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

Jun 9, 2014

ADVFN III Morning Euro Markets Bulletin -June 9, 2014-.


ADVFN Morning Euro Markets Bulletin
Daily world financial newsMonday, 09 June 2014

London Market Report
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London open: Stocks near 14-year high after upbeat Asian data
- China trade surplus doubles as exports rise
- Japanese consumer confidence improves, GDP revised higher
- Rio gains on Credit Suisse comments
- Lloyds fall after pricing TSB IPO

techMARK 2,852.63 +0.04%
FTSE 100 6,872.71 +0.21%
FTSE 250 16,239.01 +0.04%

Yet another record close on Wall Street fed into a higher start for London stocks on Monday, with upbeat data from Asia giving sentiment a lift early on.

The FTSE 100 was trading 0.2% higher at 6,873 this morning as the heavyweight mining sector provided a boost.

The index has not closed above this level since May 14th when it finished at a 14-year high of 6,878.49.

Both the Dow Jones Industrial Average and S&P 500 hit all-time highs on Friday after US non-farm payrolls increased by 217,000, taking employment back to its pre-recession peak.

The strong finish Stateside and a buoyant session for Asian stocks overnight "indicate that the rally still has some more legs in it", according to Jonathan Sudaria, a dealer at Capital Spreads.

"It's a reasonably quiet week on the economic calendar front so there's little for traders to get apprehensive about and play it cautious so we could see the bulls stampede," Sudaria said, adding that "the top is probably still some way off".

Data released this weekend showed that China's trade surplus doubled in May to $35.9bn, helped by a massive 7% year-on-year increase in exports, better than estimates. While import growth was still weak, analysts said that the figures could possible take some pressure off of authorities in Beijing to prop up economic activity.

Over in Japan, consumer confidence improved in May for the first time in 2014, while economic growth for the first quarter was revised higher. An increase in consumer confidence - albeit still at depressed levels - suggests that the negative impact from an increase in the national sales tax may not be as bad as feared.

Miners rise on Asian data

Mining stocks were among the best performers today as investors reacted to the solid data out from top metals consumer China. FresnilloRandgold and Antofagasta were all putting in decent gains early on.

Rio Tinto also rose after Credit Suisse reiterated an 'outperform' rating for the stock. The bank said that despite the record 30% valuation premium (on a price-to-earnings basis) that it trades at against Brazilian rival Vale, it still prefers the UK-listed miner and it is not the right time to sell.

Supermarket rivals Wm Morrison and Tesco were on the rise this morning as both stocks rebounded after some heavy falls last week.

Financials, however, were weak with Lloyds Banking Group leading the decline after confirming a offer price of 220p-290p for its 25% stake in TB. At the mid-point of the price range, TSB's market capitalisation would be approximately £1.275bn, well below book value of £1.6bn.

Other financial stocks such as Hargreaves LansdownSt James's PlaceAviva and Standard Lifewere all trading lower.

Support services company Carillion was in demand after its 50/50 joint venture with Lafarge Tarmac was selected as one of the contractors on the Midlands Highway Alliance framework.


FTSE 100 - RisersFresnillo (FRES) 791.00p +2.00%
Randgold Resources Ltd. (RRS) 4,425.00p +1.58%
Antofagasta (ANTO) 784.00p +1.49%
Morrison (Wm) Supermarkets (MRW) 195.80p +1.45%
International Consolidated Airlines Group SA (CDI) (IAG) 424.70p +1.38%
Tesco (TSCO) 294.45p +1.34%
Capita (CPI) 1,143.00p +1.15%
BHP Billiton (BLT) 1,912.50p +1.08%
Experian (EXPN) 1,061.00p +1.05%
Vodafone Group (VOD) 209.05p +0.99%

FTSE 100 - FallersLloyds Banking Group (LLOY) 78.90p -1.56%
Hargreaves Lansdown (HL.) 1,286.00p -1.00%
St James's Place (STJ) 820.00p -0.85%
TUI Travel (TT.) 407.00p -0.78%
Aggreko (AGK) 1,676.00p -0.65%
Aberdeen Asset Management (ADN) 459.60p -0.52%
Aviva (AV.) 531.50p -0.47%
Smith & Nephew (SN.) 1,061.00p -0.47%
Shire Plc (SHP) 3,554.00p -0.45%
Standard Life (SL.) 398.40p -0.42%

FTSE 250 - RisersAfrican Barrick Gold (ABG) 223.50p +3.57%
Crest Nicholson Holdings (CRST) 342.20p +2.21%
Diploma (DPLM) 657.00p +2.02%
esure Group (ESUR) 262.40p +1.51%
Ferrexpo (FXPO) 138.90p +1.39%
Cairn Energy (CNE) 204.50p +1.34%
Brown (N.) Group (BWNG) 463.10p +1.33%
Carillion (CLLN) 359.50p +1.24%
Ocado Group (OCDO) 385.70p +1.21%
KCOM Group (KCOM) 93.90p +1.19%

FTSE 250 - FallersDixons Retail (DXNS) 48.68p -1.85%
Carphone Warehouse Group (CPW) 319.70p -1.78%
Savills (SVS) 639.00p -1.31%
Playtech (PTEC) 672.50p -1.10%
Xaar (XAR) 786.00p -1.07%
Kazakhmys (KAZ) 275.40p -1.04%
Moneysupermarket.com Group (MONY) 180.80p -1.04%
Homeserve (HSV) 337.60p -1.00%
Hansteen Holdings (HSTN) 107.00p -0.93%

INTERIMS
Sanderson Group, TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)

INTERIM DIVIDEND PAYMENT DATE
Utilitywise

INTERIM EX-DIVIDEND DATE
Barloworld Ltd.

FINALS
Coms, Falkland Islands Holdings, Grafenia , Green Dragon Gas Ltd. (DI), Latchways

AGMS
Fairpoint Group, Hansteen Holdings, JSC Uralkali GDR (Reg S), NetDimensions Holding Ltd. (DI), Straight, Synairgen, Witan Pacific Inv Trust

FINAL DIVIDEND PAYMENT DATE
China Chaintek United Co. Limited, Hydro International

Q1
TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)


Europe Market Report
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Europe open: Stocks rise ahead of Eurozone investor confidence data
- European investor confidence data due
- Japan's economy expands
- Chinese exports rise more than forecast

FTSE 100: 0.20%
DAX: 0.06%
CAC 40: 0.00%
FTSE MIB: 0.25%
IBEX 35: 0.48%
Stoxx 600: 0.17%

European stocks advanced ahead of a report that may show Eurozone investor confidence rebounded last month.

The Sentix research institute's index measuring sentiment in the euro-area is expected to increase to 13.3 in June from 12.8 in May.

In Japan, a report showed the economy expanded annualised 6.7% in the first three months of this year, faster than a preliminary reading of 5.9% and beating the 5.6% estimate by analysts. Chinese exports in May increased 7%, more than the 6.7% analysts had forecast, according to data yesterday. Exports rose by 0.9% in Apri.

Today's agenda in Europe will be relatively quiet due to a public holiday in a number of countries including Germany and France. However, equity markets will be open across the region apart from a few including Switzerland, Austria and Greece.

In Spain, Standard & Poor's raised the long- and short-term foreign and local currency sovereign ratings to 'BBB/A-2' from 'BBB-/A-3', with a stable outlook.

"This comes after a period of improving economic growth and competitiveness as a result of Spain's structural reform efforts since 2010," the ratings agency said.

