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Showing posts with label ADVFN III Morning Euro Bulletin; July 01. Show all posts
Showing posts with label ADVFN III Morning Euro Bulletin; July 01. Show all posts

Jul 1, 2013

ADVFN III Morning Euro Bulletin; July 01, 2013.

ADVFN III Morning Euro Markets Bulletin
Daily world financial news Monday, 01 July 2013

London Market Report
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Stocks start higher, track gains in Asia
London equities have begun the day moderately higher, tracking overnight gains in Asia. Those came after more-or-less in-line economic figures out of China overnight, with investors bracing for several market moving events due later in the week. Those include Friday’s non-farm payrolls report Stateside and policy meetings here and in the Eurozone on Thursday.

In the meantime investors will be watching whether or not last week’s bounce in equities holds, or not. However, and as Max Cohen, Financial Sales Trader at Spreadex, points out, despite the massive sell-off endured throughout the last couple of weeks “the Dow Jones has had its best first half to a year since 1999.”

Acting as a backdrop, this past weekend the Chairman of the Chinese Communist Party told local leaders to focus less on GDP growth. This warning, nevertheless, seems to have passed unnoticed amongst market participants.

Daily Mail & General Trust, the publisher of the Daily Mail newspaper, said Rothermere Continuation has agreed to raise its stake to 89.2% from 59.9%.

GlaxoSmithKline saw some buying interest early on after Sky News on Sunday reported that private equity firms Blackstone and Lion Capital have teamed up to make a formal bid worth more than a billion pounds for Lucozade and Ribena, its two soft drink brands.

Asset managers were also finding a bid on Monday morning after positive comments out of analysts at Credit Suisse. In their opinion the recent decline in share prices in the sector, of circa 20%, have been overdone. This is because the impact of marking to market in the sector would, on average, lead to a reduction in earnings closer to 7% or 9%. The Swiss broker is particular keen on shares of Aberdeen Asset Management.

Tullow Oil is benefitting from an upgrade out of Nomura to neutral, from reduce. Analysts at Deutsche Bank have upgraded Intercontinental Hotels Group to buy.

Oilfield services group Petrofac has struck a deal with KazMunaiGas Exploration Production (KMG) of Kazakhstan to explore the Emba oil fields of KMG’s subsidiary EmbaMunaiGas (EMG)

FTSE 100 - Risers
Standard Life (SL.) 354.40p +2.52%
Tullow Oil (TLW) 1,021.00p +2.00%
InterContinental Hotels Group (IHG) 1,844.00p +1.99%
BAE Systems (BA.) 389.80p +1.78%
Travis Perkins (TPK) 1,477.00p +1.44%
Sage Group (SGE) 345.10p +1.44%
Petrofac Ltd. (PFC) 1,215.00p +1.42%
Kingfisher (KGF) 347.70p +1.37%
Serco Group (SRP) 624.00p +1.22%
Rolls-Royce Holdings (RR.) 1,147.00p +1.15%

FTSE 100 - Fallers
Barclays (BARC) 273.60p -1.74%
Morrison (Wm) Supermarkets (MRW) 257.80p -1.53%
GKN (GKN) 297.20p -1.36%
Tesco (TSCO) 328.40p -0.91%
Tate & Lyle (TATE) 817.00p -0.91%
Amec (AMEC) 996.00p -0.90%
Admiral Group (ADM) 1,316.00p -0.83%
Land Securities Group (LAND) 877.50p -0.74%
CRH (CRH) 1,326.00p -0.67%
Weir Group (WEIR) 2,137.00p -0.65%

FTSE 250 - Risers
Hunting (HTG) 766.00p +4.64%
Renishaw (RSW) 1,588.00p +2.72%
Carpetright (CPR) 600.00p +2.56%
African Barrick Gold (ABG) 98.40p +2.50%
Polymetal International (POLY) 463.70p +2.27%
NMC Health (NMC) 275.70p +2.11%
Dechra Pharmaceuticals (DPH) 704.50p +2.10%
Ocado Group (OCDO) 304.50p +2.08%
Cobham (COB) 267.00p +1.87%
BBA Aviation (BBA) 285.30p +1.86%

FTSE 250 - Fallers
Balfour Beatty (BBY) 231.00p -3.10% Group (MONY) 187.30p -2.24%
IP Group (IPO) 130.10p -1.96%
Evraz (EVR) 94.95p -1.71%
Derwent London (DLN) 2,261.00p -1.70%
Hikma Pharmaceuticals (HIK) 936.00p -1.58%
Menzies(John) (MNZS) 695.50p -1.42%
Mondi (MNDI) 806.50p -1.41%
Bank of Georgia Holdings (BGEO) 1,647.00p -1.38%
Wetherspoon (J.D.) (JDW) 655.50p -1.35%
UK Event Calendar
Monday July 01

