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Feb 12, 2013

Do not miss President Obama State of the Union address and be part of it February 12, 2013

The White House Your Daily Snapshot for
Tuesday, February 12, 2013
Be a Part of the State of the Union
President Obama delivers his State of the Union address to the nation tonight. What's he going to say? You'll have to tune in to WhiteHouse.gov to watch the enhanced livestream at 9 p.m. EST and find out.
We sat down with the White House Director of Communications, Jennifer Palmieri, to discuss all the ways the American people can engage with the White House around the President's address. We hope you'll check it out:
Watch: White House Director of Communications, Jennifer Palmieri, discusses the ways the American people can engage with the White House the night of the 2013 State of the Union address. Learn everything at http://whitehouse.gov/sotu
In Case You Missed It
Here are some of the top stories from the White House blog:
An American Hero Receives the Medal of Honor
Army Staff Sgt. Clinton Romesha was awarded the Medal of Honor for his actions during the Battle of Kamdesh in 2009 during the war in Afghanistan.
State of the Union 2013: White House “Open for Questions” Marathon
In the days following the State of the Union Address, Administration officials will take questions on key issue areas addressed in the President's speech submitted by the public on social media during an "Open for Questions" marathon.
Vice President Biden Meets with Law Enforcement Officials in Philadelphia
Vice President Biden travels to Philadelphia to meet with law enforcement officials and hold a roundtable discussion to talk about the Administration’s plan to reduce gun violence.
Today's Schedule
All times are Eastern Standard Time (EST).
10:15 AM: The President and The Vice President receive the Presidential Daily Briefing
6:00 PM: State of the Union Countdown WhiteHouse.gov/live
9:00 PM: The President delivers the State of the Union Address WhiteHouse.gov/live
10:00 PM: Open for Questions: State of the Union 2013 WhiteHouse.gov/live
WhiteHouse.gov/live Indicates that the event will be live-streamed on WhiteHouse.gov/Live

DealBook P.M. Edition February 12, 2013.: Big Investors Strengthen Opposition to Dell's Sale

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Tuesday, February 12, 2013
TOP STORY
Big Investors Strengthen Opposition to Dell's Sale T. Rowe Price says it opposes the $24.4 billion takeover bid for Dell as it currently stands, while Southeastern Asset Management has taken additional steps to fight the management buyout.


DEALBOOK HIGHLIGHTS
Ryanair Indicates Regulators Will Reject Aer Lingus Deal The discount European airline said it plans to appeal should regulators block its bid for Aer Lingus.
Nexen Secures U.S. Approval of Its Sale to Cnooc Nexen has received the last regulatory approval needed for its $15 billion sale to the Chinese oil company, after the Obama administration declared the deal free from national security concerns.
Carlyle Names Head of Government Affairs Carlyle has hired Barrett Karr, majority staff director of a House committee, to lead its United States government affairs.
Britain Fines UBS Over Sales of a Money Market Fund The Financial Services Authority, Britain's main financial regulator, fined UBS £9.45 million on Tuesday for improperly selling an A.I.G. fund.
The Barclays headquarters in London. The bank plans to close several business units.
Barclays to Cut 3,700 Jobs in Overhaul The British bank said it would close several business units as it reported a loss in the fourth quarter of last year.
LOOKING AHEAD
Economic Reports Data to be released on Wednesday includes retail sales for January, import prices for January and business inventories for December.

MarketWatch | Wall Street at Close Report February 12, 2013.: Dow closes above 14,000, hits 5-year high

By Wallace Witkowski and Polya Lesova, MarketWatch 

SAN FRANCISCO (MarketWatch) — U.S. stocks pushed against resistance levels Tuesday as blue chips, led by the financial sector, closed at levels not seen in more than five years. 

The Dow Jones Industrial Average DJIA +0.34%  rose 47.46 points, or 0.3%, to close at 14,018.70, with 23 of 30 components finishing in positive territory. Tuesday’s close is the best since Oct. 12, 2007, and 1% off its record close of 14,164.53, set on Oct. 9, 2007. The index hit an intraday high of 14,038.97 on Tuesday. 



State of the Union mystery to traders
Wall Street Journal’s Paul Vigna reports traders have a wary eye on President Obama's agenda he'll lay out in his State of the Union address. 

Financial stocks boosted blue chips with Bank of America Corp. BAC +3.25%   leading the way with a 3.3% gain. Shares of J.P. Morgan Chase & Co. JPM +0.99%  rose 1%, Travelers Cos. TRV +0.87%  advanced 0.9%, and American Express Co. AXP +0.35%   closed 0.4% higher. 

Coca-Cola Co. KO -2.72%  was the worst performer on the Dow industrials, declining 2.7%, after the beverage giant’s quarterly revenue growth came in below analyst estimates. See: Coca-Cola profit rises 13% on higher case volume. 

