| | | | | | | | | | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Stocks edge lower, Syria and Fed taper in focus The FTSE 100 opened slightly lower on Friday morning after yesterday's strong gains as investors continue to await further developments in Syria and speculate about the future of US stimulus.
Cautiousness ahead of a three-day weekend in the States could also be having an effect on risk appetite this morning with US markets closed on Monday for Labour Day.
"Markets are holding well. Many commentators are speaking of edginess and fear. But given the distinct lack of selling and absence of sharp moves lower, this market is quite clearly more robust than it was," said Financial Trader David White from Spreadex.
"With tapering, a potential conflict on the horizon and all-time highs for equities not a distant memory, prices could have reacted much more severely," he said.
An upwardly-revised estimate of second-quarter economic growth in the States helped push stocks higher on Thursday as confidence in the recovery offset the increased likelihood that the Federal Reserve will taper asset purchases in September. Jobless claims also came in better than forecasts.
US data will again be in focus on Friday with a number of important economic indicators due for release, including personal income and spending figures, the Chicago purchasing managers' index and the University of Michigan consumer confidence report.
Worries about an imminent Western military intervention in Syria eased slightly yesterday after UK Prime Minister David Cameron lost an initial vote to take military action. Oppositions decided against the move until they see firm evidence from UN inspectors of the use of chemical weapons by the Bashar al-Assad regime. There will be a further parliamentary vote next week.
The hesitance by America's main ally complicates things further for US President Barack Obama who has assured that the Syrian government will be held accountable for last week's deadly attacks. Defense Secretary Chuck Hagel meanwhile has said that the US will not act without allies. He said: “As to international effort and collaboration, it’s the goal of President Obama and this government that whatever decision is taken, there needs to be an international collaboration and effort."
Resources stocks under pressure
Mining and oil stocks were heavy fallers this morning as commodity prices fell across the board. Fresnillo, Randgold, ENRC, Shell and BG Group were among the worst performers early on.
Anglo American was lower on reports that it could close or sell off mines at Anglo Platinum (Amplats) if the division doesn't see improving profits next year. Meanwhile, Rio Tinto was down on concerns over delays to its Simandou iron ore project in Guinea.
Outsourcing giant Serco was continuing to feel the effects of a police investigation into one the "misreporting of data" in connection with it prisoner escort contract with the Ministry of Justice. Shares were lower today following an 11% drop the day before after it said it would forgo any past and future profits on the £285m contract.
Chip designer ARM Holdings was a high riser this morning after Deutsche Bank upgraded the stock to 'buy' and more than doubled its target price, saying that fears of competition from Intel have been overdone.
Telecoms giant Vodafone was extending gains after yesterday's impressive rise following the confirmation that it is in talks about selling its 45% stake in Verizon Wireless to US partner Verizon. The sale could generate up to $130bn for the UK group, reports have suggested.
