Evening Euro Markets Bulletin

ADVFN III Evening Euro Markets Bulletin Daily world financial news Friday, 28 February 2014 17:42:34 Monitor Quote Charts News CFD's Spreadbetting Free BB   Sponsored by: Galvan Share Tips of the Year 2014 Discover 4 shares that look set to soar this year. Click here for your FREE report. London Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts - FTSE closes flat, down 28 points on the week - Feb UK house prices climb - UK consumer confidence at six-year high - Eurozone's unemployment unchanged at 12 per cent techMARK 2,904.71 +0.09% FTSE 100 6,809.70 -0.01% FTSE 250 16,726.00 +1.23% UK stocks ended the final session of the week flat as investors weighed a mix of corporate earnings with numerous data releases out from both home and abroad. The FTSE 100 index ended the session just 0.57 points lower at 6,809.70, down 28.36 points on the week. UK house prices gain in February, Nationwide reveals UK house prices edged higher in February as demand continued to outstrip the pace of supply, data revealed. Nationwide’s house price index, based on the value of the new mortgages it provides each month, grew 0.6% on the month and by 9.4% on the year. The average price of homes came to £177,836 this month, marking the highest annual gain since May 2010. Robert Gardner, Nationwide's Chief Economist, said demand has also been bolstered by record low interest rates and rising consumer confidence, “thanks to the healthy gains in employment recorded in recent quarters”. UK consumer confidence remains at six-year high UK consumer confidence remained at its highest level since 2007, according to the latest GfK/NOP survey, with British householder sentiment on economic prospects strong, but moderating in terms of major consumer expenditure. The main consumer confidence index stayed unchanged at -7. Barclays Research said the survey’s findings “confirmed our view that retails sales should continue to grow, supported by easing price pressures and slowly rising earnings growth”. Eurozone unemployment rate will not fall until Q4, say analysts The Eurozone's unemployment rate remained unchanged at 12% for the month of January, data from Eurostat revealed today, matching the analyst consensus forecast. Weighing in on the data, analysts at Barclays Research expect the stabilisation of labour markets to continue in 2014, with the Eurozone's unemployment rate only starting to fall in the fourth quarter. In January, increases in the unemployment rates in France, Italy, and Netherlands were offset by declines in Germany, Ireland, and Spain. Over in Ukraine, Viktor Yanukovych has vowed to fight for the country as he spoke in Russia in his first public appearance since being ousted as President last week. He insisted he was "not overthrown", but was compelled to leave Ukraine after threats to his life. His remarks came as Ukrainian Interior Minister Arsen Avakov earlier accused Russia of carrying out an invasion in Crimea after armed men took over Sevastopol and Simferopol airports. Russia denies the allegations. US fourth quarter GDP revisions slightly below expectations US real gross domestic product (GDP) expanded at an annualised pace of 2.4% during the last three months of 2013 according to the US Department of Commerce, well below the preliminary estimate for growth of 3.2%. The consensus estimate had been for a gain of 2.5%. Old Mutual leads risers as Pearson holds onto bottom spot Financial services group Old Mutual climbed after revealing that its underlying activities had performed strongly in 2013. Old Mutual, which owns pension provider Skandia, unveiled adjusted operating profit of £1.6bn, similar to last year in reported currency but up 15% at constant currency. William Hill also moved higher despite the fact its annual pre-tax profit fell six per cent to £257m as the gaming company invested heavily in it its online offering. In an effort to keep up with the growing online market, with consumers opting to gamble on tables, computers and smartphones, the company launched mobile in new markets and took over full control of William Hill Online. Mondi Group, the international packaging and paper company, delivered a strong rise in annual pre-tax profit, driven by low costs and exposure to higher growth markets. On a 12% rise in revenue to €6,476m, pre-tax profit leapt 36% from €368m to €499m. Basic earnings per share rose from 50.1 cents to 79.8 cents. Meanwhile, lower margins in North America and the merger between publishing houses Penguin and Random House pushed full-year operating profits at Pearson 6% lower to £871m as the company warned of a further hit on earnings in 2014. The Financial Times publisher company said 2014 earnings per share at current exchange rates would be 62p to 67p as the pound strengthened against the dollar, adding that another £50m in restructuring costs would have to be set aside. Investec said the group's outlook once again disappointed, and put its price target under review. Ruper Soames, the Chief Executive Officer of Aggreko, has announced his plan to step down from the group to take up the same role at Serco Group. After 11 years at the helm, he is due to leave the company on April 24th. The owner of British Airways and Iberia, International Airlines Group, fell sharply despite hailing the success of its turnaround strategy as it reported annual operating profit of €770m against losses of €23m a year ago. Balance your Investment Portfolio.. Our monthly guide gives insight and analysis into investment opportunities to consider.  