Morning Spread

Morning Spread

Tuesday 2nd December 2014
IndexLevelChg (%)
UK Market6723.90+1.02
Dow Indust Avg17776.80-0.29
S&P 5002053.44-0.68
Nasdaq Composite4727.35-1.34
Nikkei 22517663.22+0.42
Hang Seng23654.30+1.23
IndexLevelChg (%)
Nymex 1m68.19-1.13
Gold Spot1199.71-1.01
GBP/USD1.5703-0.31
GBP/EUR1.2624-0.14
EUR/USD1.2439-0.44
USD/JPY118.87-0.53

US stocks were weaker at the start of the week, driven lower by Chinese growth fears and a sell-off in the Technology sector. Decliners included Apple down 3.2% which during the day was actually down a lot more, Amazon lost 3.7% and China Mobile was down 3.5%. Commodities were once again volatile with bargain hunters out in some of the oil majors, with Exxon Mobil up 2%, Chevron up 2.6% and Conoco up a similar amount. Gold also rallied with Newmont Mining gaining 6.8%.

Asian stocks were up as a group for the first time in four days, as energy stocks recovered somewhat and there was increased optimism that China would reduce interest rates once again. In China, the Financials were positive with Minsheng Banking up 10% and Ping An Insurance rose more than 6%. Japanese equities were higher despite the news that Moodys rating agency reduced the rating to A1. Concerns centred on the deficit reduction measures and the steps taken to boost economic growth.

European shares are also in positive territory ahead of this week’s ECB meeting. Gainers include Credit Suisse up 1.1%, Yara is up 1.3%, Thales is up nearly 2% and Akzo Nobel is 1.7% higher. On the negative front, Neopost in France, which manufactures mailing equipment is down 16% as the company slashes revenue forecasts. Other stocks to fall include Thyssenkrup down 1% and RWE down 1.5%. In the UK, Aviva has confirmed the agreed takeover of Friends Life Group for £5.6 billion. The stock is up 2.3% and Friends Life is up 4.6%.