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Showing posts with label ADVFN Morning Euro Markets Bulletin.. Show all posts
Showing posts with label ADVFN Morning Euro Markets Bulletin.. Show all posts

Jun 20, 2014

ADVFN Morning Euro Markets Bulletin -June 20, 2014-.


ADVFN Morning Euro Markets Bulletin
Daily world financial newsFriday, 20 June 2014

London Market Report
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London open: Shire leads FTSE higher as investors eye Iraq
- Shire jumps after £27bn AbbVie approach
- Mining stocks rise
- Obama sends 300 military advisers to Iraq

techMARK 2,851.07 +1.31%
FTSE 100 6,827.84 +0.29%
FTSE 250 15,745.93 +0.40%

A strong performance from mining stocks and more M&A activity in the pharmaceutical sector gave UK markets a boost on Friday, though gains were limited as investors continued to watch developments in Iraq.

The FTSE 100 was trading 0.3% higher at 6,828 early on after hitting a one-week high of 6,808.11 the day before.

With things looking light on the economic data calendar, investors will likely keep a close on Iraq today after US President Barack Obama sent 300 military advisers to help Iraq's government in its fight against Sunni militants.

Meanwhile, oil prices have remained at elevated levels as Islamist-led rebels continue to surround the Baiji oil refinery and Tal Afar airport in northern Iraq. Brent crude looks set to finish with its second weekly gain today amid supply concerns surrounding the OPEC producer.

Shire rebuffs AbbVie approach

Pharmaceutical group Shire rocketed 12% after the company rejected a £27bn takeover approach by AbbVie. AbbVie's third and latest proposal represented an offer of 4,626p per share, a 34% premium to Shire's closing price of 3,455p on May 29th.

Mining stocks were making gains this morning with precious metal producers FresnilloRandgold andAfrican Barrick Gold rising strongly after gold prices hit a two-month high yesterday.

A later-than-usual start to Debenhams' summer sale meant that like-for-like sales at the high street department store took a knock in the third quarter. However, shares rose after the company said that its new strategy of reducing days on promotion has led to higher full-price sales and should help margins.

Drinks group Diageo was edging higher on reports that the company is near taking control of Indian liquor company United Spirits.

FTSE 100 - RisersShire Plc (SHP) 4,190.00p +12.09%
Fresnillo (FRES) 853.50p +2.22%
Smith & Nephew (SN.) 1,083.00p +1.69%
G4S (GFS) 265.70p +1.22%
Randgold Resources Ltd. (RRS) 4,786.00p +1.10%
Rio Tinto (RIO) 3,109.00p +0.94%
Aggreko (AGK) 1,618.00p +0.87%
ARM Holdings (ARM) 898.50p +0.84%
AstraZeneca (AZN) 4,481.50p +0.84%
InterContinental Hotels Group (IHG) 2,300.00p +0.83%

FTSE 100 - FallersLegal & General Group (LGEN) 223.90p -0.93%
Sainsbury (J) (SBRY) 318.90p -0.75%
Land Securities Group (LAND) 1,021.00p -0.68%
Centrica (CNA) 319.20p -0.68%
Sage Group (SGE) 388.60p -0.66%
Standard Chartered (STAN) 1,262.00p -0.59%
Rolls-Royce Holdings (RR.) 1,086.00p -0.55%
BG Group (BG.) 1,253.50p -0.52%
Tesco (TSCO) 289.40p -0.52%
Morrison (Wm) Supermarkets (MRW) 189.60p -0.47%

FTSE 250 - RisersAfrican Barrick Gold (ABG) 216.10p +5.62%
Centamin (DI) (CEY) 64.60p +3.03%
Bank of Georgia Holdings (BGEO) 2,398.00p +2.96%
BTG (BTG) 630.50p +2.85%
UDG Healthcare Public Limited Company (UDG) 342.10p +2.73%
Synthomer (SYNT) 241.20p +2.07%
Greencore Group (GNC) 272.70p +1.98%
Ocado Group (OCDO) 378.00p +1.94%
Evraz (EVR) 92.05p +1.94%
Carillion (CLLN) 346.60p +1.82%

FTSE 250 - FallersNorthgate (NTG) 504.50p -2.79%
Infinis Energy (INFI) 233.20p -1.81%
Partnership Assurance Group (PA.) 124.10p -1.66%
Electrocomponents (ECM) 274.30p -1.51%
Telecom Plus (TEP) 1,345.00p -1.39%
Daejan Holdings (DJAN) 4,918.00p -1.36%
Countrywide (CWD) 533.50p -1.30%
JD Sports Fashion (JD.) 1,620.00p -1.22%
Premier Oil (PMO) 340.10p -0.96%

UK Event Calendar
Friday June 20
INTERIM DIVIDEND PAYMENT DATE
Impax Asset Management Group, Matchtech Group

QUARTERLY PAYMENT DATE
BP

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Consumer Confidence Indicator (EU) (10:00)
Current Account (EU) (09:00)
Producer Price Index (GER) (07:00)

FINALS
Charles Stanley Group, Polar Capital Holdings

ANNUAL REPORT
API Group, Caledonia Investments, Northern Investors Co

EGMS
Elephant Capital

AGMS
AssetCo, Charlemagne Capital Ltd., Cupid, Eland Oil & Gas, Lekoil Ltd (DI), Narborough Plantations, Public Power GDR SA (Reg S), Real Estate Investors, Slingsby H.C, W Resources

UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)

FINAL DIVIDEND PAYMENT DATE
Cayenne Trust, Central Asia Metals, Computacenter, Howden Joinery Group, Irish Continental Group Units, Maven Income & Growth 2 VCT, Menzies(John), Provident Financial, Ted Baker, Witan Pacific Inv Trust, Xaar


Europe Market Report
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Europe open: Stocks little changed on Iraq
- US to send military advisers to Iraq
- Eurozone consumer confidence report due

FTSE 100: 0.26%
DAX: 0.01%
CAC 40: -0.07%
FTSE MIB: -0.53%
IBEX 35: 0.02%
Stoxx 600: 0.11%

European stocks were little changed after the US said it would send up to 300 military advisers to Iraq and before the release of a report on Eurozone consumer confidence.

President Barack Obama yesterday said he would send advisers to help train and support Iraq forces in their battle against the Islamic State of Iraq and Syria (ISIS).

The ISIS has taken over several cities in the north and west of Iraq.
Oil prices have surged on concerns that the turmoil will disrupt supplies. Brent crude futures eased back $0.148 to $114.890 per barrel, according to the ICE.

CMC Markets analyst Michael Hewson said trading today is "likely to be cautious as we head into the weekend, given what could unfold over the weekend in Iraq".

In the Eurozone, a report at 14:00 GMT is forecast to show the consumer confidence sentiment index in June rose to -6.5 from -7.1 the prior month.

Shire rallies on bid

Shire's shares surged after US drugmaker AbbVie confirmed it had made a bid to buy the firm.

Debenham's shares jumped after the UK department store chain said its underlying sales rose slightly in its latest trading period.

Gold slipped to $1,310.95 an ounce after earlier climbing to $1,322.12, the highest level since April 15th. The metal is heading for the longest run of weekly increases since March, after rising yesterday by the most since September, on expectations that US interest rates will remain low.

The euro rose 0.01% to $1.3609.


US Market Report
US close: Stocks end at their best levels of the day
- US to send military advisers to Iraq
- Initial unemployment claims slightly lower than forecast
- Stocks finish at their best levels of the day

Dow Jones Industrials: 0.09%
Nasdaq Composite: -0.09%
S&P 500: 0.10%

US stocks finished in a mixed fashion but at their best levels of the session after Federal Reserve Chair Janet Yellen delivered a 'dovish' message following the previous day's monetary policy meeting and a report showed the number of weekly jobless claims eased more than forecast.

The central bank yesterday announced it would maintain interest rates at 0.25% but cut a further $10bn off monthly asset purchases to $35bn. "Economic activity has rebounded in recent months," the Federal Open Market Committee said.

Policymakers reiterated that they will continue to reduce the pace of asset purchases in further measured steps, given the pick-up in the economy.

Acting as a backdrop, towards midday President Obama announced the US would send 300 military advisers to the country. The possibility also exists that targeted air strikes will be carried out in support of Baghdad.

