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Showing posts with label ADVFN III Evening Euro Markets Bulletin; July 10. Show all posts
Showing posts with label ADVFN III Evening Euro Markets Bulletin; July 10. Show all posts

Jul 10, 2013

ADVFN III Evening Euro Markets Bulletin; July 10, 2013.


ADVFN III Evening Euro Markets Bulletin
Daily world financial news Wednesday, 10 July 2013

London Market Report
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Burberry jumps after 'standout' first quarter
Luxury fashion brand Burberry saw its share price jump on Wednesday after saying that it was pleased with its first-quarter retail performance as underlying revenues rose 18 per cent. Chief Executive Angela Ahrendts said that spring/summer 2013 was a ‘standout’ season.

Petrofac was in demand after Citigroup named the stock as one of its top picks in the European oil services sector. Similarly, supermarket peers Morrison and Tesco were higher after Exane BNP Paribas upgraded its ratings on both stocks. Sainsbury, which was left at ‘underperform’, was under the weather today.

Security solutions group G4S was in the red after Goldman Sachs maintained its ‘sell’ rating on the stock, saying that it sees downside risk to profit and margins.

Mining stocks were among the worst performers today on the back of disappointing trade figures from Asian powerhouse China. Fresnillo, Randgold and Glencore Xstrata were lower, while Vedanta was also trading in the red after going ex-dividend.

Also weighing on the sector was a research note from Goldman Sachs, which cut its prices target for a number of mining stocks, saying that negative earnings momentum and limited free cash flow continue to take the shine off the sector, as well as lower growth in China and weaker copper prices.

Nevertheless, quality testing firm Intertek was the biggest faller of the day, slumping after Jefferies cut its price target for the shares from 2,800p to 2,750p, keeping an ‘underperform’ recommendation. The broker labelled the stock one of its “least preferred” names in the UK business and employment services sector.


FTSE 100 - Risers
Burberry Group (BRBY) 1,508.00p +4.72%
Petrofac Ltd. (PFC) 1,300.00p +1.25%
Morrison (Wm) Supermarkets (MRW) 281.10p +1.12%
Tesco (TSCO) 347.20p +1.05%
BP (BP.) 468.60p +0.82%
Aviva (AV.) 368.00p +0.77%
Legal & General Group (LGEN) 186.90p +0.70%
Royal Dutch Shell 'B' (RDSB) 2,260.50p +0.60%
BAE Systems (BA.) 420.50p +0.57%
Reed Elsevier (REL) 792.00p +0.51%

FTSE 100 - Fallers
Intertek Group (ITRK) 3,004.00p -3.10%
Fresnillo (FRES) 924.00p -2.84%
Vedanta Resources (VED) 1,065.00p -2.65%
Randgold Resources Ltd. (RRS) 4,118.00p -2.25%
G4S (GFS) 224.80p -2.05%
British American Tobacco (BATS) 3,484.00p -1.94%
Imperial Tobacco Group (IMT) 2,295.00p -1.92%
International Consolidated Airlines Group SA (CDI) (IAG) 269.90p -1.89%
Glencore Xstrata (GLEN) 260.10p -1.57%
Rolls-Royce Holdings (RR.) 1,186.00p -1.50%

FTSE 250
Halfords, Countrywide, Bwin. party, Dechra

Halfords Group was at the top of the FTSE 250 leaderboard on Wednesday after the UK retailer of car maintenance, cycling and touring products reported a 8.8 per cent rise in revenue for the 13 weeks to June 28th.

Countrywide’s shares surged as Credit Suisse reiterated an ‘outperform’ rating on the stocks and raised its price target from 510p to 700p.

Bwin. party Digital Entertainment, however, retreated after the online gambling company said its revenue since April has been “softer than expected” due to lower margins in sports betting and competitive pressures in bingo.

Dechra Pharmaceuticals slumped after saying adverse weather and supply issues in the US affected trading in the third quarter.