BIV Today's Business News February 12, 2013.: Coleman loosens liquor regulations




Politics and Policy


Coleman loosens liquor regulations

Victoria has announced a loosening of liquor regulations that addresses many of the concerns that brewers, spirit-makers, vintners and liquor-sellers have ... READ MORE

Economy and Finance

B.C.’s 2013 salary gains to trail country: conference board

B.C. employees can anticipate the lowest wage increases in the country this year, according to ... READ MORE

Mining and Energy

BC Utilities Commission approves project that creates 400 jobs

The BC Utilities Commission has announced that it has approved the replacement of the John Hart generating station near Campbell River – a project that will create more than ...

China's undercover Banking Crisis: Money Show Investors Daily Alert February 12, 2013.


INVESTORS DAILY ALERT

THE DAILY GURU
Jim Jubak on MoneyShow.com

ADVFN III Evening Markets Bulletin February 12, 2013.


ADVFN III Evening Euro Markets Bulletin
Daily world financial news Tuesday, 12 February 2013



London Market Report
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London close: Barclays leads stocks higher as risk appetite increases
Market Movers
  • techMARK 2,301.76 +0.59%
  • FTSE 100 6,338.38 +0.98%
  • FTSE 250 13,476.01 +0.77%
Strong gains in the banking sector helped push the FTSE 100 one per cent higher on Tuesday afternoon, as markets welcome news of a turnaround plan at UK lender Barclays.

"European stock markets picked up some pace in Tuesday's session as traders upped their exposure to risk following recent weakness across global equities," said market strategist Ishaq Siddiqi from ETX Capital.

Stocks shrugged off earlier concerns about global currency wars to finish higher. However, over the next few days, analysts expect the mood to be cautious ahead of the G20 meeting at the end of the week.

The G7 released a statement this morning saying that it will allow markets to determine currency exchange rates. "We will not target exchange rates", the announcement said.

Providing some support this morning was the news that credit ratings agency Standard & Poor's has changed its outlook on Ireland from 'negative' to 'stable'.

The move reflects its expectation that the exchange of promissory notes for longer-term government bonds significantly reduces the Irish government's debt-servicing costs and refinancing risk, and supports medium-term fiscal consolidation.

Meanwhile, the UK CPI inflation rate remained at an annual rate of 2.7% in January, unchanged for a fourth month in a row as expected.

Traders were also digesting yesterday's Eurogroup meeting, where Eurozone finance ministers refrained from taking any action on either the strength of the euro or the Cyprus bailout.
FTSE 100: Barclays jumps 8.3% on turnaround plan
UK banking group Barclays soared today despite missing profit forecasts in 2012, as market celebrated the details of its strategic review, which includes 3,700 jobs cuts. Adjusted profits before tax grew 26% to £7.05bn in 2012, but came in around 2.0% shy of consensus forecasts.

Sector peers Lloyds and RBS were also making strong gains.

Reckitt Benckiser Group, the British consumer goods company, rose on news it has signed a three-year collaboration agreement with Bristol-Myers Squibb (BMS), under which Reckitt will license a number of Latin American consumer health care brands from BMS.

Heading the other way was aerospace and defence giant BAE Systems after JPMorgan Cazenove said that the company faces "major structural problems" and is likely to underperform peers over the next 12-24 months.

Engineering giant GKN was taking a hit, most likely because tyre-maker Michelin warned that sales and earnings are likely not grow this year due to the recession on the Continent.

Merger partners Xstrata and Glencore were both unwanted after publishing production reports for 2012. The firms also said the merger was still waiting on the approvals of regulators in China, amongst other things.
FTSE 100: Bumi lifted by improved production
Bumi plc said coal sales and production grew during the fourth quarter in the wake of company infighting with co-founder Nat Rothschild.

Sales were up 30% to 6.5m tonnes and output grew 15% to 5.9m tonnes over the last three months of 2012 at Indonesian business PT Berau Coal Energy, in which Bumi owns an 85% stake.

Fidessa was heading higher after its full-year results yesterday. The stock was upgraded today by Investec to 'buy'.

Ocado Group was a high riser, continuing Monday's gains on takeover speculation and market chatter to that effect.

Diploma fell after Canaccord Genuity retained its 'hold' rating on the stock, with a target of 570p.

FTSE 100 - Risers
Barclays (BARC) 327.35p +8.57%
Lloyds Banking Group (LLOY) 55.45p +5.12%
Royal Bank of Scotland Group (RBS) 354.20p +4.08%
Aberdeen Asset Management (ADN) 412.90p +3.17%
Reckitt Benckiser Group (RB.) 4,363.00p +3.02%
International Consolidated Airlines Group SA (CDI) (IAG) 221.80p +2.64%
Sage Group (SGE) 343.20p +2.63%
Morrison (Wm) Supermarkets (MRW) 262.60p +2.54%
ARM Holdings (ARM) 925.00p +2.38%
Associated British Foods (ABF) 1,794.00p +2.28%

