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Jul 25, 2014

CMI | Spot Prices as of close of trading in New York on July 25, 2014.



Spot Prices as of close of trading in New York

Friday, July 25, 2014

GOLD

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$1,303.25$12.71$1,310.15$1,322.85$1,323.45

SILVER

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$20.67$0.23$20.93$21.16$19.83

PLATINUM

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$1,480.90$4.10$1,493.00$1,476.60$1,426.50

PALLADIUM

TODAYCHANGEWEEK AGOMONTH AGOYEAR AGO
$881.80$7.30$884.30$836.30$726.50

GOLD/SILVER RATIO

63.05

The Economist Insights | Weekly Digest - July 25, 2014: The wireless workplace.

The Economist

The Economist
Weekly Digest
Issue #37
This week we consider the evolution of the wireless workplace; we ask your opinion about the sharing economy in our new flash poll; we examine how companies are collaborating on data security breaches; and we invite you to London to explore how the role of Chief Information Officer (CIO) is changing.
Analysis
Increasingly, the expectation of companies - and workers - is that all the information they need will be accessible on any platform. Untethered employees: the evolution of a wireless workplace is an EIU report, sponsored by the Mopria Alliance, exploring the impact of laptops, tablets and smartphones in offices around the world.

flu image
Fraud reportThe G20 e-Trade Readiness Index
Download →
report imageThe future of business: Human resources
Download →
Ancient enemy, modern imperative
Read more →
report imageTackling Hepatitis C
Read more →
View all analysis >>

BBC | Breaking News - July 25, 2014: Israel rejects Gaza peace plan.

BBCHaving difficulty reading this email? View it online
BBC News
Breaking News

Israel rejects Gaza peace plan

Israel's security cabinet rejects Gaza ceasefire proposal from US Secretary of State John Kerry, officials say
For more details, see the BBC News website

FTC | Business Center Blog Update - July 25, 2014: Escaping the weight loss matrix.

Federal Trade Commission - Business Center Blog Update


By Lesley Fair

In the movie The Matrix, Morpheus offers Neo two capsules: "You take the blue pill and the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill and you stay in Wonderland, and I show you how deep the rabbit hole goes. All I’m offering is the truth – nothing more." Consumers who got direct mail promotions for Double Shot Weight Regulator were also offered two tablets: "The BLUE capsule tracks down and eliminates the fat that you have already accumulated, the RED capsule reduces up to 90% of the calories you eat!" Based on a lawsuit just settled by the FTC, there may have been more truth in Morpheus’ explanation of The Matrix than in ads for Double Shot.

Read more

FTC | Final Orders Press Release - July 25,m 2014: FTC Approves Modified Final Order in Four Loko Deceptive Advertising Case

FTC@100 Banner

The Federal Trade Commission has approved a modified order with the marketers of the supersized, high-alcohol malt beverage Four Loko – Phusion Projects, LLC.
Phusion Projects settled with the FTC in 2013 to resolve FTC charges of deceptive advertising. The Commission alleged that Phusion Projects, LLC and its principals falsely claimed that a 23.5-ounce, 11 or 12 percent alcohol by volume can of Four Loko contains alcohol equivalent to one or two regular 12-ounce beers, and that a consumer could drink one can safely in its entirety on a single occasion.
The 2013 order required Phusion Projects to file applications with the Department of the Treasury’s Alcohol and Tobacco Tax and Trade Bureau (TTB) to include an “Alcohol Facts” disclosure panel, using a specified format, on labels of products containing more than 1.2 ounces of pure alcohol (the amount in two regular drinks), and to feature those disclosure panels on its products beginning 90 days after receiving TTB approval.
Phusion Projects submitted the required applications to TTB; however, due to changes in TTB policy, Phusion’s requests were denied. The modified order provides for revised “Alcohol Facts” disclosures that are consistent with TTB’s current guidance. It also eliminates the requirement that certain Phusion products be resealable.
The Commission vote approving the modified final order was 5-0. (FTC File No. C4382; the staff contact is Janet Evans, Bureau of Consumer Protection, 202-326-2125)
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.

Contact Information

MEDIA CONTACT:
Mitchell J. Katz
Office of Public Affairs
202-326-2161
More news from the FTC >>

Federal Reserve Bank of New York | Press Release - July 25, 2014: Tentative Outright Agency Mortgage-Backed Securities Operation Schedule.