Spanish 10-year bond yields are almost on the same level as the US at 2.62% versus 2.61%.

Banco Popular Espanol

Banco Popular Espanol gained after JPMorgan Chase & Co. advised investors to buy shares in the Spanish lender.

Gecina declined following news institutional investors including Blackstone Group will buy 16.8m shares in the company for 92 euros each.

The euro rose by 0.03% to $1.3647.

Brent crude futures increased $0.193 to $108.820 per barrel, according to the ICE.


US Market Report
US close: Dow Jones Industrials and S&P 500 end the week at record highs
- Investors cheered by solid jobs report
- Labour force participation rate fails to bounce back
- Fed on track to continue tapering

Dow Jones Industrials: 0.52%
Nasdaq Composite: 0.58%
S&P 500: 0.44%

US stocks managed to carve out further gains on Friday following a solid report on non-farm payrolls, leaving the Dow Jones Industrials and S&P 500 1.3% and 1.2% higher on the week.

American employers added 217,000 new jobs in May, compared to a revised 282,000 a month earlier, according to the Labor Department, surprising analysts who had forecast 215,000.

The above data marked the fourth consecutive month since November 1999-January 2000 during which job creation Stateside was at least 200,000.

Nonetheless, the unemployment rate remained unchanged at 6.3%, slightly lower than the 6.4% that was predicted by the market, failing to bounce back from the previous month´s sharp fall as the labour force participation remained unchanged at 62.8%. Some market observers pointed out that it was one small possible negative from the point of view of the Federal Reserve, which is watching the degree of spare capacity in the economy.

Even so, Barclays Research was of the following view: “The [Federal Open Market Committee] has mentioned numerous times in its statement that it will consider a wide range of labour market statistics to ascertain its health.”

“Therefore, while the report is likely to keep the tapering process on track, it is unlikely to alter the Fed’s timeline for potential policy rate hikes significantly. We expect the Fed to taper its monthly purchase pace by another $10bn at its June meeting and conclude purchases in October. Our forecast also calls for the first rate increase in mid-2015.”

Joy Global sees global growth leading to higher demand for commodities

Mining equipment manufacturer Joy Global was upped to buy from neutral by Bank of America Merrill LynchOn Thursday the company said it saw stronger global growth driving demand for commodities.

Discount retailer Family Dollar rocketed 10% after the close of trading. Multi-millionaire investor Carl Icahn revealed he had accumulated a 9% stake in the firm.

Broker E-Trade Financial Corp. gained on the back of an upbeat research note from analysts atNomura.

From a sector standpoint the best performance was seen in the following industrial groups: Aluminium (2.35%), Airlines (1.85%) and Consumer electronics (1.83%).

Crude futures edge higher

Front month West Texas crude futures ended the day 0.32% higher at $102.79/barrel on the NYMEX.

The yield on 10-year US Treasuries was flat at 2.59%.

S&P 500 - Risers
Amazon.Com Inc. (AMZN) $329.67 +7.46%
E*TRADE Financial Corp. (ETFC) $20.74 +5.28%
Adobe Systems Inc. (ADBE) $66.91 +4.27%
Akamai Technologies Inc. (AKAM) $57.47 +4.13%
CA Inc. (CA) $29.35 +3.64%
Xerox Corp. (XRX) $12.85 +3.55%
Autodesk Inc. (ADSK) $54.87 +3.47%
Goodyear Tire & Rubber Co. (GT) $27.23 +3.34%
Alliance Data Systems Corp. (ADS) $266.20 +3.04%
CH Robinson Worldwide Inc (CHRW) $61.17 +3.01%

S&P 500 - Fallers
First Solar Inc. (FSLR) $62.87 -3.85%
Frontier Communications Co. (FTR) $5.67 -3.74%
Cliffs Natural Resources Inc. (CLF) $14.48 -2.16%
Tyson Foods Inc. (TSN) $40.12 -1.91%
SCANA Corp. (SCG) $51.38 -1.83%
eBay Inc. (EBAY) $49.69 -1.51%
Reynolds American Inc. (RAI) $59.34 -1.48%
Peabody Energy Corp. (BTU) $16.34 -1.45%
Pepco Holdings Inc. (POM) $27.46 -1.44%
Facebook Inc. (FB) $62.50 -1.33%

Dow Jones I.A - Risers
American Express Co. (AXP) $94.91 +2.27%
Goldman Sachs Group Inc. (GS) $166.19 +2.22%
Intel Corp. (INTC) $28.18 +2.10%
General Electric Co. (GE) $27.18 +1.53%
Cisco Systems Inc. (CSCO) $24.83 +1.35%
Caterpillar Inc. (CAT) $108.18 +1.14%
Exxon Mobil Corp. (XOM) $101.60 +1.04%
Boeing Co. (BA) $138.21 +1.02%
Microsoft Corp. (MSFT) $41.48 +0.66%
3M Co. (MMM) $144.64 +0.65%

Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $29.42 -1.14%
Travelers Company Inc. (TRV) $94.36 -0.64%
McDonald's Corp. (MCD) $101.96 -0.48%
Merck & Co. Inc. (MRK) $57.85 -0.43%
AT&T Inc. (T) $35.02 -0.23%
Walt Disney Co. (DIS) $84.61 -0.20%
Wal-Mart Stores Inc. (WMT) $77.21 -0.14%
Procter & Gamble Co. (PG) $80.03 -0.10%
Johnson & Johnson (JNJ) $103.18 -0.04%


Newspaper Round Up
Monday newspaper round-up: Hinkley Point, FDI, Builders
EDF Energy is locked in secret negotiations with the Treasury over the fee to secure a crucial 10bn pounds government guarantee for the French group's Hinkley Point nuclear reactor project. The Treasury has demanded that EDF Energy pay between 225m and 250m pounds, the minimum it believes to be deemed a commercial rate. Officials argued that if payment was set any lower, the guarantee scheme would risk falling foul of European state aid laws. - The Times

The message that Britain is open for business is being received "loud and clear" with the UK for the first time overtaking Germany in global rankings of countries seen as attractive to invest in. Professional services firm EY's annual survey found that Britain advanced three places to fifth spot in worldwide rankings as a target for foreign direct investment (FDI) over the next three years. Only China, the US, India and Brazil were ahead of the UK. - The Daily Telegraph

Builders are to get new incentives to make it easier to build on derelict sites in towns and cities to spare the green belt, George Osborne is set to announce this week. The Chancellor will use a speech on Thursday in the Mansion House in the City of London this week to offer new ways to persuade developers to build more homes on derelict sites in towns and cities. Campaigners complain that developers are keener to build on greenfield sites around the edge of towns than shoulder the cost of building on previously developed or "brownfield" land. - The Daily Telegraph

Manufacturers believe they can still lead Britain's economic recovery in spite of recent signs that the sector's rampant growth has slowed. Businesses surveyed by EEF, the manufacturers' organisation, and BDO, the accountancy firm, said they were predicting that the sector would grow by 3.6% this year. This is an upgrade on the prediction of 2.7% when the poll was last carried out three months ago. The survey found that manufacturers were reporting strong trading conditions across Britain, as well as plans to invest and recruit new staff. - The Times

Growth in Scotland's private sector economy has eased to its slowest pace in more than a year following the fourth month in a row of falling export orders, according to a new report. However, today's Bank of Scotland's purchasing managers' index (PMI) found employers in the manufacturing and services sectors continued to create jobs on the back of strong domestic demand. Inflationary pressures also eased slightly, with input prices rising at their second-lowest rate in almost two years, although a lack of available candidates drove up wage bills for services firms. - The Scotsman

The employment rate among those aged 16 years and older is now approaching pre-crisis levels and, for the first time on record, is higher than the equivalent US measure. However, this relatively robust performance masks a marked divergence between older and younger workers.  While the employment rate among those aged 50 and above sets a new record almost every month, the figures for those aged 21 to 49 – what used to be described as 'prime working age' – remains depressingly weak. - The Daily Mail

May 13, 2014

ADVFN III Morning Euro Markets Bulletin May 13, 2014.