Download your guide, click here. FTSE 100 - Risers William Hill (WMH) 397.60p +6.08% Mondi (MNDI) 1,096.00p +5.89% Old Mutual (OML) 197.10p +5.85% Tullow Oil (TLW) 799.00p +4.51% Hargreaves Lansdown (HL.) 1,397.00p +3.48% Weir Group (WEIR) 2,567.00p +2.15% Standard Life (SL.) 390.00p +2.15% Whitbread (WTB) 4,487.00p +2.05% ARM Holdings (ARM) 1,010.00p +1.81% WPP (WPP) 1,308.00p +1.79% FTSE 100 - Fallers Pearson (PSON) 1,013.00p -5.86% Aggreko (AGK) 1,560.00p -4.29% International Consolidated Airlines Group SA (CDI) (IAG) 437.00p -3.28% Shire Plc (SHP) 3,320.00p -2.78% Randgold Resources Ltd. (RRS) 4,747.00p -2.45% Antofagasta (ANTO) 900.50p -2.28% Carnival (CCL) 2,463.00p -1.79% Experian (EXPN) 1,081.00p -1.55% Capita (CPI) 1,140.00p -1.55% SSE (SSE) 1,403.00p -1.54% FTSE 250 - Risers Serco Group (SRP) 460.50p +12.10% Electra Private Equity (ELTA) 2,750.00p +10.00% Man Group (EMG) 103.70p +7.91% Renishaw (RSW) 2,162.00p +6.98% Soco International (SIA) 474.80p +5.86% Interserve (IRV) 607.50p +5.74% Redrow (RDW) 341.80p +5.53% Berendsen (BRSN) 1,047.00p +5.44% Elementis (ELM) 288.20p +5.34% Rentokil Initial (RTO) 133.10p +5.22% FTSE 250 - Fallers Ferrexpo (FXPO) 153.00p -6.59% Laird (LRD) 314.50p -4.41% African Barrick Gold (ABG) 281.20p -3.67% Oxford Instruments (OXIG) 1,439.00p -2.84% Polymetal International (POLY) 633.50p -2.54% Vedanta Resources (VED) 845.00p -1.80% Spirent Communications (SPT) 105.00p -1.59% JD Sports Fashion (JD.) 1,562.00p -1.58% Ocado Group (OCDO) 562.50p -1.57% Kazakhmys (KAZ) 305.40p -1.48% NEW Trading Strategy - Currently running at 70% success rate Earn a tax free income trading, from just 20 minutes a day – no experience needed.  Our powerful trading software will help you decide when to enter trades and how to maximise profits. Register for a FREE brochure and trading guide, Click Here.  Europe Market Report FTSE 100 Euronext Dax perf CAC 40 Europe close: Stocks mixed after slate of Eurozone, US data - Eurozone inflation stabilises - Eurozone unemployment holds steady - US fourth quarter GDP cut - Ousted Ukraine President speaks FTSE 100: -0.01% DAX: 1.08% CAC 40: 0.27% FTSE MIB: 0.60% IBEX 35: -0.49% Stoxx 600: 0.24% European stocks were little changed as investors weighed a batch of Eurozone and US economic releases. The European Union's statistics office Eurostat estimated that inflation rose 0.8% year-on-year this month, the same rate as in January and December, as expected. Lower energy prices were offset by more expensive industrial goods and services. Consumer prices remain well below the ECB’s 2% target, piling pressure on the European Central Bank to enact greater policy measures. ECB President Mario Draghi has warned of the risk of inflation getting stuck in a “danger zone” below 1%, but has dismissed fears of deflation. Draghi said the central bank is awaiting more comprehensive figures, including economic forecasts, in March, before weighing up whether to take action. “We maintain our view that the ECB will cut to negative deposit rates in the second quarter,” said Danske Bank Markets. “The outlook of a prolonged period of low inflation will lead to additional easing and so far ECB communication has been in favour of this instrument.” A separate report from Eurostat showed Eurozone unemployment remained at 12% in January, as predicted by analysts. The number of people without jobs edged higher to 19,175,000 from 19,158,000 in December, the statistics office said. In Germany, retail sales climbed 0.9% year-on-year in January, compared to a 1.5% drop in December. The consensus estimate was for a 1.7% decline. In the UK, a consumer-confidence index from GfK came in at -7 this month, the same level as in January, in line with forecasts. US GDP falls more than forecast US gross domestic product rose at a revised annualised pace of 2.4%, compared to a preliminary estimate of 3.2%. Economists had pencilled in growth of 2.5%. Pending US home sales edged higher by 0.1% on the month in January, well below the 1.8% increase expected, compared to a drop of 5.8% in December. The University of Michigan's consumer confidence index for the month of February has come in at 81.6, down from 81.2 last month consensus: 81.2. MNI's Chicago manufacturing sector purchasing managers' index for the month of February edged higher by 0.2 points to reach 59.8, well above ahead of consensus estimates of 56.4. The data comes after Federal Reserve Chair Janet Yellen said the central bank would be closely monitoring releases to see whether the recent batch of weak reports was due to the harsh winter weather. During her testimony before Senate yesterday, she also said the Fed intended to continue to taper until sometime in the fall, although they were not on a "pre-set course”. Ukraine tensions flare Viktor Yanukovych has vowed to fight for the Ukraine as he spoke in Russia in his first public appearance since being ousted as President last week. He insisted he was "not overthrown", but was compelled to leave Ukraine after threats to his life. His remarks came as Ukrainian Interior Minister Arsen Avakov earlier accused Russia of carrying out an invasion in Crimea after armed men took over Sevastopol and Simferopol airports. Russia denied the allegations. Ukraine’s parliament has called on the United Nations Security Council to discuss the situation in Crimea while Prime Minister Arseniy Yatsenyuk warned of the growing threat of partition and economic collapse. A peace deal with the European Union had been brokered to end weeks of deadly violence but it fell through over the weekend, leading to the ousting of Russian-backed Yanukovych. Erste Group, Serco Pearson dropped after the education publisher reported a fall in operating profit that missed consensus. Bankia declined as Spain sold 7.5% of its stake in the lender to start recovering €22.4bn provided to recapitalise the bank. Erste Group Bank declined as it set aside provisions for bad loans and its outlook disappointed investors. Serco Group was higher after naming Aggreko's Chief Executive Officer Rupert Soamesnew as its new CEO with effect from June. Old Mutual increased after buying Intrinsic Financial Services for an undisclosed amount. The euro gained 0.69% to $1.3804. Brent crude futures rose $0.009 to $108.970 per barrel, according to data from the