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Mar 11, 2013

U.S. Demands That China End Hacking and Set Cyber Rules : NYT | Politics March 11, 2013.

The New York Times

March 11, 2013

Politics

U.S. Demands That China End Hacking and Set Cyber Rules

By MARK LANDLER
The Obama administration made its first direct response to a raft of attacks on American computer networks, many of which appear to have originated with the Chinese military.
BIG STATE, SMALL STATE The view toward Vermont from Washington County, N.Y. Despite its size, Vermont got much more federal stimulus money.

Smaller States Find Outsize Clout Growing in Senate

By ADAM LIPTAK
The disproportionate power enjoyed in the Senate by small states is playing a growing role in the political dynamic on issues as varied as gun control, immigration and campaign finance.

More Politics

Hagel Ends First Overseas Trip as Defense Secretary

By THOM SHANKER
Defense Secretary Chuck Hagel left Afghanistan at dawn on Monday, ending a three-day visit punctuated by attacks.
An F-35 Joint Strike Fighter assembly line at a Lockheed Martin plant in Fort Worth. The White House is considering reducing the weapons program.

Cuts Give Obama Path to Create Leaner Military

By DAVID E. SANGER and THOM SHANKER
Officials see an opening to argue for cuts in bases and health and weapons programs that have long been in President Obama's sights.
Political Memo

In Search of Debt Deal, Obama Walks a Narrow Path

By RICHARD W. STEVENSON and JOHN HARWOOD
As President Obama seeks a solution that will satisfy the ideological and political tests of both parties, he faces complaints from Democrats who say he mishandled his last attempt at a "grand bargain."
Gov. Jan Brewer of Arizona was surrounded by health care professionals at a news conference at the State Capitol last month.

G.O.P. in Arizona Is Pushed to Expand Medicaid

By FERNANDA SANTOS
Gov. Jan Brewer and her advisers are working to win over state lawmakers on a measure that is more popular with Democrats.

The Caucus

In a Break for Senate Democrats, Durbin to Run for Re-election in Illinois

By JONATHAN WEISMAN
Senator Richard Durbin, the Senate's second-ranking Democrat, has decided to to try to stick around for another six years, according to Senate officials familiar with his decision.

Obama to Address Gathering of Donors and Activists

By MICHAEL D. SHEAR
President Obama will speak Wednesday night at a dinner for donors and activists at the first gathering of Organizing for Action, the nonprofit group created by former campaign officials to help advance the president's agenda.
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FiveThirtyEight

Even Without Intrade, Billions Will Be Bet on 2016 Race

By NATE SILVER
Yes, money will flow to other betting markets and bookmakers who offer odds on the election. But the billions I am referring to will be wagered somewhere else: Wall Street.

Multimedia

Video: Reasonable Representation
The Times's Adam Liptak on the growing advantage less populated states enjoy in the Senate.
Interactive: Smaller States Find Outsize Clout Growing in Senate
The disproportionate power enjoyed in the Senate by small states is playing a growing role in the political dynamic on issues as varied as gun control, immigration and campaign finance.
Graphic: Cutting the World's Most Expensive Military
Mandatory budget cuts are forcing the United States military to trim down after a decade in which its budget has nearly doubled.
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DealBook P.M. Edition March 11, 2013.: Nominee for S.E.C. Chief Pledges to Keep Focus on Enforcement


NYTimes.com Home |Business Day| Video The New York Times


Monday, March 11, 2013
TOP STORY
Nominee for S.E.C. Chief Pledges to Keep Focus on Enforcement In prepared testimony for her nomination hearing, Mary Jo White placed a premium on unearthing financial fraud, as she works to deflect concerns from lawmakers who question her ability to regulate banks she recently defended.
DEALBOOK HIGHLIGHTS
Former Senator Scott Brown to Join Nixon Peabody Scott Brown, the former Massachusetts senator who lost his seat to Elizabeth Warren last year, will work at Nixon Peabody's Boston headquarters and focus on the financial services industry and commercial real estate matters.
Hedge Fund Donates $30 Million to Imperial College Brevan Howard, the secretive London-based hedge fund, agreed Monday to donate $30 million to Imperial College to set up a finance research center in its name.
A Barclays Banker Bets on a 'Fat Cat' This week, Rich Ricci, the head of Barclays investment banking unit, is entering several horses in the Cheltenham Festival, including "Fat Cat in the Hat."
Schapiro Is Nominated to G.E. Board General Electric announced on Monday that it had nominated Mary L. Schapiro to serve as one of its directors. She will stand for election at the company's annual meeting on April 24.
Intrade is an online prediction market where wagers can be made on real-world events.
Online Betting Site Intrade Halts Operations The online betting site Intrade said that it had halted trading and frozen customer accounts after it had discovered potential financial irregularities.
After Lehman, Callan Speaks Out on a Proper Work-Life Balance Erin Callan's essay on managing the demands of a high-intensity career is the latest meditation on the subject by Wall Street women.
Icahn Signs Confidentiality Agreement With Dell Carl C. Icahn said on Monday that he had signed a confidentiality agreement with Dell Inc., potentially heading off a confrontation over its $24.4 billion sale.
CVC-Led Group to Sell $1.4 Billion Stake in Indonesian Retailer The private equity group CVC Capital Partners is leading the sale of a 40 percent stake in Indonesia's Matahari Department Store that could raise up to $1.36 billion.
LOOKING AHEAD
Corporate Earnings Companies scheduled to report quarterly results on Tuesday include Costco Wholesale.
In the United States On Tuesday, the Senate Banking Committee will conduct a hearing on the nominations of Mary Jo White to be chairwoman of the Securities and Exchange Commission and Richard Cordray to be director of the Consumer Financial Protection Bureau; and the Senate Commerce Committee will conduct a hearing on the oversight of the Federal Communications Commission.