FTSE 250 - Risers
Halfords Group (HFD) 349.00p +9.68%
Countrywide (CWD) 571.50p +3.91%
RPC Group (RPC) 409.00p +2.89%
Soco International (SIA) 362.50p +2.63%
Hikma Pharmaceuticals (HIK) 1,097.00p +2.24%
Rank Group (RNK) 166.00p +1.84%
Fidelity China Special Situations (FCSS) 87.70p +1.50%
Kentz Corporation Ltd. (KENZ) 406.60p +1.12%
Essar Energy (ESSR) 125.20p +0.97%
UBM (UBM) 674.00p +0.82%

FTSE 250 - Fallers
Bwin. party Digital Entertainment (BPTY) 120.10p -7.97%
Dechra Pharmaceuticals (DPH) 691.50p -7.24%
Hochschild Mining (HOC) 158.40p -6.82%
ICAP (IAP) 374.70p -6.33%
African Barrick Gold (ABG) 104.20p -4.93%
Polymetal International (POLY) 482.50p -4.64%
Crest Nicholson Holdings (CRST) 343.50p -4.58%
Spectris (SXS) 1,934.00p -4.54%
RPS Group (RPS) 221.00p -4.33%
Britvic (BVIC) 502.50p -4.29%


European Market Report
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Stocks decline on Chinese data
An unexpected fall in Chinese exports sent European stocks falling on Wednesday. Exports dropped 3.1% from a year ago following a 1.0% increase in May, due to weak global demand.

It fell short of expectations for a rise of just over 3.0% and signalled a downturn in the world’s second largest economy. Imports also declined 0.7% from a year earlier, compared with a 0.3% drop in May. It missed economists' median forecast of a 5.5% increase, pointing to slack demand in China's own economy.

Last month, Fed Chairman Ben Bernanke said the central bank may scale back its $85bn in monthly asset purchases later this year and end it all together in mid-2014 if the US economy improves as expected.

Minutes of the June meeting will be released at 14:00 New York time.

EU tightens belt on creditor loss rules
The European Union will introduce stricter rules on support for failing banks from August 1st. Banks will have to face losses before any government funds are given, under new guidelines which were published on Wednesday by the European Commission. Bailout-out lenders will also face pay cubs. They will have to apply a cap on total remuneration as long as they are under restructuring or relying on state support.

EU governments have provided €1.7trn of support to their banking systems since the 2008 collapse of Lehman Brothers Holdings, according to commission data.

G4S, Burberry, K+S AG, Gerresheimer

G4S's shares declined after Goldman Sachs reiterated its 'conviction sell' recommendation on the provider of security services. Burberry advanced after the luxury goods maker announced retail sales increased 18% to £339m in the three months ended in June. K+S AG retreated after UBS recommended a ‘sell’ rating for stocks of the potash maker.

Gerresheimer fell after the maker of medicine bottles, vials and syringes cut its forecast on its margin on earnings before interest, taxes, depreciation and amortisation.

Other asset classes rise

The euro/dollar edged up 0.30% to the 1.2819 dollar mark.
Brent crude futures climbed $0.268 to $108.100 per barrel on the ICE.


US Market Report
Crude futures continue to grind higher
The main US equity market averages are now trading in a mixed fashion following the release of a weaker than expected reading on US wholesale inventories which has led economists’ to pare their forecasts for second quarter economic growth.

The above comes despite what some market commentary is characterising as rather worrisome economic figures out of China overnight and ahead of tonight’s speech – after the close of markets - by the President of the US Federal Reserve and the release of the minutes of the Fed’s latest policy meeting, at 9PM.

Economists at Lloyds pointed out to clients this morning that "Bernanke looks set for another difficult balancing act, as he seeks to acknowledge the improvement in the economic data, while at the same time not spooking febrile bond markets unduly." Acting as a backdrop, investors continue to mull how far and how fast long-term government bond yields might rise.

Also worth mentioning, the FT’s Alphaville blog today calls attention to the phenomenon of backwardation now apparent between spot and future gold prices.

Meantime, and on the company front, the latest quarterly results out from industrial and construction supplies manufacturer Fastenal and Family Dollar Stores both came in ahead of expectations. Citigroup upgraded its view on shares of PC manufacturer Hewlett Packard to buy from sell.

Economists mark down projections

US wholesale inventories dropped by 0.5% month-on-month in May (Consensus: -0.3%) and the previous month's variation was marked down to show a contraction of 0.1%. Economists at Barclays Research have marked down their second quarter gross domestic product tracking estimate by four tenths of a percentage point to 0.6% as a result of the above figures.

Crude futures continue to grind higher

US 10 year Treasury yields are now rising by 2 basis points to 2.65%.