ICE. The Share Centre: Losing Interest? You could earn more with a Stocks & Shares ISA and you can be as cautious as you like. Grab a ready-made package or pick your own. Capital at risk. Tax benefits of ISAs may change. Click Here US Market Report US open: US business investment figures revised higher - Fourth quarter business investment revised higher - Treasury yields move higher Dow Jones Industrials: 0.50% Nasdaq Composite: 0.40% S&P 500: 0.52% The main US stock benchmarks moved higher following a stronger than might at first appear bag of economic data. US gross domestic product rose at a revised annualised pace of 2.4%, compared to 3.2% in the third quarter. Economists had pencilled in growth of 2.5%. However, Capital Economics pointed out that "the good news is that business investment increased by 7.3%, revised up from the initial estimate of a 3.8% gain. That gain helped to offset an 8.7% decline in residential investment, which was hit by the drop back in existing home sales that has reduced brokers' commissions." The data came a day after Federal Reserve Chair Janet Yellen delivered a dovish testimony to the Senate. While she noted the recent batch of weak economic releases, Yellen said she believes it could be down to the harsh winter weather. "What we will be doing in the weeks ahead is to try to get a firmer handle on exactly how much of that set of soft data can be explained by weather and what portion, if any, are due to a softer outlook," the central banker said. She also said the Fed was likely to continue winding back its monthly asset purchases until ending sometime in the fall but they were not on a "pre-set course”. Slightly mixed bag of data Pending US home sales edged higher by 0.1 per cent in January, well below what was expected, although the previous month's number has been revised higher. The University of Michigan's consumer confidence index for the month of February has come in at 81.6 consensus: 81.2 , although the expectations sub-index was off slightly. MNI's Chicago manufacturing sector Purchasing Managers' Index for the month of February edged higher by 0.2 points to reach 59.8, well above ahead of consensus estimates. "Some panellists cited the negative effect of the poor weather on their business." US Gross Domestic Product expanded at a 2.4% annualised pace in the fourth quarter consensus: 2.5% , well below the preliminary estimate of 3.2%. Business spending was revised significantly higher. KBR declines KBR Inc. slumped as the military contractor forecast 2014 earnings per share of $1.75 to $2.10, below analysts’ estimates of $2.49, and reported fourth-quarter revenue that missed forecasts. Jos. A. Bank advanced as the menswear chain rejected a $1.78bn bid from Men’s Wearhouse late yesterday. Arena Pharmaceuticals declined as the maker of the weight-loss drug Belviq widened its fourth-quarter loss. Treasury yields higher Front month West Texas crude futures were higher by 0.17% to the $102.58/barrel mark on the NYMEX. 10-year US Treasury yields were moving higher by five basis points to the 2.69% mark. iPad mini worth £269 for new trading accounts! A minimum volume is required. Terms and conditions apply. Find out more, click here. Brokers Tips William Hill, Kazhakmys, IAG Daniel Stewart has maintained its “buy” stance on shares in gambling company William Hill despite a fall in annual pre-tax profit of six per cent to £257m. The broker trimmed its target to 500p from 555p on the back of an 8% cut in forecasts in 2014 earnings before interest, tax, depreciation and amortisation to £359m and earnings per share by 10% to 29.5p. “However we do not find a multiple of 9.3 times 2014 EBITDA particularly demanding for a brand and business with the scale of WMH and we remain buyers of the stock,” the broker told clients, adding that the balance sheet is in “good shape at 2x net debt/EBITDA to aid further expansion and revenue from outside of the UK is growing”. Copper miner Kazakhmys' restructure announced on February 27th was “significantly bigger in scope” than broker Credit Suisse expected and as a result the broker has updated its estimates for future earnings on the back of a "credible" path forward for the company. It revised its price target to 330p from 235p, but maintained its “neutral” stance on the stock given a recent uplift in the share price. Credit Suisse forecasts 2014 revenues of $2.7bn compared with 2013’s actual $3bn, falling to $1bn in 2015 and rising to $1.8bn in 2016. Earnings before interest, tax, depreciation and amortisation are forecast to fall to $274.9m this year, $217m in 2015 before an expected increase in production kicks in to a profits of $592m in 2016. “After an extended period of under-performance, Kazakhmys has set out a credible restructuring plan that is significantly bigger in scope than we and the market expected,” the broker told clients. “Once completed the company will be transformed from a high- to low-cost producer and a significantly smaller workforce to 12,000 from 56,000. “We forecast a drop in copper production from 290 kilotonne in 2014 to 85kt in the first half of 2015 in line with company guidance before ramping up to around 350kt by 2018. We assume that Kazakhmys injects $300m of cash into the new private entity to support the business.” Liberum Capital said Iberia and British Airways owner International Consolidated Airlines Group is on course to hit "stretching" targets. IAG on Friday said the acquisition of Spanish budget carrier Vueling, an overhaul of Iberia and improved revenue at BA had led to an annual operating profit of €770m against losses of €23m a year ago. Chief Executive Willie Walsh said: "In 2014, we expect to make steady progress towards our 2015 Group operating profit target of €1.8bn, with relatively flat unit revenue growth, and margin expansion driven by falling unit costs." Liberum has a 'buy' recommendation on IAG with a 450p target. It said a 134% increase in operating profit in two years against a depressed but materially profitable base was "a stretching target at first glance." However, it added it believed it was achievable "even without a tailwind from better economic conditions." Keith Bowman at broker Hargreaves Lansdown said the results had sparked some profit-taking. He said IAG was dependent on an improving global economy, fuel costs could rise and rival Ryanair, which is undergoing changes to make it more customer-friendly, could give Vueling a run for its money. Bowman said: "For now, IAG is progressing. The removal of costs remains central, with labour productivity and aircraft fuel efficiency still topping the agenda. For now, and despite a testing of investor faith thanks to the stellar share price performance, third party analyst opinion continues to denote a strong buy."   