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Feb 7, 2013

ADVFN III Evening Euro Markets Bulletin (February 7, 2013).

ADVFN III Evening Euro Markets Bulletin
Daily world financial news Thursday, 07 February 2013

London Market Report
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Stocks slip as central banks stand pat

    Market Movers
    techMARK 2,285.91 -0.39%
    FTSE 100 6,228.42 -1.06%
    FTSE 250 13,300.65 -0.31%
Markets across Europe suffered steep losses on Thursday as traders reacted to comments from central bankers from the UK and Europe.

"Early gains in equity markets proved unsustainable in the face of rising European yields and the unconvincing political backdrop," said senior sales trader Matt Basi from CMC Markets.

"Indices are now trading at their lows of the session with investors taking some risk off the table as markets lack the impetus to make force through the recent highs."
All eyes on the central banks
Stocks dropped in negative territory mid-morning as investors turned their focus to a Treasury Select Committee grilling of incoming Bank of England (BoE) Governor Mark Carney, who answered questions over his pay package, policies and nominal GDP targeting. All in all, Carney showed that he was willing to consider new approaches to policy, but said he was not keen to replace the inflation-targeting framework.

At midday, the BoE kept its Bank Rate at 0.5% and the asset purchase programme at £375bn, as expected. However, it released an unusually long statement explaining its decision - not normally revealed until the minutes of each meeting two weeks later - which painted a gloomy outlook for the UK economy.

The Monetary Policy Committee (MPC) said it continues to see a "slow but sustained recovery" but said that risks are "weighted to the downside, not least because of the challenges facing the euro area". The MPC also announced that it would re-invest the cash flows of £6.6bn associated with the gilt redemption due in March.

Analyst Simon Hayes from Barclays Research said: "This statement highlights the acute dilemma faced by the MPC. The weak activity outlook begs for more stimulus, but the inflation outlook is not sufficiently benign to make the committee comfortable expanding policy further. Assuming the recovery does take hold – and the early indications for Q1 are promising on this front – we would not expect the MPC to sanction more stimulus, but the debate remains live."

The European Central Bank (EBC), meanwhile, also kept hold of rates at its policy meeting today, as expected, but the focus was on bank President Mario Draghi at the subsequent press conference this afternoon. He addressed the recent rise in the euro and said that the strength of the single currency could post a threat to the inflation outlook.

He said: “The appreciation is a sign of the return of the confidence in the euro. […] We certainly want to see whether the appreciation, if sustained, will alter our risk assessment as far as price stability is concerned.”
FTSE 100: Compass rises on strong first quarter
Contract caterer Compass was a high riser after having a good first quarter with expectations for the full year unchanged as its North America and emerging market business segments performing strongly.

Telecoms group Vodafone rose despite posting a 1.8% drop in revenue for the last three months of 2012, blaming difficult market conditions in Europe. However, the company said it expects adjusted operating profit in the upper range of £11.1bn-to-£11.9bn for the 2013 financial year.

Medical technology group Smith & Nephew was higher after beating forecasts in the fourth quarter. Investors managed to shrug off news comments about declining margins in 2013.

Travel and leisure firm TUI Travel gained after reporting a narrower operating loss in the first quarter as it outperformed in the UK and Nordic markets.

Meanwhile, Burberry sank after a series of boardroom changes. Market chatter also suggested that the stock was being weighed down by China's move earlier this week to ban luxury TV and radio ads for extravagant gifts, saying they promote "incorrect values and create a bad social ethos".
FTSE 250: Ophir falls on placing news
Shares in Ophir Energy fell after Credit Suisse confirmed that it has sold 36m shares on behalf the investment funds of two stakeholders, Och-Ziff Capital Management and Mittal Investments. The news overshadowed a positive drilling update from the company out this morning about an appraisal well in Tanzania.

Online grocer Ocado jumped after reporting a 13% rise in revenue in 2012, helped by rising demand.

Trendy fashion brand SuperGroup also surged after unveiling a 12.3% increase in sales for the holiday season as shoppers stocked up on jackets, knitwear and gifting accessories.