Online gaming company bwin.party was a heavy faller on the FTSE 250 after it reported a slump in half-year revenue reflecting operational issues associated with the “dotcom migration” to a single technology platform. |
| | A little known investment that could net you triple digit returns | | It's not gold, silver, bonds, real estate or stocks, but it is a high growth opportunity. You can get your free report on it, here. |
| | FTSE 100 - Risers
G4S (GFS) 256.70p +2.07%
ARM Holdings (ARM) 892.00p +1.08%
Burberry Group (BRBY) 1,544.00p +0.92%
Rolls-Royce Holdings (RR.) 1,126.00p +0.90%
Rexam (REX) 494.90p +0.88%
British American Tobacco (BATS) 3,293.50p +0.69%
Land Securities Group (LAND) 893.50p +0.62%
Vodafone Group (VOD) 206.00p +0.61%
British Land Co (BLND) 563.00p +0.36%
Glencore Xstrata (GLEN) 309.10p +0.34%
FTSE 100 - Fallers
Serco Group (SRP) 530.50p -1.49%
Petrofac Ltd. (PFC) 1,403.00p -1.41%
Aviva (AV.) 391.70p -1.31%
Fresnillo (FRES) 1,304.00p -1.29%
Melrose Industries (MRO) 298.10p -1.23%
GKN (GKN) 331.80p -1.19%
Wolseley (WOS) 3,244.00p -1.07%
InterContinental Hotels Group (IHG) 1,825.00p -0.98%
Legal & General Group (LGEN) 187.10p -0.95%
Royal Bank of Scotland Group (RBS) 336.00p -0.94%
FTSE 250 - Risers
Restaurant Group (RTN) 560.00p +3.90%
Barr (A.G.) (BAG) 565.00p +1.99%
Edinburgh Dragon Trust (EFM) 260.40p +1.88%
Cranswick (CWK) 1,161.00p +1.84%
Dechra Pharmaceuticals (DPH) 705.00p +1.51%
Micro Focus International (MCRO) 784.00p +1.49%
Telecom Plus (TEP) 1,371.00p +1.41%
Electra Private Equity (ELTA) 2,285.00p +1.33%
Crest Nicholson Holdings (CRST) 319.10p +1.30%
JPMorgan Indian Inv Trust (JII) 292.70p +1.28%
FTSE 250 - Fallers
Bwin party Digital Entertainment (BPTY) 113.50p -10.84%
Hochschild Mining (HOC) 253.10p -5.24%
Salamander Energy (SMDR) 127.30p -3.63%
Perform Group (PER) 516.50p -3.10%
Inchcape (INCH) 583.50p -2.99%
Synthomer (SYNT) 220.00p -2.91%
Kazakhmys (KAZ) 305.50p -2.21%
Evraz (EVR) 131.80p -1.64%
Rightmove (RMV) 2,322.00p -1.48%
Kenmare Resources (KMR) 26.60p -1.45% |
| | UK Event Calendar | | INTERIMS
Alpha Bank GDR (Reg S) USD, Bilfinger Berger Global Infrastructure Sicav S.A.(DI), Bwin.party Digital Entertainment, Cathay International Holdings Ltd., Charles Taylor, Chesnara, Computacenter, Frontline Ld, Headlam Group, Heritage Oil, Independent News & Media, Lavendon Group, Marshalls, OJSC Cherkizovo Group GDR (Reg S), Perform Group, Polyus Gold International Ltd, Restaurant Group, Ruspetro, Shaft Sinkers Holdings
INTERIM DIVIDEND PAYMENT DATE
Blue Capital Global Reinsurance Fund Ltd (DI), Brunner Inv Trust, Independent Inv Trust, Japan Residential Investment Co Ltd., Jupiter Fund Management , Maven Income & Growth 3 VCT, Maven Income and Growth VCT 5, NB Private Equity Partners Ltd., Nichols
QUARTERLY PAYMENT DATE
City of London Inv Trust, Picton Property Income Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Business Climate Indicator (EU) (10:00)
Chicago PMI (US) (13:45)
Economic Sentiment Indicator (EU) (10:00)
GFK Consumer Confidence (GER) (07:00)
International Reserves (EU) (11:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
Retail Sales (GER) (07:00)
U. of Michigan Confidence (US) (15:00)
Unemployment Rate (EU) (10:00)
Q2
Frontline Ld
SPECIAL DIVIDEND PAYMENT DATE
Archipelago Resources
AGMS
Advanced Computer Software Group, Alternative Energy Ltd. (DI), Jubilant Energy, Naspers Ltd. ADR, Sweett Group
UK ECONOMIC ANNOUNCEMENTS
Consumer Confidence (09:30)
Consumer Credit (09:30)
GFK Consumer Confidence (00:01)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
Energy Technique, Hasgrove, JPMorgan Euro Small Co. Trust, Talisman VCT |
| | The Share Centre | | Trade Online – Just £7.50 Per Deal.
Sign up in minutes.
Click here to find out more.
Capital at Risk. |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Stocks fall ahead of busy day of economic data FTSE 100: 0.25%
DAX: -0.29%
CAC 40: -0.35
FTSE MIB: -0.65%
IBEX 35: -0.65%
Stoxx 600: -0.27%
European stocks slid ahead of slate of economic data including euro-area economic confidence and the unemployment rate.
