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Showing posts with label ADVFN III Morning Euro Markets Bulletin March 1. Show all posts
Showing posts with label ADVFN III Morning Euro Markets Bulletin March 1. Show all posts

Mar 1, 2013

ADVFN III Morning Euro Markets Bulletin March 1, 2013.


ADVFN III Morning Euro Markets Bulletin
Daily world financial news Friday, 01 March 2013

London Market Report
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Footsie edges higher despite mining weakness

    Market Movers
    techMARK 2,337.59 +0.41%
    FTSE 100 6,375.53 +0.23%
    FTSE 250 13,738.61 +0.25%
UK stocks opened broadly higher on Friday morning but a disappointing reading of Chinese manufacturing weighed on the mining sector, limiting gains for the resource-heavy FTSE 100 index.

The official Chinese manufacturing purchasing managers' index (PMI) fell from 50.4 to 50.1 in February. While this marked the fifth straight month of expansion (shown by figures above the mid-point of 50), analysts were expecting a slight rise to 50.5.

HSBC's own PMI survey for Chinese manufacturing also fell from 52.3 to 50.4 in February, missing the 50.6 estimate.

Meanwhile, sequestration in the US is continuing to dominate headlines this morning as the deadline for across-the-board automatic budget cuts worth $85bn passes today. The International Monetary Fund has warned that it would be forced to trim is economic growth estimates if the cuts went ahead.

While the cuts would be gradual, it is thought that they will shave 0.5 percentage points off US gross domestic product growth this year.
Asian markets were slightly mixed overnight after a drop in consumer prices in Japan sparked speculation that the Bank of Japan (BoJ) would add to stimulus measures to combat deflation.

"With deflation so entrenched, expectations are high for the BoJ. Policymakers will need to make some bold decisions to revive the economy and see a return to inflation," said Financial Sales Trader Max Cohen from Spreadex.
FTSE 100: Miners tank after Chinese data; Lloyds disappoints
Mining stocks were providing a drag on the Footsie today in the wake of the disappointing economic figures from China. Kazakhmys, EVRAZ, Xstrata, Glencore, Rio Tinto and Polymetal were all firmly out of favour early on.

Kazkahmys, which yesterday announced that it would be slashing its dividend to reflect falling profits in 2012, was the heaviest faller after Bank of America, JPMorgan and Exane BNP Paribas all cut their target prices for the stock.

Meanwhile, Glencore and Xstrata were also hit after saying that they would likely push back their merger deadline as they continue to await regulatory approval in China.

UK banking group Lloyds was also lower after reporting while underlying profits soared in 2012, it was forced to take further provisions for Payment Protection Insurance (PPI) redress in the fourth quarter.

Oil giant Tullow rose despite saying that it has had to suspend a well in Kenya after failing to bring hydrocarbons to the surface.

Advertising giant WPP topped market expectations with its results for 2012 but labelled its performance as "ugly" due to the varying levels of growth throughout the year. Shares edged higher early on.

Insurance group Old Mutual was in demand after posting an 18% increase in annual profits in 2012, driven by a strong performance in Africa.

Meanwhile, property developer Hammerson gained after hailing 2012 as a "transformational year" which saw 2.1% growth in like-for-like net rental income.

AIM/Small Cap Report
FTSE 100 - Risers
Capita (CPI) 842.00p +2.25%
Intertek Group (ITRK) 3,412.00p +2.19%
British American Tobacco (BATS) 3,502.00p +1.97%
Tullow Oil (TLW) 1,237.00p +1.89%
Experian (EXPN) 1,113.00p +1.74%
Hammerson (HMSO) 503.00p +1.74%
Old Mutual (OML) 205.90p +1.68%
Tate & Lyle (TATE) 824.00p +1.42%
Compass Group (CPG) 810.50p +1.25%
Serco Group (SRP) 577.50p +1.23%