Bellway, Marston's

Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
Unemployment Rate (EU) (10:00)

Omega Diagnostics Group

Alliance Trust

Brady Exploration, SocialGo, Ultima Networks

Ashmore Group

Consumer Credit (09:30)
Industrial Production (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
PMI Manufacturing (09:30)

Amec, Bioquell, Bunzl, Headlam Group, Hunting, Rolls-Royce Holdings, Scottish Mortgage Inv Trust

European Market Report
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- PMI manufacturing figures to be released
Eurozone unemployment rate to rise

FTSE-100: 0.82%
Dax-30: 0.17%
Cac-40: 0.65%
FTSE Mibtel 30: 0.36%
Ibex 35: 0.71%
Stoxx 600: 0.58%

European equities advanced on Monday ahead of the release of UK and Europe manufacturing purchasing managers’ index (PMI) reports.

Given the sensitivity in the markets following the Federal Reserve’s indication it would taper off asset purchases this year, there’s likely to be caution in the lead up to economic data out this week, according to Alpari Market Analyst, Craig Erlam.

PMI figures on the Eurozone and the UK will be in focus this morning, followed by inflation and unemployment data for the Eurozone.

“We’re expecting a bit of a mixed bag from the Eurozone PMIs, with improvement expected in the French, Italian and Eurozone figures, and a decline expected in Spain and Germany,” Erlam said.

“If anything, this should be seen as a positive thing, if they come in in line with expectations, given just how poor the French, Spanish and Italian figures were only a few months ago.”

In the UK, the manufacturing PMI is expected to remain in growth territory for a second month, at 51.3.

In China, PMI dropped to 50.1, the lowest level in four months, from 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing revealed last night.

Eurozone unemployment rate
The unemployment rate in the Eurozone for May, is expected to rise to 12.3% from the previous month's 12.2%.

However, some analysts expect the European Central Bank (ECB) will leave its policy unchanged on Thursday, especially if inflation rises for a second month to 1.5%.

“The ECB is not going to want to rush into a decision like this, especially with inflation on the rise,” Erlam said.

“When rates were last cut, inflation was falling rapidly and there was a lot of hints from policy makers and politicians in the week or so before the announcement, and we have not seen that yet.”

Euro/dollar rises
The euro/dollar was up 0.32% to the 1.3051 dollar mark.

Front month Brent crude futures jumped $0.059 to $102.220.

US Market Report
- Fed (Lacker): Further asset price volatility seems likely
- Fed (Stein): Central bank does not want to be a prisoner of the market
- Fed (Stein): Fundamentals of underlying policy stance broadly unchanged
- Mixed economic data

Dow Jones Industrials: -0.03%
Nasdaq Composite: 0.30%
S&P 500: 0.11%

The main US equity gauges are in the process of turning around following a lower start.

That comes after the release of mixed macroeconomic indicators, this afternoon, and speeches from two Fed policymakers.

For his part, US Federal Reserve bank of Richmond President Jeffrey Lacker said on Friday that the volatility in markets in the wake of last week's Fed meeting was not surprising as investors moved to re-evaluate what the path for monetary policy will be.

As well, added Lacker, "further asset price volatility seems likely."

In a somewhat similar vein, some market commentary interpreted remarks by his peer, Fed governor Jeremy Stein, as hinting at September as the possible start date for the tapering of the Fed’s quantitative easing programme. In fact, he reportedly said that: “the [the] central bank does not want to be a prisoner of the market.”

Pfizer, the world’s biggest drug-maker, announced it will buy back $10bn in stock.

Accenture, the consultancy group, slumped after missing analysts’ quarterly sales forecasts.

Shares of BlackBerry plummeted after reporting a surprise quarterly loss.

The MNI Chicago regional manufacturing sector gauge dropped to 51.6 points for the month of June, after a reading of 58.7 for the month before. That was comfortably below the 55 points expected by the consensus, although this barometre is notoriously volatile from one month to the next, added analysts at Digital Look.

MNI indicated that part of the recent gyrations in the index could be due to the unseasonable weather conditions. Nevertheless, the biggest drag was the sharp drop in the order backlogs subindex to its lowest since September 2009.

The final reading on the University of Michigan's consumer confidence index for the month of June has come in at 84.1 versus a preliminary reading of 82.7 (Consensus: 83.0). FTSE 100 down 28 to 6,216.

Two more Fed speakers are scheduled to take to the podium later today.

Front month West Texas crude futures are edging higher by 0.31% to 97.33 dollar per barrel in NYMEX trading.

10 year US Treasury yields are higher by 4 basis points to 2.52%.