Quotation of the Day
"It must be fair, but it also must be bold and unrelenting."
Mary Jo White, President Obama's nominee for S.E.C. chief, in testimony released ahead of a Senate Banking Committee hearing.


Wall Street at Close Report March 11, 2013.: U.S. stocks rise; S&P 500 nears record by Kate Bibson, MarketWatch.

By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch) — U.S. stocks furthered their record climb on Monday, bringing the S&P 500 within nine points of an all-time high and the Dow industrials extending their longest winning run in nearly a year. 

“The Dow is what gets all the news among the public, as it is more widely recognized, but for the insider and for technical reasons, it’s more important for the S&P 500 to breach its previous closing high,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

Dell and Carl Icahn reach confidentiality pact
Paul Vigna and David Benoit discuss Dell agreeing to allow Car Icahn to review its books, and Jonnelle Marte looks at what to do with your tax refund. 

The S&P 500 index SPX +0.32%  added 5.04 points, or 0.3%, to 1,556.22, leaving it around nine points from its closing high of 1,565.15, hit in October 2007. 

The financial sector led the gains, with shares of Genworth Financial Inc. GNW +6.71%  jumping 6.7% after Barron’s reported that the shares of the recently reorganized life insurer and provider of mortgage securities could nearly double in the next year. 

After hitting an all-time high last week on a better-than-expected monthly jobs report, the Dow industrials DJIA +0.35%  on Monday chalked up another record finish, its fifth in a row, after climbing for a seventh consecutive session to end at 14,447.29, up 50.22 points, or 0.4%. The winning streak is the longest since March 15, 2012. 

“As long as there is this widely held view that we’re in for a correction, we’re likely not going to have one,” added Luschini of expectations that the market was due for a pullback, given the more than 10% rise by the Dow so far this year. 

The Nasdaq Composite index COMP +0.26%  added 8.51 points, or 0.3%, to end at 3,252.87.
Advancers just outpaced decliners on the New York Stock Exchange, where almost 599 million shares traded. Composite volume approached 3 billion. 

On the New York Mercantile Exchange, crude oil for April delivery CLJ3 +0.02%  erased losses to finish at $92.06 a barrel, up 11 cents, or 0.1%. Gold futures GCJ3 +0.23%  rose $1.10, or 0.1%, to settle at $1,578 an ounce on the Comex division on the NYMEX. 

U.S. equities reversed course Monday as investors bought into a dip that came after disappointing data from the world’s second-largest economy. 

“With China’s revival that we had seen coming out of last year, these figures collectively were a little bit of a setback,” said Luschini, referring to economic reports that had Chinese consumer prices rising, consumer spending slowing and industrial production slowing. The reports were likely impacted by China’s Lunar New Year holiday, he added. See: China’s inflation climbs; other indicators soften.
 
Intrade halted trading, with the Irish online betting service saying it is looking into possible financial irregularities. See: All bets off as Intrade shuts down.
 

Taber Andrew Bain
Genworth shares climb Monday.
Icahn Enterprises LP IEP +0.66%  said it signed a confidentiality pact with Dell Inc. DELL +1.48% , less than a week after investor Carl Icahn joined those opposed to co-founder Michael Dell’s plan to take the personal-computer maker private. Shares of Dell gained 1.5%. See: Icahn’s firm signs confidentiality pact with Dell.
 
Shares of Dick’s Sporting Goods Inc. DKS -10.85%  fell nearly 11% after the retailer projected profit below expectations. 

Kate Gibson is a reporter for MarketWatch, based in New York.

Judge quashes Bloomberg soda ban in N.Y.: MarketWatch Bulletin March 11, 2013.


 
By Michael Howard Saul

Getty Images
A man carries a large sweetened drink while attending a 2012 protest billed the`'Million Big Gulp March" in Manhattan. 
 
NEW YORK (MarketWatch) — A state judge stopped Mayor Michael Bloomberg’s administration from banning New York City restaurants and other venues from selling large sugary drinks, a major defeat for the mayor who has made public a health initiatives a cornerstone of his tenure at City Hall. 

 
The city is “enjoined and permanently restrained from implementing or enforcing the new regulations,” New York Supreme Court Judge Milton Tingling decided Monday. 

The regulations are “fraught with arbitrary and capricious consequences,” the judge wrote. “The simple reading of the rule leads to the earlier acknowledged uneven enforcement even within a particular city block, much less the city as a whole.the loopholes in this rule effectively defeat the state purpose of the rule.” 

An expanded version of this report appears at WSJ.com

ADVFN III World Daily Markets Bulletin March 11 2013.


