Morning Spread

Morning Spread

Tuesday 25th November 2014
IndexLevelChg (%)
UK Market6737.90+0.12
Dow Indust Avg17817.90+0.04
S&P 5002069.41+0.29
Nasdaq Composite4754.89+0.89
Nikkei 22517407.62+0.29
Hang Seng23843.91-0.21
IndexLevelChg (%)
Nymex 1m75.83+0.08
Gold Spot1200.39+0.25
GBP/USD1.5677-0.13
GBP/EUR1.2608+0.17
EUR/USD1.2433+0.04
USD/JPY118.09+0.28

The US was relatively quiet in Monday trading but most indices managed small gains. Consumer related stocks generally fared well with The Gap bouncing back, up 4.55%, Ford was up 1.55%, Walt Disney rose 1.82% and McDonalds rose 0.83%. Verizon was weaker in the Telecommunications sector as Citigroup lowered its rating on the company and the shares lost nearly 1.5%. Financial Services were buoyant with PNC Financial up 1.3%, Citigroup was up 1.38% and JP Morgan was up 0.84%. After the China related bounce in the Commodity sector, the stocks slipped with Newmont Mining down 2.64%.

Asia was mixed in overnight trading with some pullback in Hong Kong equities, as investors mulled the full ramifications of the Chinese interest rate reduction. Energy stocks were down as OPEC looked unlikely to make dramatic reductions in output levels from member states. PetroChina lost 2.5% and Sinopec was down 2.3%. In Japan, Sony jumped more than 6% after a broker upgrade on the stock. Other gainers included Dai-ichi Life up 2.6% and Bridgestone was up 1.6%. In Australia, all eyes were on Medibank Private, the largest IPO since Telstra, which rose 11% on the first day of trading.

Europe is higher in Tuesday trading with the Banking sector moving up. Investors have been underweight the sector prior to the results of the Asset Quality Review but this is now reversing. Deutsche Bank is up 1.93%, Societe Generale is up 1.66% and Credit Agricole is up 1.43%. Other gainers include ThyssenKrupp up 1.08%, E.On is 1.24% higher and Portugal Telecom is up 1.07%. Amongst the decliners are Statoil down 1.29%, Richemont is down 1.30% and Total is down 1.53%. In the UK, the focus is on retailer Kingfisher which is down over 3% on poor third quarter sales. Trading conditions in France have been especially difficult.