Initial jobless came in at 312,000 in the week to June 14th after a revised 318,000 claims the previous week. Analysts had predicted 314,000 claims.

"Overall, this report is consistent with the steady improvement in the separations side of the labour market in the second quarter after a volatile first quarter in which continuing claims moved higher in January before resuming their downward trend in February," Barclays Research said.

BlackBerry, Red Hat

BlackBerry gained after reporting a narrower first-quarter loss than analysts had projected.

Red Hat jumped after the seller of Linux operating-system software increased its annual revenue forecast.

Starbucks edged higher after UBS boosted its rating on the world's largest coffee-shop chain to 'buy' from 'neutral'.

Treasury yields off a tad

The US 10-year yield fell two basis points to 2.57%.

West Texas Intermediate crude futures fell $0.236 to $105.720 per barrel, according to the ICE, amid concerns that the Iraq turmoil will disrupt oil supplies.

S&P 500 - Risers
Kroger Co. (KR) $49.66 +5.06%
Celgene Corp. (CELG) $168.31 +4.49%
Red Hat Inc. (RHT) $55.11 +3.79%
Coca-Cola Enterprises Inc. (CCE) $47.53 +3.46%
Newmont Mining Corp. (NEM) $24.54 +3.37%
Jabil Circuit Inc. (JBL) $20.63 +2.64%
Valero Energy Corp. (VLO) $57.09 +2.61%
Starbucks Corp. (SBUX) $77.23 +2.21%
Eog Resources Inc. (EOG) $115.80 +1.99%
Monster Beverage Corp (MNST) $72.75 +1.92%

S&P 500 - Fallers
Coach Inc. (COH) $35.69 -8.93%
Juniper Networks Inc. (JNPR) $24.21 -4.12%
SLM Corp. (SLM) $8.35 -3.80%
Keurig Green Mountain Inc (GMCR) $121.56 -3.59%
ConAgra Foods Inc. (CAG) $29.38 -3.58%
Expedia Inc. (EXPE) $77.88 -3.07%
Whole Foods Market Inc. (WFM) $40.54 -3.05%
E TRADE Financial Corp. (ETFC) $21.28 -2.70%
F5 Networks Inc. (FFIV) $109.52 -2.68%
Regeneron Pharmaceuticals Inc. (REGN) $297.69 -2.49%

Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $80.51 +1.64%
Chevron Corp. (CVX) $131.99 +1.31%
Johnson & Johnson (JNJ) $103.81 +0.97%
Procter & Gamble Co. (PG) $80.24 +0.56%
Coca-Cola Co. (KO) $41.79 +0.55%
McDonald's Corp. (MCD) $101.91 +0.55%
Intel Corp. (INTC) $30.09 +0.53%
AT&T Inc. (T) $35.36 +0.45%
Cisco Systems Inc. (CSCO) $24.71 +0.32%
United Technologies Corp. (UTX) $117.58 +0.30%

Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $57.30 -0.83%
Nike Inc. (NKE) $75.64 -0.75%
E.I. du Pont de Nemours and Co. (DD) $67.40 -0.72%
American Express Co. (AXP) $95.07 -0.51%
Visa Inc. (V) $210.32 -0.44%
International Business Machines Corp. (IBM) $182.82 -0.42%
Pfizer Inc. (PFE) $29.59 -0.40%
Microsoft Corp. (MSFT) $41.51 -0.34%
Home Depot Inc. (HD) $80.44 -0.33%
Caterpillar Inc. (CAT) $107.25 -0.21%

Nasdaq 100 - Risers
Celgene Corp. (CELG) $168.31 +4.49%
Nxp Semiconductors Nv (NXPI) $64.99 +3.29%
Starbucks Corp. (SBUX) $77.23 +2.21%
Monster Beverage Corp (MNST) $72.75 +1.92%
Vimpelcom Ltd Ads (VIP) $8.61 +1.65%
Wynn Resorts Ltd. (WYNN) $202.61 +1.61%
Altera Corp. (ALTR) $35.07 +1.04%
Illumina Inc. (ILMN) $172.70 +0.99%
Kraft Foods Group, Inc. (KRFT) $60.05 +0.89%
Symantec Corp. (SYMC) $22.14 +0.89%

Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $121.56 -3.59%
Expedia Inc. (EXPE) $77.88 -3.07%
Whole Foods Market Inc. (WFM) $40.54 -3.05%
F5 Networks Inc. (FFIV) $109.52 -2.68%
Vodafone Group Plc ADS (VOD) $32.93 -2.52%
Regeneron Pharmaceuticals Inc. (REGN) $297.69 -2.49%
Nvidia Corp. (NVDA) $19.14 -2.31%
Amazon.Com Inc. (AMZN) $327.00 -2.21%
Facebook Inc. (FB) $64.34 -1.92%
Western Digital Corp. (WDC) $91.28 -1.84%

 Morning

May 20, 2014

ADVFN Morning Euro Markets Bulletin -May 20, 2014-.


ADVFN Morning Euro Markets Bulletin
Daily world financial newsTuesday, 20 May 2014

London Market Report
To view the charts please add newsdesk@advfn.com to your contact list
FTSE 100EuronextDax perfCAC 40
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London open: Russia has prepared retaliatory sanctions, Medvedev says
- China faces arduous task meeting growth target
- Russia being pulled into a second Cold War
- New blood at the Bank of England may be a good thing, FT writes

techMARK 2,718.30 -0.04%
FTSE 100 6,828.87 -0.23%
FTSE 250 15,474.82 +0.62%

Stocks moved slightly lower after China's Commerce Ministry said the country faces an arduous task in meeting its target for 7.5 per cent growth in gross domestic product this year and Russian Prime Minister Dmitry Medvedev told Bloomberg News that his country is being pulled into a second Cold War with the US and its allies.

The Footsie was 9 points lower at 6,835 as of 09:01.

In an interview with Bloomberg News Medvedev indicated that Russia has prepared a raft of retaliatory steps in response to potentially wider sanctions imposed by the US and the European Union.

That comes as the world continues to watch for signs that Russian forces are indeed pulling back from the country's borders with Ukraine.

A report from Interfax, which cites Russia's Defence Ministry, says that "Russian troops have been ordered to pull back after drills in south-western Russia".

CPI expected to print at 1.7 per cent

Back in the UK, data out today is expected to show that CPI rose by 1.7% year-on-year in April, according to the consensus.

Nonetheless, so-called 'base effects' associated with an early Easter in 2013 and increases in fuel prices and transport costs may see a print of 1.8%, Barclays Research believes, close to the 1.9% level at which it sees CPI ending the year.

Forecasts from the Monetary Policy Committee point to CPI at 1.9% even as far out as at the start of 2017.

The retail price index (RPI) is expected to edge higher, towards a rate of 2.6% year-on-year, bolstered by strong house price growth, although as Governor Carney explained just last Sunday, the Bank may yet adopt further measures to restrain house prices.

Acting as a backdrop, the Financial Times reported on Tuesday on how it will become increasingly harder to anticipate the Monetary Policy Committee's (MPC) decisions come late summer, as three new members – from outside the Bank – come on board.

"The overseas people are going to be able to see the wood from the trees," one economist told the newspaper.

Sales drop 1.4 per cent at Marks&Spencer's general merchandise division

In this morning's company news, Marks and Spencer (M&S) reported a 3.9% fall in annual pre-tax profit to £623m, reflecting a drop in sales at the struggling general merchandise division. General merchandise, the clothing arm which has recently undergone a rapid transformation to turn business around, saw like-for-like sales fall 1.4% in the year ended March 29th. Total UK like-for-like sales rose 0.2% as food sales increased 1.7%.

Legal & General said it has completed the acquisition of Global Index Advisors, giving the UK insurer a bigger foothold in the US pensions market. The acquisition, by Legal & General Investment Management America (LGIMA), is for an initial payment of $30.75m with deferred consideration of $1.5m payable over two years from the date of completion. Further payments of up to a maximum of $18.15m will be made over three years from the date of completion.

Vodafone's earnings fell 7.4% in the year to end-March as the mobile operator confirmed its expected final dividend of 7.47p per share. Chief Executive Vittorio Colao admitted the group's performance had been "mixed", with competitive, regulatory and macroeconomic pressures leading to several write-downs in Europe.

