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Jun 30, 2013

Looking Ahead Economic Reports for the Week Ahead / Europeans Angered by Report of U.S. Spying: NYT I ALERT FGC BOLSA - FGC FINANCIAL MARKETS; June 30, 2013.

ALERTS

FGC BOLSA- FGC FIN

Compiled: June 30, 2013

Looking Ahead

Economic Reports for the Week Ahead
Data to be released includes manufacturing and unemployment reports and earnings from Samsung and Constellation Brands.
Europeans Angered by Report of U.S. Spying
European officials said a report that the United States had been spying on its allies could threaten talks with Washington on a huge trade agreement.

Technological Change in Asia; June 28, 2013: The Economist Group I Management Thinking Digest; June 28, 2013




Business leaders in Asia have gained greater access to fast-growing emerging markets but they are also contending with several constraints, including tightened budgets and regulatory burdens. Technological advances could lend Asia's business leaders a helping hand. In the latest EIU report, Technological change in Asia, commissioned by SAP, we consider how senior executives in Asia assess the value of technological change and which factors drive new technology adoption in the region.

On our blog site James Chambers, an EIU editor, considers how investing in technology can help small businesses in more ways than one.

Finally, we'll be hosting The Investment Agenda in Hong Kong on August 29th. The event will bring together asset managers and institutional investors to hear from invited experts about the economic outlook for the next 12 months, to debate a range of economic and market scenarios, and to identify new approaches in asset allocation and investment strategy.


Denis McCauley
Editorial Director, EMEA
EIU

Jun 28, 2013

Stocks Drop in June, but Rally for the Quarter; Dow Logs Best 1st Half of Year Since 1999: Wall Street at Close Report by CNBC; June 28, 2013.


The Dow and SaP 500 finished near session lows as investors were reluctant to jump in following a three-day rally, but major averages still capped the volatile quarter with gains.
All three major averages logged their third winning quarter in four. So far for the year, the Dow has surged more than 14 percent, while the S&P 500 and Nasdaq have spiked more than 13 percent each.

Name Price Change %Change
DJIA Dow Jones Industrial Average 14909.83 -114.66 -0.76%
S&P 500 S&P 500 Index 1606.26 -6.94 -0.43%
NASDAQ Nasdaq Composite Index 3403.25 1.38 0.04%

The Dow Jones Industrial Average declined more than 100 points, pulling back after logging its third-straight day higher. The Dow posted its strongest first half of the year since 1999.

The S&P 500 and the Nasdaq closed mixed. The S&P 500 logged its best first half performance since 1998.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, slid near 16.

Among key SaP sectors, consumer discretionary and utilities led, while techs held small losses.
 
Invest Like It's 1999? Stocks are set to close the best first half of the year since the 1990s. Sandy Villere, Villere and Co., and Matt McCormick, Bahl  Gaynor, discuss whether more volatility is on its way. 
Earlier, Fed Governor Jeremy Stein highlighted the upcoming September policy meeting as a possible time when the central bank may need to consider paring back its QE program, adding that the Fed consider the overall economic improvements since it launched the stimulus instead of giving undue weight to the most recent round of tepid economic data. (Read More: Buckle Up! Expect More Market Volatility This Year) Stein's comments contradicted comments from other Fed policymakers who have suggested the central bank will bide its time before scaling back its bond purchases. Menawhile, Richmond Fed President Jeffrey Lacker said markets should brace for more volatility as they digest news the Fed will scale back bond buying later this year, but the swings will not derail growth. Lacker said he expects U.S. growth to remain around 2 percent for the "foreseeable future." (Read More: Fed Out in Force as Markets Stabilize) On the economic front, business activity index in the Midwest fell in June to 51.6 from 58.7 in May, according to the Institute for Supply Management-Chicago. A Reuters survey of economists on average expected a median reading of 56.0 in June versus the May figure of 58.7. Meanwhile, consumer sentiment improved in late June, with the final reading on the overall index at 84.1, above the preliminary reading of 82.7, according to Thomson Reuters/University of Michigan. Economists polled by Reuters had forecast the final June reading of 82.8. Japan's benchmark stock index hit a three-week high on Friday on the back of positive economic reports that include much stronger than expected industrial output and retail sales numbers. "We had better job market numbers, better production numbers, and even consumer prices are picking up. So data-wise, today is a pretty good day for Japan," said Takuji Okubo, principal and chief economist at Japan Macro Advisors.
BlackBerry plunged more than 25 percent after the Canadian smartphone maker posted an unexpected loss and offered few signs of a long-promised turnaround. Accenture dropped sharply to lead the S&P 500 laggards after the company slashed its full-year outlook. Shares of rival IBM also declined, putting downward pressure on the Dow.  Nike posted earnings that beat forecasts, but shares declined after the sports apparel retailer said it expects lower China revenue during the first half of its new fiscal year and sees first-quarter gross margins to be "essentially flat." Noodles & Co surged more than 100 percent after its IPO priced above expectations, valuing the operator of pasta, salad and sandwich shops at about $969 million. Traders will closely watch gold prices, as the precious metal dipped below a key level of $1,200 per ounce. Analysts warned that miners could be severely affected if prices remain this low. (Read More: Three Reasons Gold Will Go to $800)
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: )
 


