Morning Spread

Morning Spread

Friday 9th September 2016
IndexLevelChg (%)
UK Market6851.45-0.11
Dow Indust Avg18479.91-0.25
S&P 5002181.30-0.22
Nasdaq Composite5259.48-0.46
Nikkei 22516965.76+0.04
Hang Seng24099.70+0.75
IndexLevelChg (%)
Nymex 1m47.04-1.22
Gold Spot1336.20-0.15
GBP/USD1.3304-0.07
GBP/EUR1.1805-0.15
EUR/USD1.1270+0.22
USD/JPY102.16+0.29

European shares dropped this morning as fund outflows deepen.  The ESTX 50 (-0.07%), CAC 40 (-0.12%), Dax (-0.06%) and the UK markets -0.01%) all posted small losses in early trading. A Bank of America Corp report showed fund managers withdrew money from European equity funds for a 31st straight week. Greene King Plc dropped -4.2% after saying there could be tougher trading ahead. UniCredit SpA fell -1.2% after a report that it’s considering raising as much as €10 billion in capital. Burberry Group Plc dropped -2% after a report that it cut prices in Hong Kong and China. J D Wetherspoon Plc rose +3.3% after reporting adjusted pre-tax earnings that beat estimates. Sports Direct International Plc rose +2.3% after saying it will buy back about 5% of its shares.

US stocks declined, pulled lower by Apple after its latest iPhone failed to impress Wall Street, but gains in energy shares limited the decline. The Dow Jones Industrial Average (-0.25%), S&P 500 (-0.22%) and the Nasdaq Composite (-0.46%) all retreated. Apple fell -2.6% following the unveiling of the iPhone 7. Apple said it would not release first weekend sales of the iPhone, limiting analysts’ early visibility of the device. Hewlett-Packard Enterprise shares fell -3.2% after it agreed to sell its software business to Micro Focus in a $8.8 billion deal. SuperValu slid -9.5% after it gave a disappointing outlook, a day after Sprouts Farmers Market warned on its profit.

Asian stocks were mixed as investors weighed the outlook for monetary policy in the US and Japan after the European Central Bank downplayed the need for more economic stimulus. The S&P/ASX 200 (-0.86%) declined, the Hang Seng (+0.75%) gained and the Nikkei 225 (+0.04%) was fairly flat. Showa Denko KK climbed +5% and was among the biggest gainers on the Nikkei 225 as crude headed for a weekly gain of more than 6% following an unexpected drop in US stockpiles. Round One Corp tumbled -6% after August same-store sales dropped 4.6% from a year earlier. Kyocera Corp added +1.9% after BNP Paribas SA raised its rating on the company to “hold” from “reduce”.