FTSE 100 - Fallers
BAE Systems (BA.) 330.40p -1.81%
GKN (GKN) 254.80p -1.20%
Antofagasta (ANTO) 1,121.00p -1.06%
Randgold Resources Ltd. (RRS) 5,785.00p -1.03%
Amec (AMEC) 1,091.00p -1.00%
Reed Elsevier (REL) 687.00p -0.94%
Petrofac Ltd. (PFC) 1,622.00p -0.73%
Vedanta Resources (VED) 1,265.00p -0.71%
ITV (ITV) 114.80p -0.69%
Kazakhmys (KAZ) 749.00p -0.53%

FTSE 250 - Risers
Ocado Group (OCDO) 137.10p +7.70%
Fidessa Group (FDSA) 1,655.00p +4.95%
Bumi (BUMI) 404.00p +4.91%
London Stock Exchange Group (LSE) 1,312.00p +4.71%
Unite Group (UTG) 303.00p +4.48%
St. Modwen Properties (SMP) 260.00p +4.42%
Man Group (EMG) 105.10p +4.27%
Pace (PIC) 238.50p +4.19%
Moneysupermarket.com Group (MONY) 205.10p +3.85%
Grainger (GRI) 139.40p +3.80%

FTSE 250 - Fallers
Diploma (DPLM) 570.00p -2.90%
Supergroup (SGP) 698.00p -2.79%
Lonmin (LMI) 369.10p -2.61%
African Barrick Gold (ABG) 341.00p -2.40%
RIT Capital Partners (RCP) 1,146.00p -1.55%
ICAP (IAP) 352.20p -1.54%
Carpetright (CPR) 675.00p -1.46%
Catlin Group Ltd. (CGL) 508.50p -1.45%
Ultra Electronics Holdings (ULE) 1,608.00p -1.29%
Petropavlovsk (POG) 345.70p -1.20%

Europe Market Report
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Europe midday: SNB defends BoJ actions
- SNB's Jordan defends BoJ actions
- G7 reiterates commitment to market FX rates
- Italian and Spanish bond yields fall

FTSE-100: 0.33%
Dax-30: 0.11%
Cac-40: 0.39%
FTSE Mibtel 30: 0.15%
Ibex 35: 0.85%
Stoxx 600: -0.03%

By the midday mark European equities were registering small gains. The 'risk-on' attitude was benefitting from remarks by G7 leaders in support of 'market-driven' foreign exchange rates as well as supportive comments for the Bank of Japan's recent policy decisions. The latter may possibly be interpreted as reducing the risks of unwanted tensions.

Thus, the Governor of Switzerland's central bank (SNB), Thomas Jordan, today stated that "Japan and the Japanese central bank are trying to change policy in the direction to avoid deflation and in order to stimulate growth."

In a similar vein, Morgan Stanley's Chief Economist, Joachim Fels, had this to say on Sunday regarding the BoJ's actions "there is nothing wrong with this: further downward pressure on the yen will merely be the side-effect of the BoJ trying to achieve its new 2% inflation target – the same target most other major central banks have.

"And to make sure that they don't miss their own inflation targets due to currency appreciation, other central banks will simply have to ease policy further, too. The end result? An even easier global monetary policy stance, whether policy-makers like it or not. I know who will like it: so-called risky assets."

That comes ahead of tonight's State of the Union address by President Obama and with several members of the US Federal Reserve being slated to speak this afternoon.

Overnight Standard&Poor's lifted its outlook on Ireland's sovereign debt to positive from stable.

Yields on the €8.5bn of Italian 12 month notes on offer at a Treasury auction this morning rose to 1.094%, versus 0.864% the last time around. In the secondary market however Italian 10 year bond yields are now falling notably, and are down by 14 basis points.
Michelin plummets after results
Michelin is moving lower after announcing operating profit of €2.42b, a tad below analysts' estimates. Yet what has really unnerved investors is the company's warning that sales and earnings will likely not grow this year due to the recession on the Continent.

Shares of Italian defence giant Finmeccanica are plummeting after police arrested Chief Executive Officer Giuseppe Orsi. The police are investigating the sale of 12 helicopters to India.

TomTom NV is sinking by 7.1%. The firm's Chief Executive said he cannot predict when the company will return to growth.

From a sector stand-point the best performers today are: Banks (0.98%), Technology (0.51%) and Real estate (0.42%).
Light data calendar

The French current account deficit worsened to €3.6bn in December (Consensus: €3.5bn) from €2.8bn in the previous month. Other asset classes trading mixed

The euro/dollar is now edging higher by 0.34% to 1.3449.

Front month Brent crude futures are now rising, by 0.438 dollars to the 118.65 dollar level on the ICE.