Europe stocks fall to end bruising month, quarter: European Markets at Close Report by MarketWatch; June 28, 2013.

By Barbara Kollmeyer, MarketWatch 
 
MADRID (MarketWatch)European stock markets ended a three-day winning streak on Friday, dragged lower in part by concerns over growth in emerging markets and U.S. interest-rate policy. 

The Stoxx Europe 600 index XX:SXXP -0.49% ended the session down 0.5% at 285.02, putting an end to a three-session string of gains. The index finished June with a loss of 5.3%, for a second-quarter drop of nearly 3%. 

For the week, it managed a gain of 1.7%. 

“Given it is week, month and quarter end, there is an atmosphere across all key markets of book squaring,” said Stephen Pope, managing partner at Spotlight Ideas. 

“I am building a sector model and see that while energy has been flat all year, the sectors that are really under pressure are basic resources, consumer cyclical and technology,” Pope said, in emailed comments. 

Markets reversed the advance seen a day earlier. 

British American Tobacco PLC UK:BATS -2.08% was the biggest decliner in the Stoxx 600 on a weighted basis, dropping 2.2%. 

Shares of Heineken NV dropped 1.8% NL:HEIO -1.77%  after Nomura cut its rating on the group to reduce from neutral. Analyst Ian Shackleton said he continues to see short-term trading pressure on the beer group, especially within western Europe, along with increased currency headwinds and signs of slowing momentum in some emerging markets. He also said an update from SABMiller PLC UK:SAB -2.07% was also set to disappoint, with those shares losing 2.1%. 

Earlier in the day, economic data showed U.K. consumer sentiment reaching the highest level since October 2010, and house prices higher, while German retail sales were better than expected in May.



Bloomberg Enlarge Image
Jeremy Stein, Federal Reserve governor.
But investors were largely distracted by the U.S., where sentiment data came in mixed. Federal Reserve Gov. Jeremy Stein suggested the central bank’s first tapering move could be in September. 

London’s FTSE 100 index UK:UKX -0.45% fell 0.5% to 6,215.47, after gaining 1.3% the prior session. Miners were sputtered after gains Thursday, with Rio Tinto PLC UK:RIO -0.72% RIO -0.84% and BHP Billiton PLC BHP -1.33% UK:BLT -0.74% falling by around 0.7% each. 

Banks were also losers, with Barclays PLC UK:BARC -2.72% BCS -2.17% off 2.7%. The bank reportedly said Friday at an investor presentation that it may have to cut lending in order to meet a 3% leverage ratio required by the government, and could move 4,000 jobs out of high-cost locations by 2015. Chief Executive Anthony Jenkins said Friday the bank would hit the target by 2015 under current plans. 

The French CAC 40 index FR:PX1 -0.62% fell 0.6% to 3,738.91, weighed by losses for Sanofi, while luxury-goods group LVMH Moët Hennessy Louis Vuitton SA FR:MC -1.58% fell 1.6% and BNP Paribas SA FR:BNP -1.34% lost more than 1%. 