Euro-area economic confidence is expected to have risen to the highest level since March 2012. The index of executive and consumer sentiment jumped to 93.8 in August, from 92.5 in July, according to estimates ahead of the release of the report at 11:00 in Brussels.
The Eurozone unemployment rate for July will also be unveiled and is forecast to hold steady at 12.1%.
In the UK, mortgage approval figures are out and expected to come in at £58,800 in July, up from £57,700 in June.
It follows overnight’s release of the GfK consumer confidence survey for August which increased by three points this month to -13, compared to analysts predictions for a rise to 14.
The data comes after Bank of England’s new Governor Mark Carney on Wednesday said a renewed recovery is taking hold in the UK economy but its pace will be "more measured than rapid".
Meanwhile in Germany, GfK consumer confidence figures balance of payments and retail sales reports will be in focus for Europe’s largest economy.
In the US, the University of Michigan Confidence is likely to climb to 80.5 points in August from 80.0 in July, according to forecasts. The Chicago purchasing mangers’ index (PMI) report is expected to show an increase to 53 in August from the prior month’s 52.3.
MPs throw out Syria intervention
Markets calmed after MPs voted against possible UK military action against Syrian President Bashar al-Assad's government.
The US said it would continue to consult with the UK despite the 285-272 ruling out on strikes.
The world’s largest economy is planning an intervention in Syria where it believes the government used chemical weapons against civilians last week.
US Defence Secretary Chuck Hagel said America would continue to seek out an "international coalition" willing to act together on the Syrian crisis.
UN weapons inspectors are currently in Syria investigating the allegations of the attack, which Damascus blames on rebel forces.
Ferragamo, Hermes
Ferragamo gained after the Italian luxury-goods company reported first-half net income that beat analysts’ expectations.
Hermes advanced as the French maker of Kelly bags posted a rise in first-half operating profit that exceeded forecasts.
Royal KPN retreated after the telecommunications company’s independent foundation exercised an option to acquire preferred shares in a bid to block America Movil SAB’s offer.
Danone plunged after the French food products firm said baby nutrition sales will fall in Asia in the third quarter. |
| | 7 Deadly mistakes to avoid when trading in Gold & Silver | | Learn how to profit consistently from Gold & Silver Trading – Click here |
| | US Market Report | | Stocks gain despite increased likelihood of September taper Dow Jones: 0.11%
Nasdaq: 0.75%
S&P 500: 0.20%
An upwardly-revised estimate of second-quarter economic growth in the States helped push stocks higher on Thursday as confidence in the recovery offset the increased likelihood that the Federal Reserve will taper asset purchases in September.
US gross domestic product is now said to have expanded at an annualised rate of 2.5%, well above the preliminary 1.7% estimate and ahead of the 2.2% growth analysts were expecting. Data showed that the US economy expanded at a faster pace thanks to a smaller trade deficit and inventory gains, offsetting federal budget cuts. Government spending fell by 0.9%, half a percentage point more than initially estimated.
Initial jobless claims meanwhile also came in better than forecasts today, falling by 6,000 to 331,000. The consensus forecast was for 332,000. Continuous unemployment claims, which include those claims not filed for the first time, fell by 14,000 to 2.99m.
Capital Economics said that the data "should give Fed officials more confidence that the recovery is gathering steam as the fiscal drag begins to fade."
Meanwhile, Jeffrey Lacker, the President of the Richmond Fed and a well-known critic of quantitative easing, said that the improvements in the labour market mean that a "good case can be made" for scaling back stimulus.
Syria
Worries about an imminent Western military intervention in Syria eased slightly on Thursday as politicians continue to mull over whether to strike.
UK Prime Minister David Cameron lost an initial vote to take military action with oppositions deciding against the move until they see firm evidence from UN inspectors of the use of chemical weapons by the Bashar al-Assad regime. There will be a further parliamentary vote next week.
The hesitance by America's main ally complicates things for US President Barack Obama who has assured that the Syrian government will be held accountable for last week's deadly attacks.
