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Showing posts with label ADVFN III Morning Euro Markets Bulletin: June 13. Show all posts
Showing posts with label ADVFN III Morning Euro Markets Bulletin: June 13. Show all posts

Jun 13, 2013

ADVFN III Morning Euro Markets Bulletin: June 13, 2013.


ADVFN III Morning Euro Markets Bulletin
Daily world financial news Thursday, 13 June 201


London Market Report
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RBS leads market sell-off early on after Hester exit
Market Movers
  • techMARK 2,377.30 -1.33%
  • FTSE 100 6,221.22 -1.24%
  • FTSE 250 13,556.20 -1.51%
Markets sunk sharply from the off on Thursday morning as the FTSE 100's losing streak was extended into its fourth day, with RBS in focus after shocking the City with the surprise resignation of Chief Executive Officer (CEO) Stephen Hester.

Following the impressive rise seen at the start of the year, recent market volatility has hit the FTSE 100 - and indices across the globe - hard over recent weeks, with London's benchmark index now trading down at levels not seen since late January. Including this morning's slump, the Footsie's year-to-date rise has now been trimmed to around just 5.5%.

Continuing uncertainty regarding the Federal Reserve's 'exit strategy' from stimulus and a strengthening yen saw Japan's Nikkei index plummet over 6.0% on Thursday, while China's Shanghai Composite and Hong Kong's Hang Seng lost nearly 3.0% of their value.

"Despite the fact that it remains unlikely that either the Fed or the Bank of Japan are likely to start reining back on their stimulus measures any time soon, investors appear to have decided that the mere prospect of an exit strategy is enough of a reason to look at pulling money off the table on a fairly comprehensive scale," said Senior Market Analyst Michael Hewson from CMC Markets.

Markets were also hit yesterday by renewed fears about political tension in Greece following reports of an emergency cabinet meeting in Greece and rumours of a potential vote of confidence for Prime Minister Antonis Samaras.

Dampening sentiment further was the World Bank which yesterday cut its forecast for global economic growth to 2.2% in 2013, down from its initial 2.4% estimate in January. Meanwhile, the bank said it now expects China to grow by just 7.7% this year, down from its previous 8.4% prediction.
RBS in focus as Hester steps down
As expected, RBS tanked early on after announcing late last night that Stephen Hester will step down as CEO after five years. The boss, praised widely for his work for turning the bank around following its government bailout in 2008, said he was stepping aside as the lender prepares for a re-privatisation.

Meanwhile, according to Sky News City Editor Mark Kleinman, RBS is to announce plans to cut up to 2,000 investment-banking jobs as part of its ongoing restructuring.

Sector peers Barclays, Lloyds, HSBC and Standard Chartered were also in the red.
 
Homebase and Argos owner Home Retail slumped early on as both chains suffered a decline in margins in the first quarter. Nevertheless, CEO Terry Duddy said that overall the group's trading has been consistent with the board's expectations.

Luxury fashion group Mulberry gained after revealing full-year results in line with expectations, with revenues up 8.0% to £107.2m.

Retail WH Smith fell after saying that sales in the third quarter were down 5.0%, while like-for-like sales fell by 6.0%.





Aims and Small Cap Report
FTSE 100 - Risers
United Utilities Group (UU.) 729.50p +0.21%
Petrofac Ltd. (PFC) 1,263.00p +0.16%

FTSE 100 - Fallers
Royal Bank of Scotland Group (RBS) 305.40p -6.20%
Aberdeen Asset Management (ADN) 387.70p -3.68%
Old Mutual (OML) 179.10p -2.77%
Barclays (BARC) 288.25p -2.55%
GKN (GKN) 292.60p -2.47%
Evraz (EVR) 110.90p -2.46%
Schroders (SDR) 2,102.00p -2.23%
easyJet (EZJ) 1,187.00p -2.22%
Lloyds Banking Group (LLOY) 59.04p -2.20%
Resolution Ltd. (RSL) 273.40p -2.18%

FTSE 250 - Risers
Alent (ALNT) 358.00p +0.82%
COLT Group SA (COLT) 102.50p +0.49%
PZ Cussons (PZC) 366.80p +0.38%
NMC Health (NMC) 312.00p +0.29%
Pennon Group (PNN) 662.00p +0.23%
UK Commercial Property Trust (UKCM) 74.00p +0.07%
Menzies(John) (MNZS) 696.00p 0.00%
BH Global Ltd. USD Shares (BHGU) 11.4 0.00%
Bumi (BUMI) 259.30p 0.00%
Renishaw (RSW) 1,702.00p 0.00%

FTSE 250 - Fallers
Unite Group (UTG) 326.20p -6.13%
Home Retail Group (HOME) 135.70p -5.83%
Computacenter (CCC) 446.60p -4.55%
Genesis Emerging Markets Fund Ltd. (GSS) 495.60p -4.51%
Man Group (EMG) 84.35p -4.09%
JPMorgan Indian Inv Trust (JII) 339.90p -3.49%
Barratt Developments (BDEV) 295.50p -3.40%
Ferrexpo (FXPO) 140.00p -3.31%
Morgan Advance Materials (MGAM) 262.10p -3.21%
Imagination Technologies Group (IMG) 286.40p -3.15%




UK Event Calendar
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INTERIMS
CareTech Holding, Redhall Group

INTERIM DIVIDEND PAYMENT DATE
Aberdeen Asset Management

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (13:30)
ECB Report (EU) (09:00)
Import and Export Price Indexes (US) (13:30)
Initial Jobless Claims (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:45)
Retail Sales Inventories (US) (15:15)