The German DAX 30 index DX:DAX -0.39% lost 0.4% to 7,959.22, with drug maker Bayer AG DE:BAYN -0.52% down 0.3%, and business software group SAP AG DE:SAP -3.11% dropping 3%. SAP fell after partner Accenture PLC ACN +0.01% DE:CSA -11.40% issued a disappointing revenue forecast the prior day. 

Shares of ThyssenKrupp AG DE:TKA +3.70% rose more than 3% after the German newspaper Sueddeutsche Zeitung reported that state-controlled RAG trust could be buying a stake in the steelmaker. A spokesperson for ThyssenKrupp could not immediately be reached for comment. 

Spanish stocks also fell with the Spain IBEX 35 index XX:IBEX -1.04% dropping 1% to 7,762.70. Banks led the downside with BBVA SA ES:BBVA -1.41% BBVA -1.64% off 1.4% and Banco Santander SA ES:SAN -1.27% SAN -0.92% dropping 1.3%. A day earlier, the Bank of Spain said it wrote to lenders asking them to limit cash dividends to investors to 32% of profit.
   
Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @MWBarbaraKollmeyer.

Unexpected Distraction Makes Bernanke’s Job Harder : NYT I ALERT FGC BOLSA - FGC FINANCIAL MARKETS; June 28, 2013



FGC BOLSA- FGC FIN

Compiled: June 28, 2013 11:06:59 AM

Common Sense

Unexpected Distraction Makes Bernanke’s Job Harder
An all-but-confirmation by the president that the Federal Reserve chairman would not be reappointed at year’s end complicated an already delicate task.

Fed Has Not Changed Commitments, Official Says: The New York Times: ALERT FGC BOLSA - FGC FINANCIAL MARKETS: June 28, 2013.



FGC BOLSA- FGC FIN

Compiled: June 27, 2013 10:38:20 AM

Fed Has Not Changed Commitments, Official Says
William C. Dudley, president of the Federal Reserve Bank of New York, said that any increase in short-term rates is “very likely to be a long way off.”


Trusting in gold - $1480 in 12 months, $2230 longer term: Gold Mining Sector - Gold Mineweb Top Stories; June 28, 2013.



TOP STORIES | Friday , 28 Jun 2013                                                     

Trusting in gold - $1480 in 12 months, $2230 longer term

“Never before have such enormous monetary policy experiments taken place on a global basis. If there ever was a need for monetary insurance, it is today.” says Ronald Stoeferle.    Friday , 28 Jun 2013

Gold set for worst quarter in 45 years; copper, oil also hit

Gold is on track for its worst quarter since at least 1968, as worries that the US will wind down its stimulus punctured confidence.    Friday , 28 Jun 2013

It’s no fun being a gold miner CEO these days

Ever falling gold prices are causing huge stress for gold mining company CEOs as they have to look at closures, cutbacks, writedowns and layoffs.    Friday , 28 Jun 2013

OSC survey finds 40% of Canadian NI 43-101 reports ‘unacceptable’

A sampling of NI 43-101 Technical Reports filed with Ontario Securities Commission reveals mining investors should not necessarily rely on the documents to be reliable sources of information.    Friday , 28 Jun 2013

Growing cluster of gold-copper deposits for Bellhaven in Colombia

Bellhaven Copper & Gold reported more intercepts from La Mina in Colombia, expanding an emerging discovery.    Thursday , 27 Jun 2013

Falling zinc, silver prices prompt cutbacks at Yukon Zinc

With mining exploration in the Yukon Territory already suffering, the announcement Yukon Zinc was cutting production and its workforce was even more troubling for Yukon mining.    Friday , 28 Jun 2013

Chilean judge to visit suspended Pascua-Lama mine

In April, the courts temporarily halted construction of the project and will now decide whether to allow construction to resume.    Friday , 28 Jun 2013

SA gold wage talks to start on July 11 - Chamber of Mines

The South African Chamber of Mines says wage talks between trade unions and the country’s major gold producers will start on July 11.    Friday , 28 Jun 2013

