Morning Spread

Morning Spread

Wednesday 25th September 2013
IndexLevelChg (%)
UK Market6563.78-0.12
Dow Indust Avg15334.59-0.43
S&P 5001697.42-0.26
Nasdaq Composite3768.25+0.08
Nikkei 22514620.53-0.76
Hang Seng23209.63+0.13
IndexLevelChg (%)
Nymex 1m103.18+0.05
Gold Spot1321.74-0.12
GBP/USD1.5993+0.08
GBP/EUR1.1851-0.11
EUR/USD1.3495-0.11
USD/JPY--

European stocks fell as US budget talks curbed risk taking, while commodities halted a four day slide. The ESTX 50 (-0.47%), UK Market (-0.28%), CAC 40 (-0.44%) and the DAX (-0.53%) all posted losses in early trading. Tesco Plc lost -2.9% as JPMorgan Chase & Co lowered its recommendation on the UK’s biggest retailer. Wacker Chemie rose +1.9% after UBS AG added the stock to its most preferred list. ThyssenKrupp AG gained +5.1% as Cevian Capital AB bought a 5.2% stake in Germany’s biggest steelmaker. Clariant AG lost -2% after UBS removed the company from the list of its most preferred shares. Swissquote Group Holding SA surged +7.6% after agreeing to buy MIG bank for an undisclosed price. The biggest gainers in the main UK index this morning were Barclays Plc (+1.90%), BAE Systems Plc (+1.80%) and Fresnillo Plc (+1.60%). While the biggest drags were Carnival (-6.86%), Diageo Plc (-1.11%) and Unilever Plc (-0.52%).

US stocks fell amid concerns over budget talks and economic growth as investors weighed prospects for easing tensions in the Middle East. The Dow Jones Industrial Average (-0.47%) and the S&P 500 (-0.26%) both declined, while the NASDAQ Composite (+0.08%) was slightly up. Red Hat Inc slumped -12% after billings at the largest seller of the Linux operating system trailed estimates. Applied Materials Inc advanced +9.1% after agreeing to buy Tokyo Electron Ltd for about $9.39 billion in stock. JPMorgan Chase & Co fell -2.2% for the biggest retreat in the Dow after resuming talks with the US as the government was preparing to sue the bank in California federal court alleging it misrepresented the quality of mortgage backed securities it sold from 2005 to 2007. Carnival Corp slipped -7.7% after forecasting fourth quarter results that trailed analysts’ estimates, citing a decline in advance bookings and higher fuel prices. Facebook Inc climbed +2.7% after Citigroup Inc raised its recommendation on the company to “buy” from “neutral”.

Most Asian stocks fell after US consumer confidence slumped in September to a four month low. The Nikkei 225 (-0.76%) declined, while the Hang Seng (+0.13%) and the S&P/ASX 200 (+0.80%) both registered gains. Mitsui Chemicals Inc lost -4.8% in Tokyo, leading materials producers lower. NTT Data Corp slumped -7.8%, pacing a retreat in technology firms. Tokyo Electron Ltd surged +13% after Applied Materials Inc agreed to buy the company. David Jones Ltd climbed +4.9% in Sydney as profit topped analyst estimates. SJM Holdings Ltd climbed +1.7% in Hong Kong after Deutsche bank AG predicted record casino revenue in Macau next month.

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