Home emergency repair group HomeServe said costs related to the mis-selling of insurance products ate into full-year profit but it is confident of future progress as it looks to the US for growth opportunities. Statutory pre-tax profit fell to £24.4m for the year ended March 31st 2014 from £66.5m before.

Convenience store food producer Greencore Group reported an 8.2% rise in first half revenue to £619.8m , driven by store openings by major retailers. The company said a rise in employment and a milder winter also boosted revenue in the six months to March 28th, despite a challenging UK grocery market.

Insurer RSA is selling its majority-owned Canadian insurance brokerage business Noraxis Capital Corporation to a subsidiary of Arthur J. Gallagher & Co. for 500m Canadian dollars.

ITV has been upgraded to 'hold' versus 'sell' at broker Berenberg, while AstraZeneca was added to Citi's Focus List Europe overnight


FTSE 100 - Risers
Carnival (CCL) 2,388.00p +3.74%
BT Group (BT.A) 379.60p +2.29%
International Consolidated Airlines Group SA (CDI) (IAG) 378.30p +2.02%
ITV (ITV) 175.70p +1.68%
Whitbread (WTB) 3,998.00p +1.42%
Sage Group (SGE) 402.40p +1.18%
Royal Bank of Scotland Group (RBS) 327.20p +1.08%
St James's Place (STJ) 753.00p +1.07%
Travis Perkins (TPK) 1,633.00p +1.05%
InterContinental Hotels Group (IHG) 2,206.00p +0.96%

FTSE 100 - Fallers
Vodafone Group (VOD) 209.20p -3.66%
Marks & Spencer Group (MKS) 439.90p -2.46%
AstraZeneca (AZN) 4,200.00p -2.04%
Tesco (TSCO) 306.85p -1.65%
William Hill (WMH) 326.10p -1.60%
Fresnillo (FRES) 836.50p -1.18%
Tullow Oil (TLW) 844.50p -1.00%
Sainsbury (J) (SBRY) 341.70p -0.96%
Intertek Group (ITRK) 2,956.00p -0.94%
Morrison (Wm) Supermarkets (MRW) 212.10p -0.89%

FTSE 250 - Risers
Homeserve (HSV) 336.70p +6.18%
Greencore Group (GNC) 262.10p +6.07%
Paragon Group Of Companies (PAG) 370.00p +5.68%
Foxtons Group (FOXT) 298.50p +4.04%
Fidessa Group (FDSA) 2,254.00p +2.92%
Bank of Georgia Holdings (BGEO) 2,494.00p +2.76%
Regus (RGU) 192.00p +2.56%
Go-Ahead Group (GOG) 1,887.00p +2.55%
Supergroup (SGP) 988.50p +2.54%
African Barrick Gold (ABG) 219.40p +2.48%

FTSE 250 - Fallers
Afren (AFR) 148.80p -3.44%
Entertainment One Limited (ETO) 272.20p -2.44%
Ladbrokes (LAD) 130.90p -2.17%
Intermediate Capital Group (ICP) 420.60p -2.07%
BTG (BTG) 517.00p -1.52%
Kazakhmys (KAZ) 250.20p -1.50%
Cairn Energy (CNE) 185.80p -1.17%
888 Holdings (888) 127.40p -1.09%
Lonmin (LMI) 239.30p -0.99%
Redefine International (RDI) 56.10p -0.88%

FTSE TechMARK - Risers
DRS Data & Research Services (DRS) 20.50p +6.49%
Sarossa (SARS) 1.85p +2.78%
Oxford Biomedica (OXB) 2.05p +2.50%
Vectura Group (VEC) 129.00p +1.57%
Kofax Limited (DI) (KFX) 424.50p +1.13%
Filtronic (FTC) 38.00p +1.00%
Puricore (PURI) 31.50p +0.80%
Ricardo (RCDO) 672.00p +0.60%
Wolfson Microelectronics (WLF) 233.00p +0.11%

FTSE TechMARK - Fallers
Phoenix IT Group (PNX) 108.00p -3.14%
RM (RM.) 125.00p -2.82%
Torotrak (TRK) 23.00p -1.60%
Skyepharma (SKP) 232.25p -1.28%
E2V Technologies (E2V) 155.75p -1.11%
Dialight (DIA) 859.50p -0.29%
Anite (AIE) 89.00p -0.28%

UK Event Calendar
Tuesday May 20

INTERIMS
Driver Group, Bloomsbury Publishing, BTG, Paragon Group Of Companies, Renew Holdings, Victrex plc, Topps Tiles

INTERIM DIVIDEND PAYMENT DATE
Barratt Developments

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Producer Price Index (GER) (07:00)
Speech President Philadelphia Fed
Speech President New York Fed
Industrial orders (IT) (09:00)
Consumer confidence (BE) (14:00)
Index all-industry activity (JP) (14:30)

Q4
Big Yellow Group

GMS
Straight

FINALS
Afren, Babcock International Group, Big Yellow Group, BTG, Entertainment One Limited, First Derivatives, Homeserve, Intermediate Capital Group, Marks & Spencer Group, Vodafone Group

IMSS
Greencore, Spirax-Sarco Engineering

SPECIAL DIVIDEND PAYMENT DATE
Direct Line Insurance Group

AGMS
Advanced Medical Solutions Group, APR Energy, Caledonia Mining Corporation, Caledonia Mining Corporation, China Chaintek United Co. Limited, EKF Diagnostics Holdings , Glencore Xstrata, Instem, Kakuzi Ltd., London Capital Group Holdings, NetScientific , Publishing Technology, Regus, Royal Dutch Shell 'A', Royal Dutch Shell 'B', S&U, Sagentia Group, Somero Enterprises Inc.(Reg S), Spirax-Sarco Engineering, TMT Investments, UBM, Vmoto Ltd, Zotefoams

UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)

FINAL DIVIDEND PAYMENT DATE
Brady, Communisis, Direct Line Insurance Group, Holders Technology, Intu Properties, Wood Group (John)

Q1
AFI Development, OJSC Novolipetsk Steel GDS (Reg S)



Europe Market Report
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FTSE 100EuronextDax perfCAC 40
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Europe open: Stocks little changed as German producer prices fall
- German producer prices fall
- UK inflation expected to rise
- Russia hits back at sanctions

FTSE 100: -0.06%
DAX: 0.19%
CAC 40: 0.01%
FTSE MIB: 0.53%
IBEX 35: 0.38%
Stoxx 600: 0.23%

European stocks were little changed as German producer prices fell more than expected and as investors awaited the release of UK inflation figures.

German producer prices were down 0.9% year-on-year in April following a 0.9% drop a month earlier, missing forecasts for a 0.8% decline.

In the UK, the consumer price index (CPI) may have risen 1.7% year-on-year in April following a 1.6% increase the month before, according to the consensus estimate.

Forecasts from the Monetary Policy Committee point to CPI at 1.9% at the start of 2017, edging closer towards the Bank of England's target of just under 2%.

Russia prepares to retaliate on sanctions

Russian Prime Minister Dmitry Medvedev said he has prepared a raft of retaliatory steps in response to potentially wider sanctions imposed by the US and the European Union.

Medvedev told Bloomberg Russia is being pulled into a new Cold War with the US and its allies over the turmoil in Ukraine.

"We haven't especially commented on" sanctions "or responded to them harshly, although we could do something unpleasant or offensive to those countries that are introducing these sanctions," he said.

Vodafone, M&S slide on finals

Vodafone slumped after saying it forecasts earnings before interest, tax, depreciation and amortisation (EBITDA) to fall in the year ended March 2015.

Marks and Spencer retreated after reporting a 3.9% fall in annual pre-tax profit to £623m, reflecting a drop in sales at the struggling general merchandise division.

United Internet, a German online-access and domain provider, gained after first-quarter sales rose to beat analysts' estimates.

Sonova advanced as the maker of hearing aids proposed a dividend of 1.90 francs which exceeded expectations.

The euro fell 0.08% to $1.3698.

Brent crude futures rose $0.128 to $109.510 per barrel, according to the ICE.


