Morning Spread

Morning Spread

Wednesday 15th April 2015
IndexLevelChg (%)
UK Market7108.51+0.47
Dow Indust Avg18036.70+0.33
S&P 5002095.84+0.16
Nasdaq Composite4977.29-0.22
Nikkei 22519869.76-0.20
Hang Seng27618.82+0.21
IndexLevelChg (%)
Nymex 1m54.04+1.41
Gold Spot1190.01-0.23
GBP/USD1.4716-0.45
GBP/EUR1.3987-0.20
EUR/USD1.0590-0.65
USD/JPY119.53-0.16

US equities closed mixed on Tuesday as investors responded to a number of company results. JP Morgan and Wells Fargo beat analyst expectations with the stocks rising 1.56% and falling 0.73% respectively. Goldman Sachs was up 1.1% and Morgan Stanley gained 1.5%. The latest consensus earnings projection from Thomson Reuters for the US market is a 2.7% year on year decline, hit mainly by the strength of the US$. Other gainers included Merck up 1.8%, Nabors up 3.8% and Transocean up 4.9%. Losers included Abercrombie & Fitch down 2.3%, Google down 1.6% and Norfolk-Southern lost 4.4%.

Asia was also mixed in trading with the Chinese economy posting the lowest GDP figure in six years. The Shanghai index fell 1.2% on the news, which was also combined with industrial production that was weaker than any economic survey. Brokers were hard hit by the news with Citic Securities down over 3%, Haitong Securities was down a similar amount and Northeast lost nearly 7%. Conversely the Australian mining sector was boosted by higher Chinese import data with Rio Tinto up 1.6%, BHP up 1.3% and Fortescue up 1.1%. In Japan, JGC Corp fell 6.6% on a profit warning, whilst Japan Airlines surged over 5% on a Nomura upgrade.

Europe is higher with news of the confirmed £11 billion Nokia takeover of Alcatel. It will create the world’s largest supplier of mobile phone network equipment. Having gained yesterday, Alcatel is actually down over 11%, whilst Nokia is up 1.35%. After a poor day for the Banking sector on Tuesday, Deutsche Bank is up 1.2%, Credit Agricole is up 1.5% and Credit Suisse is up nearly 1%. Other gainers include Seadrill up 5%, CRH is up 2.5% and Statoil is 1.6% higher. Miners are also boosting the UK market with Glencore up 3.4% and Fresnillo up 2.9%.