ADVFN III World Daily Markets Bulletin
Daily world financial news Monday, 11 March 2013

US Market
Stocks Showing A Lack Of Direction Following Recent Strength
After showing a strong move to the upside last week, stocks are showing a lack of direction during trading on Monday. Traders seem reluctant to make any significant moves after recent gains lifted the Dow to a record closing high.
The major averages are currently turning in a mixed performance, although they are all lingering near the unchanged line. While the Nasdaq is down 2.80 points or 0.1 percent at 3,241.57, the Dow is up 16.60 points or 0.1 percent at 14,413.67 and the S&P 500 is down 0.63 points or less than a tenth of a percent at 1,551.81.
The choppy trading on Wall Street comes as many traders have moved to the sidelines, waiting to see if the can extend their recent upward trend.
A relatively quiet day on both these corporate and economic news fronts is also contributing to the lackluster performance by the markets.
Overseas, some negative sentiment was generated by news that Fitch Ratings downgraded Italy's Long-term foreign and local currency Issuer Default Ratings to 'BBB+' from 'A-'.
Fitch said the downgrade reflects the inconclusive results of the Italian parliamentary elections, which the firm said make it unlikely a stable new government can be formed in the next few weeks.
A disappointing report on Chinese industrial production has also made traders wary of continuing to buy stocks following the recent rally.
Among individual stocks, shares of Blackberry have moved sharply higher on news that AT&T (T) will begin selling the BlackBerry Z10 smartphone on March 12th. Blackberry is currently up by 10.6 percent.
Genworth Financial is also posting a strong gain after a Barron's article over the weekend said the life insurance and mortgage securities provider's stock may almost double over the next year.
On the other hand, shares of Dick's Sporting Goods have tumbled by 9.3 percent after the sporting goods retailer reported weaker than expected fourth quarter earnings and provided disappointing guidance.
Sector News
Most of the major sectors are showing only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.
While some strength is visible among healthcare provider and brokerage stocks, steel and oil service stocks have moved to the downside on the day.




Canadian Market
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TSX Flat Amid China Concerns - Canadian Commentary
Canadian stocks were little changed Monday morning as commodities were struggling to move higher after China's inflation rebounded strongly and Fitch Ratings downgraded the credit ratings for Italy.
Fitch Ratings on Friday downgraded the credit ratings for Italy, stating that the continued political stalemate after the inconclusive elections last month may deliver an adverse shock to the already crippled  .
Over the weekend, data from China revealed that the year-on-year inflation rate unexpectedly accelerated to 3.2 percent in February to hit its highest in 10 months. Meanwhile, Industrial Production posted its weakest increase since October 2009 while Retail Sales advanced the least since January 2005 over the same period.
The S&P/TSX Composite Index edged up 3.93 points or 0.03 percent to 12,839.55.
The price of Crude oil was moving lower Monday morning amid a mixed batch of macroeconomic data out of China, the second largest energy consuming nation. Crude for April was down $0.89 to $91.06 a barrel.
In the oil patch, Coastal Energy Company , Vermilion Energy and Cenovus Energy were down about 1 percent each.
Ecopetrol S.A. eased 0.20 percent even after Fitch Ratings upgraded it rating outlook to "positive" from "stable."
On the other hand, oil and natural gas company Niko Resources was extending gains, adding 2 percent, after it said that it expects sales volumes for the fourth quarter of fiscal 2013 to be about 126 MMcfe/d, as a result of reservoir management activities in the D6 Block in India. The company in February had estimated sales volumes for the fourth quarter to be about 130 MMcfe/d.
Financial services company Pinetree Capital (PNP.TO) dived nearly 5 percent after reporting a narrower net loss of $146 million or $1.07 a share for the year ended December 2012 compared to a net loss $298 million or $2.19 a share last year

The price of gold was little changed Monday morning as the dollar was trading mixed despite upbeat jobs data from the US, with the Federal Reserve expected to continue to support the economy through this year with monetary stimulus. gold for April edged up $2.60 to $1,579.50 an ounce.
Among gold plays, Goldcorp. , Barrick gold and Agnico-Eagle Mines lost around 1 percent each.
Kirkland Lake gold lost about 4 percent after slipping into the red in third quarter, reporting net loss of $9.7 million or $0.14 per share, compared to net income of $9.5 million or $0.14 per share in the yer ago quarter.
Space hardware and services provider COM DEV International Ltd. was trading flat at C$3.870 even after reporting improved first quarter net income of C$4.10 million or C$0.06 per share compared to C$3.12 million or C$0.05 per share in the year ago quarter.
Smart-phone maker Research In Motion jumped over 9 percent.
In economic news from the euro zone, Germany's exports grew at a faster than expected pace of 1.4 percent in January from a month ago, data from the Federal Statistical Office showed. Economists had forecast the rate to rise to 0.5 percent from 0.2 percent in December. Likewise, imports advanced 3.3 percent, sharper than the 0.7 percent rise expected by economists. Moreover, it reversed December's 1.5 percent fall. On a yearly basis, exports grew 3.1 percent and imports rose 2.9 percent in January.




