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Jul 16, 2013

Russia Today: Richard Stallman: Snowden & Assange besieged by empire but not defeated.

"The White House"; July 16, 2013: Share this: Immigration reform means great things for the economy

Share this: Immigration reform means great things for the economy
Now that lawmakers in the Senate have come together to pass a bipartisan piece of legislation to fix our broken immigration system, it's up to the House of Representatives to do the same.
And that makes this the perfect time to learn more about the issue.
In the days ahead, those members of Congress have to make a choice about the right way to reform immigration -- or if they want to proceed at all. As the national debate begins in earnest, we want to make sure you have information you need to answer questions in your community.
So check out this video, then share it so that people know that immigration reform makes a ton of sense for the economy.
Watch and share this video on the economic benefits of immigration reform
Stay Connected

U.S. stocks drop; Coca-Cola weighs on Dow: Wall Street at Close report by MarketWatch; July 16, 2013.

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch)U.S. stocks declined on Tuesday, with the S&P 500 breaking an eight-session winning streak after a Federal Reserve member urged reduced stimulus and Coca-Cola Co.’s profit fell. 

The Dow Jones Industrial Average DJIA -0.21% dropped 32.41 points, or 0.2%, to 15,451.85. Shares of Coca-Cola KO -1.90%  fell 1.9%, pacing the index’s losses after the beverage maker reported a drop in quarterly earnings. See slideshow: Coke goes flat in a sluggish, soggy spring.

Goldman, CPI driving markets
Chris Dieterich outlines key economic news of the day, including Goldman Sachs's quarterly earnings and June's consumer prices data. Photo: AP

Intel Corp. INTC +1.29%  rose 1.3%, the top Dow gainer ahead of the chip company’s results on Wednesday afternoon. 

Johnson & Johnson JNJ 0.00%  ended unchanged after the Dow component and health-care giant reported results that beat Wall Street estimates and raised its profit outlook. 

The S&P 500 index SPX -0.37%  slipped 6.24 points, or 0.4%, to 1,676.26, retreating from the previous session’s record closing high. 

Materials paced declines that included eight of the S&P 500’s 10 major sectors. Telecommunications and information technology edged up. 

Shares of Goldman Sachs Group Inc. GS -1.69%  fell 1.7% after the investment bank reported quarterly profit doubled from the year-ago period, but analysts questioned how looming capital rules might affect the banking industry.

Yahoo CEO Marissa Mayer.
Marathon Petroleum Corp. MPC -4.34%  dipped 4.3% a day after it offered a tepid second-quarter earnings outlook. 

Yahoo Inc. YHOO -1.90%   shares declined 1.7% ahead of the technology company’s quarterly results after Tuesday’s close. 

The Nasdaq Composite COMP -0.25%  declined 8.99 points, or 0.3%, to 3,598.50. 

On Tuesday, 617 million shares traded on the New York Stock Exchange. Composite volume topped 3 billion, a day after the lowest composite volume for the year, if only full sessions are considered. 
Gold prices gained for a second session, with the futures contract for August delivery GCQ3 +0.55% up $6.90 at $1,290.40 on the Comex division of the New York Mercantile Exchange. 

Oil futures CLQ3 -0.49%  fell 32 cents to finish at $106 a barrel. 

The dollar DXY -0.68%  declined against the currencies of major U.S. trading partners and the 10-year Treasury yield 10_YEAR -0.12%   slipped 1 basis point to 2.531%.

Fed factor

In an interview with Fox Business, Kansas City Fed President Esther George said the central bank should begin trimming its asset-buying program “sooner rather than later.” 

“When you have all of this communication by various Fed members spouting different views in public, it creates confusion,” said Brad Sorensen, director of market and sector research at Charles Schwab. 

“The Fed itself has been pretty consistent, but it has bungled a lot of messages they’ve tried to get out. Sometimes it’s better not to know how the sausage is made, there are always going to be disagreements among economists,” he added. 