US Market Report
US close: Stocks gain, comments from Fed officials in focus
- Fed: Fisher sees rate rise soon
- Fed: Williams sees adverse impact from super-easy policy
- Pfizer offer rejected by AstraZeneca
- AT&T to buy DirecTV

Dow Jones: 0.13%
Nasdaq: 0.87%
S&P 500: 0.38%

US stocks closed moderately higher on Monday, shrugging off a subdued start, as investors focused on comments from two policymakers.

The Dow Jones Industrial Average finished 0.1% higher, the S&P 500 rose 0.4% while tech-heavy Nasdaq jumped 0.9%, helped by decent gains in the internet sector.

"Without much macro data to guide them traders have been understandably cautious, but […] indices are showing increased resilience, boosting the probability that we will retest last week's highs," said Chris Beauchamp, Market Analyst at IG.

Comments from Richard Fisher, President of the Federal Reserve Bank of Dallas and voting member of the Federal Open Market Committee, were making headlines today after he said he sees a rise in interest rates "in the next year or so". He said: "We are basically moving toward normalisation."

Meanwhile, San Francisco Fed President John Williams warned that the Fed's ultra-loose monetary policy could have adverse consequences over time. He said that if interest rates remain low for too long, it would push asset prices too high or prompt investors to become too risky.

The comments come ahead of the release of the minutes of the latest Fed meeting on Wednesday. Fed Chair Janet Yellen said last week the US economy has further to go in its recovery and said small businesses would be key in nursing the country back to health.

Markets had opened in the red, tracking European markets lower, after a report on the Chinese real estate sector revealed property prices dropped last month. According to the National Bureau of Statistics, eight of the country's cities saw a monthly decline in the average commercial house price, compared to the four which saw a fall in March.

In other world news, Russia's President Vladimir Putin has ordered the withdrawal of troops near the Ukraine border, the Kremlin said. Units in the Rostov, Belgorod and Bryansk regions should return to their permanent bases, according to a statement.

Pfizer, AT&T in M&A spotlight

Shares in Pfizer edged higher after AstraZeneca rejected a sweetened offer from the US pharmaceutical group, which valued it at £69bn. Pfizer said this was a "final proposal" and would not be increasing it any further. It said it would not pursue a hostile offer and would only announce another offer with the recommendation of AstraZeneca's board.

AT&T finished slightly lower after unveiling plans to buy pay-TV group DirecTV for $48.5bn. The cash-and-stock bid, equal to $95 a share, is a 10% premium to DirecTV's closing price last Friday. Including debt, the deal values it at $67.1bn.

Internet stocks gave markets a lift during Monday's session with Pandora MediaTripAdvisor andNetflix all rising strongly.


Newspaper Round Up
Tuesday newspaper round-up: Households, Prices, AstraZeneca
British households are willing to splash out a little bit extra on luxuries as confidence in people's finances and the state of the economy continues to rise. Consumer confidence is at its highest level since Lloyds started charting it in its Spending Power Report in November 2010. Confidence in April hit 138 points, a rise of 29 points from this time last year. Confidence rose thanks to reduced pressure on household budgets as the cost of several essential items fell. – Daily Mail

Prices are rising faster than wages again, official figures could show on Tuesday, days after Mark Carney, the Bank of England governor, said that the cost of living crisis was over. Inflation on the CPI measure was 1.8% in April, the Office for National Statistics is expected to report, according to forecasts from City economists. That figure, an increase on the March reading, would temper hopes that a long period of wages falling in real terms is over. – The Daily Telegraph

Pfizer is refusing to throw in the towel over a takeover bid for AstraZeneca, and is now counting on shareholder pressure to force the board of the Anglo-Swedish company to the negotiating table. Sources close to the American drug giant said it would leave its £69bn offer - or £55 per share - for AstraZeneca, which technically runs out of time next Monday, in place to test investor reaction. "Pfizer put the £55 out there to see if they could get engagement or any progression because AstraZeneca have been focused on independence," said one source. – The Daily Telegraph

The 'big 10' global food and drink companies together emit more greenhouse gases than Scandinavia and would rank as the 25th most polluting country in the world if grouped together, the international charity and agency Oxfam claims in a new report on Tuesday. In a highly critical overview of their climate change policies, it warns the companies – which represent the world's most famous household brands – that they are risking financial ruin if they do not do more to use their clout and size to tackle the climate crisis. – The Guardian

About £40bn of tax is being illegally evaded every year by companies in Britain, four times the official estimate, according to new research. The study into Britain's shadow economy, published by Tax Research UK, Tax Justice Network and the Association for Accountancy and Business Affairs (AABA), found that £100bn of sales by companies were not reported in 2012. The paper claimed that £40bn of VAT, income tax, national insurance and corporation tax went unpaid. – The Times

Standard Chartered has stepped outside the banking sector for its new finance director, luring Andy Halford, Vodafone's former beancounter in chief, with a £2.8m "golden hello". Mr Halford will join Standard Chartered in June 16th after leaving the British telecoms giant in March. Mr Halford, who is also a non-executive director at Marks & Spencer, is being handed up to £2.8m in shares to replace the bonus scheme he had been awarded at Vodafone but was required to forfeit upon taking a new job.- The Times
 

May 7, 2014

ADVFN Morning Euro Markets Bulletin -May 7, 2014-.


ADVFN Morning Euro Markets Bulletin
Daily world financial newsWednesday, 07 May 2014

London Market Report
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London open: Ukraine concerns dampen stocks early on
- L&G, G4S, Sainsbury and ITV lead risers
- WM Morrison, ex-div stock provide a drag
- Ukraine tensions continue to rise
- Markets nervous ahead of Yellen speech

techMARK 2,784.08 -0.29%
FTSE 100 6,774.00 -0.36%
FTSE 250 15,870.07 -0.43%

Ongoing tensions in Ukraine and a host of mixed corporate earnings sent UK markets lower on Wednesday.

The FTSE 100, which hit a two-month high of 6,822.42 on Friday, was in negative territory for a second straight day, trading down 0.3% at 6,779 early on.

As fighting continues across cities in eastern Ukraine, pro-Russian separatists in the region of Donbass said they will hold a referendum on secession on Sunday May 11th. The US Secretary of State has warned that any such attempt would be bogus and further sanctions would be applied on Russia if it went ahead.

A top ranking official at the OSCE has called for a cease-fire in Ukraine so that "fair and inclusive" elections can be held on May 25th.

Jonathan Sudaria, a dealer from Capital Spreads, said that investors were "tak[ing] more money off the table […] as the state of affairs in Ukraine begins to deteriorate more rapidly".

"It has been a terrible week for violence and discussions in Eastern Europe. The country looks increasingly like it is heading for civil war – thus the change in outlook among investors is understandable," he said.

Meanwhile, markets were also showing caution ahead of a speech by Federal Reserve Chair Janet Yellenlater this afternoon as she testifies before the Joint Economic Committee of the US Congress.

For now at least markets have generally come to believe that the US central bank is in no hurry to initiate rate hikes. However, given the debate about how inflation will act as the labour market continues to recover, her words are likely to be watched very closely.

L&G, G4S, Sainsbury and ITV lead risers

A bullish Legal & General posted record first-quarter results, with cash flowing strongly and assets under management (AuM) at an all-time high. Thanks to net flows of £3.8bn in the quarter, AuM at Legal & General Investment Management rose 5% year-on-year to £463bn, pushing shares higher early on.

Security group G4S was higher after saying trading for the year-to-date has been in line with its expectations, with 4.8% revenue growth in the first three months of the year.

Supermarket chain J Sainsbury delivered annual results ahead of expectations this morning, with underlying pre-tax profit rising 5.3% to £798m, compared with forecast for £782m.

Broadcaster ITV gained after saying it has acquired an 80% controlling interest in Leftfield Entertainment Group, making ITV Studios US Group the largest unscripted independent producer in the US.

Also in demand was industrial engineering firm Meggitt after being awarded a contract by JGC Corporation for the supply of printed circuit heat exchangers for an LNG plant offshore Malaysia.

Imperial Tobacco, the company behind brands such as Golden Virgina and Lambert & Butlers, edged higher as it lifted its interim dividend by a tenth despite first-half results being hit by inventory reductions.

Vodafone pleased the market after renewing its strategic global alliance partnership with French telecoms peer SFR for a further four years.