Rwanda expects to double mining revenue on new tax

The country’s mining ministry expects to almost double revenue in the next fiscal year after the introduction of new taxes.    Friday , 28 Jun 2013

India's low gold imports help CAD

India's current account deficit improves, but only temporarily, with higher gold imports between April and June set to kick in the next quarter.    Thursday , 27 Jun 2013

COMPANY RELEASES                                                     

Precipitate Gold Amends Cecilia Property Option Payment Terms

Alexander Nubia Results of Annual & Special Meeting of Shareholders

Paul Bowes Resigns as Secretary & Director of Mountain Lake

Premier Gold Mines Provides Red Lake Update

Maudore Minerals Reports on Annual and Special Meeting

Alexandria Reports Wide Gold-Copper Intersections at Akasaba

Gold Reach Continues to Intersect High Grade Near Surface Mineralization at Ox

Seabridge Reports on Results of Annual Meeting of Shareholders

Gold Resource Corporation Declares June Monthly Dividend

Magellan Confirms Metallurgical Results as Part of FS at Coringa

Goldgroup Appoints Keith Piggott as President & CEO

NioGold Appoints Simon Ridgway to Board of Directors

Ariana Resources plc Announces Director’s Dealings

OceanaGold Provides Update for Reefton Mine in NZ

Black Mountain Resources Reports 100oz/t Silver Samples

West African Resources Reports Maiden Resource Estimate for Sartenga

Wary Traders Await Domestic Cues Even as Overseas Data Encourage: RTTNews Market Analysis; June 28, 2013.

 

Market Analysis

 
Wary Traders Await Domestic Cues Even as Overseas Data Encourage
6/28/2013 

The major U.S. index futures are pointing to a narrowly mixed opening on Friday, with sentiment reflecting caution amid the overbought levels the markets have run into following the advances in the past three sessions. Nevertheless, economic cues continue to be positive. A slew of data released from Japan earlier in the global trading day vouched for the impact the new government’s stimulatory measures are having on growth. Some economic data released across the Atlantic has also been encouraging, with German retail sales growth exceeding expectations and the U.K. house prices rising strongly. The spotlight is now likely to be on a few Fed speeches and the results of a regional manufacturing survey.

U.S. stocks sustained their upward momentum on Thursday, as economic data continued to be upbeat, allaying growth concerns. The major averages opened higher after separate reports showed that jobless claims fell roughly in line with estimates and personal spending growth came in line with expectations. Thereafter, the averages moved roughly sideways for the rest of the session before closing notably higher.

The Dow Industrials added 114.35 points or 0.77 percent before ending at 15,025, the S&P 500 Index closed 9.94 points or 0.62 percent higher at 1,613 and the Nasdaq Composite closed at 3,402, up 25.64 points or 0.76 percent.

Twenty-eight of the thirty Dow components closed higher, with Hewlett-Packard (HPQ), UnitedHealth Group (UNH), Boeing (BA), Bank of America (BAC), American Express (AXP) and Alcoa (AA) leading the gains.

On the economic front, personal income rose 0.5 percent month-over-month in May, double the increase expected by economists. With incomes rising, the personal savings rate edged up to 3.2 percent from 3 percent. The core price consumption expenditure index was up 0.1 percent from the previous month and 1.1 percent higher than in the year-ago period. At the same time, personal spending climbed 0.3 percent, in line with expectations.

The Labor Department reported that jobless claims fell by 9,000 to 346,000 in the week ended June 22nd. Consequently, the four-week average slipped to 345,750 from 348,500 in the previous week. Continuing claims calculated with a week’s lag fell to 2.965 million in the week ended June 15th from 2.966 million in the week ended June 8th.

Pending home sales surged up a better than expected 6.7 percent in May, according to a report released by the National Association of Realtors. The index is now at its highest level since 2006. Annually, pending home sales were up 12.1 percent. Pending home sales rose in the Midwest, South and West, while pending sales remained flat in the Northeast.