Tentative Outright Agency Mortgage-Backed Securities Operation Schedule
The Desk's tentative operations schedules associated with outright purchases of agency mortgage-backed securities (MBS) securities as announced by the Federal Open Market Committee.


The Desk plans to purchase a maximum of $7.6 billion in agency MBS over the week beginning July 28, 2014 on FedTrade.
The next release of the tentative agency MBS operation schedule will be at 12PM on Friday, August 1, 2014 for the week of August 4, 2014 through August 8, 2014.

ADVFN Evening Euro Markets Bulletin - Friday 25, 2014-.


ADVFN IIIEvening Euro Markets Bulletin
Daily world financial newsFriday, 25 July 2014

London Market Report
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FTSE 100EuronextDax perfCAC 40
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London close: FTSE in red on geopolitical tensions, data
- FTSE closes 29.91 lower at 6,791.55
- Geopolitical tensions, housing data weighs
- UK Q2 GDP shows 0.8% growth

techMARK 2,799.28 -0.81%
FTSE 100 6,791.55 -0.44%
FTSE 250 15,691.81 -0.36%

UK stocks ended the final session of the week in the red as geopolitical tensions, housing data and and downgrade from the International Monetary Fund (IMF) all provided a drag to sentiment.

The losses had been limited by a sturdy gross domestic product (GDP) figure out this morning and gains amongst the banking sector, but ongoing crises in the Middle East and Ukraine were this afternoon firmly back in focus.

Dipping in the final minutes of trade, the FTSE 100 closed 29.91 points lower at 6,791.55.

The European Union today reached a preliminary agreement on economic sanctions against Russia over the Ukraine crisis. Diplomats said the details are still being worked out following discussions that lasted all day yesterday and part of today.

"Clearly businesses are suffering as a result of the weakening trade ties with Russia, which has had sanctions imposed on it by Europe and the US due to its involvement in the crisis in eastern Ukraine," said Craig Erlam, Market Analyst at Alpari UK.

UK house prices slow in July

House prices in Britain rose at the slowest pace in more than a year in July following the introduction of tougher mortgage rules, according to a Hometrack survey.

Prices climbed 0.1% this month, easing from a 0.3% increase in June, signalling a cool down in the housing market.

In other UK macro news, second quarter GDP grew at 0.8% in the second quarter as had been widely expected. The figure means the UK is now back at levels seen prior to the recession.

Lewis Sturdy, a Dealer at Capital Spreads, said: "UK GDP figure this morning proved Britain's economy has finally returned to the size it was pre market crash of 2008. With output growing by 0.8% in the second quarter, economists will be feeling pretty happy about the situation.

"Their attentions will now turn to the real wages figure, a number that Carney has stated will have to improve before interest rates go up. All is well and good having more of the population in work, but if the majority are part time or zero contract hours with a pay rise nowhere in sight, this does cause some concern. As for next week, keep an eye out for FOMC meeting as well as non-farm payrolls on Friday."

Also providing a drag today was the IMF, which lowered its forecasts for global growth from the 3.7% figure given in April to 3.4%, attributing the change to events in Ukraine and Iraq.

Over in the US, a report showed US durable goods orders rose 0.7% in June following a 1% drop a month earlier. It beat analysts' estimates for a 0.5% increase.

RBS leads risers as BSkyB sinks

RBS delivered a better-than-expected first half operating performance, but said no one at the 80% taxpayer-owned bank was "complacent about the challenges ahead".

The results, which came a week earlier than scheduled, showed operating profit totalled £2.6bn, or £3.3bn excluding restructuring and litigation and conduct costs, compared with £1.59bn in the same period a year earlier. The gains were driven by more favourable credit conditions and good results from RBS Capital Resolution, and came despite a 6% decline in total income to £9.9bn.

Barclays and Lloyds Banking Group were also higher on the news.

Anglo American shares were higher on the back of its Chief Executive's confidence in the group's outlook.

Pearson shares climbed despite the publishing group posting a fall in first half profit. It did, however, maintain its full-year profit forecasts, which may have come as a relief to some investors after a series of downbeat trading statements in recent times.

Vodafone moved higher after the decline in its service revenue was lower than had been expected after the losses in Europe were partly offset by gains in African and India.

Sainsbury rose after market sources yesterday suggested Qataris is poised to make another bid for the supermarket chain at 500p or more per share.