Ex-div Morrisons tops fallers list

A number of stocks were trading lower after going ex-dividend today, including WM MorrisonBPUnilever,RexamBunzlCSRJD SportsHenderson and Rightmove.

Experian disappointed with its outlook statement as it said it faces "a number of one-off headwinds" that will constrain growth in the first half. This comes after the credit checking company recorded organic revenue growth of 5% in the year ended March 31st.

Construction materials group CRH also underwhelmed after saying that the improving trends in its European markets during the second half of last year continued in 2014.

Engine maker Rolls-Royce fell as it sold its energy gas turbine and compressor business to German engineering group Siemens for £785m.


FTSE 100 - Risers
Legal & General Group (LGEN) 219.30p +2.72%
Sainsbury (J) (SBRY) 339.50p +1.83%
ITV (ITV) 188.80p +1.56%
easyJet (EZJ) 1,692.00p +1.50%
Meggitt (MGGT) 486.70p +1.19%
InterContinental Hotels Group (IHG) 2,211.00p +1.19%
G4S (GFS) 243.00p +1.12%
Compass Group (CPG) 957.00p +0.79%
Centrica (CNA) 326.60p +0.74%
Royal Bank of Scotland Group (RBS) 327.60p +0.74%

FTSE 100 - FallersExperian (EXPN) 1,077.00p -5.03%
Morrison (Wm) Supermarkets (MRW) 194.90p -3.51%
CRH (CRH) 1,693.00p -2.70%
Rexam (REX) 486.40p -2.31%
Barclays (BARC) 240.40p -1.88%
Antofagasta (ANTO) 771.00p -1.60%
Persimmon (PSN) 1,356.00p -1.60%
BHP Billiton (BLT) 1,885.00p -1.41%
HSBC Holdings (HSBA) 596.30p -1.29%
Bunzl (BNZL) 1,644.00p -1.26%

FTSE 250 - RisersPerform Group (PER) 234.30p +4.41%
Xaar (XAR) 777.00p +3.12%
Hikma Pharmaceuticals (HIK) 1,621.00p +2.14%
NMC Health (NMC) 456.00p +1.33%
Savills (SVS) 618.50p +1.14%
Afren (AFR) 160.40p +0.88%
Marston's (MARS) 148.80p +0.88%
Keller Group (KLR) 998.00p +0.86%
Grafton Group Units (GFTU) 600.00p +0.84%
Elementis (ELM) 283.20p +0.82%

FTSE 250 - FallersHenderson Group (HGG) 236.30p -4.02%
Partnership Assurance Group (PA.) 129.70p -3.35%
CSR (CSR) 546.50p -2.93%
Fidessa Group (FDSA) 2,279.00p -2.81%
Barr (A.G.) (BAG) 612.50p -2.78%
Imagination Technologies Group (IMG) 195.10p -2.11%
Grainger (GRI) 219.90p -2.05%
Intu Properties (INTU) 290.30p -1.89%
Countrywide (CWD) 584.00p -1.85%

UK Event Calendar
INTERIMS
GW Pharmaceuticals, Imperial Tobacco Group, Numis Corporation, Sampo OYJ

INTERIM EX-DIVIDEND DATE
AB Dynamics, James Halstead, Lok'n Store Group, Smart (J) & Co., Spirit Pub Company, Utilitywise

QUARTERLY EX-DIVIDEND DATE
Boeing Co, BP, IBM Corp., Unilever

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Crude Oil Inventories (US) (15:30)
Factory Orders (GER) (11:00)
MBA Mortgage Applications (US) (12:00)
PMI Construction (GER) (08:30)
PMI Retail (EU) (09:10)
PMI Retail (GER) (09:10)
Productivity (US) (13:30)

Q2
GW Pharmaceuticals

FINALS
Experian, Sainsbury (J), Vertu Motors

IMSS
Carillion, CRH, esure Group, G4S, HSBC Holdings, Inmarsat, Legal & General Group, Standard Chartered

AGMS
BAE Systems, BBA Aviation, Carillion, Costain Group, CRH, Dairy Farm International Holdings Ltd. (Singapore), Deltex Medical Group, Essenden, GlaxoSmithKline, Gresham Computing, Hongkong Land Holding Ltd. (Sing.Reg), Hygea VCT, IFG Group, Inmarsat, JPMorgan American Inv Trust, Ladbrokes, Mandarin Oriental International (Singapore), Meggitt, Mercom Oil Sands, Mithras Inv Trust, Mobeus Income & Growth Vct, Norsk Hydro ASA, Ocado Group, Polar Capital Global Financials Trust, Reckitt Benckiser Group, Rightmove

TRADING ANNOUNCEMENTS
Accsys Technologies

UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
New Car Registrations (09:30)

FINAL DIVIDEND PAYMENT DATE
Countrywide, FBD Holdings, Hellermanntyton Group, Schroders, Smith & Nephew, Synectics, Telefonica SA

FINAL EX-DIVIDEND DATE
Action Hotels, Barr (A.G.), BBGI SICAV S.A. (DI), Blackstar Group SE (DI), British Smaller Companies VCT 2, Bunzl, Cape, CSR, Derwent London, Dunedin Income Growth Inv Trust, EP Global Opportunities Trust, Goals Soccer Centres, Good Energy Group, H&T Group, Henderson Group, IFG Group, IS Solutions, JD Sports Fashion, Macfarlane Group, Maven Income & Growth 3 VCT, Maven Income & Growth 4 VCT, Maven Income and Growth VCT 5, Morrison (Wm) Supermarkets, North American Income Trust (The), Ocean Wilsons Holdings Ltd., Partnership Assurance Group , Pfizer Inc., Rexam, Rightmove, SimiGon Ltd. (DI), Ted Baker

Q1
Endeavor International Corp., Inmarsat, Sampo OYJ


Europe Market Report
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FTSE 100EuronextDax perfCAC 40
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Europe open: Investors keep tabs on Ukraine ahead of Yellen
- Pro-Russian separatists in Ukraine call for independence vote
- Weak German and Chinese data
- Euro steady at 1.3930

FTSE 100: -0.35%
Dax 30: -0.65%
Cac 50: -0.78%
FTSE Mibtel 30: -0.55%
Ibex 35: 0.04%
Stoxx 600: -0.25%

European stocks have begun the session moving lower following an overnight spill on Wall Street and figures out in China which showed a slowing in the country´s services sector.

Further weighing on sentiment, the top ranking official at the OSCE called for a cease-fire in Ukraine so that "fair and inclusive" elections can be held on May 25th. That came as pro-Russian separatists in the eastern Ukrainian region of Donbass said they will hold a referendum on secession on Sunday May 11th.

The US Secretary of State has warned that any such attempt would be "bogus" and further sanctions would be applied on Russia if it went ahead.

Traders were also expectant ahead of testimony this afternoon from US Federal Reserve Chair Janet Yellen. That "may induce some profit taking if she proves less dovish than markets expect," Unicredit warned.

Nonetheless, the broker expects the single currency to continue to advance. "But the 1.3870 support area appears quite solid and new 2014 highs above 1.3967 remain in the offing. Medium-term, we continue to like the euro", Unicredit added.

Firms count the costs of the situation in Ukraine

Danish brewer Carlsberg registered a first-quarter net loss and cut its full-year guidance on the back of the weak Russian rouble and ongoing uncertainty in Russia and Ukraine.

Société Générale also notified shareholders on Wednesday of the negative impact which the situation in Russia would have on its first-quarter net profits.

From a sector standpoint the worst performing industrial groups on the DJ Stoxx 600 were: Construction (-1.44%), Financial services (-1.07%) and basic resources (-0.77%).

German factory orders dropped by 2.8% month-on-month in March.

Euro steady at 1.3930

Front month Brent crude futures were 0.261% higher at $107.34/barrel on the ICE.

The single currency was holding steady at 1.3930 versus the US dollar.

US Market Report
US close: Ukraine, OECD, tech stocks weigh indices down
- Tech stocks weigh indices down
- Trade deficit falls 3.6 per cent in March
- OECD reduces global forecast
- Ukraine developments give cause for concern

Twitter, AIG and Netflix all helped drag US stocks markets for the third time in four sessions.

Also weighing on sentiment was data that indicated the country's economy likely contracted in the first quarter - the first time in three years. As such, the figures is now being predicted to come in at a contraction of between 0.2% and 0.4%.