Thursday’s rally helped the Dow Industrials move toward its 50-day MA (currently at 15,034), although it lacked adequate momentum to break above the level. It would require a convincing catalyst for the index to violate this level to the upside. If the Dow succeeds in doing so, the next stop could be around its 21-day MA (currently at 15,059). The other near term resistances are the 15,114 and 15,234 levels. On the downside, the index has supports around 14,961, 14,803 and its 100-day MA (currently at 14,683).



Currency, Commodity Markets

Crude oil futures are rising $0.32 to $97.32 a barrel after advancing $1.55 to $97.05 a barrel on Thursday. Gold futures are currently trading down $12.70 at $1,198.20an ounce. In the previous session, the precious metal slipped $18.20 to $1,211.60 an ounce.

Among currencies, the U.S. dollar is trading at 98.90 yen compared to the 98.35 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3086 compared to yesterday’s $1.3036.

Asia

Most of the major Asian markets rose for the third straight session, although the Australian market bucked the uptrend with a modest loss. The positive sentiment in the region reflected optimism concerning U.S. growth and also stemmed from a few positive economic reports released by Japan.

Japan’s Nikkei 225 average opened higher and rose steadily in the morning before going about a consolidation move in the afternoon. The index closed up 463.77 points or 3.51 percent at 13,677. The yen weakened as risk appetite increased amid the release of positive domestic data.

Real estate, financial and export stocks were among the best performing index components. Sumitomo Trust Holdings, Sharp, Shizuoka Bank, Heiwa Real Estate, Tokyo Dome and Nippon Light Metal led the session’s gains.

Australia’s All Ordinaries experienced some degree of volatility, as it moved back and forth across the unchanged line before closing down 9.40 points or 0.20 percent at 4,775. A majority of stocks declined in the session, with utility, healthcare and material stocks being the worst hit.

Hong Kong’s Hang Seng Index closed at 20,803, up 363.21 points or 1.78 percent.

On the economic front, retail sales in Japan rose 1.5 percent month-over-month in May, according to a report released by Japan’s Ministry of Economy, Trade and Industry. Economists expected a more modest 0.8 percent increase. A separate report showed that Japanese industrial production rose 2 percent month-over-month in May, exceeding estimates for a 0.2 percent increase. Annually, output was down 1 percent compared to estimates for a 2.4 percent decline.

A Ministry of Internal Affairs and Communication report showed that annual core consumer price inflation was unchanged in May, in line with estimates. The core inflation rate in the Tokyo region, considered a leading indicator for the whole of Japan, was also flat.

A separate report released by the ministry showed that Japanese jobless rate came in at 4.1 percent in May, slightly higher than forecasts for a 4 percent rate. Still another report showed that household spending missed forecasts. At the same time, housing starts data beat forecasts.

Europe

After opening higher, European stocks have given back their gains and are currently trading uniformly lower. The major averages in the region closed higher for third consecutive session on Thursday, thanks to U.S. optimism.

On the economic front, German retail sales unexpectedly rose in May. On a seasonally and calendar adjusted basis, retail sales grew 0.8 percent month-over-month, faster than the 0.4 percent growth expected by economists.

A separate report released by the Nationwide Building Society showed that U.K. house prices were 1.9 percent higher than in the same period of last year, the biggest growth since September 2010. Economists expected a 2.1 percent increase in house prices following May's 1.1 percent growth.

Confidence among British consumers rose to the highest level in just over two years in June, with the households' perceptions of the general economic situations improving. A survey by GfK NOP revealed that its consumer confidence index rose to -21 in June, the highest reading since May 2011, following a reading of -22 in the previous month.

U.S. Economic Reports

The ISM-Chicago is scheduled to release the results of its manufacturing survey at 9:45 am ET. Economists expect the business barometer index to have declined to 55 in June from 58.7 in May.



The business barometer jumped 9.7 points to 58.7 in May, the highest level since March 2012. The production index rose 12.8 points to 62.7, the new orders index moved up 4.9 points to 58.1 and the order backlogs index surged up 12.5 points to 53.1. Additionally, the employment index jumped 18.2 points to 56.9.

Reuters and the University of Michigan are scheduled to release the final estimates of their consumer sentiment index at 9:55 am ET. The consensus estimates call for a reading of 83 for June, an upward revision from the mid-month reading of 82.7.