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. 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ADVFN Newsdesk - Nervousness Prevails Ahead of Trio of Reports

ADVFN  World Daily Markets Bulletin Daily world financial news Friday, 28 February 2014 10:58:04    Monitor Quote Charts News Toplists Forex Boards   Sponsored by: VectorVest Beat the market – Guaranteed! Discover trading plans that beat the market year after year and tell you exactly when to buy, what to buy and when to sell.  US Market The major U.S. index futures are pointing to a lower opening on Friday, with sentiment reflecting defensive stance of traders, as the major averages trade in overbought territory. With fourth quarter GDP growth now downwardly revised roughly in line with expectations, the market focus is likely to rest on the results of a regional manufacturing survey and consumer sentiment and pending home sales data due to be released shortly after the markets open. Notwithstanding monetary policy optimism, weak numbers may generate some weakness in the markets going into the weekend. U.S. stocks extended their advance on Thursday, moving further into overbought territory amid Federal Reserve Chair Janet Yellen's testimony to the Senate and the release of mixed economic data. The major averages opened little changed and showed some volatility in early trading. Subsequently, the averages advanced until late afternoon trading and moved roughly sideways thereafter before closing moderately higher. The Dow Industrials ended up 74.24 points or 0.46 percent at 16,273, the S&P 500 Index closed 9.13 points or 0.49 percent higher at 1,854 and the Nasdaq Composite Index ended at 4,319, up 26.87 points or 0.63 percent. Twenty-two of the thirty Dow components closed higher and one stock ended unchanged, while the remaining seven stocks retreated. Boeing , Goldman Sachs , 3M Co. , Microsoft and Verizon were among the biggest gainers of the session. On the economic front, The Commerce Department reported that durable goods orders fell 1 percent month-over-month in January. Excluding transportation, orders were up 1.1 percent. The core component that excludes non-defense capital goods orders, excluding aircraft, was up 1.7 percent. However, shipments of this category of goods that are plugged into GDP calculations were down 0.8 percent. Vehicle/parts, electrical equipment, machinery and primary metal orders all declined, while orders for computers/electronics and fabricated metals improved. The Labor Department said jobless claims rose to 348,000 in the week ended February 22nd from 334,000 in the previous week. The four-week average remained unchanged at 338,000. Continuing claims calculated with a week's lag rose 8,000 to 2.964 mil. in the week ended February 15th. Notwithstanding the 14-day relative strength index remaining above 80, which suggests overbought levels, The Dow Industrials continued to climb on Thursday. If the momentum is sustained, the index could take a shot at its near term resistance around 16,372. Further resistances lie around the 16,464 and 16,534 levels. On the downside, the index is likely to be solidly supported by its 50-day MA currently at 16,141. Other support levels for the index are 16,029, its 21-day MA currently at 15,913 and 15,741. Retired Talk Show Host Reveals Shocking Secret "Almost anyone can collect income checks from the government," he says. "And it's all tax-free." Read More US Economic Reports CADUSD Oil Gold Allbanc Please click on the images to view our interactive charts With consumer spending increasing at a notably slower than previously estimated rate, The Commerce Department released a report showing that the U.S. economy grew by much less than initially indicated in the fourth quarter of 2013. The report showed that gross domestic product increased by 2.4 percent in the fourth quarter, reflecting a notable downward revision from the 3.2 percent growth originally reported. Economists had expected the pace of GDP growth to be downwardly revised to 2.5 percent. The Commerce Department said the slower growth primarily reflected downward revisions to consumer spending, private inventory investment, exports, and state and local government spending. MNI Indicators is due to release its Chicago business barometer for February at 9:45 am ET. The consensus estimates call for a decline in the index to 56.4 from 59.6 in January. The Chicago business barometer fell 1.2 points to 59.6 in January, reflecting a slowdown in the expansion of the region's manufacturing sector. The employment index slipped 5.1 points to 49.2. However, the production, new orders and order backlogs indexes showed month-over-month improvement. Reuters and the University of Michigan are scheduled to release the final estimate of their U.S. consumer sentiment index for February at 9:55 am ET. Economists expect a small upward revision to the index to 81.5 from the preliminary estimate of 81.2. The National Association of Realtors is due to release its pending home sales index for January at 10 am ET. Economists