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Jan 11, 2017

Morning Euro Markets Bulletin

 
ADVFN  Morning Euro Markets Bulletin
Daily world financial news Wednesday, 11 January 2017 10:37:55
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London Market Report
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London open: Stocks flat as investors eye data, Trump conference

Stocks in London were steady in early trade as investors eyed the release of UK manufacturing and industrial production numbers and a speech by US President-elect Donald Trump, while sifting through corporate news.
At 0830 GMT, the FTSE 100 was flat at 7,277.19. Meanwhile, oil prices were a touch higher, with West Texas Intermediate and Brent crude up 0.3% to $50.95 and $53.81 a barrel, respectively.

Accendo Markets' Mike van Dulken said: "In focus today will be President-elect Trump's press conference at 4pm UK this afternoon, possibly his last official appearance before a his Jan 20 inauguration. After his latest bout of furious tweeting and success in encouraging corporates to expand at home rather than abroad, what will he have to add, and will he comment on overnight 'kompromat' claims about his links to Russia and conduct behind closed doors?

"Data-wise November updates on UK Industrial and Manufacturing Production and Construction Output are released. The former is forecast to rebound from its weakest since summer 2012 while Manufacturing reverses a 6-month downtrend to return positive. After last week's PMI Construction print showed continued recovery from a summer Brexit wobble, all eyes will be on whether Construction Output bounces back from a weak October."

In corporate news, Sainsbury's rallied after it said third quarter like-for-like grocery sales were only just positive but last year's acquisition of Argos helped lift the group as online sales proved a decisive factor over the key festive period. Total group sales for the 15 weeks to 7 January rose 0.8%, with group LFL sales up 1.0%. Supermarket LFLs edged up 0.1% but Argos LFLs climbed 4%.

Recruiter PageGroup gained ground as it posted a rise in fourth-quarter gross profit and said it expects operating profit for 2016 to be towards the top end of the range of market forecasts.

Cineworld edged higher after reporting a jump in total revenue for the year to the end of December 2016 as it reached record admissions levels and said its performance overall is expected to be in line with current market views.

Ted Baker pushed up as it posted a 17.9% jump in retail sales for the eight-week period from 13 November to 7 January.

On the downside, aerospace and defence group Cobham tanked as it posted group trading profit below guidance for the year ended 31 December and said it was not recommending a final dividend.

Housebuilder Taylor Wimpey nudged down after saying UK home completions increased 4% to 13,881 in the year to the end of December and that profit for 2016 would be at the upper end of market consensus.

Passenger transport operator National Express ticked lower after it reached an in-principle agreement for Trenitalia, the passenger rail transportation company part of FS Italiane Group, to acquire its 'c2c' commuter rail franchise.

Estate agency Foxtons tumbled as it revealed that profits for 2016 had almost halved as it endured subdued sales volumes in the capital through most of the year, which it warned could worsen in 2017.

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Market Movers

FTSE 100 (UKX) 7,277.19 0.02%
FTSE 250 (MCX) 18,371.28 -0.23%
techMARK (TASX) 3,438.29 -0.33%

FTSE 100 - Risers

Sainsbury (J) (SBRY) 272.10p 5.14%
BT Group (BT.A) 398.80p 2.86%
Burberry Group (BRBY) 1,561.00p 1.83%
Morrison (Wm) Supermarkets (MRW) 249.20p 1.30%
Coca-Cola HBC AG (CDI) (CCH) 1,806.00p 1.29%
Marks & Spencer Group (MKS) 343.50p 1.12%
Dixons Carphone (DC.) 348.40p 1.10%
Worldpay Group (WPG) 287.30p 1.09%
Vodafone Group (VOD) 212.35p 1.00%
Smith & Nephew (SN.) 1,236.00p 0.82%

FTSE 100 - Fallers

TUI AG Reg Shs (DI) (TUI) 1,161.00p -2.52%
Fresnillo (FRES) 1,399.00p -2.30%
easyJet (EZJ) 1,059.00p -1.85%
Randgold Resources Ltd. (RRS) 6,620.00p -1.34%
Taylor Wimpey (TW.) 172.90p -1.14%
Babcock International Group (BAB) 942.50p -1.05%
Centrica (CNA) 224.50p -1.01%
Smurfit Kappa Group (SKG) 2,085.00p -0.86%
National Grid (NG.) 926.90p -0.82%
Capita (CPI) 514.50p -0.77%