US Market Report
Choppy Trading Persists On Wall Street In The Late Morning
After showing a lack of direction in early trading on Tuesday, stocks have continued to turn in a lackluster performance throughout the morning. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves.
The choppy trading on Wall Street comes amid another light day on the U.S. economic data front, with traders looking ahead to President Barack Obama's State of the Union address later this evening.
Obama is expected to lay out his vision for the U.S. during the address to a joint session of Congress, which is due to begin at 9 pm ET.
While most of the major sectors are showing only modest moves, substantial strength has emerged among housing stocks. Reflecting the strength in the housing sector, the Philadelphia Housing Sector Index has surged up by 2.9 percent.
Masco (MAS) has helped to lead the housing sector higher, with the home improvement and building products maker surging up by 14.3 percent after unexpectedly reporting an adjusted fourth quarter profit.
Electronic storage and banking stocks are seeing more moderate strength in late morning trading, while weakness remains visible among telecom stocks. Level 3 Communications is posting a steep loss after reporting its fourth quarter results.
The major averages are currently all in positive territory, although the tech-heavy Nasdaq is up only 0.09 points or less than a tenth of a percent at 3,192.09. The Dow is up 26.72 points or 0.2 percent at 13,997.96 and the S&P 500 is up 1.23 points or 0.1 percent at 1,518.24.

Broker Tips
Broker tips: Barclays, Vodafone, Rolls-Royce
The long-awaited strategic review at UK banking group Barclays was welcomed by Investec (and the market) on Tuesday, with the broker maintaining its 'buy' rating for the stock.

The broker hailed the company's cost performance during the year, specifically the improvement in costs at Barclays Capital (BarCap).

Investec said Barclays is trading on 0.8 times tangible net asset value - broadly in line with RBS and at a discount to Lloyds (both rated 'sell') - which "appears to be a relative price anomaly given that we expect Barclays' stated return on equity to recover to c10% by 2014e".

Credit Suisse has raised its target for shares of telecoms firm Vodafone from 170p to 180p and reiterated its 'outperform' rating for the stock.

The broker said that the investment case at Vodafone remains intact with VZW still standing out (which accounts for 55% of earnings). "In absolute terms, getting a lot more performance near term requires realising the value of the VZW stake. We continue to see this as a potential scenario for 2013."

JPMorgan Cazenove has initiated coverage of the European aerospace and defence sector, labelling power systems group Rolls-Royce (rated 'overweight') as the "best-quality company in the sector", the US broker said in its morning note to clients on Tuesday.

Analyst David Perry said that this view was based on the firm's organic growth prospects over the next four to five years, its "best-in-class" RoCE (return on capital employed) and relatively low risk profile.

ADVFN III World Daily Markets Bulletin February 12, 2013.


ADVFN III World Daily Markets Bulletin
Daily world financial news Tuesday, 12 February 2013


US Market
Choppy Trading Persists On Wall Street In The Late Morning
After showing a lack of direction in early trading on Tuesday, stocks have continued to turn in a lackluster performance throughout the morning. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves.
The choppy trading on Wall Street comes amid another light day on the U.S. economic data front, with traders looking ahead to President Barack Obama's State of the Union address later this evening.
Obama is expected to lay out his vision for the U.S. during the address to a joint session of Congress, which is due to begin at 9 pm ET.
While most of the major sectors are showing only modest moves, substantial strength has emerged among housing stocks. Reflecting the strength in the housing sector, the Philadelphia Housing Sector Index has surged up by 2.9 percent.
Masco (MAS) has helped to lead the housing sector higher, with the home improvement and building products maker surging up by 14.3 percent after unexpectedly reporting an adjusted fourth quarter profit.
Electronic storage and banking stocks are seeing more moderate strength in late morning trading, while weakness remains visible among telecom stocks. Level 3 Communications is posting a steep loss after reporting its fourth quarter results.
The major averages are currently all in positive territory, although the tech-heavy Nasdaq is up only 0.09 points or less than a tenth of a percent at 3,192.09. The Dow is up 26.72 points or 0.2 percent at 13,997.96 and the S&P 500 is up 1.23 points or 0.1 percent at 1,518.24.