FINALS
Halma, Minco, Wincanton

ANNUAL REPORT
Gold Oil, SSE

IMSS
Home Retail Group

SPECIAL DIVIDEND PAYMENT DATE
888 Holdings, Antofagasta

AGMS
BH Credit Catalysts Ltd Ord Red Shs NPV USD, Charlemagne Capital Ltd., EMED Mining Public Ltd., Evraz, Graphite Enterprise Trust, Huntsworth, Kingfisher, Lansdowne Oil & Gas, Morrison (Wm) Supermarkets, OAO Severstal GDR (Reg S), Public Power GDR SA (Reg S), Witan Pacific Inv Trust

TRADING ANNOUNCEMENTS
PZ Cussons

FINAL DIVIDEND PAYMENT DATE
888 Holdings, Alent, Antofagasta, Netplay TV




US Market Report
Equities indices down for second consecutive day amid volatility
Dow Jones Industrial Average: 14,995 (-127)
Nasdaq Comp: 3,400 (-37)
S&P 500: 1,613 (-13)

America's three biggest equity indices closed the day lower on Wednesday as continued volatility in the markets prevailed, prompting treasuries to expand.

This coincided with the publication of key data from the Mortgage Bankers' Association (MBA) showing an overall improvement in home loan activity and a jump in the market composite index.

The Dow Jones Industrial Average fell by 127 points to end the day at 14,995 while the Nasdaq Composite slid 37 basis points to 3,400 and the S&P 500 dropped by 13 basis points to 1,613.

Data published by the MBA showed that mortgage application activity for the week ended June 7th had improved after four consecutive week of declines even as key interest rates reached yearly highs.

Meanwhile, the market composite index increased by 5.0% from one week earlier and the Refinance Index lifted, also by 5.0%, from the previous week. In spite of this, refinancing was still 11% lower than two weeks prior and 36% lower than the recent peak at the beginning of May, when rates were 3.35%.
Risers
Spectra Energy was the biggest riser on the S&P 500 one day after the group announced its intention to drop down all of its remaining U.S. Transmission and Storage assets to Spectra Energy Partners by the end of the year, subject to market conditions. At the time of the announcement, Greg Ebel, president and chief executive officer, Spectra Energy, described the move to be a "win for investors in both SE[Spectra Energy] and SEP [Spectra Energy Partners]", adding: "By completing this drop-down, we expect to provide investors in Spectra Energy with higher dividend growth of approximately 12 cents a year versus our current commitment of 8 cents a year.
Medical device company St. Jude Medical was another big riser ending the day higher one day after announcing that the U.S. Food and Drug Administration had approved its next-generation Ellipse and SJM Assura portfolio of implantable cardioverter defibrillators and cardiac resynchronization therapy defibrillators. The new devices are designed to lower the risk of lead abrasion and to ensure high-voltage therapy delivery.
Fallers
First Solar ended the day lower one week after unveiling its financial results for the first quarter of 2013. The results showed net sales of $755.2m, up 52% from the corresponding quarter one year before but down from the previous quarter when net sales were valued at $1.08bn.
Interactive entertainment software group Electronic Arts also ended the day lower  Front month West Texas crude futures are now up by 0.376 to the $95.740 per barrel mark on the NYMEX.  US 10 year bond yields are up by 0.04 basis points points to 2.23%.

Dow Jones I.A - Fallers
American Express Co. (AXP) $74.72 -2.35%
Home Depot Inc. (HD) $76.40 -1.56%
International Business Machines Corp. (IBM) $201.20 -1.36%
Walt Disney Co. (DIS) $62.99 -1.27%
Chevron Corp. (CVX) $119.97 -1.22%
E.I. du Pont de Nemours and Co. (DD) $54.23 -1.13%
Johnson & Johnson (JNJ) $83.74 -1.12%
3M Co. (MMM) $109.03 -1.08%
United Technologies Corp. (UTX) $92.68 -1.07%
Intel Corp. (INTC) $24.46 -1.01%




Thursday newspaper round-up:
Stephen Hester, Ofgem, Centrica...
The Independent says that the news of Stephen Hester's departure from RBS "perplexed" many in the City last night after his work that nursed the bank back to health, with several describing his treatment as "shabby". The bank said that it was looking for a new leader ahead of its re-privatisation.

One banker from a rival UK lender told the paper: "It does appear odd that Hester has been pushed over the side at this stage. His whole background is in investment banking, so who better to have started the privatisation? Also he has been involved in roadshows to the Middle and Far East. How are those sovereign wealth funds going to read this?"

The UK's 'Big Six' energy companies will have to trade electricity fairly and transparently with smaller rivals under new pricing plans by Ofgem to "break their stranglehold" on the market, says The Scotsman.

The Telegraph says that energy group Centrica is to unveil plans to drill a series of six wells with franking firm Cuadrilla to test Britain's shale gas potential. The paper has learnt that the investment could total tens of millions of pounds.

According to The Times, developers of The Co-operative Group's landmark £800m development in Manchester's city centre have walked away from the project. The paper says that this is the latest setback for the Co-op, "whose plans to become a 'challenger organisation' in Britain's banking and consumer legal markets are in disarray".

The Treasury reportedly vetoed proposals by the Financial Policy Committee for part-nationalised lenders RBS and Lloyds to raise new equity capital, writes The Independent.

Stephane Richard, the head of France Telecom has been charged with fraud for his role as French Finance Minister in 2008, reports The Guardian.

Safeway Inc, the US grocery giant, has accepted a $5.7bn offer to sell its 200-plus stores in Canada to local rival Sobeys, writes the Financial Times. The paper says: "The price values Safeway's Canadian business at nearly 11 times its earnings before interest, tax, depreciation and amortisation in the past year, more than double the valuation attached to the company as a whole on the stock market."

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