Morning Spread

Morning Spread

Monday 9th June 2014
IndexLevelChg (%)
UK Market6877.48+0.28
Dow Indust Avg16924.28+0.52
S&P 5001949.44+0.46
Nasdaq Composite4321.40+0.59
Nikkei 22515124.00+0.31
Hang Seng23117.47+0.73
IndexLevelChg (%)
Nymex 1m103.21+0.54
Gold Spot1255.43+0.17
GBP/USD1.6809-0.04
GBP/EUR1.2329+0.10
EUR/USD1.3634-0.07
USD/JPY

European stocks advanced amid optimism the global economic recovery remains on track. The ESTX 50 (+0.12%), UK Markets (+0.27%) and the Dax (+0.11%) all posted gains in early trading, while the CAC 40 (0.00%) was flat. Banco Popular advanced +3.2% after JPMorgan upgraded its rating on the stock to “overweight” from “neutral”, citing that the terms of the ECB’s targeted long-term refinancing operations are better than expected and will benefit banks in peripheral European countries the most. Banco Sabadell SA gained +1.8% and Intesa Sanpaolo SpA added +1.2%. Gecina dropped -7.5% after it was reported that institutional investors including Blackstone Group LP will buy 16.8 million Gecina shares for €92 each. Lloyds Banking Group Plc slipped -1.3% after setting preliminary terms for the initial public offering of its TSB consumer bank.

 

US stocks rose as data showed payrolls pushed past their pre-recession peak for the first time in May. The Dow Jones Industrial Average (+0.52%), S&P 500 (+0.46%) and the Nasdaq Composite (+0.59%) all advanced. Joy Global jumped +3.9% after being raised to “buy” from “neutral” by Bank of America Merrill Lynch and after posting second quarter earnings that topped forecasts and said it sees global growth driving demand for commodities. Gap gained +2.1% after reporting sales that beat the median analyst forecast. Angie’s List Inc increased +11% after being raised to “buy” from “neutral” at Bank of America Corp. E*Trade Financial Corp rose +4.4% after Nomura Securities reiterated a buy rating on the online brokerage based on expectations for the company’s capital and liquidity plans. Hertz Global tumbled -9.1% after saying it needs to fix three years of accounting and that quarterly results won’t meet consensus estimates.

 

Asian stocks rose after data on Japanese growth, US employment and Chinese exports bolstered the outlook for the global economy. The Nikkei 225 (+0.31%), Hang Seng (+0.73%) and the S&P/ASX 200 (+0.50%) all made gains. Exporters advanced. Panasonic climbed +2.7% in Tokyo. Sony Corp added +0.9%. LG Display Co increased +2.1% in Seoul. Dongfeng Motor surged +7% in Hong Kong after it was reported that the Infiniti factory being built in northeastern China will take 12 to 14 months to complete and have an initial annual production capacity of at least 100,000 vehicles. Nissan gained +1% in Tokyo. Daewoo Shipbuilding gained +5.1% in Seoul after Australian Defence Minister David Johnston said last week Daewoo is competing with Spain’s Navantia SA for a contract to build two new ships for the navy. TPK Holding Co climbed +6.8% in Taipei after DigiTimes reported that the company is setting up a joint venture with Nissha Printing Co and Cambrios Technologies Corp to develop touch screens.