Canadian Market
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Commodities, Nexen Lift TSX Tuesday Morning - Canadian Commentary
Canadian stocks were moving higher Tuesday morning amid varied cues from the commodities and global equity after North Korea confirmed it has successfully conducted a third nuclear test that Pyongyang had pledged to conduct. South Korea has raised its military alert in the wake of the suspected nuclear test.
Meanwhile, Moody's Investors Service said the downside risks to the global economic recovery have diminished since the end of last year, but a slow pace of economic growth is still likely in many economies.
The S&P/TSX Composite Index gained 48.34 points or 0.38 percent to 12,796.49.
The price of Crude oil was extending gains Tuesday morning amid escalating tension in the Middle East following Iran's nuclear programme, and North Korea's third nuclear test. Meanwhile, the OPEC in its monthly oil market report nudged up 2013 global oil demand growth forecast to 0.80 mbd.
In its monthly Oil Market Report released Tuesday, the OPEC revised up 2013 world oil demand by 80,000 barrels per day to 0.80 mbd, with bulk of the growth seen coming from China, which is forecast to increase by 0.4 mbd. However, the cartel expects OECD demand to contract 0.3 mbd.
Today after the market hours, the API will release its US Crude oil inventories report for the weekended February 08.
Crude for March delivery added $0.59 to $97.62 a barrel.
In the oil patch, Nexen Inc. gained 2 percent after announcing that it has received approval from the Committee on Foreign Investment in the US (CFIUS) with respect to the proposed acquisition of Nexen by CNOOC Limited, and now has all of the requisite approvals to proceed to close.
On the other hand, energy infrastructure company TransCanada Corp. lost over 1 percent after posting lower fourth-quarter 2012 net income of C$306 million or C$0.43 per share versus the prior year's C$376 million or C$0.53 per share.
The price of gold was little changed Tuesday morning as G20 finance ministers and central bankers gather in Moscow this week, bracing for currency war talks. gold for April edged up $1.10 to $1,650.20 an ounce.
Among gold plays, Royal gold was up over 3 percent. Barrick gold and Detour Gold moved up about 1 percent each.
Commercial and industrial machinery and equipment company Toromont Industries (TIH.TO) gained over 4 percent after reporting improved fourth-quarter net earnings at C$44.9 million or C$0.59 per share compared to C$34.2 million or C$0.44 per share in the year ago quarter.
Paper products company Resolute Forest Products (RFP.TO) rose over 3 percent after reporting a wider fourth-quarter net loss of $36 million or $0.38 per share compared to a net loss of $6 million or $0.06 per share last year. Excluding special items of $70 million net income was $34 million or $0.35 per share. Analysts expected the company to report profit of $0.21 per share for the quarter.
Meanwhile, fertilizer makers Potash Corp. and Agrium Inc. slipped nearly 1 percent each.
In economic news from the euro zone, U.K. inflation has been at 2.7 percent since October, the Office for National Statistics reported. This was the longest period for which consumer price growth has remained unchanged, it said. The rate continues to hover above the central bank's 2 percent target.
Separately, the statistics office said UK output price inflation eased to 2 percent in January from 2.2 percent in December. On a monthly basis, the output price index rose 0.2 percent. Both the figures matched economists' forecasts.

European Market
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European Markets Climbed On Positive Earnings Reports
The European finished Tuesday's session in positive territory, despite the news that North Korea conducted a third nuclear test. The markets received a boost from some better than expected earnings reports.
Investors were hesitant to take positions ahead of some important upcoming global events. U.S. President Barack Obama will give his much anticipated State of the Union address later today. Investors will be also watching for any developments from the G-20 meeting, which will be held on Friday.
Eurozone finance ministers on Monday maintained that Cyprus need to take strong measures to tackle money-laundering before receiving a bailout from its Eurozone partners. However, no rescue deal is likely to be in place before the presidential elections due this month.
"A private firm needs to get involved" to look into the money laundering allegations and a report will be obtained in March, Jeroen Dijsselbloem, new chief of the Eurogroup, said after the ministers' meeting in Brussels on Monday.
Any deal will have to wait until the Cypriot presidential elections scheduled for February 17. Dijsselbloem, who is also the Dutch Finance Minister, indicated that a bailout deal between Cyprus and international creditors will be in place by next month.
Standard & Poor's lifted its outlook on Ireland's credit rating to stable from negative as it expects an improvement in government debt-servicing costs and refinancing risks on the back of a bank debt deal reached by the nation with the European Central Bank.
The rating agency affirmed the long- and short-term foreign and local currency sovereign credit ratings on Ireland at 'BBB+/A-2'.
Meanwhile, Moody's Investors Service today said the downside risks to the global economic recovery have diminished since the end of last year, but a slow pace of economic growth is still likely in many economies. The outlook for the euro zone is less optimistic, with the ratings agency expecting growth to stagnate during 2013.
The euro Stoxx 50 index of eurozone bluechip stocks increased by 0.88 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.48 percent.
The DAX of Germany climbed by 0.35 percent and the CAC 40 of France advanced by 0.99 percent. The FTSE 100 of the U.K. rose by 0.85 percent and the SMI of Switzerland gained 0.26 percent.
In Frankfurt, ThyssenKrupp declined by 0.62 percent. The steel giant reported a 38 percent decline in net profit for its fiscal quarter through December. Fraport AG, the owner and operator of Germany's Frankfurt Airport, rose by 0.13 percent after reporting a 4.9 percent drop in passenger traffic at the Frankfurt Airport for January.
In Paris, L'Oreal climbed by 3.80 percent. The beauty and cosmetic products giant reported a near 18 percent jump in net profit for fiscal year 2012 and said it expects to outperform the market in 2013.
Michelin dropped by 4.33 percent, after the tire maker issued a cautious outlook for 2013.
Danone declined by 1.08 percent, after Morgan Stanley downgraded the stock to "Underweight" from "Equal weight."
In London, Barclays surged by 8.57 percent. The lender unveiled plans to cut at least 3,700 positions globally in 2013 under a restricting plan.
Rolls-Royce Holdings finished up by 0.26 percent, after bagging an $83.7 million contract for engines to power 19 V-22 aircraft operated by the US Marine Corps and Air Force.
BAE Systems fell by 1.93 percent, after JP Morgan initiated coverage on the stock with a "Neutral" rating.
France's current account shortfall increased more than economists expected in December, data released by the Bank of France showed Tuesday.
The current account deficit, on a seasonally and working-day adjusted basis, increased to EUR3.6 billion in December from EUR2.8 billion in November, which was revised from EUR2.9 billion. Economists were looking for a EUR3.5 billion shortfall for December.
A leading indicator of the British increased for the second successive month in December, though modestly, led mainly by positive contributions from consumer confidence and the yield spread, data from a survey by the Conference Board showed Tuesday. The leading index moved up 0.1 percent month-on-month to 103.5 in December, after rising 0.2 percent in November.
U.K. consumer price inflation continued to remain unchanged above the central bank target in January, while manufacturers' input cost inflation accelerated to the highest since March 2012, driven by Crude oil prices.
Headline inflation has been at 2.7 percent since October, the Office for National Statistics reported Tuesday. This was the longest period for which consumer price growth has remained unchanged, the agency said. The rate continues to hover above the central bank's 2 percent target.
UK output price inflation eased to 2 percent in January from 2.2 percent in December, data released by the Office for National Statistics showed Tuesday.
On a monthly basis, the output price index rose 0.2 percent. Both the figures matched economists' forecasts.

