Morning Spread

Morning Spread

Thursday 16th April 2015
IndexLevelChg (%)
UK Market7082.43-0.20
Dow Indust Avg18112.61+0.42
S&P 5002106.63+0.51
Nasdaq Composite5011.02+0.68
Nikkei 22519885.77+0.08
Hang Seng27716.78+0.35
IndexLevelChg (%)
Nymex 1m55.93-0.82
Gold Spot1208.30+0.48
GBP/USD1.4837+0.27
GBP/EUR1.3933+0.01
EUR/USD1.0649+0.29
USD/JPY119.29-0.15

US equity markets were aided on Wednesday by a surge in energy stocks, which were reacting to crude oil climbing to a 2015 high. Gainers included Exxon up 1.67%, Transocean up 10.12%, Schlumberger up 3.61% and Halliburton up 4.46%. In the Retailing sector, Abercrombie & Fitch gained 6.7% on heavy option buying and signs that the core US market is stabilising. Other stocks on the move included Caterpillar up 2.6%, Texas Instruments up 3.1% and Intel gained 4.25%.

Asia followed the US higher with Chinese stocks rallying, although there was some profit taking in the Indian market. In South Korea there was negative pressure on the Chemical sector with LG Chemical down 4.5% and Lotte Chemical fell 4.7% on the fall in the polyethylene price. Chinese stocks rose to a seven year high with optimism on Government spending in the Nuclear power sector boosting stocks such as Shanghai Electric up 10% and Sichuan Danfu rose a similar amount. Oil stocks in Australia rose sharply with AWE up 11%, Senex up 8.5% and Sundance Energy up 8.3%. Japanese stocks were boosted by a weak Yen with Mitsubishi UFJ up 3% and Nomura Real Estate was up 3%.

Europe is lower in early Thursday trading as some corporate results have disappointed. Diageo is down 2.44% as revenues in all the operating territories missed expectations. The company is seeking to reduce stock levels in Asia and currency volatility also went against the company. Other decliners include BASF down 2.09%, Deutsche Bank down 1.17% and Allianz down 1.35%. A negative sector note on Defence by UBS has meant that BAE Systems is down 3.57% and Meggitt is some 3% lower. The broker cites too high takeover premium and US budget pressures. Leading the gainers is Unilever, up 5.11% as first quarter sales growth of 2.8% comfortably beat the 2.1% estimate.