Esther’s hawkish comments came a day before Fed Chairman Ben Bernanke kicks off his semiannual testimony to Congress, with any hints the central bank is getting closer to tapering its monthly asset purchases likely to be scrutinized. 

Bernanke “will likely repeat the latest version of the Fed’s new improved message that he presented during the Q&A following his speech last Wednesday,” Ed Yardeni, chief investment strategist at Yardeni Research Inc., wrote in emailed commentary, referring to the Fed chief’s statement that “highly accommodative monetary policy for the foreseeable future is what’s needed in the U.S. economy.” 

Investors on Tuesday also considered economic data. A gauge of confidence among home builders jumped to a seven-year high in July, according to the National Association of Home Builders/Wells Fargo. 

A report from the Labor Department had the consumer-price index rising 0.5% last month. The core CPI, which excludes food and energy costs, rose 0.2%. 

Industrial production rose 0.3% in June, according to the Federal Reserve. 

So long as the data support the Federal Reserve’s story of modest economic growth, the focus is on earnings, said Sorensen at Charles Schwab. 

The S&P 500 on Monday extended a winning run to an eighth day, its longest stretch since January.
“The eight-day run gave investors ample time and opportunity to cash out of the market if they felt the eventual Fed change would push stocks down — but they didn’t,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. 

“We’re building a stronger base, which we’ll still need to test, but one which will help support higher prices down the road,” Silverblatt added. 

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

DealBooK P.M. Edition; July 16, 2013: White Collar Watch: Possibly Unfair, but Not

Eric T. Schneiderman, New York's attorney general.
White Collar Watch: Possibly Unfair, but Not Necessarily Fraudulent Although it is natural to think that having access to information that influences the markets before others is always wrong, the laws on fraud do not go that far, says Peter J. Henning.
For the latest updates, go to »
Estimating Ackman's Odds of Success at His Next Target The hedge fund manager William A. Ackman would have a pretty good shot at agitating for change at a company like ADT, according to an analysis. A company like FedEx would be a harder target.
Ex-Broker Charged in Libor Case Responds A lawyer for Terry J. Farr, a former trader who has been charged by Britain's Serious Fraud Office with conspiracy to defraud, said he had no responsibility for setting Libor.
Bally Technologies in $1.3 Billion Deal for Casino Games Maker Bally Technologies has agreed to acquire SHFL Entertainment, which makes products like automatic card shufflers and proprietary table games and electronic gambling machines.
Lloyd Blankfein, chief of Goldman Sachs, at the White House in February.
Quarterly Profit Doubles at Goldman Sachs The bank posted net income of $1.93 billion, or $3.70 a share, well ahead of analysts' expectations.
Breakingviews: Goldman's Not the Leader of the Wall Street Pack Profit of $1.9 billion in the second quarter sounds like a return to the good old days at Goldman Sachs. But the firm hasn't managed to solidly outpace rivals, says Antony Currie.
Billabong Secures $364 Million in Financing The Australian surfing apparel company Billabong has secured a financing package from private equity investors to help it reduce debt.
Barclays Hires a JPMorgan Executive as Its Next C.F.O. Tushar Morzaria, the chief financial officer of corporate and investment banking at JPMorgan Chase, will join Barclays in the autumn.
Economic Data Data to be released on Wednesday includes building permits for June and the Federal Reserve's Beige Book.
Corporate Earnings Companies scheduled to report results on Wednesday include Bank of America, American Express, I.B.M., Intel and eBay.
In the United States On Wednesday and Thursday, the Federal Reserve chairman, Ben S. Bernanke, will deliver his semiannual monetary policy report before Congress.
Overseas On Wednesday, Britain will release its unemployment figures for June.
For the latest updates, go to »
Quotation of the Day
"The S.F.O. has chosen to charge Mr. Farr, an unqualified interbank broker who had no responsibility whatsoever for setting Libor rates, a minnow in a very large pond, for doing what he believed to be his job."
Katie Wheatley, a lawyer for Terry J. Farr, who was charged as part of an inquiry into Libor.

S&P snaps 8-day rally, stocks retreat from highs ahead of Bernanke: Wall Street at Close Report by CNBC; July 16, 2013.