Asia Market
Asian Markets Mostly Trade Higher, Japan Surges
Asian stock are mostly trading higher on Tuesday despite weak cues overnight from Wall Street, though some of the regional bourses continued to remain closed for the Lunar New Year holidays.
The Japanese market surged higher on the back of a weaker yen, while the Australian stock market is trading higher, led by financial stocks.
In early morning trades, Australia's benchmark S&P/ASX 200 Index is adding 16 points or 0.31 percent to 4,975 after touching a fresh 34-month high of 4,981.5 in early trading. The broader All Ordinaries index is gaining 16 points or 0.31 percent to 4,996, after touching the 5,000 mark in intraday trading.
Shares in the information , industrial, telecom and financial sectors are trading higher, while energy, materials and stocks are trading in negative territory.
Among banks, ANZ Banking is adding 0.32 percent, Commonwealth Bank is up 0.78 percent and Westpac is gaining 0.21 percent. National Australia Bank is trading lower by 0.31 percent.
In the mining sector, BHP Billiton is up 0.03 percent, while Rio Tinto is trading lower by 0.29 percent and Newcrest Mining is down more than 2 percent.
Shares in Whitehaven Coal Ltd. are gaining more than 6 percent after the company's Maules Creek coal mine in New South Wales received approval from the federal government.
Industrial equipment maker Bradken Ltd.'s first-half profit rose by 9 percent to A$46.7 million, reflecting strong demand for its products from the resources industry. The company's shares are up 10.8 percent.
The Reserve Bank of Australia said it has sold its 50 percent stake in Securency, a firm alleged to have bribed foreign officials to secure note-printing contracts. The central bank will receive A$64 million after offloading its share in Securency to U.K. film manufacturer Innovia, which already owns the remaining 50 percent stake in the company.
On the economic front, the National Australia Bank said Tuesday that an index measuring confidence came in with a score of 3 in January, following the revised score of 2 in December. Business conditions came in at -2, which was still an improvement from -5 in the previous month.
NAB chief economist Alan Oster said in a release accompanying the data, "That recovery mainly reflects external factors, including the rally in global equity markets and generally better activity in China, as well as recent RBA cuts. However confidence remains below long-run average levels."
Meanwhile, the Reserve Bank of Australia will provide credit card data for December. In November, purchases were at A$21.8 billion, while balances were at A$49.5 billion.
In the currency market, the Australian dollar is trading slightly lower against the U.S. dollar. In late-morning trades, the local unit was quoted at US$1.0284, down from US$1.0301 on Monday.
The Japanese market is trading sharply higher, as exporters gained on the back of a weaker yen.
The yen weakened against both the U.S. dollar and the euro after Japanese Economic Minister Akira Amari said the government will take steps to drive the country's stock market higher by the end of March. The yen's weakness also reflects comments by U.S. Treasury official Lael Brainard, who backed Japan's efforts to rejuvenate the and end deflation.
In late-morning trades, the benchmark Nikkei 225 Index was gaining 270.59 points or 2.43 percent to 11,423.75.
Among exporters, Toyota Motor Corp. is gaining more than 2.6 percent, Honda Motor is up almost 2 percent, Canon Inc. is advancing 2.5 percent and Nikon Corp. is adding more than 1.5 percent.
Olympus Corp. is adding 0.81 percent after the Nikkei business daily reported that the company's capital ratio for the nine months ended December was better than expected.
Meanwhile, shares of Nissan Motor Co. are trading lower by almost 4 percent after the company reported a 47 percent decline in group operating profit for the quarter ended December, to 62.1 billion yen. The company cited weak sales in China and double-digit declines in sales in Europe as well as Japan as reasons for the decline in profit.
Renesas Electronics Corp. is trading lower by more than 7 percent after the chipmaker said Friday that it will likely report an operating loss of 26 billion yen for fiscal 2012, compared to its previous forecast for a profit of 21 billion yen. The company had reported operating loss of 56.7 billion yen for fiscal 2011.
On the economic front, the Bank of Japan said Tuesday that the M2 money stock in Japan was up 2.7 percent on year in January, standing at 829.9 trillion yen. That beat forecasts for an increase of 2.6 percent, which would have been unchanged from the December reading.
M3 money stock was up 2.3 percent to 1,138.4 trillion yen - matching expectations following the 2.2 percent gain in the previous month. L money stock added an annual 1.4 percent to 1,475.7 trillion yen after rising 1.1 percent a month earlier.
Many of the regional bourses continue to remain closed on Tuesday, including Malaysia, Singapore, Taiwan, China and Hong Kong. Among the other markets that are open, New Zealand and Indonesia are trading modestly higher, while South Korea is trading in negative territory.
On Wall Street, stocks saw modest weakness throughout much of the trading session on Monday after moving lower in early trading. Selling pressure remained subdued, however, limiting the downside for the markets.
The major averages climbed near the unchanged line in the final hour of trading but still ended the day in the red. The Dow dipped 21.73 points or 0.2 percent to 13,971.24, the Nasdaq edged down 1.87 points or 0.1 percent to 3,192.00 and the S&P 500 slipped 0.92 points or 0.1 percent to 1,517.01.
The European markets finished Monday's trading session with mixed results. The DAX of Germany declined by 0.27 percent, while the CAC 40 of France rose by 0.03 percent. The FTSE 100 of the U.K. gained 0.16 percent and the SMI of Switzerland advanced by 0.20 percent.
U.S. Crude oil snapped a two-day losing streak to end sharply higher Monday, with investors upbeat over demand growth prospects in China after some strong data last week showed more-than-expected imports in January, indicative of increased consumption in the world's second largest economy.
Crude Oil futures for March delivery added $1.31 or 1.4 percent to close at $97.03 a barrel on the New York Mercantile Exchange.