Meanwhile, BSkyB was firmly in the bottom spot after it failed to impress with its decision to buy the entire stake of Sky Italia and a 57.4% interest in Sky Deutschland from Rupert Murdoch's 21st Century Fox. The group will pay £2.45bn for Sky Italia and £2.9bn for Sky Deutschland. The news overshadowed its annual results, in which it posted a 7% rise in adjusted revenue to £7.6bn.

GlaxoSmithKline continued to fall one day after lowering its outlook after second quarter profits declined 12%. UBS reduced its target from 1,500p to 1,380p and downgraded the stock from neutral to sell.


FTSE 100 - Risers
Royal Bank of Scotland Group (RBS) 364.20p +10.77%
Anglo American (AAL) 1,639.50p +3.44%
Pearson (PSON) 1,132.00p +2.82%
Vodafone Group (VOD) 202.05p +2.12%
Barclays (BARC) 218.05p +1.66%
Tullow Oil (TLW) 764.00p +1.19%
Lloyds Banking Group (LLOY) 74.81p +1.16%
Sainsbury (J) (SBRY) 320.20p +1.01%
Randgold Resources Ltd. (RRS) 5,115.00p +0.99%
Rolls-Royce Holdings (RR.) 1,053.00p +0.67%

FTSE 100 - Fallers
British Sky Broadcasting Group (BSY) 874.50p -5.46%
GlaxoSmithKline (GSK) 1,423.00p -3.16%
Petrofac Ltd. (PFC) 1,127.00p -2.17%
Rexam (REX) 513.00p -2.01%
GKN (GKN) 344.20p -1.99%
Persimmon (PSN) 1,280.00p -1.99%
British Land Co (BLND) 717.00p -1.92%
Barratt Developments (BDEV) 364.30p -1.83%
Admiral Group (ADM) 1,481.00p -1.73%
Tesco (TSCO) 270.35p -1.62%

FTSE 250 - RisersBalfour Beatty (BBY) 253.10p +9.05%
Carillion (CLLN) 362.80p +7.18%
Countrywide (CWD) 489.20p +5.18%
Lonmin (LMI) 241.00p +4.92%
Interserve (IRV) 648.00p +2.86%
Renishaw (RSW) 1,899.00p +2.76%
Just Retirement Group (JRG) 144.90p +2.40%
African Barrick Gold (ABG) 259.80p +2.28%
Regus (RGU) 180.10p +1.98%
Cineworld Group (CINE) 329.40p +1.89%

FTSE 250 - FallersSpectris (SXS) 1,934.00p -7.69%
Howden Joinery Group (HWDN) 347.50p -4.77%
Cairn Energy (CNE) 177.30p -3.69%
AO World (AO.) 212.10p -3.24%
Kazakhmys (KAZ) 343.00p -3.11%
Electrocomponents (ECM) 234.80p -2.65%
Vesuvius (VSVS) 459.40p -2.59%
BTG (BTG) 606.00p -2.57%
Catlin Group Ltd. (CGL) 524.00p -2.06%
Imagination Technologies Group (IMG) 196.60p -2.04%

Europe Market Report
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Europe close: Stocks fall as German investor confidence dips
- IMF cuts global forecast
- German investor confidence falls
- German consumer confidence rises
- UK GDP grows in line with forecasts
- US durable goods orders increase

FTSE 100: -0.44%
DAX: -1.53%
CAC 40: -1.82%
FTSE MIB: -0.90%
IBEX: 0.25%
Stoxx 600: -0.69%

Most European stocks were in the red after a report showed German investor confidence fell and the International Monetary Fund (IMF) cut its forecast for world growth.

A survey from the Ifo Institute showed German investor confidence fell more than expected in July. The business climate index dropped to 108 from 109.7 in June. Analysts had predicted a reading of 109.4.

Separately, GfK's forward-looking survey on German sentiment in August increased to its highest level since December 2006. The index climbed to 9.0 from 8.9 the prior month, surprising analysts who had expected an unchanged result.

The IMF lowered its global growth predictions, down from the 3.7% figure given in April to 3.4%, attributing the change to the crises in Ukraine and Iraq.

The European Union (EU) today reached a preliminary agreement on economic sanctions against Russia over the Ukraine turmoil. Diplomats said the details are still being worked out following discussions that lasted all day yesterday and part of today, Reuters reported.

