Morning Spread

Morning Spread

Tuesday 24th September 2013
IndexLevelChg (%)
UK Market6427.48-0.59
Dow Indust Avg15010.74-0.47
S&P 5001646.06-0.59
Nasdaq Composite3589.09-0.38
Nikkei 22513396.38-2.63
Hang Seng21970.29-2.20
IndexLevelChg (%)
Nymex 1m106.14-0.90
Gold Spot1362.45-0.26
GBP/USD1.5677-0.15
GBP/EUR1.1708-0.22
EUR/USD1.3390+0.37
USD/JPY

European stocks erased their gains as German business confidence missed forecasts and investors awaited a report on US home prices. The ESTX 50 (+0.20%), UK market (+0.10%), CAC 40 (+0.32%) and the DAX (+0.17%) all posted gains in early trading. Telecom Italia SpA rose +2.4% after Telefonica SA agreed to increase its stake in the Italian phone company. Total SA climbed +1.9% after Barclays raised its rating on the company from “underweight” to “equal eight”, citing that the company can better control its capital expenditure more than it had predicted. Burckhardt tumbled -7.1% after saying that lower than expected gross margins on two major compressor system projects will lead the company to make provisions in the six months through September.

US stocks fell as financial shares slumped and investors watched speeches from Federal Reserve officials for clues on monetary policies. The Dow Jones Industrial Average (-0.32%), S&P 500 (-0.47%) and the NASDAQ Composite (-0.25%) all declined. Goldman Sachs slid -2.7%, for the biggest retreat in the Dow, Citigroup sank -3.2%, JPMorgan Chase & Co retreated -2.5% and Bank of America Corp erased -2.1% after Atlantic Equities forecast a drop in fixed income trading revenue for the biggest US banks. Lennar slid -1.7% and KB Home lost -3.4% ahead of reporting earnings later today. Apple Inc surged +5% after saying first weekend sales of its new iPhones topped 9 million units. General Electric Co advanced +1.1% after winning contracts worth $2.7 billion from a unit of Sonelgaz. Walgreen Co added +1.3% after Morgan Stanley boosted its rating on the company to “overweight” from “equal weight”.

Asian stocks fell from a four month high amid a political showdown on Washington over the US budget and as investors examined speeches from Federal Reserve officials for clues on monetary policy. The Nikkei 225 (-0.07%), Hang Seng (-0.77%) and the S&P/ASX 200 (-0.35%) all retreated. Nikon Corp, a company that gets 85% of sales overseas, sank -2.3% as a stronger yen cut the earnings prospects for Japanese exporters. Mazda Motor Corp declined -0.9%. Lixil Corp lost -5.1% in Tokyo after it was reported that the company is in advanced talks to buy German bathroom fixtures company Groche Group for more than €3 billion. Largen Precision Co, which makes lenses for the cameras in Apple’s phones, advanced +2% in Taipei.