AIM/Small Cap Report
FTSE 100 - Risers
Compass Group (CPG) 779.50p +1.83%
Smiths Group (SMIN) 1,225.00p +0.91%
TUI Travel (TT.) 306.30p +0.89%
Vodafone Group (VOD) 171.85p +0.88%
Amec (AMEC) 1,094.00p +0.83%
Smith & Nephew (SN.) 710.50p +0.71%
Capita (CPI) 798.50p +0.69%
Marks & Spencer Group (MKS) 378.00p +0.59%
Weir Group (WEIR) 2,078.00p +0.58%
Meggitt (MGGT) 436.50p +0.37%

FTSE 100 - Fallers
Burberry Group (BRBY) 1,337.00p -6.50%
Royal Bank of Scotland Group (RBS) 332.90p -2.69%
International Consolidated Airlines Group SA (CDI) (IAG) 211.20p -2.49%
Royal Dutch Shell 'A' (RDSA) 2,144.00p -2.43%
Tullow Oil (TLW) 1,178.00p -2.40%
Aberdeen Asset Management (ADN) 402.60p -2.31%
Polymetal International (POLY) 1,054.00p -2.23%
Standard Chartered (STAN) 1,650.00p -2.19%
BG Group (BG.) 1,111.00p -2.11%
BT Group (BT.A) 267.00p -2.09%

FTSE 250 - Risers
Supergroup (SGP) 730.00p +15.23%
Ocado Group (OCDO) 115.00p +10.68%
Beazley (BEZ) 199.00p +4.52%
Bellway (BWY) 1,161.00p +3.48%
Anite (AIE) 157.90p +3.07%
F&C Asset Management (FCAM) 108.50p +3.04%
Daejan Holdings (DJAN) 3,120.00p +2.80%
Sports Direct International (SPD) 432.80p +2.75%
Amlin (AML) 402.60p +2.70%
Ashmore Group (ASHM) 360.40p +2.68%

FTSE 250 - Fallers
Ophir Energy (OPHR) 475.00p -8.57%
Dairy Crest Group (DCG) 408.00p -3.32%
Salamander Energy (SMDR) 200.30p -3.19%
PZ Cussons (PZC) 403.00p -3.03%
International Personal Finance (IPF) 400.10p -3.03%
BTG (BTG) 330.20p -2.77%
RPS Group (RPS) 229.50p -2.75%
Drax Group (DRX) 606.00p -2.73%
SIG (SHI) 130.50p -2.47%
Jardine Lloyd Thompson Group (JLT) 796.00p -2.45%

Europe Market Report
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European Markets Mostly Lower After Central Bank Decisions

The majority of the European markets finished to the downside Thursday, after both the European Central Bank and the Bank of England made no change to interest rates. ECB President Mario Draghi stated that he sees a gradual recovery later in the year as domestic demand will be underpinned by accommodative monetary policy stance.

The European Central Bank left its interest rates unchanged on Thursday, despite a stronger currency raising concerns in the euro area, as policymakers wait for the positive trends in the financial markets to trickle down to the real economy.

The central bank of 17 nations kept the refinancing rate at a record low 0.75 percent for a seventh consecutive month in February, following the Governing Council meeting in Frankfurt. The deposit rate was held at zero and the marginal lending facility rate at 1.50 percent. The decision was in line with economists' expectations.

European Central Bank President Mario Draghi said on Thursday that the recent appreciation in the euro is a sign of confidence in the currency. Speaking at the post-decision press conference in Frankfurt, Draghi reiterated that the exchange rate is not a policy target, but is important for growth and price stability.

"Exchange rates should reflect fundamentals," the central bank chief said. The central bank will monitor the currency to determine any impact on inflation outlook, he added.

The better-than-expected repayment of 3-year loans, or LTROs, by banks "reflects the improvement in financial market confidence", Draghi said in his introductory statement.

Despite a renewed contraction in the fourth quarter, the Bank of England policymakers decided to leave its asset purchase programme as well as record-low interest rates unchanged in the face of heightened inflation concerns and hopes of positive signs in the euro area underpinning the U.K. economy.