"Clearly businesses are suffering as a result of the weakening trade ties with Russia, which has had sanctions imposed on it by Europe and the US due to its involvement in the crisis in eastern Ukraine," said Craig Erlam, Market Analyst at Alpari UK.

The death toll in Gaza has passed 800 following more than two weeks of clashes between Israelis and Palestinians.

Meanwhile, UK gross domestic product data for the second quarter grew by 0.8% quarter-on-quarter, the same as the prior three months, as expected by analysts.

In the US, a report revealed durable goods orders rose 0.7% in June following a 1% drop a month earlier. It beat analysts' estimates for a 0.5% increase.

BSkyB, RBS

British Sky Broadcasting Group (BSkyB) slid after it offered to buy Sky Deutschland and Sky Italia from Rupert Murdoch's 21st Century Fox. Sky Deutschland's shares rose.

Royal Bank of Scotland Group advanced after saying first-half profit probably almost doubled.

Danone edged lower as the yoghurt maker said first half sales and profit fell short of projections.

Louis Vuitton declined after the luxury-goods company posted first half profit that missed estimates, saying demand weakened in Asia.

Air France-KLM Group gained after reporting second-quarter profit that beat market expectations.

The euro fell 0.23% to $1.3433.

Brent crude futures climbed 0.714% to $107.84 per barrel, according to the ICE.

US Market Report
US open: Stocks slide amid geopolitical woes
US stocks declined as geopolitical tensions in the Middle East and Ukraine continued.

The European Union (EU) today reached a preliminary agreement on economic sanctions against Russia over the Ukraine crisis. Diplomats said the details are still being worked out following discussions that lasted all day yesterday and part of today.

The news comes amid accusations on Russia's involvement in the downing of a Malaysia Airlines plane last week.

"Clearly businesses are suffering as a result of the weakening trade ties with Russia, which has had sanctions imposed on it by Europe and the US due to its involvement in the crisis in eastern Ukraine," said Craig Erlam, Market Analyst at Alpari UK.

Meanwhile, the death toll in Gaza has passed 800 following more than two weeks of clashes between Israelis and Palestinians. US Secretary of State John Kerry pressed regional leaders to confirm a Gaza ceasefire today.

A report today showed US durable goods orders rose 0.7% in June following a 1% drop a month earlier. It beat analysts' estimates for a 0.5% increase.

Visa slides

Visa slumped after the payments network cut its forecast for full-year revenue.

Radio group Pandora Media was in the red early on after revealing increased losses.

Amazon slumped after posting a second quarter loss that missed analysts' estimates.

The 10-year yield fell two basis points to 2.48%.

West Texas Intermediate crude futures dropped 0.140% to $106.92 per barrel, according to the ICE.


Week ahead: Eyes on Barclays during frantic week
An extremely busy week lies ahead, with a tumult of the largest companies on the London stock market announcing second-quarter and half-year results.

The week begins quietly enough on Monday and Tuesday, with a Reckitt Benckiser expected to post lower profits on Monday due to forex movements, an interesting update expected from Trinity Mirror and good start expected from FTSE 250 insurer Hiscox.

A rash of resources reports in the coming week begins with BP's second quarter results Tuesday followedon Wednesday with Drax and Tullow Oil, before Thursday sees BG Group, Centrica and Shell.

Financial sectors see updates from Lloyds Banking, Man Group, Moneysupermarket.com and Schroders.

There will be particular interest in Barclays, with these being the first results after the May strategy update and recent allegations regarding High frequency Trading activity in Barclays's dark pools.

Analysts at Numis forecast first-half statutory profit before tax of £2,859m, which assumes a further £500m of PPI provisions. Adjusted PBT is forecast at £3,359m. Focus will be on three things in particular: investment banking revenues where an 8% decline is forecast in the second quarter; cost management, where 2014 guidance is for around £17bn operating costs; and thirdly Barclays non-core deleveraging, where the broker forecasts non-core losses of £476m for the period.

Other results during the week worth watching out for are from AstraZeneca, BAE Systems, BT Group, British American Tobacco, Compass, Direct Line, ITV, Foxtons, PZ Cussons, Pace, Rentokil, Rolls-Royce, along with Taylor Wimpey, Travis Perkins and William Hill.