Stocks closed lower Tuesday, with the S&P 500 breaking an 8-day rally, following a mixed batch of economic and earnings reports and as investors hesitated to jump in ahead of Fed Chairman Ben Bernanke's congressional testimony.
Name Price Change %Change
DJIA Dow Jones Industrial Average 15451.85
-32.41 -0.21%
S&P 500 S&P 500 Index 1676.26
-6.24 -0.37%
NASDAQ Nasdaq Composite Index 3598.50
-8.99 -0.25%

The Dow Jones Industrial Average closed in the red, dragged by by Coca-Cola and Walt Disney.

The S&P 500 and the Nasdaq snapped their 8-day win streak. The CBOE Volatility Index (VIX),
widely considered the best gauge of fear in the market, rose above 14.

Most key S&P sectors turned lower, led by energy and utilities.
Doug Kass: Market making a top here
Doug Kass believes that the bulls are ignoring major risks to the market. In fact, he says, stocks are currently making a high for the year, with CNBC's Jackie DeAngelis and the Futures Now Traders.
Dow component Coca-Cola matched analyst expectations of 63 cents a share in profit, but missed on the revenue end with $12.75 billion against expectations of $12.95 billion. Also, Goldman Sachs was the latest participant in the parade of big U.S. financial institutions to report blowout profits. The company reported earnings per share of $3.70, well ahead of the $2.82 estimates. Revenue also easily beat expectations, sending shares higher. (Read More: Enjoy it while itlasts: Bank earnings face trouble) Johnson & Johnson edged higher after the drugmaker topped expectations, thanks to strong sales of prescription drugs and medical devices, and lifted its full-year earnings forecast. Yahoo and CSX are among notable companies scheduled to post earnings after the closing bell. "We know earnings in the second quarter aren't going to be particularly good and we know GDP growth in the second quarter wasn't particularly good, but there's a fair bit of optimism built into the back half of the year and so from our standpoint, we're focused almost entirely on what companies had to say on the second half of the year and what that means for stock prices," said Dan Greenhaus, chief global strategist at BTIG. Investors will be looking ahead to Fed Reserve Chairman Ben Bernanke's semi-annual testimony to Congress on Wednesday, from which they hope to garner further clues on the direction of monetary stimulus. "In recent weeks the message that he's given is that we have seen signs of improvements in the U.S. economy and we're going to move towards tapering. Then he gives us the message that we got last week, so I think markets will be cautious ahead of Bernanke's testimony," said Robert Rennie, global head of currency strategy at Westpac. Meanwhile, Kansas City Fed President Esther George said the central bank should begin to reduce its massive bond-buying program and bring it to a close "sometime in the first half of next year."
Dell declined after the tech company may delay by about a week a scheduled July 18 shareholder vote on a $24.4 billion buyout offer from founder Michael Dell and private equity firm Silver Lake, according to reports. Onyx Pharmaceuticals rallied after the biopharmaceutical company is expecting acquisition interest from nearly five parties including Amgen and Pfizer, according to reports. Tesla, which joined the Nadsaq 100 index on Monday, suffered its worst one-day decline since January 2012 following a bearish note from Goldman Sachs.  On the economic front, homebuilder confidence jumped in July to its strongest level since January 2006, according to the National Association of Home Builders. The NAHB/Wells Fargo Housing Market index rose to 57 from a revised 51 in June. Analysts polled by Reuters had projected the index likely held at its originally reported June level of 52. Most homebuilders including Beazer, KB Home and Toll Brothers turned higher following the report. Consumer price index gained 0.5 percent in June thanks to a gain in gasoline prices. Economists polled by Reuters had expected consumer inflation to increase 0.3 percent last month. Excluding food and energy costs, the core reading edged up 0.2 percent. And industrial production edged up 0.3 percent in June after an unchanged reading in May, according to the Federal Reserve. Economists polled by Reuters had expected a gain of 0.2 percent. Elsewhere, Japan's benchmark index hit a new seven-week high and as earnings season picked up. The Nikkei 225 hit its highest levels since May 24, and the yen weakened to the 100 handle against the U.S. dollar, after Japan's economics minister, Akira Amari, said the government will go ahead with a planned sales tax hike.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter:

Declining inventories indicate move up for gold, silver, Embry says: GATA I THE GATA DISPATCH; July 16, 2013.