Federal Reserve Governor Jeremy Stein is scheduled to speak on monetary policy to the Council on Foreign Relations in New York at 8 am ET. Richmond Federal Reserve Bank President Jeffrey Lacker will speak on the economic outlook in White Sulphur Springs, West Virginia at 9:15 am ET.

Additionally, San Francisco Federal Reserve Bank President John Williams is due to speak on the economy to the Sonoma Economic Conference in Rohnert Park, California at 3:30 am ET.

Stocks in Focus

Nike (NKE) reported fourth quarter earnings from continuing operations of 76 cents per share, up 27 percent year-over-year. Revenues from continuing operations climbed 7 percent to $6.7 billion. The results exceeded estimates. The company also said its worldwide futures orders for NIKE brand athletic footwear and apparel scheduled for delivery from June through November 2013 were at $12.1 billion, up 8 percent year-over-year.

BlackBerry’s (BBRY) first quarter loss narrowed from the year-ago period. Revenue improved 9 percent from the year-ago quarter. BlackBerry shipped 6.8 million smartphones and about 100,000 BlackBerry PlayBook tablets in the quarter. The company forecast to report an operating loss in the second quarter.

Accenture (ACN) reported third quarter adjusted earnings of $1.14 per share, up from $1.03 per share in the year-ago period, on revenues of $7.2 billion. The earnings were a penny ahead of estimates, while the revenues trailed expectations. The company said it expects fourth quarter revenues of $6.7 billion to $7 billion, while it lowered its full year net revenue growth guidance to 3-4 percent from 5-8 percent. The company also lowered its non-GAAP earnings guidance to $4.18-$4.22 per share from $4.24-$4.32 per share. The guidance was weak.

Pfizer (PFE) said that its board of directors has authorized a new $10 billion share repurchase program to be utilized over time. The new program is in addition to the $3.9 billion of authorization remaining under the company's current share repurchase program.

Finish Line (FINL) announced that its president and COO Steve Schneider will transition to the role of executive VP of strategic initiatives, effective July 1st, 2013.

Raytheon (RTN) said it has acquired privately held Visual Analytics to meet the data analytics and information sharing needs of its customers. The company did not reveal the terms of the deal.

Hewlett Packard announced a U.S. Department of Navy contract win by the company along with its Alliance partners for the Navy’s next generation enterprise network contract. The company noted that the contract is valued at about $3.45 billion over five years if all options are exercised.

Vornado (VNO) announced its 32.6 percent share of Toys R US results for the first quarter. Vornado’s results include a net loss of 19 cents per share compared to a loss of 10 cents per share last year. The funds from operations attributable to Vornado are a negative 13 cents per share.

Arkansas Best (ABFS) reported that ABF Freight System employees represented by the International Brotherhood of Teamsters have ratified ABF’s national collective bargaining agreement for the next five years.

Exclusive: Justice Department probing American, US Airways merger: Reuters I Deals Today; June 28, 2013.




Exclusive: Justice Department probing American, US Airways merger WASHINGTON (Reuters) - The U.S. Justice Department is taking depositions as part of a probe into a planned merger of American Airlines Inc and US Airways Group Inc that would create the world's largest airline, three sources close to the discussions told Reuters.

New York Times receives multiple bids for Boston Globe: source (Reuters) - The New York Times Co has received multiple bids for The Boston Globe, according to a source familiar with the auction of the daily newspaper.

 
Malone gauges options for Charter, Time Warner Cable deal: report (Reuters) - John Malone, chairman of Liberty Media, is sounding out options for cable operator Charter Communications to acquire larger rival Time Warner Cable, according to a media report.


Software moguls Ellison and Benioff end feud, jump into deal SAN FRANCISCO (Reuters) - Oracle Corp Chief Executive Larry Ellison and Salesforce.com CEO Marc Benioff publicly ended one of Silicon Valley's most bitter feuds on Thursday as they leapt into a major alliance aimed at selling more Internet-based software.