FTSE 250 - Risers

Pagegroup (PAGE) 406.00p 3.31%
Evraz (EVR) 214.80p 3.02%
Ted Baker (TED) 2,724.00p 2.83%
AO World (AO.) 185.60p 2.43%
Spectris (SXS) 2,437.00p 2.14%
Spirax-Sarco Engineering (SPX) 4,373.00p 2.13%
Brown (N.) Group (BWNG) 214.20p 2.10%
Countryside Properties (CSP) 245.00p 1.58%
Paysafe Group (PAYS) 396.60p 1.54%
LondonMetric Property (LMP) 156.50p 1.49%

FTSE 250 - Fallers

Cobham (COB) 137.10p -16.71%
Thomas Cook Group (TCG) 85.25p -3.62%
Stagecoach Group (SGC) 212.70p -3.41%
Tullow Oil (TLW) 311.90p -3.35%
Bodycote (BOY) 626.00p -2.80%
Morgan Advanced Materials (MGAM) 284.30p -2.30%
Bovis Homes Group (BVS) 830.50p -2.29%
Cranswick (CWK) 2,300.00p -2.29%
Homeserve (HSV) 613.00p -1.76%

The Share Centre

Share tips 2017

Prudential

low risk

International insurance and investment product supplier Prudential has had a successful 2016 with the company raising its dividend, reporting an increase in profits whilst all the time continuing to benefit from favourable structural opportunities in its key markets, particularly in Asia. Investors should appreciate that although the group’s Asian exposure is a risk due to the volatility of Asian markets, the demographics of many Asian regions, and the rise of the middle class, should provide a good growth story for Prudential for some time to come.

Prudential believes it has adequate capital surplus to withstand further significant deterioration in the European market, which should provide some reassurance to investors. Furthermore, the group’s asset management business M&G continues its expansion into Europe and its retail funds are registered for sale in 20 regions. Ultimately, this is a company which has a good mix of business across a number of regions, with a long-term Asia growth story underpinning the investment case.

Read More...

Capital at Risk


UK Event Calendar

Wednesday 11 January

INTERIM DIVIDEND PAYMENT DATE
De La Rue, Electrocomponents, National Grid, Royal Mail, Wincanton

INTERIM EX-DIVIDEND DATE
Workspace Group

QUARTERLY PAYMENT DATE
Real Estate Credit Investments Ltd, Real Estate Credit Investments Ltd Pref Shs

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)

Q4
Pagegroup

FINALS
Shoe Zone

SPECIAL DIVIDEND PAYMENT DATE
Netcall

AGMS
Fenner

TRADING ANNOUNCEMENTS
Joules Group, Ted Baker

UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
Industrial Production (09:30)
Manufacturing Production (09:30)

FINAL DIVIDEND PAYMENT DATE
Bellway, Netcall

FINAL EX-DIVIDEND DATE
Barloworld Ltd.


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Europe Market Report
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Europe open: Stocks edge lower as investors await Trump conference

European stocks edged lower in early trade as investors awaited US President-elect Donald Trump's first press conference since July, with updates from Sainsbury's and Cobham in focus.
At 0855 GMT, the benchmark Stoxx Europe 600 index was down 0.3%, Germany's DAX was off 0.4% and France's CAC 40 was 0.5% weaker.

Meanwhile, oil prices were a touch higher, with West Texas Intermediate and Brent crude up 0.3% to $50.97 and $53.80 a barrel, respectively.

James Hughes, chief market analyst GKFX, said: "The long-awaited Donald Trump news conference will be held later this afternoon as he yet again fights fires, this time with new reports that Russia has damaging material on him. The revelations come as Barack Obama gave his farewell speech in Chicago where he highlighted his success on fighting terrorism and turning around the US economy. Today' also sees Rex Tillerson face questions at his confirmation hearing as he is due to be grilled on his ties with Russia.

"It's hard to pinpoint exactly what to expect from Donald Trump today as just about anything goes when it comes to Trump. We do know however that the uncertainty around the news conference, the allegations from Russia, and just about anything to do with the President Elect is going to have a long lasting effect on traders and the markets in general. We can expect a strong defence of the decision to appoint his son in law Jared Kushner as a senior White House advisor. Defence of his picks for senior jobs will be a theme as his cabinet picks will also come under scrutiny, however the markets will be focussed on anything around fiscal policy that is mentioned. With the Fed already hinting on Trumps policies being a major reason for their hawkish stance on 2017, any clues as to policies will likely cause swings in the US dollar."