Declining inventories indicate move up for gold, silver, Embry says

2:25p ET Tuesday, July 16, 2013

Declining inventories of gold and silver amid enduring bullish fundamentals make Sprott Asset Management's John Embry confident today that those markets are turning upward again. Embry is interviewed by King World News and an excerpt from the interview is posted here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

B.C. gains clout in federal cabinet shuffle: BIV Today's Business News; July 16, 2013.

Politics and Policy

B.C. gains clout in federal cabinet shuffle

Prime Minister Stephen Harper named B.C.’s regional minister, James Moore, as Canada’s minister of industry as part of a cabinet shuffle ... READ MORE



HootSuite enjoys record second-quarter revenue growth of 300%

Vancouver’s HootSuite achieved record revenue growth of 300% in 2013’s second quarter compared with the same period last year, the social media ... READ MORE

Hospitality and Tourism


WestJet Encore to
serve B.C. wines on
summer flights

WestJet and the Okanagan Wine Festivals Society announced a partnership July 15 for WestJet subsidiary WestJet Encore to start serving ... READ MORE

Retail and Manufacturing


New West box maker RockTenn shut down over labour strife

More than 70 employees of a corrugated box manufacturing plant in New Westminster who were laid off are claiming that the owner has hired ... READ MORE

More News...


PwC accepting nominations for Innovator of the Year award

B.C. manufacturing sales up in
May: StatsCan

Canadian home sales improve
in June

This Week's Issue


Hydro faces $126m costs from dam

Columbia River Treaty has Crown corporation on the hook for upgrades to a dam that produces no electricity

The Conscience of a Liberal - The Paradox of Flexibility, by Paul Krugman: NYT Opinion Today; July 16, 2013.

July 16, 2013

Opinion Today

Op-Ed Contributor

The Truth About Trayvon

Ignore what the lawyers say. The case was always about race.
Op-Ed Contributor

Zimmerman Prosecutors Duck the Race Issue

The state was too squeamish to put the dicey issue of race squarely before trial jurors.
Should Zimmerman Face Federal Charges?
Room for Debate

Should Zimmerman Face Federal Charges?

Are federal civil rights prosecutions overused? Have they outlived their original purpose, to overcome racist state decisions?

'Occupy Bakery'

An immigrant fights to change working conditions at a Manhattan Hot & Crusty bakery and cafe.
Opinionator | Draft

Tell Their Secrets

To shape characters, show us what drives them, tell us how they pine, reveal how they tick.
Op-Ed Contributor

Egypt Shows How Political Islam Is at Odds With Democracy

The military takeover was necessary, if painful. Instead of governing, Morsi only tried to tighten this grip.
Op-Ed Contributor

Where Armies Rule

Pakistan and Egypt show that once the military is entrenched in power, it keeps democracy at bay.
Black Elites and the Draft Riots
Opinionator | Disunion

Black Elites and the Draft Riots

How New York's African-American leadership dealt with, and suffered from, the violence of 1863.
Holy Ambivalence

Holy Ambivalence

I fast for Tisha B'av, but don't ask me why: Like many Jews, I don't know how to feel about Temple Mount.

A Step to Majority Rule in the Senate

Democrats should proceed with banning the filibuster for executive-branch appointments.

Powering Africa

President Obama's plan to bring electricity to millions of Africans is promising, but the outcome depends on how it is carried out and whether it is sustained.

New Rules Protecting News Media

The Obama administration announced tougher guidelines to protect the news media from federal investigators.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Wall Street's Fall Guy
Taking Note

Wall Street's Fall Guy

Why is Fabrice Tourre, a former Goldman employee, the only person on trial for a 2007 scheme to defraud investors?
The Paradox of Flexibility
The Conscience of a Liberal

The Paradox of Flexibility

Cutting wages: not a good thing.
Joe Nocera's Blog

The Gun Report: July 16, 2013

A day in the life of armed America.
Welfare Reform Then, Immigration Reform Now?