Defense Secretary Chuck Hagel said that the US will not act without allies: “As to international effort and collaboration, it’s the goal of President Obama and this government that whatever decision is taken, there needs to be an international collaboration and effort."
Verizon looks to buy-out Vodafone in VZW
Verizon gained after restarting talks with UK telecoms partner Vodafone about the possibility of buying out its stake in their US joint venture, Verizon Wireless. It is speculated that Verizon could pay as much as $130bn from the sale of the 45% interest through a mixture of cash and stock, making it the third-largest deal in history. Vodafone's ADS stock jumped strongly on the news.
Fashion retailer Guess surged as a 7.1% decline in second-quarter earnings wasn't as bad as analysts had feared. The group also raised its full-year outlook for profits slightly.
Airline stocks such as US Airways and Delta Air Lines were strong performers as concerns over rising jet fuel costs eased as the price of crude pulled back from a two-year high.
Coca-Cola fell following news gay rights groups protested against the company over its sponsorship of the 2014 Winter Olympic Games in Russia, saying the soft drinks giant "supports hate" by staying silent towards Russia's controversial new law on gay propaganda.
Campbell Soup retreated after posting a fourth-quarter loss after weaker-than expected sales, higher costs and a write-down related to its European unit.
S&P 500 - Risers
Garmin Ltd. (GRMN) $41.23 +4.35%
D. R. Horton Inc. (DHI) $18.40 +3.55%
Lennar Corp. Class A (LEN) $32.62 +3.16%
PulteGroup Inc. (PHM) $15.86 +3.12%
AutoNation Inc. (AN) $46.76 +3.06%
Ford Motor Co. (F) $16.50 +3.00%
Masco Corp. (MAS) $19.04 +2.86%
Verizon Communications Inc. (VZ) $47.82 +2.71%
Altera Corp. (ALTR) $35.69 +2.59%
Celgene Corp. (CELG) $142.58 +2.50%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $17.22 -3.75%
Cliffs Natural Resources Inc. (CLF) $20.97 -3.10%
Campbell Soup Co. (CPB) $43.33 -3.09%
J.C. Penney Co. Inc. (JCP) $12.40 -2.82%
Western Digital Corp. (WDC) $60.72 -2.79%
CONSOL Energy Inc. (CNX) $31.22 -2.77%
Seagate Technology Plc (STX) $38.09 -2.01%
Noble Corp (NE) $37.62 -1.93%
Exxon Mobil Corp. (XOM) $87.27 -1.77%
FMC Technologies Inc. (FTI) $53.79 -1.72%
Dow Jones I.A - Risers
Verizon Communications Inc. (VZ) $47.82 +2.71%
Boeing Co. (BA) $104.93 +1.61%
Microsoft Corp. (MSFT) $33.55 +1.61%
Unitedhealth Group Inc. (UNH) $72.44 +1.26%
Procter & Gamble Co. (PG) $77.31 +0.60%
United Technologies Corp. (UTX) $100.46 +0.48%
Travelers Company Inc. (TRV) $80.25 +0.45%
Walt Disney Co. (DIS) $61.08 +0.44%
Bank of America Corp. (BAC) $14.17 +0.35%
American Express Co. (AXP) $72.22 +0.29%
Dow Jones I.A - Fallers
Exxon Mobil Corp. (XOM) $87.27 -1.77%
Alcoa Inc. (AA) $7.81 -1.51%
McDonald's Corp. (MCD) $94.86 -1.27%
Chevron Corp. (CVX) $120.37 -1.18%
Intel Corp. (INTC) $22.06 -1.01%
Coca-Cola Co. (KO) $38.10 -0.65%
Hewlett-Packard Co. (HPQ) $22.52 -0.40%
Pfizer Inc. (PFE) $28.10 -0.39%
General Electric Co. (GE) $23.11 -0.39%
E.I. du Pont de Nemours and Co. (DD) $56.66 -0.23%
Nasdaq 100 - Risers
Vodafone Group Plc ADS (VOD) $31.80 +8.13%
Garmin Ltd. (GRMN) $41.23 +4.35%
Liberty Global plc Series A (LBTYA) $78.59 +3.22%
Altera Corp. (ALTR) $35.69 +2.59%
Equinix Inc. (EQIX) $175.86 +2.54%
Celgene Corp. (CELG) $142.58 +2.50%
Micron Technology Inc. (MU) $13.57 +2.49%
Green Mountain Coffee Roasters Inc. (GMCR) $88.78 +2.45%
Activision Blizzard Inc. (ATVI) $16.75 +2.20%
Biogen Idec Inc. (BIIB) $214.13 +2.11%
Nasdaq 100 - Fallers
Western Digital Corp. (WDC) $60.72 -2.79%