Front month West Texas crude futures are moving higher by 2.17% to the 105.83 dollar per barrel mark on the NYMEX. That comes on the back of a bullish weekly report on oil inventory statistics from the US Department of Energy. Commercial crude oil inventories decreased by 9m barrels from the previous week according to the DoE.

S&P 500 - Risers
Family Dollar Stores Inc. (FDO) $66.57 +4.10%
Applied Materials Inc. (AMAT) $16.29 +4.02%
Teradyne Inc. (TER) $18.09 +3.49%
Dollar General Corp (DG) $53.58 +3.44%
Whirlpool Corp. (WHR) $117.66 +2.95%
Lam Research Corp. (LRCX) $48.85 +2.84%
American Tower Corp (Reit) (AMT) $74.74 +2.58%
Cognizant Technology Solutions Corp. (CTSH) $68.25 +2.55%
Windstream Corp. (WIN) $8.15 +2.13%
Crown Castle International (CCI) $74.11 +1.95%

S&P 500 - Fallers
Best Buy Co. Inc. (BBY) $28.16 -5.30%
Nabors Industries Ltd. (NBR) $15.19 -5.06%
Tesoro Corp. (TSO) $51.11 -3.53%
TripAdvisor Inc. (TRIP) $60.79 -3.11%
Netflix Inc. (NFLX) $241.10 -2.54%
PNC Financial Services Group (PNC) $74.41 -2.43%
Fastenal Co. (FAST) $45.96 -2.42%
Comerica Inc. (CMA) $41.53 -2.37%
United States Steel Corp. (X) $18.14 -2.37%
Darden Restaurants Inc. (DRI) $50.77 -2.16%

Dow Jones I.A - Risers
Hewlett-Packard Co. (HPQ) $25.93 +1.81%
Cisco Systems Inc. (CSCO) $25.37 +0.85%
Microsoft Corp. (MSFT) $34.60 +0.73%
International Business Machines Corp. (IBM) $192.47 +0.61%
Merck & Co. Inc. (MRK) $47.89 +0.57%
Boeing Co. (BA) $105.08 +0.38%
Pfizer Inc. (PFE) $28.44 +0.32%
Chevron Corp. (CVX) $123.65 +0.31%
Johnson & Johnson (JNJ) $88.99 +0.12%
Unitedhealth Group Inc. (UNH) $68.03 +0.09%

Dow Jones I.A - Fallers
American Express Co. (AXP) $76.22 -1.79%
Intel Corp. (INTC) $22.74 -1.73%
Home Depot Inc. (HD) $78.73 -1.22%
Bank of America Corp. (BAC) $13.37 -1.21%
Travelers Company Inc. (TRV) $81.43 -0.76%
Exxon Mobil Corp. (XOM) $92.66 -0.73%
Alcoa Inc. (AA) $7.86 -0.63%
Wal-Mart Stores Inc. (WMT) $76.59 -0.57%
Coca-Cola Co. (KO) $40.61 -0.54%
JP Morgan Chase & Co. (JPM) $54.62 -0.49%

Nasdaq 100 - Risers
Applied Materials Inc. (AMAT) $16.29 +4.02%
Cognizant Technology Solutions Corp. (CTSH) $68.25 +2.55%
Dollar Tree Inc (DLTR) $53.78 +1.82%
F5 Networks Inc. (FFIV) $70.61 +1.80%
Amgen Inc. (AMGN) $99.86 +1.56%
Alexion Pharmaceuticals Inc. (ALXN) $97.20 +1.54%
Intuitive Surgical Inc. (ISRG) $425.55 +1.49%
Gilead Sciences Inc. (GILD) $55.19 +1.49%
Vertex Pharmaceuticals Inc. (VRTX) $81.15 +1.45%
Xilinx Inc. (XLNX) $40.73 +1.44%

Nasdaq 100 - Fallers
Fastenal Co. (FAST) $45.96 -2.42%
Intel Corp. (INTC) $22.74 -1.73%
Twenty-First Century Fox Inc Class A (NWSA) $15.44 -1.72%
Micron Technology Inc. (MU) $12.94 -1.52%
Catamaran Corp (CTRX) $47.15 -1.50%
Yahoo! Inc. (YHOO) $26.29 -1.44%
Sandisk Corp. (SNDK) $59.00 -1.30%
Oracle Corp. (ORCL) $31.11 -1.29%
Fossil Group Inc (FOSL) $107.96 -1.02%
Priceline.Com Inc. (PCLN) $888.59 -0.94%


Broker Tips
Anglo American: Goldman Sachs reduces target from 1400p to 1100p and retains a sell recommendation.