At the end of two-day meeting on Thursday, the Monetary Policy Committee voted to retain the asset purchase programme at GBP 375 billion. The previous change in asset purchases was in July, when it was raised by GBP 50 billion.

The nine-member panel also decided to hold the key interest rate at 0.50 percent. The current rate is the lowest since the central bank was established in 1694.

Bank of England Governor-designate Mark Carney said the bank should ultimately exit unconventional monetary policy measures in a manner that reinforces public confidence.

The exit should not disrupt the gilts markets as such disruption could lead to sharp movements in a range of asset prices and even threaten financial stability.

Regarding any change in monetary policy, he said, "I have not made an assessment of the merits of altering the monetary policy framework in the UK and of course any change to the Monetary Policy framework would be the sole responsibility of HM government."

Spanish borrowing costs climbed at an auction on Thursday as investor sentiment remained hurt by the corruption allegations against the premier and a weak economy.

While the Treasury raised more funds than targeted, the cost of borrowing rose across the board. The agency raised EUR 4.61 billion from the sale that included 3-year and 5-year benchmarks, against the EUR 3.5 billion - EUR 4.5 billion target.

The March 2015 bond fetched a yield of 2.823 percent, which was higher than the 2.476 percent paid at an auction on January 10.

The Euro Stoxx 50 index of eurozone bluechip stocks declined by 0.69 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.39 percent.

The FTSE 100 of the U.K. dropped by 0.95 percent and the SMI of Switzerland fell by 1.25 percent. The CAC 40 of France decreased by 1.15 percent, but the DAX of Germany climbed by 0.09 percent.

In Frankfurt, HeidelbergCement climbed by 4.91 percent. The company reported a 6.5 percent rise in total revenues to 3.5 billion euros despite the negative impact of the euro crisis across Europe.

Air Berlin rose by 3.96 percent, after the nation's second-largest airline said it increased its capacity utilization rate in January to 83.1 percent, up 1.0 percentage points over the previous year.

In Paris, Sanofi dropped by 3.89 percent. The drug major reported a sharp decline in fourth-quarter profit, hurt by margin pressure and lower pharmaceutical sales that reflected generic competition and EU austerity measures, among others.

Alcatel-Lucent decreased by 4.48 percent, after the telecom equipment maker said its chief executive Ben Verwaayen has decided not to seek re-election as a director at this year's Annual General Meeting.

Axa fell by 0.08 percent, after Citigroup upgraded the insurer to "Buy" from "Neutral."

In London, GlaxoSmithKline declined by 0.65 percent. The company reported a drop in profit for the fourth quarter, hurt mainly by higher taxation and the continued weak demand for drugs and vaccines in Europe.

Vodafone increased by 1.17 percent, despite reporting lower revenues for the December quarter amid extremely weak market conditions in Europe.

Burberry sank by 6.31 percent, after Stacey Cartwright announced that she would step down from her positions of CFO and Executive Vice President.

Compass Group advanced by 1.89 percent, after reporting first quarter results. Credit Suisse declined by 3.11 percent in Zurich, despite reporting a fourth quarter profit.

US Market Report
Stocks Firmly In Negative Territory In Mid-Day Trading

Stocks have moved sharply lower over the course of the trading day on Thursday after ending the previous session roughly flat. Despite the steep losses on the day, the major averages currently remain stuck in a recent trading range.

The major averages have moved roughly sideways in recent trading, lingering near their worst levels of the day. The Dow is down 117.19 points or 0.8 percent at 13,869.33, the Nasdaq is down 23.63 points or 0.8 percent at 3,144.85 and the S&P 500 is down 10.67 points or 0.7 percent at 1,501.45.

Selling pressure has also been generated by worries about whether lawmakers in Washington will be unable to reach an agreement to avoid the automatic spending cuts currently due to go into effect at the end of the month.

President Barack Obama has called on Congress to pass a smaller budget package in order to temporarily delay the automatic cuts for a few months, although Republicans have expressed opposition to the idea.