European Market
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European Markets Mostly Lower On Chinese Data & Italian Downgrade
The majority of the European pulled back on Monday, following the strong gains posted at the end of the previous week. Friday's rally was sparked by the better than expected U.S. jobs report for February. The weakness at the start of the new trading week was due to a strong rebound in the Chinese inflation data and the downgrade of Italy's credit rating by Fitch.
Fitch Ratings on Friday downgraded the credit ratings for Italy, stating that the continued political stalemate after the inconclusive elections last month may deliver an adverse shock to the already crippled .
Fitch lowered Italy's long-term foreign and local currency Issuer Default Ratings to 'BBB+' from 'A-'. The Outlook on the Long-term IDRs is 'negative.'
In a statement, the rating agency said "the inconclusive results of the Italian parliamentary elections on 24-25 February make it unlikely that a stable new government can be formed in the next few weeks."
"The increased political uncertainty and non-conducive backdrop for further structural reform measures constitute a further adverse shock to the real economy amidst the deep recession," it added.
Inflation in China rebounded strongly to hit a ten-month high in February, while other indicators softened to signal slowing recovery of the world's second largest economy.
Data released by the National Bureau of Statistics on Saturday revealed that the consumer price inflation rose to 3.2 percent in February from 2 percent in January. This exceeded forecast of 3 percent and was the highest rate since April last year.
The German Finance Ministry plans to cut net borrowing next year, more deeply than projected in the government's medium-term plan, Der Spiegel reported on Sunday citing government sources. The borrowing will be reduced to EUR 6-8 billion in 2014 from EUR 17.1 billion planned for this year.
Lower interest rates are not being passed on fully by banks in some countries, Vitor Constancio, Vice-President of the European Central Bank said Monday. As bank funding is tight, rate reductions are passed on hardly, making credit unduly expensive in some parts of the euro area, said Constancio in a speech at Chatham House, London.
The euro Stoxx 50 index of eurozone bluechip stocks declined by 0.33 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.05 percent.
The DAX of Germany rose by 0.01 percent and the CAC 40 of France fell by 0.10 percent. The SMI of Switzerland climbed by 0.09 percent and the FTSE 100 of the U.K. gained 0.16 percent.
In Frankfurt, Continental declined by 1.28 percent. Morgan Stanley downgraded the stock to ''Equalweight'' from ''Overweight.''
Bayer fell by 1.02 percent, after Citigroup removed the stock from its Focus List.
Deutsche Bank finished lower by 1.11 percent, while Commerzbank ended the session down by 0.62 percent.
Car parts maker ElringKlinger dropped by 4.68 percent, after several brokerages reduced their rating on the stock.
Nordex surged by 13.99 percent. The wind turbines maker reported adjusted earnings before interest and taxes of 14 million euros, compared to a loss of 7.6 million euros last year.
In Paris, STMicroelectronics fell by 1.54 percent. The chipmaker said Didier Lamouche, Chief Operating Officer, whose operational role was suspended when he took the assignment as President and Chief Executive Officer at ST-Ericsson in December 2011, has decided to resign from the company effective March 31, to pursue other opportunities.
Veolia Environnement declined by 2.49 percent, after Goldman Sachs downgraded the stock to "Neutral" from "Buy."
Arcelor Mittal climbed by 1.15 percent. UBS upgraded the stock to ''Buy'' from ''Neutral.''
In London, ICAP dropped by 4.29 percent. UBS downgraded the stock to ''Sell'' from ''Neutral.''
SABMiller increased by 1.50 percent, reportedly on a broker upgrade.
Sage Group fell by 2.12 percent, after Bank of America Merrill Lynch downgraded it to "Underperform" from "Neutral."
Kuehne & Nagel lost 1.14 percent in Zurich. Nomura downgraded the stock to ''Neutral'' from ''Buy.''
Germany's exports grew at the fastest pace since August 2012 and imports recovered strongly in January, boosting hopes of recovery at the start of the year. Shipments grew 1.4 percent in January from a month ago, when it rose 0.2 percent, data from the Federal Statistical Office showed Monday. The increase in exports far exceeded the 0.5 percent rise forecast by economists.
Likewise, imports advanced 3.3 percent, sharper than the 0.7 percent growth expected by economists. Moreover, the import performance reversed December's 1.5 percent drop. The import growth outpaced the export growth in January.
The trade surplus increased less than expected to EUR 13.7 billion in January from EUR 12.1 billion in the previous month. The surplus was expected at EUR 14.4 billion.
France's industrial production declined more than expected in January, the latest figures from statistical office Insee showed Monday. Production fell 3.5 percent year-on-year in January, compared to expectations for a 2.8 percent decline. Also, the rate of fall was steeper than the 1.9 percent decrease in the previous month.