ADVFN Morning Euro Markets Bulletin
Daily world financial newsTuesday, 13 May 2014

London Market Report
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London open: UK stocks rise to 14-year highs
- FTSE 100 at highest in 14 years
- Melrose, housing and mining stocks gain
- Travel peers easyJet and TUI Travel fall

techMARK 2,809.05 +0.52%
FTSE 100 6,875.58 +0.35%
FTSE 250 16,103.60 +0.77%

UK markets rose to their highest levels since early 2000 on Tuesday morning, helped by decent gains from MelroseAstraZeneca, housing stocks and the heavyweight mining sector.

The FTSE 100 was trading 0.35% higher at 6,875.58 in early trading, setting a new 52-week intraday high of 6,877.39.

The index has now surpassed the 14-year closing high of 6,865.86 reached in February and the 14-year intraday high of 6,875.62 set in May 2013. It is now headed towards a mark not seen since the intraday record high of 6,950.6 registered on December 30th 1999.

"Now above 6,840 we look to 6,886 highs of Feb and all-time highs of 6,950 allowing the index to finally join its US peers making new records," said Mike van Dulken, Head of Research at Accendo Markets.

Both the Dow Jones Industrial Average and S&P 500 rose to all-time highs on Wall Street on Mondayevening, as a bout of M&A activity helped to offset heightened tensions in Ukraine.

"Equities are showing remarkable resilience shrugging off the geopolitics of Eastern Europe and, it would appear, banking on softer Chinese data making it a given that Beijing weighs in with another batch of stimulus to keep the slowing world #2 economy growing in-line with its targets," van Dulken said.

Economic figures overnight from China showed that the annual rates of growth in industrial production, fixed asset investment and retail sales all slowed slightly in April.

Melrose, AstraZeneca, housing stocks, miners provide a lift

Manufacturing conglomerate Melrose rose strongly after saying that trading in the first quarter was in line with expectations with order intake since the start of 2014 up 3% year-on-year. Investors were largely shrugging off a cautious outlook from the firm, which also said that currency headwinds had recently worsened.

US pharmaceutical giant Pfizer is rumoured to be planning to raise its cash-and-shares offer for UK rivalAstraZeneca again, causing shares in the latter to rise this morning.

Housing stocks were in demand this morning with Barratt DevelopmentsPersimmon and Taylor Wimpey among the highest risers on the FTSE 350.

Miners were also performing well as risk appetite increased, including blue chips BHP BillitonGlencore Xstrata and Anglo American.

Heading the other way was airline easyJet which was flying lower despite narrowing first-half losses by nearly 14% to £53m. The company said that revenue rose on the back of an increase in capacity and passenger numbers and lower-than-expected costs.

Travel and leisure peer TUI Travel was also lower as it said that the pre-tax loss widened 5% to £369m in the first half due to the timing of Easter.

Investment management and financial planning company Brewin Dolphin fell after saying that it will take a one-off charge of £32m this year after deciding to pull the roll-out of the JHC Figaro software across the group.


FTSE 100 - RisersMelrose Industries (MRO) 295.90p +3.03%
Barratt Developments (BDEV) 385.10p +2.89%
Persimmon (PSN) 1,388.00p +2.06%
BHP Billiton (BLT) 1,984.00p +1.85%
Glencore Xstrata (GLEN) 335.20p +1.71%
Royal Mail (RMG) 569.50p +1.70%
Babcock International Group (BAB) 1,245.00p +1.63%
Rolls-Royce Holdings (RR.) 1,020.00p +1.59%
Anglo American (AAL) 1,665.00p +1.43%
ITV (ITV) 189.40p +1.39%

FTSE 100 - FallerseasyJet (EZJ) 1,656.00p -4.28%
London Stock Exchange Group (LSE) 1,820.00p -1.89%
TUI Travel (TT.) 435.00p -1.49%
Vodafone Group (VOD) 222.60p -0.82%
Barclays (BARC) 255.15p -0.58%
Tullow Oil (TLW) 892.50p -0.56%
InterContinental Hotels Group (IHG) 2,176.00p -0.46%
United Utilities Group (UU.) 836.00p -0.42%
SABMiller (SAB) 3,189.50p -0.39%
Ashtead Group (AHT) 863.50p -0.29%

FTSE 250 - RisersTaylor Wimpey (TW.) 112.30p +5.64%
Polymetal International (POLY) 588.50p +3.79%
Pace (PIC) 385.10p +3.52%
Ocado Group (OCDO) 335.00p +3.08%
Enterprise Inns (ETI) 149.40p +3.03%
Workspace Group (WKP) 575.00p +2.68%
Foxtons Group (FOXT) 312.50p +2.46%
Laird (LRD) 289.90p +2.26%
BlackRock World Mining Trust (BRWM) 478.50p +2.20%
Fisher (James) & Sons (FSJ) 1,349.00p +2.20%

FTSE 250 - FallersBrewin Dolphin Holdings (BRW) 318.10p -2.84%
Ladbrokes (LAD) 145.90p -1.42%
Domino's Pizza Group (DOM) 525.50p -0.66%
Lonmin (LMI) 269.50p -0.63%
Daejan Holdings (DJAN) 4,769.00p -0.58%
Balfour Beatty (BBY) 227.80p -0.48%
Countrywide (CWD) 571.00p -0.44%
COLT Group SA (COLT) 143.70p -0.42%
Domino Printing Sciences (DNO) 795.50p -0.31%

UK Event Calendar
Tuesday May 13

INTERIMS
Cambria Automobiles, easyJet, Enterprise Inns, TUI Travel

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (13:30)
Import and Export Price Indexes (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:45)
Retail Sales Inventories (US) (15:15)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Speech President US Atlanta Fed
Speech President US Richmond Fed
Fixed Asset Investment (China)
Retail Sales (China)
Industrial production (China)

FINALS
Lombard Risk Management, Mopowered Group , Speedy Hire

IMSS
esure Group, Interserve, Paddy Power, Melrose, XChanging

AGMS
Africa Oilfield Logistics Ltd, Agriterra LD, Catlin Group Ltd., Cello Group, Downing Planned Exit VCT 2011 (General A Shares), Downing Planned Exit VCT 2011 (General Shares), Downing Planned Exit VCT 2011 (Low Carbon Shares), Downing Planned Exit VCT 2011 (Structured A Shares), Downing Planned Exit VCT 2011 (Structured Shares), EG Solutions, esure Group, Fox Marble Holdings, Futura Medical, Glanbia, Henderson Global Trust, Henderson High Income Trust, HGCapital Trust, HGCapital Trust, Ingenious Entertainment VCT 1 'C' Shares, Ingenious Entertainment VCT 1 E Shares, Ingenious Entertainment VCT 1 F Shares, Ingenious Entertainment VCT 1 G Shs, Ingenious Entertainment VCT 1 H Shs, Ingenious Entertainment VCT 2 'C' Shares, Ingenious Entertainment VCT 2 'D' Shares, Ingenious Entertainment VCT 2 E Shares, Ingenious Entertainment VCT 2 F Shares, Ingenious Entertainment VCT 2 G Shs, Ingenious Entertainment Vct 2 H Shs, Interserve, IP Group, JSC KazMunaiGaz Exploration Production GDR (Reg S), Melrose Industries, MyCelx Technologies Corporation (DI), Paddy Power, Sable Mining Africa Ltd. (DI), Sportech, Standard Life, Stock Spirits Group , Volkswagen AG, Xchanging

UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)

Q1
Telecom Egypt SAE GDS (Regs)


Europe Market Report
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Europe open: Stocks rise ahead of German and US data
- German economic confidence data out
- US retail sales figures to be released
- German Foreign Minister in Kiev to address Ukraine crisis

FTSE 100: 0.31%
DAX: 0.57%
CAC 40: 0.23%
FTSE MIB: 0.175
IBEX 35: 0.11%
Stoxx 600: 0.28%

European stocks advanced ahead of reports on German economic confidence and US retail sales.

A gauge of German investor and analyst expectations is expected to have fallen this month to 40 from 43.2 in April, economists forecast ahead of the ZEW Center for European Economic Research's index data.

Later on in the session a report on US retail sales is projected to have risen by 0.4% in April following a 1.2% gain the previous month.

German Foreign Minister arrives in Kiev

Germany's Foreign Minister Frank-Walk Steinmeier has arrived in Kiev to help resolved the unrest in Ukraine.

Donetsk and Luhansk have backed plans to separate from Ukraine. Kiev, the US and EU said the referendums illegal.

Steinmeier, who attended a meeting of European Union foreign ministers in Brussels on Monday, also considers the referendums illegal. "We cannot, and must not, take it seriously," he said.

Airbus, RBS

Airbus advanced after the French plane-maker reported first-quarter earnings that beat analysts estimates.

Royal Bank of Scotland gained after its Citizens Financial Group Inc. filed for a $100m initial public offering in New York.

ThyssenKrupp jumped as the steelmaker said 2014 profit excluding one-time items will almost double from last year's €586m as it reported a rise in first-quarter earnings.

The euro rose 0.07% to $1.3766.

Brent crude futures fell $0.074 to $108.330 per barrel, according to the ICE.


US Market Report
US close: Deal activity sends Dow and S&P 500 to all-time highs
- Deal activity gives sentiment a boost
- Dow, S&P reach record highs
- Allergan, Pfizer, Pinnacle, Fox in focus

Dow Jones: 0.67%
Nasdaq: 1.77%
S&P 500: 0.99%

US markets rose strongly on Monday with two of the three main equity benchmarks on Wall Street finishing at their highest ever levels, as sentiment was boosted by a bout of M&A activity.

The Dow Jones Industrial Average finished 0.7% higher at an all-time high of 16,695 and the S&P 500jumped 1% to a record 1,897. Meanwhile, the Nasdaq surged 1.8% to 1,897, helped by a strong performance by internet stocks.

Market Strategist Ishaq Siddiqi from ETX Capital said: "the risk tone remains broadly supported by the price-action across the world while deal activity continues unabated."

Gains followed a decent showing by indices in Europe earlier on as investors shrugged off tensions inUkraine where regional referendums were held to vote on a declaration of 'self-rule'.

M&A

Allergan was closely watched after the drugmaker rejected an unsolicited $47bn offer from Valeant Pharmaceuticals, saying that it undervalued the company. The stock finished slightly lower, following a 32% jump over the past month.

Sector peer Pfizer edged higher after defending its proposed takeover of AstraZeneca following a slate of criticism surrounding the proposed deal. The pharma giant also questioned AstraZeneca's ability to stand alone for much longer as the group's Chief Executive Pascal Soriot faced a grilling from MPs over the plan.

Shire was in focus paying an initial consideration of $260m for San Diego-based Lumena Pharmceuticals in an effort to expand its rare disease portfolio.

Pinnacle Foods surged after receiving a $6.6bn cash-and-stock bid from Hillshire Brands.

21st Century Fox rose after it was confirmed that the media giant is in talks with BSkyB to sell-off its interest in Sky Deutschland and Sky Italia. The deal is thought to be worth around €10bn.

RadioShack Corp edged higher after Standard General LP disclosed a higher stake in the retailer.

It is also thought that the recent sell-off among tech stocks could pave the way for a new bout of takeover bids in the sector.

Every member of the Dow Jones Internet Index posted gains today, with Salesforce.comNetflix andTripAdvisor among the best performers.


Newspaper Round Up
Tuesday newspaper round-up: Ukraine, RBS, AstraZeneca
Separatist leaders in Ukraine's volatile Donetsk region formally asked to become part of Russia on Monday, going beyond the simple independence question raised in a referendum and advancing the threat of Ukraine's break-up. The declaration bore some resemblance to the referendum and annexation scenario that played out in Crimea earlier this year, but signs of a different approach by Russia are starting to emerge. – The Wall Street Journal Europe

Citizens Financial, the US retail bank owned by Royal Bank of Scotland, filed for its initial public offering, restoring momentum to a process that looked threatened in March when the unit failed the Federal Reserve's annual stress tests. Morgan Stanley is running a dual-track process on behalf of RBS that could result in a stock market listing for Citizens or its sale. – Financial Times

The public overwhelmingly opposes Pfizer's takeover of AstraZeneca according to polls showing the scale of the challenge faced by the US drugs company in overcoming doubts about its £63bn offer. As the bosses of Pfizer and AstraZeneca prepared for a showdown in front of MPs today, several prominent business leaders, including Mike Lynch, the former boss of Autonomy, stepped forward to speak out against the buyout. – The Times

Consumer groups and MPs have accused Centrica and the other "big six" energy companies of making huge profits while failing to cut bills when wholesale gas and power prices fall. Outside the meeting in Westminster protesters demonstrated over issues ranging from excessive profits to the environmental impact of fracking. The group warned on annual profits last week but forecast higher earnings in 2015. Chairman Rick Haythornthwaite told investors that Centrica understood calls for cheaper power and gas prices. – The Daily Express

The Conservatives recorded their first opinion-poll lead in more than two years, boosting their hopes that the economic recovery is beginning to deliver a political benefit. Separate surveys placed the Tories two points ahead of Labour, whose lead has been narrowing in recent months. A telephone poll carried out by Lord Ashcroft indicated that 34% of people backed the Tories, with Labour on 32%, Ukip on 15% and the Lib Dems fourth with 9%. – The Times

What many believe is a growing divide between London and the rest of the country has been underlined by a study from the Centre for Cities and the Centre for London. Published on Tuesday it concludes most people who live outside the capital strongly believe it gets a much better deal than the rest of the UK. Only a quarter of non-Londoners feel the capital benefits the economy where they live while almost two-thirds say the location of central government in Westminster means political decisions favour the city over everywhere else. – The Guardian
 

Apr 11, 2014

ADVFN III Morning Euro Markets Bulletin - April 11, 2014.


