Morning Spread

Morning Spread

Thursday 14th November 2013
IndexLevelChg (%)
UK Market6687.05+0.86
Dow Indust Avg15821.63+0.45
S&P 5001782.00+0.81
Nasdaq Composite3965.58+1.16
Nikkei 22514876.41+2.12
Hang Seng22649.15+0.82
IndexLevelChg (%)
Nymex 1m93.81-0.07
Gold Spot1283.65+0.14
GBP/USD1.5992+0.21
GBP/EUR1.1894-0.14
EUR/USD1.3447-0.06
USD/JPY

European stocks advanced after Janet Yellen said the US economy must improve before monetary stimulus is pared. The ESTX 50 (+0.87%), UK Markets (+0.71%), CAC 40 (+1.00%) and the DAX (+0.83%) all posted gains in early trading. Burberry Group Plc added +1.8% after saying first half sales exceeded £1 billion for the first time as online revenue advanced. K+S AG rose +3.4% after reporting third quarter earnings that beat estimates. RWE AG slid -5.7% after forecasting profit next year will almost halve because of weak power prices. Nordex SE jumped +6.2% after increasing its full year order intake. European Aeronautic, Defence & Space Co fell -1.1% after reporting third quarter earnings that fell short of analyst’s estimates. Prudential Plc climbed +1.6% after saying nine month sales rose 6%. Burberry Group Plc rose +0.6% after reporting first half earnings.

US stocks rose as investors speculated the Federal Reserve’s Janet Yellen will continue the central bank’s stimulus policy as chairman. The Dow Jones Industrial Average (+0.45%), S&P 500 (+0.81%) and the NASDAQ Composite (+1.16%) all advanced. Macy’s jumped +9.4% as better than estimated earnings fuelled optimism about the holiday shopping season. Cap Inc increased +1.2% while L Brands added +1.9% and Ralph Lauren and Abercrombie & Fitch Co both gained more than +2.7%. Tesla Motors Inc advanced +0.7% after co-founder Elon Musk said the company won’t recall its Model S after fires involving the electric sedan. Cisco Systems dropped -7% after the market closed as revenue fell short of forecasts. General Motors Co jumped +4.9% after the company that counts China as its biggest market said it will open a new headquarters in Singapore to oversee markets including Southeast Asia and India.

Asian stocks rose on speculation the next head of the Federal Reserve will maintain US stimulus and as the falling yen boosted Japanese shares. The Nikkei 225 (+2.12%), Hang Seng (+0.82%) and the S&P/ASX 200 (+0.68%) all gained. Shandong Weigao Group Medical Polymer Co jumped a record 30% in Hong Kong after third quarter sales beat estimates. Tencent Holdings Ltd gained +4.6% in Hong Kong after revenue increased from online games. Sony Corp, a company that gets 68% of revenue abroad, added +2.3% and Nissan Motor Co, a company that generates 80% of its revenue overseas, added +1.1%, as the weakening Yen benefitted Japanese exporters. Hanwha Investment & Securities Co led brokerages lower in Seoul after the nation lifted a five year ban on shorting financial stocks. Hanwha slumped -6% and Daewoo Securities Co lost -5.2%.