The Dow Jones declined 129.53 points, or 0.78%, the Nasdaq fell 57.30, equal to 1.39%, while the S&P 500 dropped 0.9% lower to settle at 1,867.72.

Investors were also likely thinking ahead to US Federal Reserve Chair Janet Yellen's latest testimony before the Joint Economic Committee of the US Congress, amid considerable debate regarding the likely behaviour of inflation as the labor market continues to recover.

Acting as a back drop were the latest developments in Eastern Europe, with deaths reported on both sides amid heavy fighting along the eastern border as Kiev continues its so-called 'anti-terrorist' operations.

Today Russia's Foreign Minister, Sergei Lavrov, said he won't conduct further talks in Geneva unless pro-Russian opposition groups are also present, saying otherwise "we would just go round in circles".

Speaking after a Council of Europe meeting, he said: "If Russia is ready to commit itself to support these elections and to eliminate this threat and eliminate its support for the extremist elements in Ukraine, we are ready to have such a round of meetings."

That was as Germany advised its citizens in east and south Ukraine to leave as it believes the country is just a "few steps" away from "military confrontation", according to the Telegraph.

Meanwhile, the OECD further dampened sentiment by cutting its forecast for global economic growth this year to 3.4% from 3.6%.

In economic data today, the US trade deficit shrank by 3.6% to $40.4bn in March, more or less in line with forecasts, while the previous month's balance was revised lower.

March's reduction was helped by a 2.2% rise in exports over the month, the biggest increase since June 2013, while imports rose by a lesser 1.7%.

Twitter slides almost 18% on release of insider shares

On the corporate front, Twitter slumped nearly 18% following the release of around 480m shares from insiders, quadrupling the total number available to trading.

AIG was lower after reporting that net income dropped to $1.6bn in the first quarter, from $2.2bn the year before. While the company beat forecasts, analysts showed concerns with weaker-than-expected earnings from property and casualty insurance.

Bloomberg said the selling of the likes of Netflix and Facebook came as investors resumed their trading in of the bull market's best performers.

After the close Whole Foods Markets was a notable faller after reducing its outlook for both turnover and profit.

Groupon also declined having posted a bigger loss than the market was anticipating.


S&P 500 - Risers
Eog Resources Inc. (EOG) $103.63 +4.41%
Anadarko Petroleum Corp. (APC) $102.73 +3.26%
DIRECTV (DTV) $81.73 +2.37%
Moody's Corp. (MCO) $81.32 +1.98%
Bristol-Myers Squibb (BMY) $50.93 +1.80%
Denbury Resources Inc. (DNR) $17.31 +1.58%
Garmin Ltd. (GRMN) $58.36 +1.53%
NRG Energy Inc. (NRG) $34.23 +1.42%
QEP Resources Inc (QEP) $30.47 +1.36%
SLM Corp. (SLM) $8.90 +1.19%

S&P 500 - Fallers
Netflix Inc. (NFLX) $326.19 -5.28%
Sears Holdings Corp. (SHLD) $40.58 -4.90%
Facebook Inc. (FB) $58.53 -4.39%
Wynn Resorts Ltd. (WYNN) $207.55 -4.20%
American International Group Inc. (AIG) $50.54 -4.14%
Amazon.Com Inc. (AMZN) $297.38 -4.09%
TripAdvisor Inc. (TRIP) $81.37 -3.94%
Discovery Communications Inc. Class A (DISCA) $74.71 -3.93%
E TRADE Financial Corp. (ETFC) $21.57 -3.92%
Target Corp. (TGT) $57.64 -3.72%

Dow Jones I.A - Risers
Verizon Communications Inc. (VZ) $47.47 +0.17%
Intel Corp. (INTC) $26.20 +0.11%
Unitedhealth Group Inc. (UNH) $75.26 +0.04%

Dow Jones I.A - Fallers

Merck & Co. Inc. (MRK) $57.11 -2.59%
Pfizer Inc. (PFE) $29.43 -1.77%
JP Morgan Chase & Co. (JPM) $53.34 -1.62%
Home Depot Inc. (HD) $77.42 -1.61%
General Electric Co. (GE) $26.19 -1.47%
Nike Inc. (NKE) $72.25 -1.42%
American Express Co. (AXP) $86.20 -1.33%
Goldman Sachs Group Inc. (GS) $154.54 -1.16%
Cisco Systems Inc. (CSCO) $22.72 -1.05%
3M Co. (MMM) $139.29 -0.94%

Nasdaq 100 - Risers
Avago Technologies Ltd. (AVGO) $67.34 +4.81%
DIRECTV (DTV) $81.73 +2.37%
Keurig Green Mountain Inc (GMCR) $95.32 +1.73%
Garmin Ltd. (GRMN) $58.36 +1.53%
Vimpelcom Ltd Ads (VIP) $8.13 +0.87%
Vodafone Group Plc ADS (VOD) $37.96 +0.77%
Western Digital Corp. (WDC) $84.41 +0.61%
Staples Inc. (SPLS) $12.62 +0.56%
Express Scripts Holding Co (ESRX) $67.00 +0.25%
Check Point Software Technologies Ltd. (CHKP) $63.78 +0.16%

Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $326.19 -5.28%
Facebook Inc. (FB) $58.53 -4.39%
Tesla Motors Inc (TSLA) $207.28 -4.31%
Wynn Resorts Ltd. (WYNN) $207.55 -4.20%
Amazon.Com Inc. (AMZN) $297.38 -4.09%
TripAdvisor Inc. (TRIP) $81.37 -3.94%
Discovery Communications Inc. Class A (DISCA) $74.71 -3.93%
Adobe Systems Inc. (ADBE) $59.44 -3.26%
Akamai Technologies Inc. (AKAM) $52.40 -3.20%
Mylan Inc. (MYL) $48.48 -2.83%


Newspaper Round Up
Wednesday newspaper round-up: AstraZeneca, Britain, Carphone Warehouse
Vince Cable said he would not "rule out intervention" in Pfizer's 63bn pound bid for Astra Zeneca as he warned that the "future of the UK is a knowledge economy not a tax haven". The Business Secretary told the House of Commons that just as both AstraZeneca and Pfizer were "motivated by hard-headed commercial considerations" the government would be "motivated by hard-headed considerations of the national interest." -The Daily Telegraph

AstraZeneca suggested that it had 10 new medicines in its development pipeline with the potential to generate more than $1bn of annual revenue each. Such bullish figures imply that the City has been spectacularly undervaluing AstraZeneca's potential. Industry followers are far from convinced. In a research note, Jefferies described the figures as "overly optimistic and an obvious bid-defence tactic". Savvas Neophytou of Panmure Gordon said: "The management has some convincing to do as most analysts remain sceptical on the achievability of these targets." - The Times

Carphone Warehouse and Dixons Retail are on the cusp of agreeing a near £4bn in merger to create a powerful UK retailer with 1,300 stores. A statement on the tie-up is expected around May 15th, when Dixons is due to publish a full-year trading update. Based on last night's closing prices, Carphone Warehouse has a market capitalisation of £1.9bn and Dixons Retail £1.8bn, implying the value of a combined group would be £3.7bn. - The Daily Telegraph

The Organisation for Economic Co-operation and Development has raised Britain's growth forecast to a hefty 3.2% this year, but warned that soaring house prices were one of the biggest risks that could blow the recovery off course. The think-tank said UK growth was likely to remain strong thanks to business investment and private consumption. "As a result, the unemployment rate is set to fall further and wage growth to pick up," it said. But it also said more needed to be done to temper growing house prices, suggesting one option could be to scale back the government's Help to Buy scheme, which provides guarantees for higher-risk mortgages in an attempt to help first-time buyers get onto the ladder. - The Daily Mail

Royal Mail is running the risk of alienating its Chairman after it headed off a potential clash with the government by ruling out a pay rise for its Chief Executive, Moya Greene. Less than 24 hours after The Timesrevealed that any rise in Ms Greene's £1.2m package would put it at odds with Vince Cable, the business secretary, Royal Mail abandoned any idea of increasing her base pay or her performance-related bonus for this financial year. - The Times

The Chinese internet giant Alibaba is set to float in what is expected to be one of the largest technology debuts in American stock market history. In a filing to the Securities and Exchange Commission after Wall Street had closed last night, the ecommerce and payments company, which covers almost 80% of all online business conducted in China, the world's second-largest economy, said that it wanted to raise $1bn. That figure is expected to jump dramatically once Alibaba has gauged interest from investors. - The Times

May 6, 2014

ADVFN Morning Euro Markets Bulletin -May 06, 2014-.