Traders are also digesting a mixed batch of U.S. economic data regarding weekly jobless claims and fourth quarter productivity.

Sector News

Housing stocks have shown a substantial move to the downside on the day, dragging the Philadelphia Housing Sector Index down by 1.9 percent. Radian Group (RDN) and M/I Homes (MHO) are turning in two of the sector's worst performances.

Significant weakness has also emerged among biotechnology stocks, as reflected by the 1.6 percent loss being posted by the NYSE Arca Biotechnology Index. With the loss, the index is pulling back further off the record closing high that it set on Tuesday.

Pharmaceutical stocks have also come under pressure, with Sanofi (SNY) leading the sector lower after reporting a sharp decline in its fourth quarter profits. Sanofi is currently down by 5.8 percent, contributing to a 1.3 percent drop by the NYSE Arca Pharmaceutical Index.

Steel, semiconductor, computer hardware, and airline stocks are also posting notable losses on the day, moving lower along with most of the major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index fell by 0.9 percent, while Hong Kong's Hang Seng Index ended the day down by 0.3 percent.

In the bond market, treasuries have moved to the upside over the course of the session, climbing further off their recent lows. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.1 basis points at 1.937 percent.

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Friday preview
Aquarius Platinum digs out latest results
South African miner Aquarius Platinum unleashes its latest financial results Friday after reporting an improvement in output during the final quarter of 2012.

The company saw attributable production rise 2.0% quarter-on-quarter for last three months of December, according to results published last month.

At the time the FTSE 250 firm said it was a challenging quarter during which industrial relations in South Africa remained strained and metal prices remained low.

The group also highlights that it remained acutely aware that despite the improvements in production, it continued to consume cash during the quarter.

The price improvements and the weakened exchange rate in January were expected to substantially reduce cash consumption and enable the to company to start producing cash at mine level.

Platinum spot prices rose 0.06% to $1,737.85 per troy ounce at 15:46 Thursday, according to data on Bloomberg.

The company has been under pressure as it mothballed two of its mines in 2012 and saw its increasingly exasperated Chief Executive Officer (CEO), Stuart Murray, resign in October.

Platinum gained for a fifth day Thursday on increased concern that supplies will decline from South Africa, which produces of about 73% global output.

Friday February 08

Aquarius Platinum Ltd.

ICAP, Pinewood Shepperton

Balance of Trade (GER) (07:00)
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Catlin Group Ltd.

Cable & Wireless Communications, Shaftesbury

Grainger, Shaftesbury

Daily Mail and General Trust 'Ord' Shares, Daily Mail and General Trust A (Non.V), Grainger, Next Fifteen Communications, Smiths News, Unicorn AIM VCT

ADVFN III World Daily Markets Bulletin (February 7, 2013).

ADVFN III World Daily Markets Bulletin
Daily world financial news

US Market
Stocks Seeing Modest Weakness In Early Trading

After ending the previous session nearly flat, stocks have moved modestly lower over the course of early trading on Thursday. The major averages have slid into negative territory, although selling pressure has remained relatively subdued.

The major averages have edged up off their lows for the young session in the past few minutes but remain in the red. The Dow is down 40.55 points or 0.3 percent at 13,945.97, the Nasdaq is down 3.92 points or 0.1 percent at 3,164.56 and the S&P 500 is down 2.07 points or 0.1 percent at 1,510.05.

The early weakness on Wall Street comes on the heels of the release of a mixed batch of U.S. economic data as well as a monetary policy announcement out of Europe.

The Labor Department released a report before the start of trading showing that first-time claims for U.S. unemployment benefits showed a modest decrease in the week ended February 2nd, although claims remain well above the five-year low set last month.

The report showed that initial jobless claims dipped to 366,000, a decrease of 5,000 from the previous week's revised figure of 371,000.

However, the Labor Department also released a separate report showing a bigger than expected drop in labor productivity in the fourth quarter, with a notable increase in hours worked more than offsetting a modest increase in output.

The report said labor productivity fell by 2.0 percent in the fourth quarter following a revised 3.2 percent increase in the third quarter. Economists had expected productivity to drop by 1.3 percent compared to the 2.9 percent increase that had been reported for the previous quarter.