Asia Market
Asian Markets Exhibit Mixed Trend
Asian stock are exhibiting a mixed trend on Monday, with investors mostly treading a cautious path, weighing some weak economic data from China against better-than-expected U.S. employment data. Though most of the markets in the region started off on a strong note, a few of them retreated subsequently due to lack of support at higher levels.
After an early upmove and a subsequent fall, the Australian stock market is trading notably higher, with investors picking up some front line stocks from across various sectors.
Energy, consumer discretionary, healthcare, financial and information stocks are among the notable gainers. Mining stocks are slightly weak, while property trusts stocks are trading mixed.
The benchmark S&P/ASX 200 index, which declined to 5,115, is currently trading at 5,143.6, up 20.2 points or 0.4 percent from its previous close. The broader All Ordinaries index is up 20.7 points or 0.4 percent at 5,158.2, nearly 30 points off the day's low of 5,130.2.
Perseus Mining is trading higher by 5.5 percent. Primary Healthcare is up nearly 4 percent, while Qantas Airways, News Corp., Harvey Norman Holdings and Lynas Corp. are trading higher by 2.3 to 3 percent.
Leighton Holdings Ltd. shares are up more than 2 percent. Leighton subsidiary Thiess has won a new contract, worth A$212 million, for work on Chevron's A$52 billion Gorgon project in Western Australia. Thiess will deliver "miscellaneous civil works" at the liquefied natural gas project over the next two years under the new contract, it said on Monday.
Goodman Group, Caltex Australia, Macquarie Group, Coca-Cola Amatil, Seek, Regis Resources, WorleyParsons and Computershare are up 1.5 to 2 percent.
Meanwhile, Whitehaven Coal, Rio Tinto , Aurora Oil & Gas and Panaust are trading weak, losing losing 1.5 to 2.3 percent.
In the currency market, the Australian dollar opened lower against the U.S. dollar on better than expected U.S. jobs data. In early trades, the Aussie was quoting at US$1.0208, down 0.4 percent from Friday's close of US$1.0243.
The Japanese stock market opened on firm note, with investors picking up stocks, tracking a positive lead from Wall Street and a weaker yen.
Automobile, bank, steel, non-ferrous metals, real estate, manufacturing and marine transport stocks opened on a firm note and were mostly trading in positive territory with strong gains when the morning session ended. Foods, electric power and construction stocks traded mixed.
The benchmark Nikkei 225 Index was up 112.9 points or 0.9 percent at 12,396.6 at the end of the morning session.
Tokyo Dome Corp., the biggest gainer in the Nikkei index, was up as much as 12.5 percent. Shinsei Bank is gained over 10 percent and Resona Holdings moved up by 8.5 percent.
Daiwa Securities Group, Sumco Corp., Sumitomo Mitsui Trust Holdings, Toshiba Corp., Sumitomo Mitsui Financial Holdings and Kawasaki Heavy Industries gained 5 to 6.5 percent.
Mitsubishi UFJ Financial Group was up nearly 5 percent. East Japan Railway, Mizuho Financial Group , Sumitomo Chemical, Nippon Yusen KK, Tokyo Tatemono and Nomura Holdings all gained over 4 percent.
JFE Holdings, Bank of Yokohama, Dai-ichi Life Insurance, Honda Motor , Mitsubishi Motors, Mazda Motor, Nissan Motor, Yahoo Japan, Mitsui OSK Lines and Aozora Bank also rose sharply.
Among the losers in the index, Japan Tobacco declined 2.6 percent and Asahi Group Holdings was down 2 percent. Sharp Corp., Takara Holdings, Fast Retailing, Mitsumi Electric, Casio Computer and Mitsumi Electric also posted notable losses.
On the economic front, core machine orders in Japan plunged a seasonally adjusted 13.1 percent on month in January, the Cabinet Office said on Monday - well shy of forecasts for a decline of 1.7 percent following the 2.8 percent increase in December.
On a yearly basis, core machine orders dropped 9.7 percent - also missing expectations for a fall of 0.3 percent following the 3.4 percent contraction in the previous month.
The total number of machinery orders, including those volatile ones for ships and from electric power companies, saw a decline of 3.0 percent on month and 24.8 percent on year in January.
According to a report from the Bank of Japan, the M2 money stock in Japan was up 2.9 percent on year in February, standing at 828.2 trillion yen. That beat forecasts for an increase of 2.7 percent on year, which would have been unchanged from the January reading.
M3 money stock was up an annual 2.4 percent to 1,136.6 trillion yen - also exceeding forecasts for a gain of 2.3 percent. That also would have been unchanged from the previous month. The L money stock added 1.3 percent on year to 1,472.0 trillion yen after collecting a revised annual 1.2 percent a month earlier.
In the currency market, the U.S. dollar traded in the lower 96 yen-range in early deals in Tokyo. The yen is currently trading at 96.18 to the dollar.
Among other markets in the Asia-Pacific region, Hong Kong, New Zealand and Taiwan are trading modestly higher, while Shanghai, Malaysia, Indonesia, Singapore and South Korea are trading weak.
On Wall Street, the Dow ended at new record closing high on Friday, buoyed by an upbeat employment report. However, buying interest was somewhat subdued following the recent strong upward move.
The Dow rose 67.6 points or 0.5 percent to 14,397.1, the Nasdaq climbed 12.3 points or 0.4 percent to 3,244.4 and the S&P 500 advanced 6.9 points or 0.5 percent to 1,551.2.
Major European markets also ended higher on Friday. While the French CAC 40 Index advanced by 1.2 percent, the U.K.'s FTSE 100 index and the German DAX index gained 0.7 percent and 0.6 percent, respectively.
U.S. Crude oil settled higher on Friday, as demand growth prospects brightened after some upbeat macroeconomic data from the U.S. and China. Crude for April delivery ended up $0.39 or 0.4 percent at $91.95 a barrel on the New York Mercantile Exchange.




Commodities
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Crude Slips On China Data
The price of Crude oil was ticking lower Monday morning amid a mixed batch of macroeconomic data out of China, the second largest energy consuming nation.
Over the weekend, data from China revealed that the year-on-year inflation rate unexpectedly accelerated to 3.2 percent in February to hit its highest in 10 months. Meanwhile, Industrial Production posted its weakest increase since October 2009 while Retail Sales advanced the least since January 2005 over the same period.
Light Sweet Crude oil futures for April delivery, eased $0.24 to $91.71 a barrel. Last week oil settled higher on a weak dollar and some upbeat jobs data out of the U.S., with investor sentiments improving after ECB President Mario Draghi's comments over growth in the eurozone.
This morning, the U.S. dollar was trading flat versus the euro and sterling, while extending its two-and- half year high versus the yen. The buck was ticking lower against the Swiss franc.
In economic news from the euro zone, Germany's exports grew at a faster than expected pace of 1.4 percent in January from a month ago, data from the Federal Statistical Office showed. Economists had forecast the rate to rise to 0.5 percent from 0.2 percent in December. Likewise, imports advanced 3.3 percent, sharper than the 0.7 percent rise expected by economists. Moreover, it reversed December's 1.5 percent fall. On a yearly basis, exports grew 3.1 percent and imports rose 2.9 percent in January.
During this week, traders focus will be on the Commerce Department's retail sales report for February, the weekly jobless claims report, preliminary consumer sentiment reading based on a survey by Reuters and the University of Michigan for March, the producer and consumer price inflation reports for February, the Commerce Department's inventories report for January and the results of the New York Federal Reserve's manufacturing survey.
Also, focus will be on the Crude oil inventories data from the API, due out Tuesday after the market hours, and the EIA due out the subsequent day.