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OPEC Nudges Up 2013 Global Oil Demand Forecast
The Organization of the Petroleum Exporting Countries nudged up its 2013 world oil demand growth forecast to 0.80 million barrels per day amid signs of recovery in the global and colder weather at the start of this year.
In its monthly Oil Market Report released Tuesday, the OPEC revised up 2013 world oil demand by 80,000 bd to 0.80 mbd, with bulk of the growth is seen coming from China, which is forecast to increase by 0.4 mbd. However, the cartel expects OECD demand to contract 0.3 mbd.
On the supply side, non-OPEC oil supply growth in 2012 is estimated at 0.5 mbd, broadly in line with the previous assessment. In 2013, non-OPEC supply is expected to increase by 0.9 mbd, unchanged from the previous month Growth is seen coming mainly from the US, Canada, the Sudans, Brazil, Australia, and Kazakhstan.
Meanwhile, the OPEC left its world economic growth forecast for the year 2012 unchanged at 3.0 percent. However, US growth expectations for 2013 were trimmed to 1.80 percent from 2.0 percent. The euro zone is still forecast to recover to 0.1 percent from a decline of 0.4 percent in 2012. China continues to benefit from increasing global trade and is forecast to expand at 8.1 percent in 2013 and 7.8 percent in 2012, up 0.1 and 0.2 percentage points, respectively.
Light Sweet Crude oil futures for March delivery, are adding $0.25 to $97.28 a barrel.

MarketWatch | Europe Markets at Close Report February 12, 2013.: Europe stocks gain as Barclays jumps; G-20 eyed.

By Sara Sjolin, MarketWatch 

LONDON (MarketWatch)European stock markets moved mostly higher on Tuesday, with Barclays PLC shares rallying after a well-received earnings report, while investors more broadly stayed on the sidelines ahead of the G-20 meeting later in the week. 

The Stoxx Europe 600 index XX:SXXP +0.51%  rose 0.2% to 285.22, recouping from a 0.6% loss from Monday. 


North Korea appears to carry out nuclear test
An "artificial earthquake" was detected in the northeastern area of North Korea where previous nuclear tests were detonated. The WSJ's Evan Ramstad has the details on what would be the nation's third experimental detonation. 

“We won’t see too many moves in the run-up to the next big international event, the G-20 meeting on Friday. People don’t want to do too much ahead of that and want to see what they say about currency depreciation,” said John Redwood, chief of the investment committee at Evercore Pan-Asset.