ADVFN Morning Euro Markets Bulletin
Daily world financial newsFriday, 11 April 2014

London Market Report
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London open: Tech stocks drag UK markets lower after Nasdaq sell-off
- US, Asian weakness flows into UK stocks
- Tech stocks hit hard in early trading
- Supermarkets edge higher early on

techMARK 2,679.00 -1.49%
FTSE 100 6,594.42 -0.72%
FTSE 250 15,946.60 -1.25%

There were just a handful of risers on the FTSE 100 on Friday morning as stocks dropped sharply, tracking a dramatic sell-off on US and Asian equity indices overnight.

The FTSE 100 was 0.7% lower at 6,594 in early trading.

Following the trend seen on Wall Street last night where the Nasdaq dropped 3.1%, technology, software and internet stocks were among the worst performers in London this morning, along with investment trusts focused on those sectors.

The Nasdaq actually suffered its worst single-day percentage loss since late 2011 and fell to its lowest level since early February as investors continued to dump stocks that have performed well in recent months, raising concerns with steep valuations.

"It would appear the sell-off in high-growth stocks is far from over," said Market Analyst Craig Erlam fromAlpari, commenting on the falls on US markets on Thursday.

"To be honest, it's probably about time that investors got realistic about the valuations of certain stocks. To some extent, current valuations had priced in either looser monetary policy from some major central banks than is being seen or a superior economic performance," he said.

There are few high-impact data releases scheduled for Friday's session, though the producer price index readings and University of Michigan confidence figures will be in focus for US markets later on.

The latest quarterly results from JP Morgan and Wells Fargo, due out this afternoon, are also keenly awaited by investors.

There are also worries that the US corporate results season will be rather poor. In that same vein, UBS said today that there is a 'dark side' to the anticipated 'boom' in capital expenditures in the US. "It impacts the cost structure of companies, hence margins, as well as cash flow."

Tech stocks provide a drag

Chip groups ARM Holdings and Imagination Technologies were among the worst performing stocks on the FTSE 350 early on, with sentiment dampened by the Nasdaq sell-off in the US on Thursday evening. Software firm Sage Group was also under the weather, along with online fashion retailer N Brown.

Global technology investment trust Polar Capital Technology Trust was also a heavy faller today, along with biotech-focused Worldwide Healthcare Trust and tech-focused Herald Investment Trust.

Supermarket stocks were leading the upside on the FTSE 100 as cyclicals hold up well amid the wider market weakness. Tesco inched higher on reports that it is planning on launching a High Street takeaway chain to be focused on the London market. WM Morrison and Sainsbury were also higher.

The retail sector was also focusing on results out from sector stalwart John Lewis Partnership which reported 15.7% sales growth in the week ended April 5th, with its upmarket grocery division Waitrose delivering growth of nearly 20%.

Mobile telecoms group Vodafone fell after saying it has taken full ownership of its Indian arm Vodafone India in two deals costing a total of £1bn. Vodafone said it had bought the remaining 10.97% of Vodafone India Limited (VIL) from Piramal Enterprises.

JP Morgan has raised its price target on Fresnillo to 1,030p from 965p, though the stock was slightly lower this morning.


FTSE 100 - RisersMorrison (Wm) Supermarkets (MRW) 200.20p +1.47%
Sainsbury (J) (SBRY) 311.30p +0.55%
Centrica (CNA) 335.10p +0.42%
HSBC Holdings (HSBA) 621.30p +0.42%
Resolution Ltd. (RSL) 278.40p +0.40%
BT Group (BT.A) 361.30p +0.39%
Tesco (TSCO) 284.20p +0.05%

FTSE 100 - FallersAshtead Group (AHT) 895.00p -3.09%
ARM Holdings (ARM) 973.50p -3.04%
Barratt Developments (BDEV) 384.20p -2.78%
Sage Group (SGE) 388.80p -2.56%
Persimmon (PSN) 1,308.00p -2.53%
Weir Group (WEIR) 2,504.00p -2.45%
Hargreaves Lansdown (HL.) 1,293.00p -2.34%
Rolls-Royce Holdings (RR.) 1,037.00p -2.17%
Aggreko (AGK) 1,500.00p -2.15%
Johnson Matthey (JMAT) 3,167.00p -2.07%

FTSE 250 - Risersesure Group (ESUR) 247.80p +1.18%
Euromoney Institutional Investor (ERM) 1,209.00p +0.92%
KCOM Group (KCOM) 100.10p +0.60%
Hansteen Holdings (HSTN) 109.70p +0.46%
Genus (GNS) 943.50p +0.37%
BH Macro Ltd. EUR Shares (BHME) € 19.10 +0.32%
Phoenix Group Holdings (DI) (PHNX) 639.00p +0.31%
PayPoint (PAY) 1,154.00p +0.17%
F&C Asset (FCAM) 119.60p +0.17%
Barr (A.G.) (BAG) 626.00p +0.16%

FTSE 250 - FallersImagination Technologies Group (IMG) 202.60p -4.48%
Polar Capital Technology Trust (PCT) 434.20p -4.15%
Worldwide Healthcare Trust (WWH) 1,220.00p -4.09%
Pace (PIC) 418.20p -3.99%
Carphone Warehouse Group (CPW) 316.30p -3.66%
Laird (LRD) 294.10p -3.57%
Supergroup (SGP) 1,478.00p -3.34%
Countrywide (CWD) 619.50p -3.20%
Petra Diamonds Ltd.(DI) (PDL) 146.60p -3.11%

UK Event Calendar


Europe Market Report
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Europe open: Stocks fall after German inflation data
- German inflation in line with forecasts
- Spanish consumer prices fall
- US consumer confidence data due

FTSE 100: -0.72%
DAX: 0.87%
CAC 40: -0.79%
FTSE MIB: -0.50%
IBEX 35: -0.42%
Stoxx 600: -0.81%

European stocks declined as German inflation in March reached the lowest point in almost four years.

In European harmonised terms, German prices rose by 0.9% year-on-year last month, the first time it has dropped under 1% in June 2010. On the month, prices increased 0.3%.

Although the figures were in line with forecasts, the report adds pressure on the European Central Bank (ECB) to tackle falling inflation.

The ECB, which is targeting inflation of just below 2%, is expected to ease policy in June, according to aBloomberg survey of economists yesterday.

Spain's consumer prices decreased for the first time in five months in March but came in better than previously expected, according to final data.

Consumer prices fell 0.1% year-on-year, compared to the initial estimate of a 0.2% decline. Prices rose by 0.2% month-on-month during after staying flat a month earlier.

In the US later in the session, the University of Michigan will release its preliminary reading of the consumer sentiment index which is expected to rise to 81 in April from 80 in March.

The data comes after the Federal Reserve released minutes from its March 18-19th policy meeting, which revealed a positive outlook on the economy.

Bauer, Salzgitter

Bauer AG slumped after the construction group posted a 2013 net loss of €19.4m, compared with a profit of €25.8m year earlier.

German steelmaker Salzgitter AG rallied after Citigroup upgraded the shares to 'buy' from 'neutral', citing construction-related demand in Europe.

Thales retreated after JPMorgan Chase downgraded the French defence-electronics maker to 'neutral' from 'overweight' following weaker-than-expected forecasts for sales and cost reduction through 2017-18.

Givaudan edged lower as comparable sales at its flavour division rose 5.8% in the first quarter, missing the 6.5% increase estimated by analysts.

Mediaset Espana was suspended for the first hour of trading as Credit Suisse Group AG said it is selling a 3.7% stake in the Spanish media company on behalf of Promotora de Informaciones SA.