ADVFN III World Evening Euro Markets Bulletin March 11, 2013.,


ADVFN III Evening Euro Markets Bulletin
Daily world financial news Monday, 11 March 2013


London Market Report
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London close: FTSE 100 breaches 6,500 despite mixed data
Market Movers
  • techMARK 2,383.16 +0.11%
  • FTSE 100 6,503.63 +0.31%
  • FTSE 250 14,012.74 -0.04%
The FTSE 100 breached the psychological barrier of 6,500 on Monday afternoon, hitting fresh five-year highs, though gains were only slight given a barrage of mixed economic data released earlier in the session.

The fact that a number of benchmark indices around the globe are trading at (or close to) record highs also saw traders rein in their risk appetite today, given the market's impressive performance so far in 2013. Today's 0.3% increase for the FTSE 100 has extended the index's year-to-date rise to 10.3%.

Investors were clearly still reacting in a positive manner to the impressive employment report from the States released on Friday, which revealed that the US economy added 236,000 jobs in February, well ahead of the 160,000 estimate, causing the jobless rate to unexpectedly fall to 7.7%.

However, the bullish mood was tempered slightly by a number of headwinds this morning, including data from economic powerhouse China which showed that industrial production weakened in February, lending and retail sales growth slowed while inflation climbed.

Nevertheless, Market Analyst Craig Erlam from Alpari said that traders are unlikely to get too carried away with the data "given that the Chinese Lunar New Year probably distorted the figures, meaning they're not a true reflection of how the economy is performing."

The move by Fitch Ratings to downgrade its credit rating for Italy was limiting gains today. Fitch has lowered Italy to 'BBB+' from 'A-' and kept the outlook at 'negative', saying that last month's inconclusive elections make it unlikely a stable new government can be formed in the next few weeks. A worse-than-forecast economic growth figure was also dampening sentiment surrounding Italy, causing bond yields to climb on the secondary debt market.

Elsewhere in the Eurozone, Germany reported a larger-than-expected increase in exports in January, while French industrial output dropped more than expected.
FTSE 100: Banks decline on calls for operations to be divided
Barclays and RBS were both heavy fallers after the Parliamentary Commission on Banking Standards called for British banks to be forced to divide its routine retail operations from investment operations. The panel is looking for ways to bring about banking reform as part of the Banking Reform Bill, which is set to be debated in parliament at the start of next week.

Cyclical sectors on the whole were hit by the disappointing economic figures from China this morning. Mining counterparts Evraz and Kazakhmys both made suffered significant declines.

Accountancy software giant Sage fell sharply after Bank of America Merrill Lynch downgraded its rating for the stock from 'neutral' to 'underperform'. The broker said in a research note that investors should remain cautious as to whether Sage can pull off its move to cloud computing.

Meanwhile, drinks company SABMiller rose following a reported target upgrade from RBC Capital markets, while sector peer Diageo was higher after saying an overhaul of its global supply operations will lead to cost savings of £60m per annum over the next three years.

Oilfield services group Petrofac was slightly higher after being awarded a project management contract by Petróleos Mexicanos (PEMEX) for technical assistance and supervision for the Lakach project offshore Mexico.
FTSE 250: Anite dives on after third-quarter statement
Anite shares plunged after an underwhelming third-quarter trading update. Investec downgraded its rating on the stock from 'buy' to 'hold', saying that the company would need a strong fourth quarter to meet its full-year forecasts.

Ophir shares tanked with analysts saying that the stock has hit technical resistance in the form of its primary downtrend line.

Raven Russia rose after unveiling its financial results for the year ended December 31st, which revealed that underlying operating profit rose 63% to $112.1m, underpinned by profitable acquisitions. The Russia-focused property investment company reported that net rental and related income for the year increased by 49% to $136.5m.

Betting group Ladbrokes has unveiled plans to extend its relationship with Playtech, the online gaming software company, as part of the former's 're-invigoration' of its Digital business, pushing shares in both groups higher. Daniel Stewart & Company said the deal could mark a change in fortunes for Ladbrokes.

