Morning Spread

Morning Spread

Wednesday 9th March 2016
IndexLevelChg (%)
UK Market6140.42+0.24
Dow Indust Avg16964.10-0.64
S&P 5001979.26-1.12
Nasdaq Composite4648.82-1.26
Nikkei 22516642.20-0.84
Hang Seng19996.26-0.08
IndexLevelChg (%)
Nymex 1m36.90+1.10
Gold Spot1257.64-0.30
GBP/USD1.4231-0.03
GBP/EUR1.2969+0.45
EUR/USD1.0972-0.42
USD/JPY112.51+0.04

European shares advanced this morning as investors speculated on further stimulus support from the European Central Bank. The ESTX 50 (+0.77%), CAC 40 (+0.50%), Dax (+0.51%) and the UK markets (+0.14%) all posted gains in early trading. Mario Draghi said in January that officials will consider the possibility of more stimulus at the upcoming gathering. Adecco SA fell -2.5% after reporting lower than expected quarterly profit and said it has agreed to buy Penna Consulting Plc for about £105.3 million. G4S Plc dropped -11% after posting worse than expected full year revenue. Royal Boskalis Westminster NV lost -10% after saying net profit will be substantially lower in 2016. Volkswagen AG fell -3.4% as prosecutors across Europe step up their investigations into the company’s emissions scandal.  

US stocks decreased as energy shares tumbled alongside the price of oil and soft Chinese data rekindled fears that the global economy is weaker than anticipated. The Dow Jones Industrial Average (-0.64%), S&P 500 (-1.12%) and the Nasdaq Composite (-1.26%) all dropped. Goldman Sachs analysts said the recent rally in oil was premature as prices would need to remain lower for longer to help rebalance the market later in the year. Exxon and Chevron fell more than -2%. Micron dropped -7.9%, which was the biggest drag on the Nasdaq. Shake Shack tumbled -11.8% after issuing disappointing results and forecast. Urban Outfitters were up +16.1% after better than expected sales for its Free People brand.

Asian stocks dropped as oil retreated after worsening economic data from China renewed concern over the outlook for global growth. The Hang Seng (-0.08%) and the Nikkei 225 (-0.84%) both declined, while the S&P/ASX 200 (+0.96%) rose. Inpex Corp dropped -2.6%, pacing losses among energy companies as crude oil futures retreated. Japanese shippers declined, with Mitsui O.S.K Lines Ltd and Nippon Yusen KK dropping more than -5% after Mitsubishi UFJ Morgan Stanley predicted a sharp fall in their profits. Zijin Mining Group Co tumbled -6.4% in Hong Kong as the bullion’s price decreased.