At the same time, the Labor Department said unit labor costs surged up by 4.5 percent in the fourth quarter after falling by 2.3 percent in the third quarter. Labor costs had been expected to increase by about 3.1 percent.

Traders are also keeping an eye on news out of Europe, as the European Central Bank left interest rates unchanged despite concerns about the recent appreciation in the value of the euro.

The ECB kept the refinancing rate at a record low 0.75 percent for the seventh consecutive month following the Governing Council meeting in Frankfurt. The deposit rate was held at zero and the marginal lending facility rate at 1.50 percent. The decision was in line with expectations.

In a press conference following the monetary policy announcement, ECB President Mario Draghi noted that the risks surrounding the economic outlook for the euro area continue to be on the downside.

Most of the major sectors are showing only modest moves in early trading, although some weakness is visible among pharmaceutical, internet, and housing stocks.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index fell by 0.9 percent, while Hong Kong's Hang Seng Index ended the day down by 0.3 percent.

Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is down by 0.4 percent, the French CAC 40 Index is just above the unchanged line and the German DAX Index is up by 0.7 percent.

In the bond market, treasuries are showing a lack of direction after seeing some volatility over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 1.966 percent.

RTTNews Morning Market Briefing (February 7, 2013).

Commentary February 7, 2013

Stocks may turn in another lackluster performance in early trading on Thursday after ending the previous session nearly flat. The major index futures are currently pointing to a slightly higher open for the markets, with the Dow futures up by just 3 points. (Feb 7, 2013) Full Article 

Economic News

Core machine orders in Japan gained a seasonally adjusted 2.8 percent on month in December to 752.9 billion yen, the Cabinet Office said on Thursday - rising for the third straight month. (Feb 7, 2013) Full Article

Australia posted a seasonally adjusted unemployment rate of 5.4 percent in January, the Australian Bureau of Statistics said on Thursday. (Feb 7, 2013) Full Article

The International Monetary Fund advised India to maintain the current policy rates until inflation is clearly on a downward trend and urged the government to focus on fiscal consolidation. Structural reforms, fiscal consolidation and low inflation are critical for a sustained recovery and to lower vulnerabilities, the lender said in a statement released on Wednesday. (Feb 7, 2013) Full Article

Uemployment Weekly Claims Press Release (February 7, 2013).: In the week ending February 2, the advance figure for seasonally adjusted initial claims was 366,000, a decrease of 5,000 from the previous week's revised figure of 371,000...


In the week ending February 2, the advance figure for seasonally adjusted initial claims was 366,000, a decrease of 5,000 from the previous week's revised figure of 371,000. The 4-week moving average was 350,500, a decrease of 2,250 from the previous week's revised average of 352,750.
The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending January 26, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 26 was 3,224,000, an increase of 8,000 from the preceding week's revised level of 3,216,000. The 4-week moving average was 3,211,000, an increase of 13,750 from the preceding week's revised average of 3,197,250.
The advance number of actual initial claims under state programs, unadjusted, totaled 386,176 in the week ending February 2, an increase of 16,696 from the previous week. There were 401,365 initial claims in the comparable week in 2012.

The advance unadjusted insured unemployment rate was 2.9 percent during the week ending January 26, unchanged from the prior week's revised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,720,496, an increase of 41,570 from the preceding week's revised level of 3,678,926. A year earlier, the rate was 3.2 percent and the volume was 4,097,013.

The total number of people claiming benefits in all programs for the week ending January 19 was 5,590,480, a decrease of 326,513 from the previous week. There were 7,663,608 persons claiming benefits in all programs in the comparable week in 2012.

Extended Benfits were not available in any state during the week ending January 19.
Initial claims for UI benefits filed by former Federal civilian employees totaled 1,370 in the week ending January 26, a decrease of 508 from the prior week. There were 2,256 initial claims filed by newly discharged veterans, a decrease of 484 from the preceding week.