ADVFN Morning Euro Markets Bulletin
Daily world financial newsTuesday, 06 May 2014

London Market Report
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FTSE 100EuronextDax perfCAC 40
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London open: FTSE 100 retreats as Barclays and Aberdeen fall
- Barclays, Aberdeen and Balfour Beatty provide a drag
- Ukraine tensions cap risk appetite
- FTSE 100 pulls back from two-month high

techMARK 2,800.50 +0.22%
FTSE 100 6,810.43 -0.18%
FTSE 250 15,950.66 +0.12%

UK markets opened slightly lower on Tuesday morning as traders adopted a cautious approach after stocks hit a two-month high the previous session.

Barclays was among the worst performers after reporting a fall in first-quarter profits, Aberdeen dropped as seeing assets shrink in its first half, while Balfour Beatty saw shares plummet after a profit warning.

The FTSE 100, which was closed on Monday for a public holiday, was down 0.2% at 6,810 in early trading today after having closed at 6,822.42 on Friday, its highest finish since March 4th.

Heightened tensions in Ukraine were also keeping risk appetite in check today after an army helicopters was shot down yesterday by pro-Russian activists near the city of Sloviansk. Deaths have been reported on both sides amid heavy fighting along the eastern border as Kiev continues its so-called 'anti-terrorist' operations.

Jonathan Sudaria, a dealer at Capital Spreads said that markets are "struggling for direction at the moment".

"The situation in Ukraine looks set to be something that will continue to influence financial markets for a considerable amount of time, and markets will struggle to push much higher until investors can see a real improvement in the situation over in Eastern Europe," he said.

Barclays, Aberdeen, Balfour Beatty

Barclays was a heavy faller, blaming a weak performance in its investment banking arm for a 5% decline in quarterly adjusted pre-tax profit to £1.7bn in the first quarter, although it said its retail and credit card operations did well.

Banking peers Lloyds and RBS, which both beat market forecasts last week with their quarterly results, were also trading in the red this morning.

Aberdeen Asset Management was lower after suffering net outflows of £8.8bn in a "demanding" six months to end-March. Assets under management fell 5% to £190.4bn.

Meanwhile, infrastructure services group Balfour Beatty sank sharply after saying "significant operational issues" meant pre-tax profits in 2014 were likely to come in between £145m-£160m, significantly lower than it forecast in March. It also said Chief Executive Andrew McNaughton had quit and would be replaced temporarily by Chairman Steve Marshall.

Housing stocks were among the best performers of the morning with PersimmonBarratt Developments,Travis Perkins and Bellway all making gains.

Estate agent chain Countrywide rose after saying momentum in the later stages of 2013 continued into the first quarter of this year as the recovery in the residential property market continues.


FTSE 100 - RisersPersimmon (PSN) 1,379.00p +3.92%
Melrose Industries (MRO) 292.00p +2.28%
Morrison (Wm) Supermarkets (MRW) 199.00p +1.43%
Aviva (AV.) 530.50p +1.43%
Vodafone Group (VOD) 226.00p +1.39%
Pearson (PSON) 1,109.00p +1.37%
Babcock International Group (BAB) 1,224.00p +1.32%
Johnson Matthey (JMAT) 3,351.00p +1.30%
CRH (CRH) 1,747.00p +1.22%
United Utilities Group (UU.) 803.00p +1.13%

FTSE 100 - FallersAberdeen Asset Management (ADN) 426.10p -4.44%
Barclays (BARC) 248.40p -3.91%
Anglo American (AAL) 1,535.00p -1.92%
Coca-Cola HBC AG (CDI) (CCH) 1,452.00p -1.89%
AstraZeneca (AZN) 4,721.50p -1.80%
Rio Tinto (RIO) 3,190.50p -1.74%
BHP Billiton (BLT) 1,900.50p -1.58%
Fresnillo (FRES) 819.00p -1.56%
Centrica (CNA) 323.80p -1.52%
Glencore Xstrata (GLEN) 316.05p -1.00%

FTSE 250 - RisersRentokil Initial (RTO) 126.50p +4.29%
Perform Group (PER) 227.10p +4.17%
Pace (PIC) 349.90p +3.83%
Countrywide (CWD) 608.00p +3.05%
Grafton Group Units (GFTU) 610.00p +2.87%
ITE Group (ITE) 230.40p +2.49%
Howden Joinery Group (HWDN) 345.80p +2.31%
AL Noor Hospitals Group (ANH) 1,021.00p +2.10%
Supergroup (SGP) 1,435.00p +1.99%
Go-Ahead Group (GOG) 2,035.00p +1.85%

FTSE 250 - FallersBalfour Beatty (BBY) 231.10p -19.14%
Polymetal International (POLY) 547.00p -2.67%
Croda International (CRDA) 2,510.00p -2.14%
Carillion (CLLN) 366.50p -2.01%
African Barrick Gold (ABG) 236.50p -1.87%
Brown (N.) Group (BWNG) 457.20p -1.68%
Lonmin (LMI) 288.00p -1.57%
Dunelm Group (DNLM) 936.00p -1.47%
St. Modwen Properties (SMP) 358.90p -1.46%

UK Event Calendar
INTERIMS
Aberdeen Asset Management

INTERIM DIVIDEND PAYMENT DATE
Photo-Me International, Thorpe (F.W.)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Retail Sales (EU) (10:00)

FINALS
Blinkx, JZ Capital Partners Ltd

IMSS
Countrywide, Countrywide, Glencore Xstrata

EGMS
EW Group Ltd, Itacare Capital Investments Ltd. (DI)

AGMS
4Imprint Group, Macfarlane Group, Randgold Resources Ltd., Salamander Energy, Sherborne Investors (Guernsey) 'B' (Reg S), Stratex International

UK ECONOMIC ANNOUNCEMENTS
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)

FINAL DIVIDEND PAYMENT DATE
DP World Limited, First Quantum Minerals Ltd., JPMorgan US Smaller Co. Inv Tst


Europe Market Report
To view the charts please add newsdesk@advfn.com to your contact list
FTSE 100EuronextDax perfCAC 40
Enable images to view FTSE 100 chartEnable images to view Euronext chartEnable images to view Dax perf chartEnable images to view CAC 40 chart
Europe open: Single currency moves atop 1.39
- Traders keeping a wary eye on Ukraine situation
- Eurozone services PMI ahead of forecasts
- Single currency clambers atop 1.39

FTSE-100: -0.17%
Dax-30: 0.10%
Cac-40: 0.14%
FTSE Mibtel 30: 0.35%
Ibex 35: 0.52%
Stoxx 600: 0.14%

European stocks began the Tuesday session moving higher, buoyed by a positive end to trading on Wall Street.

Nevertheless, traders were keeping a wary on events in Ukraine, with government troops having experienced four deaths as they moved deeper into the pro-Russian holdout of Slovyansk.

The Markit Eurozone services sector purchasing managers' index for the month of April printed at 53.1, as expected. However, the readings for France, Italy and Spain all exceeded economists' forecasts.

Spanish unemployment surprised sharply on the downside in April, plummeting by 111,600.

All of the above came ahead of this next Thursday's policy meeting at the European Central Bank, with the single currency having moved up towards the 1.3915 mark this morning.

Chinese services PMI data over the weekend printed below analysts' forecasts. Even so, three-month copper futures on the LME closed up by 1.11% at $6,719 per metric tonne on Monday.

BMW re-affirms ambitious goals for 2014

German luxury car maker BMW reiterated what market commentary described as its ambitious 2014 goals. First quarter operating profit increased 2.6%, as expected.

First quarter earnings figures at German sportswear maker Adidas came in below forecasts, but the firm expected improved trading over the coming three months.

From a sector standpoint the largest gains were to be seen in Telecommunications (0.66%) and Real Estate (0.52%).

Single currency clambers atop 1.39

The euro/dollar was 0.28% higher at 1.3915.

