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Oct 22, 2015

Morning Euro Markets Bulletin

 
ADVFN  Morning Euro Markets Bulletin
Daily world financial news Thursday, 22 October 2015 09:34:04
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London Market Report
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London open: Stocks in the red ahead of ECB decision

London stocks were on the back foot on Thursday ahead of the European Central Bank's policy decision and a slate of economic data.
Economists anticipate the ECB will keep interest rates, the deposit facility and the marginal lending facility unchanged at 0.05%, -0.20% and 0.30%, respectively.

While there are expected to be no surprise changes at the policy announcement, the market will be focused on whether ECB president Mario Draghi signals further stimulus at his press conference following the bank's governing council meeting.

Draghi is likely to provide an update on the €60bn-a-month asset-purchase programme amid speculation the ECB will extend it past September 2016 to address prolonged low inflation, a stagnant Eurozone recovery and risks from slowing emerging markets.

"Given that we're almost a year on from its decision to start buying €60bn of mostly government bonds each month, there doesn't seem to be much of an argument to hold off on easing further but that fact has never forced them into action before so it's unlikely to now," said Craig Erlam, senior market analyst at Oanda.

The Eurozone will also see the release of consumer confidence data at 1500 BST which is expected to show a decline in October to -7.4 from -7.1 the prior month.

Closer to home, UK retail sales at 0930 BST are expected to show a 4.7% increase in September compared to the same month a year ago, following a 3.5% increase in August.

Stateside, reports in the afternoon will include initial jobless claims, the house price index and existing home sales.

Company-wise, Travis Perkins slumped after the housebuilder warned that full-year EBITA will now be at the lower end of market expectations due to recent sector weakness.

Anglo American declined after saying it was postponing major project decisions at its platinum unit until at least 2017 and had cut diamond production due to soft demand.

Foxtons dropped after saying transactions in central London remained at a low level following recent strong price growth and stamp duty changes.

Debenhams gained after posting growth in annual pre-tax profit thanks to solid progress made against its strategic targets.

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Market Movers

FTSE 100 (UKX) 6,340.48 -0.13%
FTSE 250 (MCX) 16,953.96 -0.49%
techMARK (TASX) 3,035.44 0.13%

FTSE 100 - Risers

Ashtead Group (AHT) 980.50p 3.21%
Vodafone Group (VOD) 210.50p 1.18%
Admiral Group (ADM) 1,625.00p 1.06%
Royal Mail (RMG) 446.60p 1.04%
Shire Plc (SHP) 4,497.00p 0.78%
Imperial Tobacco Group (IMT) 3,527.00p 0.71%
GKN (GKN) 279.80p 0.68%
AstraZeneca (AZN) 3,973.00p 0.66%
Marks & Spencer Group (MKS) 496.60p 0.63%
GlaxoSmithKline (GSK) 1,329.50p 0.57%

FTSE 100 - Fallers

Travis Perkins (TPK) 1,820.00p -7.28%
Anglo American (AAL) 583.20p -3.54%
Smiths Group (SMIN) 980.50p -3.02%
Wolseley (WOS) 3,705.00p -2.55%
Pearson (PSON) 974.00p -2.45%
Kingfisher (KGF) 357.60p -2.40%
BAE Systems (BA.) 443.10p -2.21%
Rolls-Royce Holdings (RR.) 671.50p -1.47%
HSBC Holdings (HSBA) 506.40p -1.25%
ARM Holdings (ARM) 1,015.00p -1.07%

FTSE 250 - Risers

Ladbrokes (LAD) 105.20p 4.06%
Debenhams (DEB) 84.15p 3.70%
Inchcape (INCH) 790.50p 3.40%
Zoopla Property Group (WI) (ZPLA) 241.60p 3.12%
Evraz (EVR) 83.80p 1.15%
Riverstone Energy Limited (RSE) 852.00p 1.07%
Centamin (DI) (CEY) 68.45p 0.96%
SEGRO (SGRO) 445.50p 0.79%
Hunting (HTG) 397.00p 0.79%
Shawbrook Group (SHAW) 330.30p 0.73%

FTSE 250 - Fallers

SIG (SHI) 140.00p -21.57%
Foxtons Group (FOXT) 208.10p -6.05%
Grafton Group Units (GFTU) 650.00p -5.87%
Marshalls (MSLH) 317.70p -5.16%
Senior (SNR) 248.00p -4.98%
Home Retail Group (HOME) 121.00p -3.97%
Howden Joinery Group (HWDN) 452.00p -3.85%
Galliford Try (GFRD) 1,504.00p -3.71%
Tullett Prebon (TLPR) 340.70p -3.57%

UK Event Calendar

Thursday 22 October

INTERIMS
Lombard Risk Management, Stobart Group Ltd.

