Morning Spread

Morning Spread

Monday 9th March 2015
IndexLevelChg (%)
UK Market6862.20-0.72
Dow Indust Avg17856.78-1.54
S&P 5002071.26-1.42
Nasdaq Composite4927.37-1.11
Nikkei 22518790.55-0.95
Hang Seng24123.05-0.17
IndexLevelChg (%)
Nymex 1m49.45-0.32
Gold Spot1173.61+0.55
GBP/USD1.5096-0.39
GBP/EUR1.3877+0.06
EUR/USD1.0879+0.32
USD/JPY120.83-0.01

European stocks declined as concern over Greece resurfaced along with data from Germany showing exports in January fell by the largest amount since August. The ESTX 50 (-0.60%), UK markets (-0.62%), CAC 40 (-0.72%) and the Dax (-0.53%) all posted losses in early trading. Investors will be keeping an eye on any more dramatic moves from the Swiss National Bank after Schweiz am Sonntag reported that the central bank could push rates further into negative territory to deter investors from piling into the safe-haven Swiss franc. Shares of Deutsche Bank (-0.20%) and Barclays Plc (-0.36%) were both lower this morning after a report by the Financial Times said that traders at both banks are being questioned as part of an investigation into the rigging of the Euribor benchmark interest rate. WPP fell -0.3% despite the company reporting a strong January trading report and 2014 results that were broadly in line with market expectations. Telefonica SA and Orange SA both dropped -1.5% pacing losses among European telecommunications companies.  

 

US stocks retreated on Friday after a strong monthly jobs report fuelled expectations for an interest rate rise by the Federal Reserve this year. The Dow Jones Industrial Average (-1.54%), S&P 500 (-1.42%) and the Nasdaq Composite (-1.11%) all dropped. US nonfarm payrolls rose 295,000 last month, topping estimates for a gain of 240,000, after a downwardly revised 239,000 in January. The unemployment rate fell to 5.5% from 5.7% in January. In a shakeup of the Dow Jones Industrial Average, Apple Inc, the largest US company by market value, will join the index this month, replacing AT&T Inc. Apple rose +0.5%, while AT&T fell -1.4%. All of the 31 US banks scrutinised passed a test of how they would do in another possible economic crisis, the Fed said last week, but this those with large trading books came out weak because of new elements in the check up. Bank of America shares rose +1.6%.

 

Asian stocks fell after US jobs numbers hinted that the Federal Reserve will raise interest rates sooner than expected. The Nikkei 225 (-0.95%), Hang Seng (-0.17%) and the S&P/ASX 200 (-1.31%) all retreated. Newcrest Mining Ltd sank -4.7% after gold dropped to a three month low on expectations for US policy tightening. Industrial & Commercial Bank of China Ltd jumped +4.2% in Shanghai after the China Securities Regulatory Commission said it may allow lenders apply for brokerage licences. Japanese exporters gained as the yen weakened, with Makita Corp adding +0.7%. Japan Display Inc jumped +1.1% after announcing it will build a factory to manufacture sixth generation LCD panels. Takeda Pharmaceutical Co lost -2.8% in Tokyo