There were 22,389 former Federal civilian employees claiming UI benefits for the week ending January 19, a decrease of 511 from the previous week. Newly discharged veterans claiming benefits totaled 39,808, a decrease of 286 from the prior week.

States reported 1,826,098 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending January 19, a decrease of 288,471 from the prior week. There were 2,985,907 persons claiming EUC in the comparable week in 2012. EUC weekly claims include first, second, third, and fourth tier activity.

The highest insured unemployment rates in the week ending January 19 were in Alaska (6.6), Montana (4.4), Puerto Rico (4.4), Pennsylvania (4.2), New Jersey (4.1), Wisconsin (4.1), Connecticut (4.0), Idaho (4.0), Oregon (3.8), and Rhode Island (3.8).

The largest increases in initial claims for the week ending January 19 were in North Carolina (+2,030), Oregon (+491), Virginia (+461), and Vermont (+62), while the largest decreases were in California (-20,414), Texas
(-5,082), Illinois (-4,865), Florida (-3,570), and Michigan (-2,795).

Continue reading

ETF Trends | New Selected Articles (February 7, 2013).: China ETFs for Jim Rogers’ Bullish View


"China is going to be the most important country in the 21st century,” Rogers said. “The U.S. is the largest debtor nation in the world while China is the largest creditor nation in the world." Read More
Vanguard is planning to launch a currency-hedged international bond exchange traded fund with a mix of corporate and sovereign debt. Read More

DealBook Today's Top Headlines (February 7, 2013).: Rate-Rigging Investigation Claims Latest Scalp | E-Mails Show Flaws in JPMorgan's Mortgage Deals | Credit Suisse Swings to Profit | In Europe, Another Big Buyout in the Works

Thursday, February 7, 2013
RATE-RIGGING INVESTIGATION CLAIMS LATEST SCALP The global investigation into interest rate manipulation has emboldened prosecutors to crack down on banks, and the settlement with the Royal Bank of Scotland on Wednesday underscored that strategy. "I want financial institutions to know that this department will absolutely hold them to account," Lanny Breuer, head of the Justice Department's criminal division, said. As part of the $612 million deal that American and British authorities struck with R.B.S., the bank's Japanese unit was forced to plead guilty to criminal wrongdoing, echoing an earlier action taken against a subsidiary of UBS. "These cases represent the first units of a big bank to agree to criminal charges in more than a decade," DealBook's Mark Scott and Ben Protess write.

An American institution could be among the next to settle over rate-rigging. "Citigroup and JPMorgan Chase are under investigation by the Commodity Futures Trading Commission, the American regulator leading the case, though actions are not imminent," Mr. Scott and Mr. Protess report. "Deutsche Bank, which set aside an undisclosed amount to cover potential penalties and suspended five employees tied to the case, is expected to settle with authorities in late 2013, several people briefed on the matter said. But the timetable could shift. The bank is not in formal settlement talks and is not prepared to resolve the case, the people said."

"A person involved in the investigation indicated that the first banks to settle were among the worst actors in the rate case. But they also received a 'discount' for their eager cooperation, according to people with knowledge of the matter." Mr. Breuer said: "Our investigation is far from finished."

Gold Mineweb Daily News February 7, 2013).: Gold ETFs in India touch 40 tonne (40,000 kilo)

Mineweb logo







TOP STORIES | Thursday , 07 Feb 2013                                                     

Gold ETFs in India touch 40 tonne (40,000 kilo)

Continued investor demand and rising prices help ETF assets as well as reserves double from May 2011.    Thursday , 07 Feb 2013

Swiss banking and the lose-lose scenario of unallocated gold

What the Swiss banks' move away from unallocated accounts says about gold, and about banking...    Thursday , 07 Feb 2013

India's RBI gunning for gold imports

In order to manage gold demand in India, the apex bank is to allow banks to buy back gold coins and impose export obligation on bulk gold importers.    Thursday , 07 Feb 2013

With mining, comes great responsibility - Cutifani

Miners have themselves to blame for much of the opposition they face from communities and both they and government have a responsibility to make the sector the development industry it once was.    Thursday , 07 Feb 2013

RTTNews US Market Commentary (February 7, 2013).: Wall Street Cautious Ahead Of Jobs Data, European Rate Decisions

Wall Street Cautious Ahead Of Jobs Data, European Rate Decisions

2/7/2013 6:34 AM ET
Wall Street's anxiety concerning the sustainability of recent momentum has increased, although the U.S. index futures point to a firm opening following a successful debt auction in Spain. Amid the apprehension, the markets are likely to turn to economic data and earnings to provide direction. Along with the jobless claims report, the markets are also likely to focus on the two central bank decisions from across the Atlantic.