The euro rose 0.07% to $1.3896.

Brent crude futures fell $0.158 to $107.290 per barrel, according to the ICE.


US Market Report
US close: Sell-off resumes as Nasdaq drops 3.1 per cent
- Nasdaq falls to lowest since early February
- Tech stocks sold off
- Volatility index up 15 per cent
- Jobless claims fall to seven-year low

Dow Jones: -1.62%
Nasdaq: -3.10%
S&P 500: -2.09%

Selling pressure intensified on Thursday afternoon on Wall Street, leading to the worst one-day percentage loss for the Nasdaq Composite index since late 2011 as investors continued to dump stocks that have performed well in recent months.

Gains made earlier in the week on US markets were completely erased as the Nasdaq fell 3.1% to 4,054, its lowest close since early February. Meanwhile, the Dow Jones Industrial Average dropped 1.6% and the S&P 500 declined by 2.1%.

The CBOE Volatility Index surged by 15% during the session.

"It would appear the sell-off in high-growth stocks is far from over," said Market Analyst Craig Erlam fromAlpari.

"To be honest, it's probably about time that investors got realistic about the valuations of certain stocks. To some extent, current valuations had priced in either looser monetary policy from some major central banks than is being seen or a superior economic performance," he said.

Markets were largely shrugging off an upbeat jobless claims figure, which fell to its lowest level in seven years last week. Initial claims for unemployment benefits dropped to 300,000 in the week ended April 5th, down from the previous week's revised 332,000 and well below the forecast of 320,000.

"Overall, these data point to a labour market that is picking up steam along with activity as the weather normalises in the spring," said Analyst Dean Maki from Barclays.

US markets had surged on Wednesday after the Federal Reserve released minutes of its March 18-19th meeting, in which policymakers played down the predictions that interest rates might rise faster than previously forecast.

Fed Chair Janet Yellen said in a press conference following last month's meeting that interest rates might be raised about six months after the central bank ends quantitative easing. However, some policymakers at the meeting said that the initial rise in interest rates is likely to come later than current forecasts predict, given that the median projection for the federal funds rate was "overstated".

Bed, Bath & Beyond, tech stocks

Bed Bath & Beyond was a heavy faller today after broadly in-line fourth-quarter results were overshadowed by disappointing guidance for the current quarter. The homeward retailer said it expects to earn 92-96 cents in its fiscal first quarter, below the consensus forecast of 102 cents.

Internet and software stocks were among the worst performers on Thursday, providing a drag on the tech-heavy Nasdaq with FacebookYahoo! and TripAdvisor falling sharply. Just one stock on the Nasdaq, logistics group CH Robinson Worldwide, finished in positive territory.

Meanwhile, Imperva Inc. slumped after the tech company posted a loss that was wider than analysts had projected.

Rite Aid Corp climbed after the drug store retailer forecast full-year sales that exceeded estimates.

Meanwhile, warehouse retailer Costco Wholesale gained after saying that comparable sales in March rose a better-than-expected 5%.



S&P 500 - RisersWindstream Holdings Inc (WIN) $8.72 +2.11%
CH Robinson Worldwide Inc (CHRW) $53.80 +1.61%
McDonald's Corp. (MCD) $99.43 +1.10%
AES Corp. (AES) $14.43 +0.91%
AT&T Inc. (T) $35.12 +0.57%
Avon Products Inc. (AVP) $14.94 +0.47%
Centerpoint Energy Inc. (CNP) $23.96 +0.42%
Ameren Corp. (AEE) $40.17 +0.35%
Devon Energy Corp. (DVN) $68.61 +0.34%
Colgate-Palmolive Co. (CL) $65.94 +0.32%

S&P 500 - FallersAlexion Pharmaceuticals Inc. (ALXN) $144.19 -7.49%
Gilead Sciences Inc. (GILD) $65.48 -7.32%
Monster Beverage Corp (MNST) $64.04 -7.04%
TripAdvisor Inc. (TRIP) $81.91 -7.04%
AbbVie Inc (ABBV) $47.35 -6.48%
Bed Bath & Beyond Inc. (BBBY) $63.72 -6.17%
Vertex Pharmaceuticals Inc. (VRTX) $65.69 -6.11%
Actavis plc (ACT) $191.29 -5.24%
Lam Research Corp. (LRCX) $53.07 -5.23%
Facebook Inc. (FB) $59.16 -5.21%

Dow Jones I.A - RisersMcDonald's Corp. (MCD) $99.43 +1.10%
AT&T Inc. (T) $35.12 +0.57%

Dow Jones I.A - FallersAmerican Express Co. (AXP) $85.36 -3.79%
Walt Disney Co. (DIS) $77.51 -3.68%
JP Morgan Chase & Co. (JPM) $57.40 -3.16%
Visa Inc. (V) $201.55 -2.89%
Microsoft Corp. (MSFT) $39.36 -2.74%
Boeing Co. (BA) $123.64 -2.55%
Johnson & Johnson (JNJ) $96.54 -2.44%
Merck & Co. Inc. (MRK) $55.85 -2.19%
United Technologies Corp. (UTX) $114.56 -2.12%
Intel Corp. (INTC) $26.42 -2.06%

Nasdaq 100 - RisersCH Robinson Worldwide Inc (CHRW) $53.80 +1.61%

Nasdaq 100 - FallersAlexion Pharmaceuticals Inc. (ALXN) $144.19 -7.49%
Gilead Sciences Inc. (GILD) $65.48 -7.32%
Monster Beverage Corp (MNST) $64.04 -7.04%
TripAdvisor Inc. (TRIP) $81.91 -7.04%
Illumina Inc. (ILMN) $135.74 -6.93%
Bed Bath & Beyond Inc. (BBBY) $63.72 -6.17%
Vertex Pharmaceuticals Inc. (VRTX) $65.69 -6.11%
Catamaran Corp (CTRX) $39.40 -5.94%
Tesla Motors Inc (TSLA) $204.19 -5.87%
Facebook Inc. (FB) $59.16 -5.21%

Newspaper Round Up
Friday newspaper round-up: RBS, Tesco, BP
The Government could start selling down its stake in Royal Bank of Scotland this year, according to City analysts, after the taxpayer-backed lender agreed a deal with the Treasury that could lead to the return of dividend payments. The deal to scrap the Dividend Access Share (DAS), which barred shareholder pay-outs, may accelerate the Government's exit, analysts at Jefferies said. Many investors do not expect the state to begin offloading shares in RBS until after next year's general election. "The path to full privatisation could be set in motion earlier-than-expected," the analysts argued. – The Daily Telegraph

Former Tesco directors are "dismayed and angry" at the cull of senior talent at the retailer and fear that Philip Clarke, the Chief Executive, is driving the business "in the wrong direction". A "whispering campaign" against senior staff including Laurie McIlwee, the outgoing Finance Director, and Matt Atkinson, the Chief Marketing Officer, has generated particular anger. "[Clarke] is just not good enough. He is doing serious harm to the business," said one former director who worked at the supermarket group for two decades. – The Times

Almost a third of BP's shareholders refused to back "complacent" management at a stormy annual meeting during which the leadership was accused of turning the oil giant into a "laughing stock" because of spiralling payouts over the Gulf of Mexico disaster. Investors refused to support a plan to more than treble the pay package for Bob Dudley, the Chief Executive, to $8.7m (£5.2m). Thirteen per cent voted against the remuneration report and 19 per cent abstained. – The Times