FTSE 100 - Risers
Melrose Industries (MRO) 271.10p +4.03%
Antofagasta (ANTO) 1,095.00p +2.43%
Weir Group (WEIR) 2,474.00p +2.40%
Morrison (Wm) Supermarkets (MRW) 268.50p +2.09%
Pearson (PSON) 1,187.00p +1.89%
British American Tobacco (BATS) 3,628.00p +1.85%
United Utilities Group (UU.) 723.50p +1.69%
Aggreko (AGK) 1,909.00p +1.60%
Experian (EXPN) 1,163.00p +1.48%
Sainsbury (J) (SBRY) 346.90p +1.43%

FTSE 100 - Fallers
Evraz (EVR) 260.90p -2.47%
Kazakhmys (KAZ) 520.50p -2.25%
Barclays (BARC) 311.50p -2.23%
Sage Group (SGE) 341.90p -2.15%
Land Securities Group (LAND) 832.50p -1.77%
Royal Bank of Scotland Group (RBS) 301.30p -1.60%
GKN (GKN) 279.00p -1.38%
Resolution Ltd. (RSL) 266.60p -1.22%
Carnival (CCL) 2,502.00p -1.07%
WPP (WPP) 1,077.00p -1.01%

FTSE 250 - Risers
Raven Russia Ltd (RUS) 74.95p +14.69%
Ladbrokes (LAD) 239.80p +6.48%
Regus (RGU) 157.90p +5.13%
Dignity (DTY) 1,430.00p +4.69%
WH Smith (SMWH) 733.00p +3.97%
Playtech Ltd. (PTEC) 570.00p +3.35%
Computacenter (CCC) 502.00p +3.16%
EnQuest (ENQ) 140.60p +3.00%
TalkTalk Telecom Group (TALK) 265.70p +2.90%
Enterprise Inns (ETI) 114.70p +2.87%

FTSE 250 - Fallers
Anite (AIE) 130.00p -16.13%
Ophir Energy (OPHR) 450.00p -13.79%
International Personal Finance (IPF) 465.00p -4.02%
RPS Group (RPS) 248.00p -3.88%
Homeserve (HSV) 235.00p -3.69%
ICAP (IAP) 330.20p -3.62%
Alent (ALNT) 377.00p -3.58%
Kenmare Resources (KMR) 31.30p -3.48%
Dunelm Group (DNLM) 788.50p -3.07%
Centamin (DI) (CEY) 52.45p -2.42%

Europe Market Report
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Europe midday: EU and IMF willing to give Portugal greater leeway
- EU and IMF willing to give Portugal more leeway-Reuters
- Fitch downgrades Italy by one notch to BBB+
- Spanish and Italian risk premiums converge
- Oil down on Saudi production and dollar strength

FTSE-100: 0.19%
Dax-30: -0.16%
Cac-40: -0.32%
FTSE Mibtel 30: -0.82%
Ibex 35: -1.13%
Stoxx 600: -0.34%

European stocks were still trading with modest losses by midday, albeit larger ones in the Eurozone periphery. That came after news that ratings agency Fitch last Friday – just before the close of equity markets – lowered its rating on Italy´s sovereign debt by one notch, to BBB+ (with a negative outlook).

According to Fitch, "The inconclusive results of the Italian parliamentary elections on February 24-25th make it unlikely that a stable new government can be formed in the next few weeks. The increased political uncertainty and non-conducive backdrop for further structural reform measures constitute a further adverse shock to the real economy amidst the deep recession."

While much market commentary highlighted that this action merely brings Fitch 'in-line' with the views of its peers it seems to have done little to help sentiment.

The above also came ahead of this week´s European Council summit, where leaders were expected to discuss possible solutions to the still festering financial crisis in Cyprus and a partial postponement of some countries´ budget deficit reduction targets.

Acting as a backdrop, Der Spiegel wrote of the creation by academics of a new Euro-sceptic party in Germany.

Meanwhile, and in Spain, over the weekend newspaper El País reported on the falling popularity of the single currency.

On a more upbeat note German Finance Minister Wolfgang Schaeuble told Austria´s Der Staandard that a British exit from the euro would be a catastrophe.

As well, Reuters cited sources as indicating that the European Union and International Monetary Fund are willing to give Portugal extra time to meet its budget deficit targets.

From a sector stand-point the worst performance was to be seen in the following sectors: Banks (-1.06%) and Real estate (-0.81%)


The contraction of Portugal´s economy at a 1.8% quarter-on-quarter rate in the fourth quarter of 2012 was confirmed on Monday morning.

Italy´s economy shrank at a 0.9% quarterly pace, data from ISTAT revealed.

French industrial production fell by 1.2% month-on-month in January (Consensus: -0.2%).

Germany´s trade surplus fell to €13.7bn in January (Consensus: €13.9bn).
Single currency stuck towards 1.30
The euro/dollar was off by -0.01%, to 1.3010, with some market commentary highlighting the recent rise in ´short´ positions against the single currency.

Front month Brent crude futures were down by 0.562 dollars to the 110.23 dollar mark on the ICE.

US Market Report
US open: Overseas news flow drags Wall Street down
- Overseas news flow is a drag on Wall Street
- Data heavy week ahead

Dow Jones Industrials: -0.03%
Nasdaq Composite: -0.33%
S&P 500: -0.15%

The major US equity market averages were trading slightly lower on Monday ahead of the release of a bevy of US macroeconomic indicators throughout the week.

That came after weaker than expected Chinese data out overnight – alongside elevated consumer prices – and a ratings downgrade on Italy from ratings agency Fitch.

Of note, the bank sector was benefitting from positive broker commentary, with analysts at UBS having upgraded their view on Citi to buy from neutral.

In a similar vein, positive noises were also be heard from Nomura on the likes of Citi, Goldman Sachs and JP Morgan.

Dick´s Sporting Goods fell after guiding lower on earnings per share for the full year.

Bond insurer Genworth Financial rocketed higher after a positive mention in the latest edition of Barron´s. "The price is eight times estimated 2013 earnings of $1.21 a share. Prior to the financial crisis, a more typical price/earnings multiple was 12-18 times forward earnings," the prestigious financial weekly pointed out.