FTSE 100 - Fallers
Kazakhmys (KAZ) 582.00p -5.98%
Evraz (EVR) 261.90p -4.03%
Lloyds Banking Group (LLOY) 52.59p -3.45%
Polymetal International (POLY) 967.50p -3.15%
Xstrata (XTA) 1,130.50p -2.75%
Glencore International (GLEN) 377.85p -2.49%
Royal Bank of Scotland Group (RBS) 317.30p -2.04%
Eurasian Natural Resources Corp. (ENRC) 331.70p -1.98%
Rio Tinto (RIO) 3,471.00p -1.98%
Vedanta Resources (VED) 1,157.00p -1.62%

FTSE 250 - Risers
William Hill (WMH) 429.80p +6.20%
Bwin.party Digital Entertainment (BPTY) 153.30p +3.51%
St James's Place (STJ) 502.00p +3.08%
BBA Aviation (BBA) 262.70p +2.90%
Homeserve (HSV) 241.50p +2.11%
Rotork (ROR) 2,908.00p +1.96%
Henderson Group (HGG) 161.90p +1.95%
EnQuest (ENQ) 135.40p +1.80%
Barratt Developments (BDEV) 244.40p +1.79%
KCOM Group (KCOM) 77.80p +1.77%

FTSE 250 - Fallers
Ferrexpo (FXPO) 212.50p -6.68%
Playtech Ltd. (PTEC) 546.00p -4.46%
UBM (UBM) 741.50p -4.20%
Petropavlovsk (POG) 290.10p -3.88%
New World Resources A Shares (NWR) 254.70p -3.63%
Bumi (BUMI) 326.80p -2.77%
COLT Group SA (COLT) 126.80p -2.54%
Afren (AFR) 139.90p -1.62%
Lonmin (LMI) 351.30p -1.60%
National Express Group (NEX) 216.60p -1.55%

UK Event Calendar
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FTSE 100EuronextDax perfCAC 40
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INTERIM DIVIDEND PAYMENT DATE
Latchways, Mattioli Woods

QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
Non-Farm Payrolls (US) (13:30)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
U. of Michigan Confidence (US) (15:00)
Unemployment Rate (EU) (10:00)

Q2
London Mining

GMS
Baillie Gifford Shin Nippon, Victoria Oil & Gas

FINALS
BBA Aviation, Berendsen, Fiberweb, Hammerson, Laird, Lloyds Banking Group, Old Mutual, Rentokil Initial, Rightmove, Taylor Wimpey, William Hill, WPP

EGMS
Investors In Global Real Estate Ltd

AGMS
CQS Diversified Fund Ltd Ord NPV £, Sage Group

UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
PMI Manufacturing (09:30)

FINAL DIVIDEND PAYMENT DATE
Gooch & Housego, Noble Investments (UK)

Stocks End Lackluster Trading Day Modestly Lower
Stocks turned in a relatively lackluster performance over the course of the trading day on Thursday, as traders seemed somewhat reluctant to make any significant moves. The markets experienced some consolidation following two straight days of strong gains.

The major averages bounced back and forth across the unchanged line before closing modestly lower. The Dow dipped 20.88 points or 0.2 percent to 14,054.49, the Nasdaq edged down 2.07 points or 0.1 percent to 3,160.19 and the S&P 500 slipped 1.31 points or 0.1 percent to 1,514.68.

The choppy trading on Wall Street came on the heels of the release of a mixed batch of U.S. economic data, with traders weighing weaker than expected GDP data against upbeat reports on jobless claims and Chicago-area business activity.

While the Commerce Department released a report showing that fourth quarter GDP was revised to show economic growth compared to the previously reported contraction, the pace of growth fell well short of economist estimates.

The report said fourth quarter GDP was upwardly revised to show a 0.1 percent increase compared to the previously reported 0.1 percent drop. However, economists had been expecting the revised report to show 0.5 percent growth.

Meanwhile, the Labor Department released a separate report showing that initial jobless claims dropped to 344,000 in the week ended February 23rd, a decrease of 22,000 from the previous week's revised figure of 366,000.