The credit industry is facing its third crackdown in a fortnight after regulators announced that bank customers were paying too much for their overdrafts and, in some cases, were left stranded in perpetual debt by their easy availability. The Financial Conduct Authority, which unveiled research showing that customers were not getting good value or clear information, is to investigate the £8bn market further over the summer and could impose new rules to prevent abuses. - The Times

The squeeze on renters could begin to ease later this year with property specialists predicting that wage rises will begin to outstrip rent rises by July. LSL Property Services predicted today that annual rent rises will dip to 1.7% in July, just as wage rises hit 2.2% - the first time earnings have beaten rents since April 2010. It's good news for tenants, who will enjoy the most monthly disposable income after tax and rent since 2009. – The Daily Mail

George Osborne is to tell an audience of free-market campaigners in Washington that the UK's economic turnaround will defy those who say austerity and low wage growth will lead to long-term stagnation. In his first major speech in the US, the Chancellor will attempt to demolish claims that a further five years of austerity will restrict growth and hurt workers' living standards. – The Guardian

Apr 2, 2014

ADVFN III Morning Euro Markets Bulletin - April 2, 2014.


ADVFN Morning Euro Markets Bulletin
Daily world financial newsWednesday, 02 April 2014

London Market Report
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London open: Markets hold at three-week high
- Markets flat ahead of ECB, US data
- Antofagasta operations unaffected by Chile quake
- Domino's, ASOS impress with results

techMARK 2,788.47 +0.16%
FTSE 100 6,650.51 -0.03%
FTSE 250 16,413.15 +0.03%

UK stocks were flat at a three-week high on Wednesday morning as investors paused for breath ahead of some key risk events towards the end of the week, including a policy decision from the European Central Bank (ECB) and the US non-farm payrolls report.

The FTSE 100 was trading just 0.03% lower at 6,651 early on, after closing at 6,652.61 on Tuesday, its highest finish since March 11th.

"With pressure mounting on the ECB to finally put aside rhetoric and take some action on low inflation, possibly at this week's meeting, and an expectation that US jobs growth will shrug off those winter blues this Friday, the momentum remains with the bulls," said Jonathan Sudaria, a dealer at Capital Spreads.

Expectations over some sort of monetary easing from the ECB have increased after data on Monday showed that consumer price inflation slowed to just 0.5% in March, down from 0.8% the previous month and below estimates. Analysts, however, are still divided on whether policymakers will inject more stimulus at Thursday's meeting.

US economic data will be in focus today with the ADP Employment Report often seen as a rough indicator of Friday's official non-farm payrolls figure. Consensus forecasts are pointing to a 195,000 increase in ADP private-sector payrolls in March, up from 139,000 the previous month.

Antofagasta gains despite Chile quake

Mining stocks were on the rise this morning as metals prices gained across the board. Copper minerAntofagasta was among the best performers despite reports of an 8.2 magnitude earthquake in Chile, where the company is based. According to Reuters, the company has said that its copper operations were unharmed by the disaster.

Resource peers Fresnillo and Anglo American were also making gains early on.

Domino's Pizza rose after a 10% increase in like-for-like sales at its 725 UK stores in the first quarter, driven by improved weather and the success of its Winter Survival meal deal.

Online fashion retailer ASOS was also higher after a 22% drop in first-half profits was not as bad as feared, while revenues jumped by 34%.

GlaxoSmithKline declined after saying it was "disappointed" with having to call an end to its clinical trial for its treatment for non-small cell lung cancer after results failed to meet expectations.

Al Noor Hospital, the Abu Dhabi-based medical facilities firm, continued to surge after announcing yesterday that all resolutions were approved by shareholders at its annual general meeting.

Financial groups AvivaJardine Lloyds ThompsonPhoenix and Resolution were all trading lower after going ex-dividend. Other stocks on the FTSE 350 trading without the right to their latest payouts includedPearsonTullow OilDS SmithWolseley888 HoldingsNext and Interserve.


FTSE 100 - RisersAntofagasta (ANTO) 857.50p +2.14%
Sports Direct International (SPD) 909.50p +1.90%
International Consolidated Airlines Group SA (CDI) (IAG) 432.20p +1.81%
Marks and Spencer Group (MKS) 468.10p +1.81%
Fresnillo (FRES) 861.00p +1.77%
Mondi (MNDI) 1,055.00p +1.34%
Melrose Industries (MRO) 304.10p +1.20%
ITV (ITV) 194.90p +1.14%
Anglo American (AAL) 1,538.00p +1.08%
Randgold Resources Ltd. (RRS) 4,562.00p +1.06%

FTSE 100 - FallersPearson (PSON) 1,011.00p -3.16%
Resolution Ltd. (RSL) 294.70p -2.96%
Reckitt Benckiser Group (RB.) 4,829.00p -1.57%
ARM Holdings (ARM) 1,035.00p -1.15%
Hargreaves Lansdown (HL.) 1,436.00p -0.97%
Morrison (Wm) Supermarkets (MRW) 208.80p -0.95%
Intertek Group (ITRK) 3,031.00p -0.92%
Diageo (DGE) 1,835.00p -0.89%
Royal Dutch Shell 'A' (RDSA) 2,191.00p -0.84%
Admiral Group (ADM) 1,417.00p -0.84%

FTSE 250 - RisersIntermediate Capital Group (ICP) 450.70p +3.56%
Amec (AMEC) 1,201.00p +2.56%
Bank of Georgia Holdings (BGEO) 2,666.00p +2.15%
AL Noor Hospitals Group (ANH) 1,186.00p +1.80%
International Personal Finance (IPF) 538.50p +1.80%
COLT Group SA (COLT) 152.20p +1.74%
UDG Healthcare Public Limited Company (UDG) 365.00p +1.70%
Daejan Holdings (DJAN) 4,900.00p +1.64%
Spirax-Sarco Engineering (SPX) 2,974.00p +1.50%
Kazakhmys (KAZ) 264.10p +1.46%

FTSE 250 - FallersInterserve (IRV) 711.00p -4.56%
Phoenix Group Holdings (DI) (PHNX) 662.00p -3.29%
Supergroup (SGP) 1,697.00p -2.69%
Evraz (EVR) 77.10p -2.53%
John Laing Infrastructure Fund Ltd (JLIF) 115.70p -2.28%
Infinis Energy (INFI) 238.40p -1.69%
F&C Asset Management (FCAM) 119.80p -1.64%
Bwin party Digital Entertainment (BPTY) 125.10p -1.50%
Jardine Lloyd Thompson Group (JLT) 1,027.00p -1.44%

UK Event Calendar
Wednesday April 02

INTERIM DIVIDEND PAYMENT DATE
Darty

INTERIM EX-DIVIDEND DATE
Abbey, Finsbury Food Group, Henderson EuroTrust, Plexus Holdings, Produce Investments, Smith (DS), Wolseley

QUARTERLY PAYMENT DATE
Blackrock North American Income Trust

QUARTERLY EX-DIVIDEND DATE
Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares, JP Morgan Chase & Co, Mercantile Investment Trust (The), Schroder Income Growth Fund

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ADP Employment Report (US) (13:15)
Crude Oil Inventories (US) (15:30)
Factory Orders (US) (15:00)
GDP (2nd release) (EU) (10:00)
Goods Orders (US) (15:00)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (EU) (10:00)

INTERIMS
Asos

FINALS
Amiad Water Systems Ltd, Cupid, Inditherm, MHP SA GDR (Reg S), office2office, Cupid