FCC not seeking divestitures in Sprint/Clearwire/SoftBank deal WASHINGTON/NEW YORK (Reuters) - U.S. regulators do not plan to ask Sprint Nextel Corp or Clearwire Corp to sell any spectrum as they near a vote on Sprint's proposed buyout of Clearwire, two sources familiar with the matter said on Thursday.

U.S. lawmakers to examine Smithfield-Shuanghui deal WASHINGTON (Reuters) - U.S. lawmakers will examine the proposed purchase of Smithfield Foods , the world's largest pork processor, by Shuanghui International of China at a hearing in July, Debbie Stabenow, the head of the Senate Agriculture Committee, said on Thursday.

Empire State Building owners get third offer to buy landmark NEW YORK (Reuters) - One of New York City's largest landlords, Thor Equities LLC, has offered more than $2.1 billion in cash to buy the Empire State Building, the real estate firm's broker said on Thursday.

Fiat ready to exercise further Chrysler option MILAN (Reuters) - Fiat could exercise an option as early as Monday to buy a further 3.3 percent stake in Chrysler held by U.S. healthcare trust VEBA, Fiat's chairman said.

SapuraKencana, Seadrill win $2.7 billion Petrobras contract KUALA LUMPUR (Reuters) - Brazil's state-run oil firm Petrobas SA has awarded a $2.7 billion offshore support vessel contract to Norway's Seadrill and Malaysia's SapuraKencana , the latter firm said on Thursday

Blackstone, Warburg among bidders for Carlyle's Arinc: sources
NEW YORK (Reuters) - Blackstone Group LP and Warburg Pincus LLC are among the buyout firms through to the second round of the auction for Carlyle Group LP's aerospace communications firm Arinc Inc, several people familiar with the matter said this week.

TODAY'S MOST POPULAR STORIES from THE WALL STREET JOURNAL ONLINE; June 28, 2013.



TODAY'S MOST POPULAR STORIES from THE WALL STREET JOURNAL ONLINE


1. Google Is Developing Android Game Console
2. Senate Passes Immigration Bill
3. Ecuadorean Disarray Clouds Snowden Bid
4. Opinion: Noonan: Cover the IRS, Don't Cover for It
5. Corzine Charged in MF Global Collapse
6. Opinion: Glenn Harlan Reynolds: What's Really 'Immoral' About Student Loans
7. Shortlist Started for Bernanke's Job
8. You There, Rafa? It's Me, Roger.
9. Don't Let Your Babies Grow Up to be Tennis Pros
10. High Court: A Tale of Two Justices

Financial and Forex Info I Kitco Latest Gold News; June 28, 2013.

 Latest Gold News NY Time
Fed Officials Intensify Effort to Curb Surge in Interest Rates - Bloomberg, Jun 28 2013 7:19AM
Prices to Remain Weak: Phil Newman - Kitco News, Jun 28 2013 7:16AM
Better News for the PGMs? - CPM Group - Kitco News, Jun 27 2013 4:40PM
Silver Underperforms Gold In 2013 But Expected To Regain Upper Hand - Kitco News, Jun 27 2013 2:42PM
Mechanisms Not In Place To Push Gold Higher: BMO - Kitco News, Jun 27 2013 1:45PM
Gold Prices Could Tumble Further – Duke Professor - Kitco News, Jun 27 2013 10:13AM
CPM Anticipated Correction: Jeff Christian - Kitco News, Jun 27 2013 11:13AM
Gold Drops to Nearly 3-Year Low in Strong Sell-Off Late; Sell Stops Hit - Kitco News, Jun 27 2013 2:30PM
CFTC Charges MF Global, Corzine With Unlawful Misuse Of Customer Funds - Kitco News, Jun 27 2013 4:05PM
Gold Slips Below $1,200 As Technical Selling Triggered - Kitco News, Jun 27 2013 3:21PM
Gold In Downtrend As Technicals Remain Bearish – Ira Epstein - Kitco News, Jun 27 2013 3:04PM
WGC Details New ‘All-In’ Mining Costs Metric - Kitco News, Jun 27 2013 1:08PM
Find the Elegance of Platinum Engagement Rings - AllVoices, Jun 28 2013 6:53AM
Rare Element Resources has the Highest Beta in the Gold Industry (REE, OCANF, BAA, JAG, BRD) - Zecco, Jun 28 2013 6:53AM

Stock futures rise as Fed panic subsides: US Stock Market Future Indications by MarketWatch; June 28, 2013.