Economists had expected jobless claims to edge down to 360,000 from the 362,000 originally reported for the previous week.

A separate report from the Institute for Supply Management - Chicago showed that Chicago-area business activity unexpectedly increased at a faster rate in the month of February.

The report said the Chicago business barometer rose to 56.8 in February from 55.6 in January, with a reading above 50 indicating an increase in business activity. The increase came as a surprise to economists, who had expected the barometer to edge down to 55.0.

Uncertainty about the impact of the automatic government spending cuts due to take effect on Friday also contributed to the lackluster performance.

Unless Congress acts, approximately $85 billion in automatic cuts to both defense and domestic spending are due to go into effect

While President Barack Obama is scheduled to meet with Congressional leaders from both parties on Friday, the so-called sequester is not expected to be averted.

Sector News

Most of the major sectors ended the day showing only modest moves, contributing to the relatively lackluster close by the broader markets.

Gold stocks saw substantial weakness, however, as another sharp drop by the price of the precious metal weighed on the sector. With gold for April delivery falling $17.60 to $1,578.10 an ounce, the NYSE Arca Gold Bugs Index tumbled by 2.3 percent to a new three-year closing low.

health insurance and housing stocks also saw some weakness on the day, while strength was visible among biotechnology stocks.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region saw considerable strength during trading on Thursday. Japan's Nikkei 225 Index surged up by 2.7 percent, while Hong Kong's Hang Seng Index jumped by 2 percent.

In the bond market, treasuries closed modestly higher after turning lower over the course of the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1.5 basis points to 1.888 percent.

Friday newspaper round-up
Chinese manufacturing, Sequester, WIlliam Hill...
China’s manufacturing sector grew more slowly in February, according to a survey that suggests the country’s recovery could be slackening. The official purchasing managers’ index dipped to 50.1 from 50.4 in January, data on Friday showed. It was the fifth consecutive month above the midpoint of 50, which indicates an expansion in industrial activity, but the decline in the index means that the pace of expansion has likely slowed. [Financial Times]

The global economic recovery will slow this year unless the US averts $85bn (£56bn) in spending cuts that start today, the International Monetary Fund has said. […] “Everybody is assuming that sequestration is going to take effect,” a spokesman for the IMF said on Thursday . “What it means is that we are going to have to re-evaluate our growth forecasts for the United States and other forecasts.” [The Telegraph]

William Hill is being tipped to announce an equity issue after agreeing terms to buy out its online gambling partner in a £425 million deal. The agreement with Playtech, which owns nearly a third of William Hill Online (WHO), comes as Britain’s biggest bookmaker is poised to complete a £490 million takeover of Sportingbet in tandem with GVC Holdings. [The Times]

The head of British Airways has mounted a staunch defence of its merger with Iberia after the combined company crashed almost €1 billion into the red after huge losses in Spain. Willie Walsh, chief executive of International Airlines Group, acknowledged yesterday that a €997 million loss for 2012 was a “very disappointing result”. However, he insisted that strikes, brand damage and a slump in the Spanish economy had done nothing to undermine the logic of BA’s merger with Iberia three years ago. [The Times]

Britain is to challenge an EU agreement to slash bankers' bonuses at a meeting of European finance ministers next week after Boris Johnson condemned the proposal as a "deluded measure". Amid fears that the EU agreement could deal a hammer blow to the City of London, David Cameron said EU regulations needed to be flexible enough to allow international banks to operate in Britain and the rest of the European Union. [The Guardian]

Genel Energy, the Kurdistan-focused oil producer backed by the financier Nat Rothschild, has announced plans to step up exports next year. The company, which is run by the former BP chief executive Tony Hayward sells most of its oil to Kurdistan's domestic market, with the remainder sent to Turkey. However, it said it will be able to export a much larger volume of oil from next year when a pipeline connecting its main Taq Taq oilfield in the semi-autonomous region of Kurdistan to Turkey is completed. [The Independent]

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