Welfare Reform Then, Immigration Reform Now?

Are there issues where the base needs to lose outright so that the party can win again?

ADVFN III Evening Euro Markets Bulletin: July 16, 2013.

ADVFN III Evening Euro Markets Bulletin
Daily world financial news Tuesday, 16 July 2013

London Market Report
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Strong gains in the mining sector weren't enough to lift the FTSE 100 on Tuesday as a number of upcoming 'risk events' prompted investors to pause for breath following a decent performance over recent weeks.

The FTSE 100 finished down 30 points at 6,556, a fall of 0.45% on the day. London's benchmark index was pulling back after closing at its highest level since the end of May on Monday.

A barrage of economic data kept markets busy today, with figures from across the globe coming in rather mixed, including consumer prices in the UK which rose less than expected in the UK, weakening German economic sentiment and a higher-than-forecast rise in US consumer prices.

Following another record close for the Dow Jones and S&P 500 last night after Citigroup beat quarterly forecasts, Wall Street benchmarks slipped into the red after the opening bell today as investors turned cautious ahead of Federal Reserve Chairman Ben Bernanke's semi-annual testimony to Congress on Wednesday and Thursday.

Better-than-expected earnings from bellwether heavyweights Goldman Sachs and Johnson & Johnsonwere offset by disappointing figures from soft-drinks giant Coca-Cola.

Senior Market Analyst Michael Hewson from CMC Markets said: "It appears that investors seem content to sit on the sidelines today ahead of a big day tomorrow, when Fed Chairman Ben Bernanke starts his semi-annual testimony to Congress, while UK markets will be awaiting the first set of post Carney minutes from the Bank of England, as well as unemployment and average earnings data."

FTSE 100: Miners track metal prices higher

Mining stocks were the best performers on Tuesday afternoon, as metals prices rose on the back of a weaker dollar. Precious metal producers Fresnillo and Randgold were among the highest risers as gold and silver futures advanced.

Diversified mining group Rio Tinto was also making gains after being able to work through a equipment issues and unseasonal wet weather in Australia to deliver record iron ore production in the first half.

Glencore Xstrata rose after saying it had received a number of approaches to buy its interest in Peru’s Las Bambas copper mine project as it started the sale process. Sector peers ENRC, Anglo American, BHP Billiton and Antofagasta were also making gains.

One miner bucking the trend this morning was Vedanta with shares lower after RBC Capital Markets downgraded the stock to 'underperform' and cut its target price from 1,200p to 1,100p.

DIY retailer Kingfisher advanced after Nomura upgraded the stock from 'reduce' to 'neutral' on the back of its exposure to a UK housing recovery.

Engineering support services group Babcock meanwhile was up after Panmure Gordon raised its rating to 'buy', saying it is "very well positioned" compared to outsourcing peers.

Food ingredients group Tate & Lyle was trading lower today after a profit warning from sector peer Ingredion, the US manufacturer of sweetener and starches.

FTSE 100 - RisersFresnillo (FRES) 1,016.00p +6.00%
Randgold Resources Ltd. (RRS) 4,479.00p +4.85%
Rio Tinto (RIO) 2,883.00p +2.73%
G4S (GFS) 212.40p +2.36%
Eurasian Natural Resources Corp. (ENRC) 210.50p +2.13%
Anglo American (AAL) 1,324.00p +1.81%
Centrica (CNA) 379.90p +1.44%
BHP Billiton (BLT) 1,832.00p +1.36%
Kingfisher (KGF) 383.70p +1.24%
Antofagasta (ANTO) 833.00p +1.22%