Antofagasta: Goldman Sachs takes target from 935p to 810p reiterating its neutral rating.

Babcock: JP Morgan increases target from 1230p to 1380p and retains an overweight rating.

Barratt Developments: Jefferies moves target from 385p to 435p keeping a buy recommendation.

BHP Billiton: Goldman Sachs cuts target from 2150p to 2050p leaving its neutral rating unchanged.

Countrywide: Credit Suisse raises target from 510p to 700p and maintains an outperform rating.

Dechra Pharmaceuticals: Investec reduces target from 761p to 700p and downgrades from add to hold. Panmure Gordon increases target from 600p to 850p upgrading from hold to buy.

Domino Printing: Goldman Sachs moves target from 825p to 800p keeping a buy recommendation.

Ferrexpo: Deutsche Bank shifts target from 355p to 360p and leaves its buy recommendation unchanged.

First Group: Morgan Stanley lowers target from 113p to 104p and keeps an equal-weight rating.

First Quantum Minerals: Goldman Sachs ups target from 1225p to 1300p and retains a buy recommendation.

Glencore Xstrata: Goldman Sachs reduces taret from 370p to 260p, while maintaining a neutral rating. UBS cuts target from 430p to 330p, while staying with its buy recommendation.

Greene King: Jefferies increases target from 625p to 825p and reiterates a hold recommendation.

G4S: Panmure Gordon lowers target from 252p to 240p and keeps a hold recommendation.

ICAP: Canaccrd Genuity downgrades from hold to sell with an unchanged target of 300p.

Imagination Technologies Group: Goldman Sachs cuts target from 410p to 380p, while leaving its buy recommendation unaltered.

Interserve: JP Morgan ups target from 533p to 558p and leaves its overweight rating unchanged.

Intertek: Jefferies reduces target from 2800p to 2750p maintaining an underperform rating.

ITV: Morgan Stanley ups target from 135p to 175p retaining an overweight rating.

Kazakhmys: Goldman Sachs lowers target from 330p to 160p and reiterates its sell recommendation.

Kier Group: Liberum Capital ups target from 1450p to 1500p and stays its buy recommendation.

Ladbrokes: Investec shifts target from 230p to 220p downgrading from buy to hold.

Lonmin: Investec reduces target from 279p to 254p and keeps a hold recommendation.

Micro Focus: Barclays downgrades from overweight to equal-weight with a target of 800p.

Morrison (WM): Exane ups target from 260p to 280p upgrading to neutral.

Oxford Instruments: Goldman Sachs cuts target from 2100p to 1850p, while keeping its buy recommendation.

Premier Foods: Citi revises target from 125p to 80p and leaves its neutral rating unaltered. UBS shifts target from 70p to 60p leaving its sell recommendation unaltered.

Renishaw: Goldman Sachs reduces target from 2150p to 1850p, while its buy recommendation is reiterated.

Rio Tinto: Goldman Sachs revises target from 2715p to 2500p and retains its strong sell recommendation. JP Morgan cuts target from 4520p to 4240p keeping an overweight rating.

Rotork: Goldman Sachs takes target from 3150p to 3050p staying with its neutral rating.

SIG: Jefferies moves target from 190p to 180p and downgrades from buy to hold. Liberum Capital raises target from 120p to 158p keeping a hold recommendation. Deutsche Bank increases target from 135p to 153p and maintains a hold recommendation.

Spectris: Goldman Sachs cuts target from 2850p to 2750p, while still recommending strong buying.

Spirent Communications: Barclays reduces target from 175p to 165p keeping an overweight rating.

Tesco: Exane ups target from 365p to 385p upgrading to outperform.

Vedanta Resources: Goldman Sachs lowers target from 1415p to 1400p, while its buy recommendation is kept.

Whitbread: JP Morgan raises target from 3300p to 3400p reiterating an overweight rating.

William Hill: Investec moves target from 500p to 515p and maintains its buy recommendation. Canaccord Genuity increases price target from 400p to 438p staying with its hold recommendation.

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