estimate a 2.3 percent increase in the pending home sales index following an 8.7 percent drop in December. Pending home sales fell 8.7 percent month-over-month in December, with the index dropping to the lowest level since October 2011. Annually, pending home sales were down 8.8 percent. Pending home sales fell in each of the four geographic regions. The weakness stemmed mainly from adverse weather conditions. Of the Fed speeches, Federal Reserve Governor Jeremy Stein and Minneapolis Fed President Narayana Kocherlakota are due to participate in a panel discussing monetary policy and financial stability in New York at 10:15 am ET. Chicago Federal Reserve President Charles Evans and Philadelphia Federal Reserve President Charles Plosser will also be on a panel discussing communications and unconventional monetary policy in New York at 1:30 pm ET. No platform or data fees with no trade minimums Trade free for 60 days + get up to $600 cash. Join TD Ameritrade Stocks in Focus FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts Gap reported fourth quarter earnings of 68 cents per share on net sales of $4.58 bil. The earnings exceeded estimates, while the revenues were slightly below estimates. The company's 2014 earnings guidance was also weak. Salesforce.com reported fourth quarter non-GAAP earnings of 7 cents per share on revenues of $1.15 bil. For fiscal 2015, the company expects non-GAAP earnings of 48-50 cents per share on revenues of $5.25 bil. to $5.30 bil. The results exceeded estimates and the guidance was positive. The company also announced that its CFO Graham Smith will retire in March 2015. Mentor Graphics reported fourth quarter non-GAAP earnings of 92 cents per share on revenues of $401 mil. For 2014, the company estimates non-GAAP earnings of $1.75 per share on revenues of $1.237 bil. The results exceeded estimates and the guidance was strong. The company's board also announced an 11 percent increase to its dividend. Sotheby's reported fourth quarter net income of $1.30 per share on revenues of $339.20 mil. The results trailed expectations. Meanwhile, activist investor Daniel Loeb's hedge fund Third Point has launched a proxy fight at Sotheby's by nominating three candidates, including Loeb, to stand for election to Sotheby's board of directors at the company's 2014 annual meeting. Ross Stores reported fourth quarter earnings that came in line, while its revenues were slightly shy of estimates. The company issued weak guidance for the first quarter and the full year. Deckers Outdoor reported fourth quarter earnings of $4.04 per share on sales of $736 mil. For 2014, the company expects revenue growth of 10 percent and earnings per share growth of 8 percent, while for the first quarter, the company estimates a loss of 16 cents per share on 6 percent revenue growth. The results exceeded estimates but the guidance was weak. Monster Beverage reported fourth quarter net income of 44 cents per share on net sales of $540.85 mil. The earnings missed estimates, while the revenues were ahead of estimates. Jos. A. Clothiers revealed through a letter to Men's Wearhouse CEO Douglas Ewert that its board has rejected the latter's $63.50 per share takeover offer as inadequate. However, the company said its board has authorized it to meet with Men's Wearhouse to establish a process to negotiate the highest price Men's Wearhouse is prepared to pay. Universal Health reported fourth quarter adjusted net income of $1.03 per share on revenues of $1.80 bil. For 2014, the company estimates earnings of $4.80 to $5.10 on revenues of $7.89 bil to $7.94 bil. The results trailed expectations and the guidance was negative. No platform or data fees with no trade minimums Trade free for 60 days + get up to $600 cash. Join TD Ameritrade European Market After showing some volatility in early trading, European stocks have turned mixed. On the economic front, the Federal Statistical Office reported that German retail sales rose 2.5 percent month-over-month in January, reversing the 2 percent decline in December. Economists had expected a 1 percent gain. Separate reports from the region showed that French consumer spending unexpectedly declined in January and producer prices also unexpectedly fell. The results of a survey by GfK showed that U.K. consumer confidence remained static at depressed levels in February, although the confidence level was in line with estimates. In corporate news, Bayer reported a 24 percent increase in its fourth-quarter net income to 455 mil. euros from 366 mil. euros last year. The U.K.'s Old Mutual reported a 15 percent increase in its 203 profits, helped by strong sales growth. At the same time, Pearson reported a decline in its 2013 earnings and also forecast weakness in 2014, blaming it on its U.S. education units. IAG, the parent company of British Airways, reversed to a profit in 2013. Asian Markets USDCAD USDEUR USDGBP USDJPY Please click on the images to view our interactive charts The major Asian markets closed mixed yet again despite the positive lead from Wall Street overnight. Anxiety concerning a pullback served to keep sentiment subdued. The Australian and Japanese markets declined, while most other major markets advanced. A raft of economic data released from Japan confirmed the building momentum in the domestic economy. Japan's Nikkei 225 average was found languishing below the unchanged line for much of the session before closing 82.04 points or 0.55 percent lower at 14,841. Export stocks moved to the downside, pressured by the yen's strength, while defensive stocks found some buying interest. Australia's All Ordinaries opened higher and spiked sharply in early trading but gave back most of its gains immediately after. The index moved nervously around the unchanged line till the mid-session before seeing strength again. The index pulled back yet again in late afternoon trading and languished in the red thereafter before ending