INTERIM DIVIDEND PAYMENT DATE
Aquatic Foods Group , Derwent London, Netplay TV, Premier Farnell

INTERIM EX-DIVIDEND DATE
BAE Systems, Capita, Cello Group, Hansteen Holdings, Harvey Nash Group, Howden Joinery Group, InterQuest Group, Intu Properties, Marshalls, Menzies(John), ProVen Growth & Income VCT, ProVen VCT, Rolls-Royce Holdings, Rotala, Senior, Tullett Prebon, Walker Greenbank, William Hill

QUARTERLY PAYMENT DATE
Fair Oaks Income Fund Limited

QUARTERLY EX-DIVIDEND DATE
Assura , City of London Inv Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
ECB Interest Rate (EU) (12:45)
Existing Home Sales (US) (15:00)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)

GMS
Belvoir Lettings

IMSS
Inchcape, Ladbrokes, Phoenix Group Holdings (DI), SEGRO, Travis Perkins

SPECIAL EX-DIVIDEND PAYMENT DATE
S&U, TR European Growth Trust

EGMS
FBD Holdings, Griffin Mining Ltd., Ryanair Holdings

AGMS
Argos Resources Ltd. (DI), Ashmore Group, BHP Billiton, Castleton Technology, Go-Ahead Group, Monitise, PME African Infrastructure Opportunities, Standard Life UK Smaller Companies Trust

TRADING ANNOUNCEMENTS
Mail.ru Group Ltd GDR (Reg S)

UK ECONOMIC ANNOUNCEMENTS
Internet Retail Sales (09:30)
Retail Sales (09:30)

FINAL DIVIDEND PAYMENT DATE
Oxford Instruments

FINAL EX-DIVIDEND DATE
Animalcare Group, Bailey (C.H.), Darty, Edge Performance VCT 'I' Shares, Edge Performance VCT G Shares, Galliford Try, ISG, JPMorgan Emerging Markets Inv Trust, Penna Consulting, Ricardo, Sky, Smiths Group, Thorpe (F.W.), TR European Growth Trust, Wetherspoon (J.D.), Wilmington , Wolseley


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Europe Market Report
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Europe open: Stocks little changed as investors eye ECB rate announcement

European stocks were little changed in early trade on Thursday as investors sifted through an avalanche of earnings ahead of the European Central Bank's policy announcement.
At 0840 BST, the benchmark Stoxx Europe 600 index was up 0.1%, Germany's DAX was 0.2% higher and France's CAC was flat.

Deutsche Bank strategist Jim Reid was not expecting any fireworks from Malta but predicted some important messages from ECB president Mario Draghi: "Today's meeting will likely be relatively uneventful given the recent stability in markets and the 'ok' data in the euro area including this week's ECB bank lending survey.

"The house view is that the ECB will announce a six-month extension to QE at the December 3 meeting with a deposit rate cut not ruled out. As we discussed earlier in the week our economists think Mario Draghi has a communications challenge today. He will want to reiterate the dovish message of an ECB 'ready, willing and capable' of action. At the same time, the ECB does not want the market pricing a policy outcome that is not justified by what they see as current fundamentals."

The European Central Bank rate announcement is at 1245 BST.

On the corporate front, Danish enzyme maker Novozymes rose after its third-quarter earnings came in a touch higher than consensus expectations.

Shares in Eurotunnel advanced as it posted a jump in third-quarter revenue despite pressure from the migrant crisis.

Orange rallied after the French telecoms operator reported a 3% rise in third=quarter revenue.

Spirits maker Pernod Ricard gained after it said sales in the third quarter were up 3% on last year.

Akzo Nobel was higher after the Dutch paint and chemicals maker posted a 39% increase in third-quarter net profit.

Swiss pharmaceutical company Roche pushed up after lifting its full-year outlook and reporting a rise in third-quarter sales.

On the downside, French advertising group Publicis fell into the red as it cut its full-year sales outlook.