Apple had been downgraded by Credit Agricole to outperform from buy.

Analysts at RBC Capital raised their price targets on shares of Google (to $950 from $840) and Yahoo (to $24 from $22).

Front month crude futures were lower by 0.25% to the 91.72 dollar per barrel level on the NYMEX.

10 year US Treasury yields were up by 1 basis point, to the 2.05% level.

S&P 500 - Risers
Genworth Financial Inc. (GNW) $10.47 +6.40%
McGraw-Hill Companies Inc. (MHP) $48.81 +2.63%
Bed Bath & Beyond Inc. (BBBY) $60.65 +2.16%
Pitney Bowes Inc. (PBI) $14.26 +2.15%
Sealed Air Corp. (SEE) $22.95 +2.02%
QEP Resources Inc (QEP) $31.77 +1.70%
Electronic Arts Inc. (EA) $18.87 +1.56%
Mosaic Company (MOS) $61.11 +1.48%
Chesapeake Energy Corp. (CHK) $21.64 +1.45%
Unum Group (UNM) $26.88 +1.40%

S&P 500 - Fallers
Cliffs Natural Resources Inc. (CLF) $23.97 -3.07%
Monster Beverage Corp (MNST) $46.00 -2.83%
Netflix Inc. (NFLX) $179.53 -2.80%
Valero Energy Corp. (VLO) $44.26 -2.73%
Edwards Lifesciences Corp. (EW) $87.98 -2.57%
Alpha Natural Res (ANR) $8.37 -2.45%
Intuit Inc. (INTU) $66.22 -2.26%
Tesoro Corp. (TSO) $57.18 -2.09%
Peabody Energy Corp. (BTU) $21.55 -2.05%
Akamai Technologies Inc. (AKAM) $36.49 -2.01%

Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $54.44 +1.17%
Boeing Co. (BA) $81.71 +0.59%
United Technologies Corp. (UTX) $92.60 +0.58%
Bank of America Corp. (BAC) $12.13 +0.46%
Merck & Co. Inc. (MRK) $43.16 +0.44%
JP Morgan Chase & Co. (JPM) $50.39 +0.38%
Caterpillar Inc. (CAT) $90.84 +0.36%
Johnson & Johnson (JNJ) $78.45 +0.33%
American Express Co. (AXP) $64.90 +0.32%
Walt Disney Co. (DIS) $57.55 +0.28%

Dow Jones I.A - Fallers
General Electric Co. (GE) $23.51 -1.07%
Microsoft Corp. (MSFT) $27.71 -1.04%
Intel Corp. (INTC) $21.36 -1.02%
AT&T Inc. (T) $36.44 -0.67%
Hewlett-Packard Co. (HPQ) $20.86 -0.67%
Verizon Communications Inc. (VZ) $47.65 -0.65%
International Business Machines Corp. (IBM) $209.09 -0.61%
Travelers Company Inc. (TRV) $81.41 -0.29%
Exxon Mobil Corp. (XOM) $88.74 -0.26%
Home Depot Inc. (HD) $71.21 -0.22%

Nasdaq 100 - Risers
Bed Bath & Beyond Inc. (BBBY) $60.65 +2.16%
Facebook Inc. (FB) $28.37 +1.47%
Wynn Resorts Ltd. (WYNN) $118.92 +1.34%
Sears Holdings Corp. (SHLD) $50.26 +1.17%
Dell Inc. (DELL) $14.31 +1.09%
Staples Inc. (SPLS) $13.07 +0.85%
Express Scripts Holding Co (ESRX) $59.29 +0.82%
Cerner Corp. (CERN) $93.00 +0.77%
Intuitive Surgical Inc. (ISRG) $517.86 +0.63%
Life Technologies Corp. (LIFE) $60.97 +0.48%

Nasdaq 100 - Fallers
Monster Beverage Corp (MNST) $46.00 -2.83%
Intuit Inc. (INTU) $66.22 -2.26%
Akamai Technologies Inc. (AKAM) $36.49 -2.01%
Cognizant Technology Solutions Corp. (CTSH) $79.15 -1.69%
Apple Inc. (AAPL) $425.80 -1.37%
Mylan Inc. (MYL) $30.33 -1.32%
Starz Class A (STRZA) $20.17 -1.22%
Yahoo! Inc. (YHOO) $22.62 -1.21%
Amgen Inc. (AMGN) $91.88 -1.20%
Nvidia Corp. (NVDA) $12.67 -1.17%

Broker Tips
Broker tips: Sage, Anite, Ashtead
Accountancy software giant Sage suffered a steep fall on Monday after Bank of America Merrill Lynch downgraded its rating for the stock from 'neutral' to 'underperform'.

The broker said in a research note that investors should remain cautious as to whether Sage can pull off its move to cloud computing.

Investec has downgraded its rating for software provider Anite from 'buy' to 'hold', saying that the stock has come close to its target.

While the shares suffered a 9.29% drop to 140.6p on Monday morning, they finished Friday's session at the 155p level - not far off Investec's unchanged target of 157p - having risen from around the 140p mark at the start of 2013.

Cantor Fitzgerald reiterated its 'buy' recommendation and 650p target for construction firm Ashtead after recent forecast-beating jobs data from the US.

"Friday's US non-farm payrolls provided further evidence that US construction markets are improving," said analyst Caroline de La Soujeole. "[This] could mark the cyclical upturn that will add to Ashtead's structural growth."