down 5.60 points or 0.10 percent at 5,415. A majority of stocks declined, although material, healthcare and utility stocks advanced modestly. Hong Kong's Hang Seng Index closed at 22,837, up 8.78 points or 0.04 percent, and China's Shanghai Composite Index ended 8.95 points or 0.44 percent higher at 2,056. On the economic front, a report released by Japan's Ministry of Economy, Trade and Industry showed that industrial production in Japan rose 4 percent month-over-month in January following a 0.8 percent increase in December. Economists estimated a 2.8 percent increase. A separate report showed that Japanese retail sales rose 4.4 percent year-over-year in January, also exceeding forecasts for a 3.8 percent increase. Japan's Ministry of Internal Affairs and Communication reported that core consumer prices in Japan rose 1.4 percent year-over-year in January, the same pace as in the previous month and matching economists' estimates. A separate report showed that average household spending in Japan climbed a better than expected 1.1 percent year-over-year in January, while the average of monthly income per household eased 0.6 percent. Meanwhile, the jobless rate in Japan came in at 3.7 percent in January, the same rate as in December and in line with estimates. The gun debate reveals game-changing technology And provides proof that we could be at the exact tipping point to deliver monster-sized gains. Read more... Currency and Commodities Markets Crude Oil futures are slipping $0.35 to $102.05 a barrel after falling $0.19 to $102.40 a barrel on Thursday. Gold futures are currently edging down $0.60 to $1,331.20 an ounce. In the previous session, Gold rise $3.80 to $1,331.80an ounce. Among currencies, the U.S. dollar is trading at 101.93 yen compared to the 102.23 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3809 compared to yesterday's $1.3710.     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

Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Friday, 28 February 2014 10:11:44 Monitor Quote Charts News CFD's Spreadbetting Free BB   Sponsored by: Galvan Share Tips of the Year 2014 Discover 4 shares that look set to soar this year. Click here for your FREE report. London Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London open: FTSE surprises with retreat early  - Feb Consumer Confidence holds steady - House prices rise at fastest rate in nearly four years - Yellen comments send S&P 500 to record high techMARK 2,904.42 +0.08% FTSE 100 6,808.29 -0.03% FTSE 250 16,595.16 +0.44% The FTSE ignored record gains in the US to inch lower early on, as investors geared up for a data-heavy session and digested another raft of company news. The top tier index fell 4.14 points to 6,806.13 in the first hour of trade. The Stateside gains, which saw the benchmark S&P 500 end the session at a record high, followed comments from Federal Reserve Chairwoman, Janet Yellen, at the Senate Banking Committee. Yellen pointed out that a number of the economic releases in recent days indicated softer spending that may partly reflect adverse weather conditions. "Part of that softness may reflect adverse weather conditions, but at this point it's difficult to discern exactly how much," she said. "In the weeks and months ahead, my colleagues and I will be attentive to signals that indicate whether the recovery is progressing in line with our earlier expectations." UK house prices rise at fastest rate seen in nearly four years According to the Nationwide Building Society, house prices jumped 0.6% in February, marking a 9.4% year-on-year gain, the quickest rate seen in almost four years. Nationwide's Chief Economist, Robert Gardner, said: "Price growth is being supported by the fact that the supply of housing remains constrained, with housing completions still well below their pre-crisis levels." The average price of a UK home is now £177,846, although this is still nearly 5% below the peak seen in 2007. UK consumer confidence reading kicks of data-heavy session It was revealed this morning that Britain's GfK Consumer Confidence reading showed sentiment in February was unchanged at -7 from the previous month, which itself was at the highest level in more than six years. Managing Director of Social Research at GfK, Nick Moon, said: "After the substantial six point rise in the index last month, holding steady, rather than any form of correction, is good news. Just a year ago the index stood at -26, so the current level is massively better." In the Eurozone inflation figures will be a prime focus as the European Central Bank comes under mounting pressure to tackle falling prices. Consumer prices in February are forecast by the consensus to have risen by 0.8% in February, in line with the prior month, and well below the ECB’s 2% target. Barclays Research and Credit Suisse, on the other hand, see it coming in at 0.6%. Alpari Market Analysts Craig Erlam said: "There’s lots of other data being released this morning aside from this, but it consists predominantly of low level that rarely has any impact on the markets, such as Italian unemployment, German, Irish and Greek retail sales and French consumer spending. "All of these are clearly important and help to give a better picture of where the recovery is being felt more, however their impact on the market tends to be minimal as people are more concerned with the bigger picture." Mondi leads risers after record results Mondi Group, the international packaging and paper company, delivered a strong rise in annual pre-tax profit, driven by low costs and exposure to higher growth markets. On a 12% rise in revenue to €6,476m, pre-tax profit leapt 36% from €368m to €499m. Basic earnings per share rose from 50.1 cents to 79.8 cents. William Hill also moved higher despite the fact its annual pre-tax profit fell six per cent to £257m as the gaming company invested heavily in it its online offering. In an effort to keep up with