Front-month Brent crude futures were advancing 0.139% to the $107.68/barrel mark on the ICE.


US Market Report
US close: Stocks end day in the blue despite Ukraine
- Equity benchmarks finish in the blue
- Better than expected reading on services activity
- Financials lower after JP Morgan warns on quarterly revenues

Dow Jones: 0.11%
Nasdaq: 0.34%
S&P 500: 0.21%

The main market averages managed to overcome initial jitters set off by selling overseas on the back of the rising tensions in Ukraine to finish the day slightly in the blue.

Helping sentiment along was a stronger-than expected reading on the US services sector for the month of April out shortly after the open.

However, so-called 'market breadth' as measured by the advance/decline ratios for the NYSE and Nasdaq, was negative.

JP Morgan weighs on financials

Financials took a hit after heavyweight JP Morgan Chase & Co announced that it expected revenue from fixed income and equities trading to drop by 20% during the current quarter, duly sending its shares lower by 2.5%.

The best performing sectors on the broader market were: Biotechnology (1.8%), Platinum&Precious metals (1.48%) and Aerospace (1.4%).

Service sector humming along

The ISM's service sector activity gauge edged higher to a reading of 55.2 points for the month of April, from 53.1 in the month before (consensus: 54), led by large increases in the sub-indexs for production and new orders.

"The prices paid index also ticked higher to 60.8, which is its highest reading since 2012; while this index can be volatile, it would be in line with our view that inflation will pick up modestly through the second half of the year," Barclays Research pointed out.

Moves in other asset classes limited

10-year US Treasury bond yields were up by two basis points at 2.61% after the data.

Meanwhile, front month West Texas crude futures were 0.06% lower at $99.42/barrel on NYMEX.

S&P 500 - Risers
PerkinElmer Inc. (PKI) $43.95 +3.56%
Vertex Pharmaceuticals Inc. (VRTX) $68.41 +3.07%
Actavis plc (ACT) $207.90 +2.75%
Sysco Corp. (SYY) $37.19 +2.71%
TripAdvisor Inc. (TRIP) $84.71 +2.55%
Crown Castle International (CCI) $76.46 +2.53%
Monsanto Co. (MON) $114.85 +2.36%
Precision Castparts Corp. (PCP) $260.23 +2.32%
Salesforce.Com Inc. (CRM) $53.65 +2.31%
Eog Resources Inc. (EOG) $99.25 +2.26%

S&P 500 - Fallers
Tyson Foods Inc. (TSN) $38.44 -9.87%
GameStop Corp. (GME) $38.15 -4.43%
Target Corp. (TGT) $59.87 -3.45%
Diamond Offshore Drilling Inc. (DO) $51.60 -3.08%
Sears Holdings Corp. (SHLD) $42.67 -3.07%
Expedia Inc. (EXPE) $71.77 -2.84%
Whole Foods Market Inc. (WFM) $48.28 -2.76%
F5 Networks Inc. (FFIV) $103.83 -2.69%
Pfizer Inc. (PFE) $29.96 -2.57%
Clorox Co. (CLX) $87.31 -2.53%

Dow Jones I.A - Risers
Boeing Co. (BA) $131.96 +1.55%
Visa Inc. (V) $207.13 +1.33%
Walt Disney Co. (DIS) $81.22 +1.13%
Exxon Mobil Corp. (XOM) $102.91 +0.88%
E.I. du Pont de Nemours and Co. (DD) $67.39 +0.81%
Merck & Co. Inc. (MRK) $58.63 +0.70%
Johnson & Johnson (JNJ) $100.00 +0.69%
Verizon Communications Inc. (VZ) $47.39 +0.57%
Chevron Corp. (CVX) $125.36 +0.51%
American Express Co. (AXP) $87.36 +0.49%

Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $29.96 -2.57%
JP Morgan Chase & Co. (JPM) $54.22 -2.45%
Goldman Sachs Group Inc. (GS) $156.35 -1.59%
Intel Corp. (INTC) $26.17 -1.06%
Home Depot Inc. (HD) $78.69 -0.89%
Microsoft Corp. (MSFT) $39.43 -0.66%
Wal-Mart Stores Inc. (WMT) $78.62 -0.63%
Caterpillar Inc. (CAT) $104.52 -0.47%
Coca-Cola Co. (KO) $40.76 -0.46%
Travelers Company Inc. (TRV) $90.65 -0.38%

Nasdaq 100 - Risers
Liberty Global plc Series A (LBTYA) $42.70 +4.38%
Dish Network Corp. (DISH) $62.80 +4.30%
Vertex Pharmaceuticals Inc. (VRTX) $68.41 +3.07%
Tesla Motors Inc (TSLA) $216.61 +2.70%
TripAdvisor Inc. (TRIP) $84.71 +2.55%
Discovery Communications Inc. Class A (DISCA) $77.77 +2.17%
Regeneron Pharmaceuticals Inc. (REGN) $298.98 +1.84%
Sba Communications Corp. (SBAC) $96.52 +1.72%
Micron Technology Inc. (MU) $26.74 +1.63%
Apple Inc. (AAPL) $600.96 +1.60%

Nasdaq 100 - Fallers
Expedia Inc. (EXPE) $71.77 -2.84%
Whole Foods Market Inc. (WFM) $48.28 -2.76%
Activision Blizzard Inc. (ATVI) $19.42 -2.75%
F5 Networks Inc. (FFIV) $103.83 -2.69%
Vimpelcom Ltd Ads (VIP) $8.06 -2.66%
Wynn Resorts Ltd. (WYNN) $216.65 -2.27%
Autodesk Inc. (ADSK) $47.52 -1.86%
Adobe Systems Inc. (ADBE) $61.44 -1.84%
Fastenal Co. (FAST) $48.72 -1.62%
CA Inc. (CA) $29.66 -1.59%


Newspaper Round Up
Tuesday newspaper round-up: Ukraine, AstraZeneca, Bank of England
Heavy fighting erupted Monday around a pro-Russian separatist stronghold in eastern Ukraine, with dozens of casualties reported as the standoff between insurgents and the government entered a more dangerous phase. The fighting was the most sustained since acting President Oleksandr Turchynov first sent troops to eastern Ukraine about three weeks ago, in what he called an anti-terrorist operation. – The Wall Street Journal Europe

The heads of the two pharmaceuticals giants at the heart of a takeover row could be summoned to give evidence before MPs. The shadow business secretary, Chuka Umunna, wrote yesterday to the science and technology select committee urging it to invite the chief executives of Pfizer and AstraZeneca to appear before them. – The Times

The Bank of England looks set to leave interest rates on hold again this week, but a hike before the General Election is seen as increasingly likely. Governor Mark Carney last week said he is still 'comfortable' with rates at a record low of 0.5% – setting the scene for another 'no change' decision when the monetary policy committee votes on Thursday. But with the economy growing at its fastest pace for nearly seven years, and unemployment down from 7.9% to 6.9% in the past 12 months, pressure is mounting on the Bank to act. – The Daily Mail

According to figures from accountants BDO same-store sales on the High Street grew 2.7% in April compared with the same time last year. It said consumers, buoyed by supermarket discounts on everyday items such as milk and lower petrol prices, used the extra cash in their pockets to take a trip to the high street and splash out on "non-essentials". It said fashion sales at retailers including Next led the way, up 2.1% as warmer weather prompted shoppers to snap up summer clothes. – The Daily Express

According to the latest ICAEW/Grant Thornton UK Business Confidence Monitor small and medium sized businesses in the private sector will be looking for 450,000 new employees before the middle of 2015 as confidence in their future prospects surges to record levels. The report, covering the first quarter of the year, found that firms throughout the country felt more bullish about the economy than ever before with the property and construction sector leading the way. – The Daily Express

Britain's rapid growth rate will become "ingrained" and more balanced, the European Commission (EC) said on Monday, as two separate reports suggested the strong rate of expansion was likely to continue. The EC now expects the UK economy to grow by 2.7% in 2014, compared with a forecast of 2.5% three months ago. It also upgraded its forecast for 2015 growth to 2.5%, from a previous estimate of 2.4%. "Growth is expected to become firmly established... and its composition is expected to broaden," the EC said in its spring forecast on Monday. – The Daily Telegraph

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