IMSS
Domino's Pizza Group, Dunelm

SPECIAL EX-DIVIDEND PAYMENT DATE
888 Holdings, Next

AGMS
Domino's Pizza Group, JSJS Designs, Jupiter Second Split Trust Geared Gwth Shares, RCM Technology Trust, Teliasonera AB, Zenith Bank GDR (REG S)

TRADING ANNOUNCEMENTS
Plus500 Ltd (DI)

UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
Greencore Group

FINAL EX-DIVIDEND DATE
32Red, 888 Holdings, Amino Technologies, APR Energy, Aviva, Belvoir Lettings, Dragon Oil, Glanbia, Heavitree Brewery, Heavitree Brewery 'A' Shares, HGCapital Trust, Interserve, Jardine Lloyd Thompson Group, John Laing Infrastructure Fund Ltd, Miton Group, Motivcom, New Europe Property Investments, Nichols, Pearson, Phoenix Group Holdings (DI), Resolution Ltd., SpaceandPeople, Stadium Group, Tullow Oil



Europe Market Report
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Europe open: Stocks mixed ahead of US jobs and factory data
- US jobs and factory orders out
- Spain's unemployment drops
- ECB policy meeting looms

FTSE 100: -0.09%
DAX: 0.19%
CAC 40: -0.01%
FTSE MIB: 1.20%
IBEX 35: 0.31%
Stoxx 600: 0.09%

European stocks were mixed as investors awaited US data on jobs and factory orders.

A report from ADP at 12:15 GMT is expected to show US employers added 195,000 staff in March, compared to 139,000 a month earlier.

Another report due out at 14:00 GMT is forecast to reveal factory orders in the world's biggest economy increased 1.2% in February following a 0.7% fall in January.

"With the Federal Reserve threatening to increase interest rates in the near future, investors will continue to keep a very close eye on data to try and gauge when hikes could happen," said Spreadex trader Lee Mumford.

Fed Chair Janet Yellen last month indicated that a rise in interest rates could come six months after the quantitative easing programme ends. At the current pace of tapering, monthly bond purchases could end in October.

Spain unemployment falls

Spain's unemployment dropped 16,620 in March, lifting hopes of recovery for the country with the second largest jobless rate in the Eurozone.

The figure beat the 14,500 consensus and compared to February's fall of 1,900.

The unemployment rate eased slightly in Spain to 25.6% from 25.8%.

Figures out on Tuesday showed German unemployment fell by 12,000 in March, beating the 10,000 forecast but less than the 15,000 decrease a month earlier. The unemployment rate held at 6.7%, surprising analysts who had expected it to rise to 6.8%.

However, France, Italy and the Netherlands saw minor increases in the number of unemployed people.

The data came ahead of the European Central Bank's (ECB) meeting tomorrow amid pressure to implement stimulus to boost the bloc's recovery.

Deutsche Post, Asos

Deutsche Post gained after Europe's largest mail service predicted operating profit would increase by an average of more than 8% through 2020.

Asos jumped as the UK's largest online-only fashion retailer posted first-half pre-tax profit that exceeded analysts' estimates.

Deutsche Boerse AG fell nearly 3% as the German exchange operator said its Clearstream Banking SA unit is subject to a criminal investigation in the US.

Antofagasta rallied after saying that its copper operations were unharmed by a strong quake in northern Chile on Tuesday.

The euro rose 0.07% to $1.3802.

Brent crude future climbed $0.095 to $105.720 per barrel, according to the ICE.


US Market Report
US close: Manufacturing, auto data lift S&P 500 to record high
- ISM manufacturing index rises
- Auto sales, construction spending improve
- Ford rises on auto sales, GM falls on recalls

Dow Jones: 0.46%
Nasdaq: 1.64%
S&P 500: 0.70%

US stocks finished strongly on Tuesday with the S&P 500 reaching another record high as a pick-up in domestic manufacturing growth, auto sales and construction spend gave sentiment a boost.

Investors were also still reacting to comments from Federal Reserve Chair Janet Yellen who said on Monday that the central bank's "extraordinary support" for the recovery would continue "for some time to come".

The S&P 500 closed the session 0.7% higher at an all-time high of 1,885.52 as consumer discretionary and technology stocks provided a boost. The Dow Jones Industrial Average gained 0.5%, while the Nasdaq surged 1.6%.

The ISM's US manufacturing index rose to 53.7 from 53.2 in February, but came in slightly under the consensus forecast of 54.0.

US car sales jumped 5.7% to an annualised rate of 16.4m in March, ahead of the 15.8m consensus estimate, calming fears that the poor weather at the start of the month kept customers away.

Construction spending unexpectedly improved by 0.1% in February after a revised 0.2% contraction the previous month.

Ford jumps, GM slips

Auto major Ford Motor rose 4.6%, the most since 2012, after the strong sales from the sector in March. Sector peer General Motors, however, finished in the red after announcing higher recall-related charges after a new recall of 1.5m vehicles.

Search engine giant Yahoo gained on reports that it could buy online video service News Distribution Net.

Airline group United Continental jumped after UBS upgraded the stock from 'neutral' to 'buy', saying that revenue growth could pick up in the second quarter.

After a slow start, computer group Hewlett-Packard managed to finish higher despite paying $57m to settle a lawsuit amid claims that management defrauded shareholders by abandoning its business model.


Newspaper Round Up
Wednesday newspaper round-up: Pensions, UK Coal, BT Group
In remarks to BBC Radio 4's Today Programme the head of Financial Conduct Authority, Martin Wheatley, said that action on the exit penalties which reduce the value of pensions will be considered as part of the inquiry into old investments. Nevertheless, he refused to be drawn into anticipating what the exact conclusions of the review might be before it is finished, The Daily Telegraph writes.

If it cannot access at least £10m in cash soon then UK Coal, the country's last big coalminer, may collapse and 2,000 people lose their jobs. That comes as falling coal prices, a strong pound and the impact of the shale gas boom in America have again pushed the company into financial straits. The firm has an annual output of approximately five million tonnes per year, equivalent to about 4% of the the country's energy requirements, The Times says.

BT is preparing to roll out a new mobile operation later this year, almost two decades after it spun off its BT Cellnet business in 2001. Although the company declined to give details the service is thought likely to focus first on business customers before targeting consumers. Nonetheless, that is just the most recent step as it looks to challenge rivals by offering new services, such as BT TV and its new BT Sport channels, The Daily Express says.

After beating an ignominious retreat a decade ago retailer Marks&Spencer is on the expansion trail once again, with plans to open 250 additional establishments worldwide over the next three years. As a part of that plan it is intending to open 20 new food-only stores in France, turning that country into its biggest food market outside Britain, The Times reports.

Since it listed two years ago Facebook executive Sheryl Sandberg has sold over half the stock she had in the company, 26m shares out of a total of 41m. That has led many to wonder whether she might be looking to bolt for the door, so to speak. She was brought in as Chief Operating Officer by founder Mark Zuckerberg to help drive up revenues, according to The Daily Mail.

The UK faces more belt-tightening and "real austerity" to achieve sustainable economic growth, according to the head of the British Chambers of Commerce (BCC), John Longworth. For the group's director-general, Chancellor George Osborne has only "bought time" on restoring growth. However, "the next stage of debt reduction will require more belt-tightening, possibly even real austerity in some quarters," he said, The Scotsman reports.

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