the growing online market, with consumers opting to gamble on tables, computers and smartphones, the company launched mobile in new markets and took over full control of William Hill Online. Financial services group Old Mutual climbed after revealing that its underlying activities had performed strongly in 2013. Old Mutual, which owns pension provider Skandia, unveiled adjusted operating profit of £1.6bn, similar to last year in reported currency but up 15% at constant currency. Meanwhile, lower margins in North America and the merger between publishing houses Penguin and Random House pushed full year operating profits at Pearson six per cent lower to £871m as the company warned of a further hit on earnings in 2014. The Financial Times publisher company said 2014 earnings per share at current exchange rates would be 62p to 67p as the pound strengthened against the dollar, adding that another £50m in restructuring costs would have to be set aside. Ruper Soames, the Chief Executive Officer of Aggreko, has announced his plan to step down from the group to take up the same role at Serco Group. After 11 years at the helm, he is due to leave the company on April 24th. The owner of British Airways and Iberia, International Airlines Group, fell sharply despite hailing the success of its turnaround strategy as it reported annual operating profit of €770m against losses of €23m a year ago. Balance your Investment Portfolio.. Our monthly guide gives insight and analysis into investment opportunities to consider.  Download your guide, click here. FTSE 100 - Risers Old Mutual (OML) 193.20p +3.76% Mondi (MNDI) 1,073.00p +3.67% William Hill (WMH) 385.50p +2.85% British American Tobacco (BATS) 3,265.50p +1.43% BG Group (BG.) 1,102.50p +1.29% Coca-Cola HBC AG (CDI) (CCH) 1,515.00p +1.07% Whitbread (WTB) 4,440.00p +0.98% Prudential (PRU) 1,366.00p +0.96% Legal & General Group (LGEN) 241.40p +0.92% Experian (EXPN) 1,108.00p +0.91% FTSE 100 - Fallers Pearson (PSON) 1,014.00p -5.76% Aggreko (AGK) 1,580.00p -3.07% International Consolidated Airlines Group SA (CDI) (IAG) 439.90p -2.63% Standard Chartered (STAN) 1,247.50p -2.58% Royal Bank of Scotland Group (RBS) 320.30p -1.93% Randgold Resources Ltd. (RRS) 4,779.00p -1.79% RSA Insurance Group (RSA) 96.50p -1.63% Fresnillo (FRES) 951.00p -1.25% Rio Tinto (RIO) 3,418.00p -1.19% Antofagasta (ANTO) 911.00p -1.14% FTSE 250 - Risers Serco Group (SRP) 453.50p +10.39% Man Group (EMG) 100.70p +4.79% Rightmove (RMV) 2,746.00p +4.61% Interserve (IRV) 595.50p +3.66% Renishaw (RSW) 2,094.00p +3.61% UBM (UBM) 721.00p +3.00% Perform Group (PER) 235.00p +2.49% Micro Focus International (MCRO) 794.50p +2.12% Crest Nicholson Holdings (CRST) 387.70p +1.97% Barratt Developments (BDEV) 436.10p +1.94% FTSE 250 - Fallers Laird (LRD) 312.90p -4.89% Kazakhmys (KAZ) 303.70p -2.03% Homeserve (HSV) 326.50p -1.98% African Barrick Gold (ABG) 287.00p -1.68% Evraz (EVR) 70.00p -1.48% Polymetal International (POLY) 641.50p -1.31% Oxford Instruments (OXIG) 1,463.00p -1.22% Centamin (DI) (CEY) 54.50p -1.00% Petra Diamonds Ltd.(DI) (PDL) 158.50p -0.94% Home Retail Group (HOME) 190.20p -0.89% UK Events Friday February 28 INTERIMS Just Retirement Group INTERIM DIVIDEND PAYMENT DATE City of London Investment Group, Conviviality Retail , Fusionex International, NB Private Equity Partners Ltd. QUARTERLY PAYMENT DATE City of London Inv Trust, Picton Property Income Ltd INTERNATIONAL ECONOMIC ANNOUNCEMENTS Chicago PMI (US) (13:45) GDP (Preliminary) (US) (13:30) International Reserves (EU) (11:00) Pending Homes Sales (US) (15:00) Retail Sales (GER) (07:00) U. of Michigan Confidence (Final) (US) (14:55) Unemployment Rate (EU) (10:00) GMS Summit Corporation FINALS Berendsen, Candover Investments, International Consolidated Airlines Group SA (CDI), Interserve, Intu Properties, Laird, Mondi, Old Mutual, Pearson, Pilat Media Global, Rentokil Initial, Rightmove, Synthomer, UBM, William Hill SPECIAL DIVIDEND PAYMENT DATE Hazel Renewable Energy VCT 1, Hazel Renewable Energy VCT 1 A Shares, Hazel Renewable Energy VCT 2, Hazel Renewable Energy VCT 2 A Shares AGMS China Rerun Chemical Group Ltd (DI), Sanderson Group UK ECONOMIC ANNOUNCEMENTS Consumer Confidence (09:30) GFK Consumer Confidence (00:05) Mortgage Approvals (09:30) FINAL DIVIDEND PAYMENT DATE Andor Technology, Blue Capital Global Reinsurance Fund Ltd (DI), Gooch & Housego, Starwood European Real Estate Finance Ltd NEW Trading Strategy - Currently running at 70% success rate Earn a tax free income trading, from just 20 minutes a day – no experience needed.  Our powerful trading software will help you decide when to enter trades and how to maximise profits. Register for a FREE brochure and trading guide, Click Here.  Europe Market Report FTSE 100 Euronext Dax perf CAC 40 Europe open: Stocks mixed before Eurozone CPI, jobless rate - Eurozone inflation figures out - Eurozone unemployment rate to be released FTSE 100: 0.02% DAX: 0.34% CAC 40: 0.12% FTSE MIB: 0.03% IBEX 35: -0.16% Stoxx 600: 0.24% European stocks were little changed ahead of the release of reports on inflation and unemployment in the Eurozone. Consumer prices in February are forecast to have risen by 0.8% in February, in line with the prior month, well below the European Central Bank’s (ECB) 2% target. Barclays Research and Credit Suisse, on the other hand, see it coming in at 0.6%. The unemployment rate is expected to have held steady at 12% in January. Falling inflation and high unemployment have been a major cause for concern in the euro-area, piling pressure on the ECB to enact greater policy measures. ECB President last night dismissed fears of deflation, but said the monetary authority is aware of the potential downside risks to price stability and will act if needed. He remained mum on whether the ECB will take action at its policy meeting on Thursday. At the ECB’s last gathering, Draghi said the central bank was awaiting more comprehensive