By Barbara Kollmeyer, MarketWatch 
 
MADRID (MarketWatch) U.S. stock futures rose on Friday, with Wall Street setting up for a fourth-straight winning session, but still on track for the first monthly drop this year. Upbeat overseas data was underpinning sentiment as investors looked ahead to consumer data and more U.S. Federal Reserve speakers. 

Earnings from BlackBerry were also on tap. 

Futures for the Dow industrials DJU3 +0.40%  rose 52 points, or 0.4%, to 14,988, while those for the Standard & Poor’s 500 index SPU3 +0.32%  rose 6.5 points, or 0.4%, to 1,613.10. Futures for the Nasdaq 100 index NDU3 +0.40%  rose 11 points, or 0.4%, to 2,910.50. 

“I think the initial panic following [Fed Chairman] Ben Bernanke’s comments last week has finally subsided,” said Craig Erlam, market analyst at Alpari U.K., in emailed comments. “Investor sentiment is still very much linked to the perceived longevity of the Fed’s asset purchases though, as seen by the reaction to the GDP figure on Wednesday when the downward revision prompted a rally in the equity markets.” 

Comments from Fed officials saying that the market has been too hasty in pricing in rate hikes and upbeat economic data helped drive Wall Street to a third session of gains in the prior session. More Fed speakers and data are on tap for Friday’s session, kicking off with an 8 a.m. Eastern Time appearance by Fed Gov. Jeremy Stein. 

Richmond Fed President Jeff Lacker, Cleveland Fed President Sandra Pianalto and San Francisco Fed President John Williams are also due to speak. 

“Although given the comments over the last week, more of the same is expected, with Fed members to this point trying to drive home the point that there is no particular date in mind for Fed purchases, that it is entirely data-dependent,” said Erlam. “The message so far has been that the markets overreacted, and I expect a similar message today.” 

As for data, the Chicago purchasing managers index is due at 9:45 a.m. Eastern and the University of Michigan/Thomson Reuters consumer sentiment survey is due 10 minutes later. The Chicago PMI is expected to show a slowing in June to a reading of 55.0% from 58.7% in May, and the final June consumer sentiment index is expected to record a 83 reading. Read preview
 
On Thursday, the Dow Jones Industrial Average DJIA +0.77%  rallied 114.35 points, or 0.8%, to 15,024.49 on Thursday. The S&P 500 index SPX +0.62%   ended up 9.94 points, or 0.6%, at 1,613.20.

Bloomberg Enlarge Image
Sales consultant Geoffrey Newsome prepares to install a BlackBerry Q10 for display at a Bell Canada retail location in Toronto,
Within corporate news for Friday, BlackBerry Inc. BBRY -2.88%  is among companies due to report ahead of the opening bell. The handset maker is expected to report its first quarter of sales growth in two years, but questions may remain on how well its smartphones are faring with customers. See preview
 
U.S.-listed shares of Vodafone Group PLC VOD +0.74%   UK:VOD +1.18%  could be in focus after Deutsche Bank lifted the mobile group from hold to buy. Shares were up over 1% in London. 

Within Treasurys, the yield on the 10-year note 10_YEAR -0.36%  fell 1 basis point to 2.461%. Investors in U.S.-based funds withdrew $8.62 billion from taxable bond funds in the latest week, according to media reports citing data from Thomson Reuters’ Lipper service on Thursday. It’s the first four-week streak of outflows from those funds since 2008. 

European stock markets were sticking mostly to the flat line on Friday. Asia had a stronger day, with the Nikkei 225 index JP:NIK +3.51%  jumping 3.5% after upbeat industrial-production data combined with a weak yen to lift stocks. 

The dollar headed towards a loss for June, but rose against the Japanese currency. Gold prices were headed towards steep June and quarterly losses, dropping another $10 on Friday. Oil prices, meanwhile, were looking at the first monthly gain since March. 

Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @MWBarbaraKollmeyer.