Money Show Traders Daily Alert February 12, 2013.: How to Recognize High Quality Trades, Ron Wagner

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RTTNews | Morning Market Briefing February 12, 2013.

Commentary February 12, 2013.

After turning in a relatively lackluster performance in the previous session, stocks may continue to experience choppy trading on Tuesday. The major index futures are currently pointing to a roughly flat open for the markets. (Feb 12, 2013) Full Article

Economic News

Overall credit card spending in New Zealand climbed a seasonally adjusted 0.4 percent on month in January, Statistics New Zealand said on Tuesday. (Feb 12, 2013) Full Article
Eurozone finance ministers on Monday maintained that Cyprus need to take strong measures to tackle money-laundering before receiving a bailout from its Eurozone partners. However, no rescue deal is likely to be in place before the presidential elections due this month. (Feb 12, 2013) Full Article

RTTNews | Forex Top Storiy February 12, 2013.: G7 Says No To Currency Wars

Forex Top Story


G7-021213.jpg The Group of Seven finance ministers and central bankers reaffirmed their commitment to market determined exchange rates on Tuesday in a bid to calm rising fears of a global currency war. "We will not target exchange rates," the group, representing advanced economies, said in a statement released in London. The group's last joint comment on exchange rates was in 2011.

ukcpi-021213.jpg U.K. consumer price inflation continued to remain unchanged above the central bank target in January, while manufacturers' input cost inflation accelerated to the highest since March 2012, driven by crude oil prices. Headline inflation has been at 2.7 percent since October, the Office for National Statistics reported Tuesday.

european-021213.jpg Consumer and producer prices from the U.K. are due on Tuesday, headlining a light day for the European economic news.

rics-021213.jpg Home prices in the UK declined more than forecast in January as bad weather kept potential buyers away from the housing market, a survey by the Royal Institution of Chartered Surveyors' (RICS) showed Tuesday. The house price balance fell to -4 in January from -1 in December, but still remained "broadly stable," RICS said. Economists expected the balance to fall to -2.

euimg-120213.jpg Eurozone finance ministers on Monday maintained that Cyprus need to take strong measures to tackle money-laundering before receiving a bailout from its Eurozone partners. However, no rescue deal is likely to be in place before the presidential elections due this month. "A private firm needs to get involved" to look into the money laundering allegations and a report will be obtained in March.

NewZealandcpi-071510.jpg Overall credit card spending in New Zealand climbed a seasonally adjusted 0.4 percent on month in January, Statistics New Zealand said on Tuesday. That follows the 0.3 percent increase in December. "Overall, spending was 0.4 percent higher than in December, after adjusting for seasonal effects...

EURUSD2-021113.jpg The dollar is gaining ground against the pound sterling and the Japanese Yen on Monday, but is down slightly against the Euro. There has been very little news to drive the direction of trading today, with the bulk of the Asian markets closed for a holiday and a lack of economic data in the U.S. and Europe. Eurozone...

euromeet-021113.jpg Eurozone finance ministers are unlikely to take any momentous decision at Monday's gathering in Brussels, but may touch upon the thorny question of whether to move forward with Cyprus' bailout request or to push for more stringent regulations to tackle money laundering and other issues before agreeing to a rescue.

european-021113.jpg Industrial production from France is the major report due on Monday, headlining a light day for the European economic news.

au-110213.jpg The number of home loans approved in Australia declined for a third consecutive month in December as a series of interest rate reductions by the Reserve Bank last year failed to attract first-time home buyers.

EURUSD3-020813.jpg The dollar is currently trading mixed against its major competitors at the end of the trading week, following the release of the narrower than anticipated U.S. trade deficit data. The U.S. currency is climbing against the Euro, but is losing ground against the pound sterling and the Japanese Yen. America...

wholesaleinv-020813.jpg Wholesale inventories in the U.S. unexpectedly showed a modest decrease in the month of December, according to a report released by the Commerce Department on Friday, with the decrease largely due to a drop in inventories of non-durable goods. The report showed that wholesale inventories edged down by 0.1 percent in December following a revised 0.4 percent increase in November.

tradebalance-020813.jpg America recorded a much narrower than expected trade deficit in the month of December, according to a report released by the Commerce Department on Friday, with the data potentially leading to an upward revision to the disappointing fourth quarter GDP data. The report showed that the U.S. trade deficit narrowed to $38.5 billion in December from $48.6 billion in November.

germanexports-020813.jpg Germany's exports hit a record high in 2012 with shipments expanding in six months, despite demand from the currency bloc undergoing a downturn. Exports climbed 3.4 percent to a record EUR 1.09 trillion in 2012 and imports grew 0.7 percent to EUR 909.2 billion, the Federal Statistical Office said Friday.

china-020813.jpg China's annual inflation slowed in January from a seven-month high on easing food inflation, while exports surged, underpinning hopes of a robust recovery. Inflation slowed to 2 percent in January from 2.5 percent a month ago, the National Bureau of Statistics reported Friday. The