figures, including economic forecasts, in March before considering changing policy. Bayer, Belgacom Bayer declined as the German drugmaker reported a fall in fourth quarter earnings that missed analysts’ estimates. Telecom Italia gained as the company’s directors supported Chief Executive Officer Marco Patuano’s plan to give more influence to minority shareholders on the board. Belgacom slumped as the Belgian telephone company posted fourth quarter earnings that fell short of market expectations. The euro rose 0.01% to $1.3711. Brent crude future fell $0.248 to $108.690 per barrel, according to the ICE. The Share Centre: Losing Interest? Losing interest? You could earn more with a Stocks & Shares ISA and you can be as cautious as you like. Grab a ready-made package or pick your own. Capital at risk. Tax benefits of ISAs may change. Click Here US Market Report US close: S&P 500 turns 'dovish' for the year - S&P 500 turns higher for the year - Yellen indicates tapering not on automatic pilot Dow Jones Industrials: 0.46% Nasdaq Composite: 0.63% S&P 500: 0.48% The main US stock market gauges ended the day on a slightly positive note following fairly dovish remarks from Fed Chair Janet Yellen before the Senate Banking Committee to the effect that ‘tapering’ is not on a pre-set course, rather it will be adapted if necessary. That allowed investors to push the benchmark S&P 500 into the blue for the year. Nevertheless, the latest macroeconomic indicators were fairly mixed. Thus, jobless claims increased by 14,000 to 348,000 in the week ended February 22nd, from 334,000 in the prior period, a Labor Department report showed today. Economists had expected 335,000 claims. The Federal Reserve is closely monitoring the labour market to gauge the health of the world’s biggest economy ahead of its next policy. Fed Chair Yellen has indicated that the Fed is likely to continue reducing monthly asset purchases at each meeting until ending it all together later this year. “A third consecutive month of weak payroll growth in February would raise speculation that the Fed will pause the tapering of its asset purchases,” Capital Economics said. “But because any weakness this month was probably due to the unusually bad weather, we believe the Fed will stick to its current tapering plans.” In other US news, a report showed durable goods orders fell less than expected in January. Orders dropped 1% compared to a fall of 5.3% in December. Analysts predicted a decrease of 1.7%. J.C. Penney, GM J.C. Penney advanced after saying same-store sales will increase by a mid-single digit percentage and gross margin will “significantly” improve this year. General Motors declined as US regulators said they are investigating why the automaker took years to recall 1.6m small cars over an ignition-switch defect. Inovio Pharmaceuticals Inc. dropped as the drug researcher and developer said it will sell additional common stock. Best Buy gained after the US retailer reported a better-than-expected quarterly profit on Thursday and announced more aggressive cost cuts this year. Front month West Texas crude futures are off by 0.42% to the $101.97/barrel mark on the NYMEX. Ten-year US Treasury yields are edging higher by one basis point to 2.65%. iPad mini worth £269 for new trading accounts! A minimum volume is required. Terms and conditions apply. Find out more, click here. Friday Newspaper Round-up Crimea, Ofgem, Renminbi Russian soldiers have occupied two key airports in Ukraine's restive pro-Russia region of Crimea, Ukraine's acting interior minister said Friday. Soldiers wearing camouflage and bearing automatic weapons have taken up positions at Belbek Airport in Sevastopol, home of Russia's Black Sea Fleet, and at the airport in Simferopol, the region's capital, Arsen Avakov said. – The Wall Street Journal Ofgem has told energy companies to return money to former customers after finding that they hold more than £400m in credit from closed accounts. The regulator found large companies hold at least £202m from about 3.5m former domestic customers and £204m from 300,000 accounts, saying it “expects suppliers to do more” to return the funds. – The Times The Chinese renminbi capped its biggest weekly fall in years with a 0.5% drop on Friday as traders reported heavy intervention by the central bank to weaken the currency. After rising steadily for a year and a half, prompting investors to view appreciation as a one-way bet, the renminbi has abruptly reversed course and fallen over nine consecutive trading days. Its cumulative decline of 1.5% during that period to 6.16 against the US dollar is its sharpest since China de-pegged the currency in 2005. – Financial Times Britain's buoyant housing market showed no signs of cooling in February with the average price of a home 9.4% higher than a year earlier according to Nationwide. It was the strongest rate of annual growth since May 2010, driven higher by a 0.6% increase in prices on a monthly basis, a slightly slower pace than January's 0.8% rise. –The Guardian Britain will have a new lower average interest rate of about 3% for several years, a member of the Bank of England’s Monetary Policy Committee said last night. David Miles, an external member of the MPC, stressed that the bank rate, which stands at 0.5%, would be much lower than its long-run average of 5% once it returned to more normal levels. – The Times Finance giant Standard Life has become the first major company to warn it may move some of its operations out of Scotland if the country votes for independence. The pensions and savings firm has been a stalwart of Edinburgh’s financial services scene for almost 200 years. But uncertainty over the currency and EU membership after a Yes vote could force it to relocate some of its business south of the Border, its bosses said. - Scotsman   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. 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