Seagate Technology Plc (STX) $38.09 -2.01%
Monster Beverage Corp (MNST) $56.98 -1.18%
Nuance Communications Inc. (NUAN) $18.31 -1.03%
Intel Corp. (INTC) $22.06 -1.01%
Mattel Inc. (MAT) $40.39 -0.81%
Intuitive Surgical Inc. (ISRG) $384.60 -0.73%
Dollar Tree Inc (DLTR) $53.02 -0.54%
Staples Inc. (SPLS) $14.05 -0.50%
Expeditors International Of Washington Inc. (EXPD) $40.45 -0.49% |
| | Get Your Free Copy of High Perfomance Trading | What's covered:
| 35 Practical strategies and technique to enhance your trading psychology and performance. How to avoid common pitfalls of trading. Develop your mental edge through to learning to think like a successful trader. T.R.A.D.E. to Success - Goal Achievement Strategies | There are no obligations. Click here for your book.
Authorised and regulated by the Financial Conduct Authority No.475285 | |
| | Friday Press Round-up | | US, Bank of England, Libya The US is prepared to act without the UK against Syria in retaliation for alleged chemical attacks after British MPs stunned their government by rejecting David Cameron’s attempts to win parliamentary support for missile strikes, the FT reports.
Britain’s unemployment rate will hit 7% nine months earlier than the Bank of England is expecting, according to the British Chambers of Commerce, but this does not mean that interest rates will rise from their record low of 0.5% before 2016. Unveiling a brightening economic picture and better growth prospects for the UK, the British Chambers of Commerce said that unemployment would come down and reach the Bank’s new target in the final quarter of 2015; Threadneedle Street has pencilled this in until the end of 2016, The Times says.
Libya's oil output has crashed to a near standstill over the past year as warlords and strikes paralyse the country, tightening the screws on global crude supply as the crisis in Syria comes to a head. “We are currently witnessing the collapse of state in Libya, and the country is getting closer to local wars for oil revenues,” said the Swiss-based group Petromatrix, according toThe Daily Telegraph.
Five years after the collapse of Lehman and the Great Panic, the Governor of the Bank of England says the fault lines that caused the crisis have been ‘substantially repaired’. In his first national newspaper interview since succeeding Lord (Mervyn) King as governor on July 1st, Carney leaves little doubt that he saw his first duty as returning Britain to growth without breaching the Bank’s anti-inflation mandate, The Daily Mail writes.
Britain's gas imports hit 1tn cubic feet in the first half of this year - the highest level on record - as North Sea production dwindled and cold weather boosted demand. Government provisional figures released on Thursday showed a 9.3% jump in gas imports in the first six months of 2013 against the same period of 2012, The Daily Telegraph reports.
Growing gossip that Chevron is sniffing around Ophir Energy helped shares of the oil and gas explorer put on 4.3p to 324.3p. Dealers heard whispers that the California-based multi-national energy corporation could be looking to take a significant stake or make a full-scale cash offer for the company whose African assets are said to be worth in the region of £10 a share, according to The Daily Mail. | | |
New ADVFN Service - FREE Reports Get your free report on Isa's, Investment Trusts, Funds,
Sipps Travel and Cars - FREE and Easy service CLICK HERE
To advertise in the Euro Markets Bulletin please contact patrick@advfn.co.uk |
| | | | | | | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
No comments:
Post a Comment