Macro factors

In the UK, analysts at Investec say they expect official Bank of England data to show the first increase in mortgage approvals for five months, following a steer from British Bankers' Association figures.

"We also tend to the view that Friday's manufacturing PMI survey will remain in buoyant territory, helping to dispel fears that sterling's strength is clobbering the factory sector. Note too that Deputy BoE Governor Ben Broadbent speaks on Tuesday."

Stateside there's plenty of macro data in the week as well as 142 S&P 500 companies due to report earnings as the season gets into full season.

Wednesday will see the US Federal Reserve's FOMC make a short announcement about a further $10bn round of tapering to the level of monthly asset purchases will fall back to $25bn, with a short statement to accompany it.

On Friday July's US jobs numbers are reported, with unemployment having fallen by almost 1.5 percentage points to 6.1% over the past year and short-term joblessness at its lowest level since early 2008. Fed Chair Janet Yellen recently warned that a relatively fast fall in unemployment would bring forward a hike in interest rates.

A first estimates of second quarter GDP is also due, with the first quarter's 2.9% annualised drop expected to more than than reverse.

Further data prints include the latest ADP employment survey and July's Institute for Supply Management index.

Friday also sees official Chinese PMI figures.

European Markets at Close Report - July 25, 2014: Euro, German stocks fall after downbeat sentiment data LVMH leads slump in luxury stocks.


By Carla Mozee, MarketWatch 

LONDON (MarketWatch)—German business confidence fell short of expectations Friday, weighing on German stocks as the report underscored worries that growth in Europe’s largest economy is losing steam.
Widely watched figures from the Ifo Institute showed its business-climate survey fell to 108.0 in July, marking a third straight monthly decline and missing expectations for 109.4. The reading for June was 109.7.
Germany’s business climate has recently been pressured, in part by concerns about German companies with ties to Russia, which has been hit with sanctions related to tensions with Ukraine.
“Geopolitical tensions are taking their toll on the German economy,” said Hans-Werner Sinn, president of the IFO Institute, in a statement.
Earlier Friday, the GfK institute said German consumer sentiment reached its highest level since December 2006, but also warned that last week’s downing of Malaysia Airlines Flight 17 could weigh on consumer sentiment in coming months.
Market reaction: Germany’s DAX 30 index DX:DAX -1.53%  extended its loss to 1.5%, closing at 9,644.01.
The euro EURUSD -0.23%  fell to $1.3433 after the IFO report, from $1.3465 ahead of the data. The Stoxx Europe 600 index XX:SXXP -0.69%  remained lower, closing down 0.7% to 341.95.
In London, the FTSE 100 UK:UKX -0.44%  had been higher after government data showed U.K. economic growth expanded in the second quarter to above precrisis levels, but the index later fell by 0.4% to 6,791.55. The pound GBPUSD -0.07%  rose to $1.699 after the GDP figures.
Comments: If political tensions cast a chill on German economic activity, third-quarter growth “could slow materially,” wrote Boris Schlossberg, managing director of FX strategy at BK Asset Management, “although for now, IFO continues to project that German GDP will rise at 2% in 2014.” But the currency markets “are clearly concerned, with EUR/USD trading heavy this week after breaking the key 1.3500 support level,” he said.
Analysts at Brown Brothers Harriman noted that the expectations-component of the IFO survey was still falling and at 103.4, it is the lowest since last July. “Recall that earlier this week, the Bundesbank warned in its monthly report that the German economy may have stalled in Q2. Yesterday’s flash PMI reading provided a modicum of hope that growth returned in Q3.”
Luxury-stock blues: Luxury-goods stocks were hit after LVMH Moët Hennessy Louis Vuitton said first-half profit fell 4%, highlighting the sector’s exposure to fluctuations in foreign-exchange rates.
LVMH shares FR:MC -6.80% dropped 6.8%, contributing to a 1.8% decline in France’s CAC 40 index FR:PX1 -1.82% . LVMH rival Kering SA FR:KER -4.93%  lost 5% in Paris trade.
Cie. Financière Richemont SA, CH:CFR -2.27% , whose brands include Cartier and Montblanc, fell 2.3%, and shares of Burberry Group PLC UK:BRBY -1.59%  shed 1.6% in London.

More must-reads from MarketWatch:

Carla Mozee is a reporter for MarketWatch, based in London. Follow her on Twitter@MWMozee.