S&P 500 - Risers
Biogen Idec Inc. (BIIB) $219.96 +5.34%
GameStop Corp. (GME) $42.75 +4.60%
Hospira Inc. (HSP) $37.45 +3.60%
Monster Beverage Corp (MNST) $60.91 +2.11%
Cablevision Systems Corp. (CVC) $16.60 +1.97%
Newmont Mining Corp. (NEM) $28.20 +1.77%
Time Warner Cable Inc. (TWC) $110.13 +1.76%
Comcast Corp. (CMCSA) $40.86 +1.39%
SAIC Inc. (SAI) $13.81 +1.39%
DIRECTV (DTV) $61.53 +1.31%

S&P 500 - Fallers
Accenture Plc (ACN) $69.84 -12.94%
Computer Sciences Corp. (CSC) $42.83 -4.14%
International Business Machines Corp. (IBM) $189.56 -3.11%
Autodesk Inc. (ADSK) $33.93 -2.84%
Invesco Ltd. (IVZ) $31.67 -2.58%
Morgan Stanley (MS) $24.41 -2.52%
Bank Of New York Mellon Corp. (BK) $28.00 -2.51%
Blackrock Inc. (BLK) $257.79 -2.37%
Nike Inc. (NKE) $60.90 -2.27%
Teradata Corp. (TDC) $49.96 -2.25%

Dow Jones I.A - Risers
Pfizer Inc. (PFE) $28.50 +1.14%
Home Depot Inc. (HD) $76.77 +0.66%
Walt Disney Co. (DIS) $63.88 +0.25%
Wal-Mart Stores Inc. (WMT) $75.42 +0.21%

Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $189.56 -3.11%
Unitedhealth Group Inc. (UNH) $65.25 -1.27%
Bank of America Corp. (BAC) $12.85 -1.23%
Intel Corp. (INTC) $23.76 -1.19%
E.I. du Pont de Nemours and Co. (DD) $52.98 -1.10%
JP Morgan Chase & Co. (JPM) $52.63 -0.98%
Cisco Systems Inc. (CSCO) $24.40 -0.93%
United Technologies Corp. (UTX) $92.64 -0.93%
Merck & Co. Inc. (MRK) $46.86 -0.89%
American Express Co. (AXP) $74.46 -0.88%

Nasdaq 100 - Risers
Biogen Idec Inc. (BIIB) $219.96 +5.34%
Monster Beverage Corp (MNST) $60.91 +2.11%
Comcast Corp. (CMCSA) $40.86 +1.39%
DIRECTV (DTV) $61.53 +1.31%
Verisk Analytics Inc. (VRSK) $59.37 +1.23%
Bed Bath & Beyond Inc. (BBBY) $70.96 +1.15%
Liberty Interactive Corp (LINTA) $22.99 +0.78%
Fossil Group Inc (FOSL) $104.33 +0.66%
Mattel Inc. (MAT) $45.20 +0.51%
Ross Stores Inc. (ROST) $65.12 +0.49%

Nasdaq 100 - Fallers
Autodesk Inc. (ADSK) $33.93 -2.84%
Fastenal Co. (FAST) $45.90 -2.13%
Micron Technology Inc. (MU) $14.04 -2.09%
Whole Foods Market Inc. (WFM) $51.28 -2.09%
Regeneron Pharmaceuticals Inc. (REGN) $230.21 -1.86%
Citrix Systems Inc. (CTXS) $59.73 -1.74%
Yahoo! Inc. (YHOO) $25.05 -1.65%
Equinix Inc. (EQIX) $183.86 -1.64%
Randgold Resources Ltd. Ads (GOLD) $61.10 -1.52%
eBay Inc. (EBAY) $51.36 -1.50%

Monday newspaper round-up
Industry experts say the price of oil could halve within the next decade because of a shale revolution, The Timesreported. Former head of international forecasting at the Organisation for Economic Co-operation and Development, John Llewellyn, believes most oil price predictions have underestimated the impact of new extraction techniques for shale oil and gas on supply.

Taylor Wimpey’s Chief Executive Officer, Pete Redfern, has warned that the Government's Help to Buy scheme could be a "genuine hazard" to the economy unless a time limit is imposed on the scheme immediately, according to The Telegraph.

Onyx Pharmaceuticals, which makes cancer drug Nexavar, has rejected an unsolicited $10bn takeover proposal from Amgen, the Financial Times said.

The British Chambers of Commerce said new Bank of England Governor, Mark Carney, must act to support UK businesses, the Daily Mail reported. The Canadian has taken over the helm of the central bank following the departure of Mervyn King.

Barclays has backed the ‘big four’ accountants as they face the threat of an audit shake-up from the Competition Commission, The Independent reported. The bank warned the regulator that a proposal to introduce stricter rules, could detriment shareholders.

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