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US Market Report

US close: Stocks end in the red amid deluge of earnings

US stocks ended in the red on Wednesday as investors waded through a deluge of mixed earnings.
The Dow Jones Industrial Average closed down 0.3%, the S&P 500 ended 0.6% weaker and the Nasdaq fell 0.8%.

Boeing and GM impress, Coca-Cola slides

Aetna, Humana, Anthem and Cigna were on the back foot after Democratic presidential candidate Hillary Clinton said she had "serious concerns" about the mergers the health insurers were proposing.

Drug company Valeant tumbled after short-selling firm Citron Research alleged that it was shipping products to its own subsidiary and then falsely claiming the revenue.

Coca-Cola slid after its third-quarter revenues fell more than expected due to adverse currency movements.

Yahoo! declined after revealing late on Tuesday that its third-quarter sales fell 8% and saying its revenue could suffer from a weak holiday period.

Chipotle Mexican Grill ended lower after reporting weaker-than-expected profit late on Tuesday, as sales growth continued to slow in the third quarter.

On the upside, KLA-Tencor Corp rocketed after Lam Research Corp said it plans to buy the provider of semiconductor equipment in a $10.6bn deal.

Boeing climbed after the aerospace company raised its outlook for the full year following better-than-expected quarterly profits, while oil field services giant Baker Hughes ended up despite a 39% drop in quarterly revenue on weaker oil prices.

Auto maker General Motors rallied after its third-quarter profit and revenue beat expectations.

Biogen surged after lifting its outlook for 2015 as profit rose 25%. However, the biopharmaceutical giant unveiled plans to cut its workforce by 11%, adding that its multiple sclerosis drug trial was unsuccessful.

"So far earnings at America's top 500 companies have mostly exceeded estimates but revenues are falling short because of weak growth and a strong dollar," said CMC Markets analyst Jasper Lawler.

On the data front, the Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, jumped 11.8% in the week ended 16 October.

Elsewhere, oil prices fell, with West Texas Intermediate down 2.3% to $45.24 a barrel and Brent crude off 1.7% to $48.87 a barrel.

The dollar was 0.2% higher against the pound, 0.1% firmer against the euro and flat against the yen, while gold futures declined 0.9% to $1,167.00.

