17568.00-0.92
S&P 5002063.59-0.65
Nasdaq Composite5098.24-0.07
Nikkei 22519301.07-0.98
Hang Seng21803.76-0.46
IndexLevelChg (%)
Nymex 1m38.02+1.36
Gold Spot1076.60+0.15
GBP/USD1.5042-0.22
GBP/EUR1.3757-0.18
EUR/USD1.0934+0.41
USD/JPY122.72+0.19

European stocks retreated this morning as miners declines deepened and concerns grew over global growth prospects and disappointment over the European Central Bank’s meeting last week continued to weigh on investors. The ESTX 50 (-0.18%), UK markets (-0.46%), CAC 40 (-0.25%) and the Dax (-0.18%) all posted losses in early trading. Bayer AG fell -4% after a report that Europe’s drug safety agency is investigating one of its products. Fresnillo Plc dropped -6.2% after tube ruptured at one of its mines in Mexico, spilling 450 tons of toxic residue. Stagecoach Group Plc tumbled -14% after lowering its full year profit estimate. Ashtead Group Plc rose +8.3% after quarterly profit exceeded estimates and said full year results will be better than its earlier expectations.

 

US stocks fell as lower oil prices pressured energy stocks and weak Chinese trade data reignited fears of a global slowdown. The Dow Jones Industrial Average (-0.92%), S&P 500 (-0.65%) and the Nasdaq Composite (-0.07%) all decreased. Crude prices hovered near 7 year lows after US crude dipped below $37 per barrel and Brent fell below $40 for the first time since early 2009 on fears that global oil producers will pump even more crude in a saturated market. Exxon fell -2.8% and was the biggest drag on the S&P. Southwest Airlines Co decreased -9% after abandoning its forecast for a possible increase in a benchmark revenue gauge this quarter, stoking investors’ concern that the industry is still struggling to prop up airfares. Delta Air Lines Inc and Untied Continental Holdings fell at least -2.9%.

 

Asian stocks fell, led by declines among health-care and consumer companies, with Japanese equities bearing the brunt of losses. The Nikkei 225 (-0.98%), Hang Seng (-0.46%) and the S&P/ASX 200 (-0.55%) all retreated. Komatsu Ltd fell -1.2% after saying it faces another tough year ahead as falling commodity prices cool customer’s investment plans. Insurance companies led losses in Japan after Barclays Plc lowered its price target on several insurers. Dai-ichi Life Insurance Co sank -3.4%, while T&D Holdings Inc fell -2.6%. Chongqing Changan Automobile Co paced gains for Chinese consumer shares. Increasing +6.1% after it was reported that China plans to introduce a round of subsidies for auto purchases by rural residents that will cover passenger vehicles with engines smaller than 1.6 litres.