Notwithstanding the recent spike in bond yields, Spain was successful in raising debt slightly above the upper end of its target at an auction, although demand and costs were not as favorable as at a previous auction.
As of 6:30 pm ET, the Dow futures are gaining 27 points, the S&P 500 futures are up 3.80 points and the Nasdaq 100 futures are rising 9 points.

The overbought U.S. stocks moved about in a lackluster manner on Wednesday amid the release of mostly positive earnings and a lack of any major economic catalysts. The averages closed narrowly mixed.

RTTNews Forex Top Stories (February 7, 2013).: U.K. Q4 Industrial Output Contracts Despite Outgrowing Estimates In December.

RTT News: Global Financial Newswires

Forex Top Story

ukindus-020713.jpg U.K. industrial production increased at a faster-than-expected pace in December, in line with more recent economic data that suggest the economy might avoid slipping back into a renewed recession. However, the sector recorded a marked contraction in output in the fourth quarter amid wide-spread closure of oil fields in the North Sea, latest data showed Thursday.
indiagrowth-020713.jpg The Indian government projected the weakest economic growth in a decade owing to slower growth in the manufacturing, services and farm sectors, underlining the urgency to implement reforms. Gross domestic product is set to grow 5 percent in fiscal 2013, preliminary estimates from the Central Statistical Office revealed Thursday.

Financial and Forex info | Kitco Hourly market Repor (February 7, 2013)t.


Hourly Market Report
07-02-13 07:00 , EST
Metals Bid Ask Change High Low
Gold 1675.70 1676.70 -1.60 -0.10 % 1682.50 1674.40
Silver 31.79 31.89 -0.06 -0.19 % 32.00 31.64
Platinum 1732.00 1737.00 -2.00 -0.12 % 1748.00 1726.00
Palladium 763.00 769.00 + 1.00 + 0.13 % 770.00 751.00
Rhodium 1225.00 1325.00 + 0.00 + 0.00 % 1225.00 1200.00

MarketWatch | US Stocks Future Indications (February 7, 2013).: Stock futures turn lower; Elan, Zynga higher

By Barbara Kollmeyer, MarketWatch 

NEW YORK (MarketWatch)U.S. stock futures turned lower on Wednesday, with some investors questioning whether momentum and risk appetite will continue to build after a rout early in the week.

Time Warner Inc. was among those reporting early, while U.S-listed shares of Elan Corp. rose on deal news and Zynga Inc. gained ground after reporting its quarterly results late Tuesday. 

Futures for the Dow Jones Industrial Average DJH3 +0.13% fell 40 points to 13,870. Futures for the Standard & Poor’s 500 index SPH3 +0.19% fell 4.80 points to 1,501. Those for the Nasdaq 100 index NDH3 +0.05% fell 8.75 points to 2,740.5. 


Stocks shrug off Monday's slide
U.S. stocks snapped back from a day-earlier tumble, led by technology shares, as investors eyed corporate earnings and steady economic readings in the U.S. and Europe. 

Wall Street stocks bounced back on Tuesday from a rout the previous day, with confidence lifted by a deal to take personal-computer maker Dell Inc. DELL +0.75% private — the biggest leveraged-buyout deal in years. Read: U.S. stocks rebound on buyout hopes .

ADVFN III Morning Euro Markets Bulletin (January 7, 2013).