FTSE 100 - FallersPersimmon (PSN) 1,241.00p -4.90%
ITV (ITV) 156.40p -3.04%
TUI Travel (TT.) 365.50p -2.95%
Standard Chartered (STAN) 1,503.50p -2.78%
Burberry Group (BRBY) 1,498.00p -2.54%
WPP (WPP) 1,172.00p -2.33%
GlaxoSmithKline (GSK) 1,707.50p -2.12%
Whitbread (WTB) 3,160.00p -2.02%
Marks & Spencer Group (MKS) 460.50p -1.81%
Old Mutual (OML) 194.80p -1.72%

FTSE 250 - RisersPolymetal International (POLY) 552.50p +7.18%
Imagination Technologies Group (IMG) 290.30p +6.30%
Evraz (EVR) 96.85p +5.56%
Ferrexpo (FXPO) 161.40p +4.33%
Inchcape (INCH) 554.50p +3.36%
Lonmin (LMI) 292.80p +3.21%
African Barrick Gold (ABG) 104.30p +2.46%
RPC Group (RPC) 425.90p +2.43%
Kenmare Resources (KMR) 24.35p +2.31%
Kazakhmys (KAZ) 251.40p +2.24%

FTSE 250 - FallersDialight (DIA) 1,030.00p -6.36%
Hochschild Mining (HOC) 136.10p -6.27%
Salamander Energy (SMDR) 127.50p -5.56%
Barratt Developments (BDEV) 336.30p -4.46%
Ocado Group (OCDO) 316.60p -4.44%
Senior (SNR) 265.20p -4.09%
Bovis Homes Group (BVS) 820.50p -3.64%
Elementis (ELM) 230.00p -3.64%
Kier Group (KIE) 1,435.00p -3.43%
Bellway (BWY) 1,407.00p -3.30%

European Market Report
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FTSE 100EuronextDax perfCAC 40
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- German investor confidence falls
- Europe car sales drop
- UK CPI hits new high, but below forecasts
- Periphery bond yields fall back

FTSE 100: -0.45%
Dax 30: -0.41%
Cac-40: -0.71%
FTSE Mibtel 30: -0.43%
Ibex 35: -0.72%
Stoxx 600: -0.70%

European equities were little changed at the midday mark as car sales in the region declined in June and German investor confidence fell unexpectedly this month.

New car sales in the European Union (EU) last month dropped 5.6% compared to a year ago as high unemployment and a weak economy hit demand.

The European Automobiles Association said total sales last month were at the lowest since 1996. However, it was a modest improvement than the 5.9% decline reported in May, which was lowest level for 20 years.

The UK was the only major market to post an increase in new registrations with a 13.4% year-on-year jump. Car sales slid by 4.7% in Germany, 8.4% in France and 5.5% in Italy.

Separate data from the ZEW Center for European Economic Research in Mannheim showed investor confidence in Germany decreased in July.

The index of investor and analyst expectations fell to 36.3 from 38.5 in June. Economists had forecast a gain to 40.

However, institutional investors' assessment of the current economic situation in Germany improved by 2.0 points to 10.6, beating the 9.0 consensus estimate.

For the Eurozone, the economic sentiment rose from 30.6 points to 32.8, settling above the 31.8 market forecast. The indicator for the current economic situation improved 4.8 points to a minus 74.7 reading.

UK CPI reaches 14-month high

Annual UK consumer price inflation (CPI) hit a 14-month high of 2.9% in June, up from 2.7% in May, official figures showed.

The main contributors to the increase were from motor fuels and clothing and footwear. Yet economists said the rises reflected a fall in petrol prices and steep high street discounts a year ago rather than a recent fundamental jump in prices.

New Bank of England governor Mark Carney would have had to write a letter of explanation if the rate deviated by more than a percentage point from the 2.0% target.

The Bank has said it expects inflation to ease late this year, providing some relief to households squeezed by rising prices and stagnant wages.

The Eurozone’s trade surplus for the month of May decreased to €14.6bn from €15.2bn in the month before (Consensus: €16.2bn); both exports and imports slipped by over 2% over the last month.

The Eurozone consumer price index remained unchanged at 1.6% year-on-year in June.

The Italian trade surplus grew to €3.895bn from €2.025bn in the month before.