S&P 500 - Risers

KLA-Tencor Corp. (KLAC) $63.99 +18.81%

Intuitive Surgical Inc. (ISRG) $499.41 +5.58%

Biogen Inc (BIIB) $276.26 +3.93%

Baxter International Inc. (BAX) $35.59 +3.88%

Keurig Green Mountain Inc (GMCR) $54.61 +3.15%

Target Corp. (TGT) $76.42 +2.72%

United Technologies Corp. (UTX) $98.06 +2.55%

Baker Hughes Inc. (BHI) $54.37 +2.26%

Analog Devices Inc. (ADI) $61.76 +2.25%

Ace Ltd. (ACE) $113.54 +2.24%



S&P 500 - Fallers

Allegheny Technologies Inc. (ATI) $13.61 -9.27%

St Jude Medical Inc. (STJ) $62.30 -8.86%

Range Resources Corp. (RRC) $33.30 -7.19%

CONSOL Energy Inc. (CNX) $9.65 -6.58%

EMC Corp. (EMC) $25.77 -6.26%

Chipotle Mexican Grill Inc. (CMG) $665.67 -5.66%

Amphenol Corp. (APH) $50.45 -5.54%

Citrix Systems Inc. (CTXS) $71.97 -5.20%

Southwestern Energy Co. (SWN) $12.41 -5.19%

Yahoo! Inc. (YHOO) $31.13 -5.18%



Dow Jones I.A - Risers

United Technologies Corp. (UTX) $98.06 +2.55%

Boeing Co. (BA) $141.28 +1.73%

Travelers Company Inc. (TRV) $110.70 +1.61%

3M Co. (MMM) $149.84 +0.49%

Home Depot Inc. (HD) $123.32 +0.38%

Merck & Co. Inc. (MRK) $50.58 +0.38%

General Electric Co. (GE) $28.87 +0.31%

International Business Machines Corp. (IBM) $140.98 +0.24%

Walt Disney Co. (DIS) $110.10 +0.23%

E.I. du Pont de Nemours and Co. (DD) $57.28 +0.14%



Dow Jones I.A - Fallers

Goldman Sachs Group Inc. (GS) $179.79 -3.08%

Unitedhealth Group Inc. (UNH) $118.13 -1.90%

Pfizer Inc. (PFE) $33.45 -1.62%

McDonald's Corp. (MCD) $102.49 -1.30%

Microsoft Corp. (MSFT) $47.20 -1.19%

Procter & Gamble Co. (PG) $73.58 -1.14%

Visa Inc. (V) $75.42 -1.13%

Caterpillar Inc. (CAT) $69.63 -0.91%

Verizon Communications Inc. (VZ) $44.86 -0.84%

Chevron Corp. (CVX) $89.26 -0.81%



Nasdaq 100 - Risers

KLA-Tencor Corp. (KLAC) $63.99 +18.81%

Intuitive Surgical Inc. (ISRG) $499.41 +5.58%

Biogen Inc (BIIB) $276.26 +3.93%

Keurig Green Mountain Inc (GMCR) $54.61 +3.15%

Analog Devices Inc. (ADI) $61.76 +2.25%

Sandisk Corp. (SNDK) $76.79 +2.13%

Garmin Ltd. (GRMN) $34.09 +1.10%

Alexion Pharmaceuticals Inc. (ALXN) $160.25 +0.77%

Regeneron Pharmaceuticals Inc. (REGN) $518.53 +0.75%

Staples Inc. (SPLS) $12.58 +0.72%

Nasdaq 100 - Fallers

Vimpelcom Ltd Ads (VIP) $3.76 -6.93%

Charter Communications Inc. (CHTR) $175.29 -5.54%

Citrix Systems Inc. (CTXS) $71.97 -5.20%

Yahoo! Inc. (YHOO) $31.13 -5.18%

Western Digital Corp. (WDC) $71.41 -4.61%

Micron Technology Inc. (MU) $16.42 -3.92%

Mylan Inc. (MYL) $40.92 -3.82%

Wynn Resorts Ltd. (WYNN) $64.47 -3.66%

Seagate Technology Plc (STX) $37.13 -3.61%

Illumina Inc. (ILMN) $140.21 -3.37%


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Newspaper Round Up

Thursday newspaper round-up: CMA bank report, Carney speech, Xi's visit

The European Union has made Britain richer, more successful and more dynamic, the governor of the Bank of England said last night. In a major intervention before the planned in/out referendum, Mark Carney put pressure on David Cameron to use his renegotiation of Britain's membership of the EU to find a way of stopping eurozone countries ganging up on the UK. - The Times
Britain's financial stability could be threatened by closer eurozone integration unless the UK secures safeguards from Brussels that protect the interests of non-members, the Governor of the Bank of England has warned. Mark Carney said membership of the European Union had helped to lift UK growth and living standards, while enhancing Britain's flexible jobs market and "dynamism". - The Telegraph

Mark Carney, the governor of the Bank of England, has said that EU membership opened up the UK economy and made it more dynamic, but also left it more exposed to financial shocks. In an intervention likely to be seen as strengthening David Cameron's hand as he prepares to enter negotiations with Britain's EU partners, Carney challenged the prime minister to demand "clear principles" to safeguard Britain's interests outside the euro, as he warned that botched European integration could threaten financial stability. - The Guardian

President Xi insisted yesterday that there would be "no hard landing" for the Chinese economy as British businesses signed deals with the country worth £40bn, including Carnival Corporation's cruise joint venture and Rolls-Royce's $2.4bn multi-carrier engine supply and maintenance contract. As the participation of China in the British nuclear industry was sealed with a deal worth an estimated £6bn, Xi used a speech to the China-UK Business Summit to brush aside concerns over the world's second-largest economy that have rocked commodity and stock markets around the world in recent months. - The Times

CMA banking report

Banks that raise charges or cut interest rates will be forced to help customers to shop around for a better deal under sweeping proposals unveiled today. Serious IT glitches, branch closures and major disputes with customers will also act as triggers forcing banks to tell savers that they could benefit by switching accounts. A report by the Competition and Markets Authority outlines the shake-up, which is designed to improve consumer choice and boost competition in the sector. - The Times

Britain's biggest banks will not be broken up by the regulators, the competition authorities are expected to say, arguing it would do little to encourage customers to shop around. The idea of splitting up the giant lenders was favoured by Labour's ex-leader Ed Miliband, but that plan now appears to be gone for good. Free banking is also here to stay, with the Competition and Markets Authority expected to say that forcing banks to charge customers a fee for a service they currently do not pay for directly would not be beneficial, pushing banks to make it easier for customers to switch providers, and to advertise the seven-day switching service more enthusiastically. - The Telegraph


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