ADVFN III Morning Euro Markets Bulletin
Daily world financial news

London Market Report
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Markets cautious ahead of policy decisions

    Market Movers
    techMARK 2,293.43 -0.06%
    FTSE 100 6,297.61 +0.04%
    FTSE 250 13,338.74 -0.02%
The FTSE 100 index opened slightly higher on Thursday morning, helped by some decent gains by Vodafone, TUI Travel and Compass, but trade was cautious ahead of the monthly policy meetings at the Bank of England (BoE) and European Central Bank (ECB).

The BoE decision is expected at midday, with forecasts for no change to the current record-low Bank Rate of 0.5% and the asset purchase programme of £375bn.

However, as senior market analyst Michael Hewson from CMC Markets explained this morning, the markets are going to be more interested in what BoE Governor elect Mark Carney has to say during his testimony at 09:45 to the Treasury Select Committee.

"Given Mr Carney’s recent references to nominal GDP targeting, markets will be looking to see if he expands on that theme, and whether he thinks the current policy toolbox of the bank needs expanding. Any hint of a dovish response could well be negative for sterling.

"It seems more likely that he will try and maintain as neutral a stance as possible with respect to showing his hand on policy, given that he hasn’t as yet taken up the reins at the bank and will want to avoid ruffling too many feathers before he even takes up his seat," Hewson said.

As for the ECB, President Mario Draghi is also expected to announce at 12:45 that policy makers have decided to hold rates, but the focus will be the following press conference.

MarketWatch | Asian Markets at Close Report (February 7, 2013).: Asia stocks drop ahead of Chinese holidays

By Sarah Turner and V. Phani Kumar, MarketWatch 

HONG KONG (MarketWatch)Most Asian markets fell Thursday, with Japanese shares retreating from their highest level since September 2008 as the yen appreciated, while Chinese stocks slipped ahead of the Lunar New Year holiday. 

Japan’s Nikkei Stock Average JP:100000018 -0.93%  lost 0.9% after Wednesday’s 3.8% surge, while Hong Kong’s Hang Seng Index HK:HSI -0.34% slid 0.3% and China’s Shanghai Composite Index CN:000001 -0.66%  fell 0.7% ahead of next week’s Lunar New Year holidays. 

“I think that investors are packing away for the New Year holiday. That’s why trading motivation is not great,” KGI Asia chief operating officer Ben Kwong said. 

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“The market sentiment has turned a bit cautious — A-shares have softened,” he said, referring to yuan-denominated Chinese shares. “I think this is reasonable, as the market has had a good run.”
Elsewhere in Asia, South Korea’s Kospi KR:SEU -0.23%  slipped 0.2% and Taiwan’s Taiex XX:Y9999 +0.25%  ended flat.

Mineweb Top Stories (February 7, 2013).: Orbite plots red mud revolution with Veolia as partner.

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TOP STORIES | Thursday , 07 Feb 2013                                                     

Orbite plots red mud revolution with Veolia as partner

The details of a groundbreaking joint venture agreement between a small Canadian junior and a European environmental services giant.    Thursday , 07 Feb 2013

Incorrect toxic chemical reporting costs Barrick Nevada $618,000

The EPA insists upon accurate reporting of gold mining chemical releases “so that citizens and communities have a clear idea of the risk from the facilities near their communities.”    Thursday , 07 Feb 2013

No more middle ground for SA mining

South Africa's mining sector has to start delivering solutions to its challenges if foreign investors are to stay.    Thursday , 07 Feb 2013

Q4 dealmaking rebounds as metals industry confidence returns—PwC

Copper, nickel, iron ore and other non-precious metals deals dominated the overall metals industry merger and acquisition environment during the fourth-quarter 2012, says a new PwC analysis.    Thursday , 07 Feb 2013

Swiss banking and the lose-lose scenario of unallocated gold

What the Swiss banks' move away from unallocated accounts says about gold, and about banking...    Thursday , 07 Feb 2013

NYT: ALERT FGC BOLSA - FGC FINANCIAL MARKETS (February 7, 2013). Profound Weight of Layoffs Seen in Survey

February 7, 2013 Compiled: 12:32 AM

Almost eight in 10 participants in a Rutgers University study said that they had lost a job in the last few years, or were close to someone who had.