Telecom Italia, Rio Tinto, Invensys

Telecom Italia’s shares slumped after Italy’s biggest phone company put on hold a plan to spin off its fixed-line business.

Rio Tinto Group led miners higher after posting a 7.0% rise in second-quarter iron-ore production and raising its forecast for full-year copper output.

Invensys fell after Makor Capital said it doesn’t expect a competing bid for the company, following Schneider Electric's £3.3bn offer last week.

SES dropped after Morgan Stanley downgraded the satellite operator’s stock to ‘underweight’ from ‘overweight’.

Other asset classes diverge a tad

The euro/dollar climbed 0.55% to the 1.3138 dollar mark.

Brent crude futures slipped $0.170 to $106.14 per barrel on the ICE.

CAC 40 - Risers
Gemalto NV (GTO) € 76.80 +6.22%
Carrefour (CA) € 22.18 +2.76%
Michelin (ML) € 74.33 +2.54%
ArcelorMittal SA (MT) € 9.36 +1.43%
EDF (EDF) € 19.95 +0.73%
Saint Gobain (SGO) € 32.65 +0.55%
Vallourec (VK) € 40.43 +0.27%
Renault (RNO) € 56.75 +0.19%

CAC 40 - Fallers
Lafarge (LG) € 47.00 -2.07%
ST Microelectronics (STM) € 7.40 -1.96%
Unibail-Rodamco (UL) € 185.95 -1.82%
LVMH (MC) € 131.65 -1.72%
L'Oreal (OR) € 128.75 -1.60%
Sanofi (SAN) € 78.95 -1.56%
BNP Paribas (BNP) € 43.78 -1.45%
Societe Generale (GLE) € 27.90 -1.36%
Kering (KER) € 166.60 -1.33%
Essilor International (EI) € 81.53 -1.28%

US Market Report
- Citigroup beats forecasts
- Dow Jones, S&P 500 rise to new highs
- Economic data comes in mixed

Dow Jones: 0.13%
Nasdaq: 0.21%
S&P 500: 0.14%

US stocks finished with moderate gains on Monday with the Dow Jones and S&P 500 again setting fresh record closing highs, as Citigroup followed in the footsteps of a number of banks to beat forecasts with its quarterly earnings.

The S&P 500 in particular rose for an eighth straight day, its longest winning streak since mid-January. Helping the bullish mood were analysts at Bank of America who lifted their year-end target for the index from 1,600 to 1,750.

Economic data came in rather mixed on Tuesday: the Empire State manufacturing index for July rose from 7.84 to 9.46, well ahead of the estimate of 5.0; meanwhile, US retail sales increased by just 0.4% in June, a slowdown from the 0.5% gain in May and well below the 0.8% rise expected.

Citi rose strongly after second-quarter earnings per share came in at $1.34, ahead of $1.00 the year before. Adjusted EPS was $1.25, ahead of the $1.18 forecast by analysts (FactSet consensus). Indices set an all-time high on Friday after both Wells Fargo and JPMorgan Chase beat forecasts.

Plane maker Boeing was a high riser as investors breathed a sigh of relief after UK investigators found that a fire onboard one of its 787 planes in London was not caused by its batteries.

Press Round-up
Chinese police have claimed GlaxoSmithKline behaved like a criminal “godfather” in China, offering bribes and accepting “sexual favours” in return for business, The Telegraph unveiled.

The European Banking Authority said Britain is home to three times as many millionaire bankers as every other European Union country put together with 2,436 bankers paid more than €1.0m in 2011, according to The Times.

US burger chain McDonald’s is set to open its first outlet in Vietnam early next year, the Financial Times reported.

The UK’s coalition government is taking drastic action to start infrastructure plans by hiving off the Highways Agency as a Network Rail-style public company and giving it a long-term funding settlement to carry out a £28bn road-building spree, The Guardian said.

Federal Reserve Chairman Ben Bernanke's influence over markets will be put to the test on Wednesday when he delivers what is likely to be his last monetary policy report to US Congress, the Financial Times pointed out