Morning Spread

Morning Spread

Wednesday 3rd December 2014
IndexLevelChg (%)
UK Market6733.33-0.11
Dow Indust Avg17879.55+0.58
S&P 5002066.55+0.64
Nasdaq Composite4755.81+0.60
Nikkei 22517720.43+0.32
Hang Seng23428.62-0.95
IndexLevelChg (%)
Nymex 1m67.64+1.17
Gold Spot1206.52+0.71
GBP/USD1.5653+0.09
GBP/EUR1.2685-0.46
EUR/USD1.234-0.37
USD/JPY119.31-0.07

In the US the month of December has once again seen a rise in equities, with investors hoping the ‘Santa Rally’ will be in existence this year. US construction spending rose more than forecast in October with optimism that upcoming payroll data will also be positive. Healthcare was positive with Biogen gaining over 6% on positive data, Amgen was up 1.72% and Abbott Labs climbed just over 2%. Other gainers included the Energy sector with Exxon Mobil up 2%, Conoco up 2.1% and Valero Energy up 4%. Amongst the fallers, Deere fell 1.4% on continued fears over farm spending, Abercrombie & Fitch lost 1.1% and Campbell Soup was down 1.2%.

Asia was mixed with Japan again rising on optimism regarding Government action to boost the economy, whereas Hong Kong was lower on continued Chinese growth fears. The weaker Yen boosted the likes of exporters such as Toyota and broker, Nomura, closed at a five month high. Nisshin Steel was up 7% after the company boosted the dividend pay-out. In Australia, Qantas climbed another 6% whilst NuFarm was down a similar amount on a profits downgrade.

Europe is also higher in early trading with Healthcare boosting sentiment. Roche is up nearly 1%, Novartis is some 1.4% higher and Sanofi is up nearly 0.75%. Investors are expecting the ECB to embark on wider scale quantitative easing and bond yields have continued to fall. For instance, in Italy the 10 year yield has fallen below 2% for the first time in history this morning. In the UK, Sage is the best performing stock in the FTSE 100 after reporting positive results. Organic growth should reach 6% in 2015 with a 28% operating margin target.