In corporate news, Sainsbury's rallied after it said third quarter like-for-like grocery sales were only just positive but last year's acquisition Argos helped lift the group as online sales proved a decisive factor over the key festive period. Total group sales for the 15 weeks to 7 January rose 0.8%, with group LFL sales up 1.0%. Supermarket LFLs edged up 0.1% but Argos LFLs climbed 4%.

On the downside, aerospace and defence group Cobham tanked as it posted group trading profit below guidance for the year ended 31 December and said it was not recommending a final dividend.


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US Market Report

US close: Nasdaq reaches fourth consecutive record close

US stocks finished mixed on Tuesday as investors weighed economic data and looked ahead to a speech by President-elect Donald Trump and corporate earnings.
The Nasdaq reached its fourth record close in a row, marking the longest run of record closes since 1999. The index closed up 0.36% to 5,551.82 points.

In contrast, the Dow Jones Industrial Average fell 0.16% to 19,855.53 points while the S&P 500 ended flat at 2,268.90 points.

Traders are highly awaiting a news conference from Trump in New York on Wednesday, his first since being elected on 8 November.

Michael Hewson, chief market analyst at CMC Markets, said investors are beginning to become a "little more cautious ahead of a number of key earnings announcements, as well as a speech by president-elect Donald Trump in New York tomorrow, where we may get further clues as to the type of president he intends to be when he takes over the reins in 10 days' time from President Obama".

The corporate earnings season will kick off on Friday with big lenders, Bank of America and JP Morgan Chase reporting.

Meanwhile, data showed small business confidence in the US ended 2016 on a high note on a positive outlook for the economy ahead of Trump taking over as President.

The National Federation of Independent Business' s gauge of small business sentiment jumped from 98.4 in November to 105.8 in December - a 12-year high. Economists had expected 99.5.

Separate data from the Commerce Department showed US wholesale inventories gained 1% in November after falling 0.1% in October, exceeding the forecast for a 0.9% increase.

US job openings rose 1.3% to 5.52 million in November compared to a downwardly revised 5.45 million a month earlier, according to the Labor Department.

The number of job openings was slightly higher than the 5.5 million expected by economists.

In corporate news, General Motors rallied after the carmaker's 2017 earnings guidance exceeded market forecasts.

Ascena Retail Group slumped after the company warned that it will report a bigger-than-anticipated loss following dismal holiday sales.

Shares in Alphabet Inc. edged lower amid reports its search engine Google is in talks to sell its satellite business Terra Bella to rival Planet Labs Inc.

Yahoo Inc. gained after it emerged that chief executive Marissa Mayer and co-founder David Filo resigned from the board.

Dow Jones - Risers

Caterpillar Inc. (CAT) $93.83 1.58%
Home Depot Inc. (HD) $136.10 1.33%
American Express Co. (AXP) $76.63 1.04%
Cisco Systems Inc. (CSCO) $30.38 0.66%
Boeing Co. (BA) $159.07 0.47%
JP Morgan Chase & Co. (JPM) $86.43 0.29%
Verizon Communications Inc. (VZ) $52.76 0.15%
Apple Inc. (AAPL) $119.11 0.10%
Walt Disney Co. (DIS) $108.38 0.02%
Microsoft Corp. (MSFT) $62.62 -0.03%

Dow Jones - Fallers

Merck & Co. Inc. (MRK) $59.92 -1.93%
Exxon Mobil Corp. (XOM) $85.95 -1.28%
International Business Machines Corp. (IBM) $165.52 -1.27%
Procter & Gamble Co. (PG) $83.49 -1.08%
Chevron Corp. (CVX) $114.96 -0.76%
Wal-Mart Stores Inc. (WMT) $68.23 -0.70%
Coca-Cola Co. (KO) $41.04 -0.68%
Visa Inc. (V) $81.31 -0.54%
Nike Inc. (NKE) $53.11 -0.51%
3M Co. (MMM) $176.58 -0.39%

S&P 500 - Risers

Illumina Inc. (ILMN) $165.04 16.60%
Boston Scientific Corp. (BSX) $23.62 6.40%
Zimmer Biomet Holdings Inc (ZBH) $113.68 6.23%
Freeport-McMoRan Inc (FCX) $15.55 5.93%
United States Steel Corp. (X) $35.50 5.62%
Alcoa Corporation (AA) $30.99 5.12%
Regeneron Pharmaceuticals Inc. (REGN) $373.00 5.05%
Chipotle Mexican Grill Inc. (CMG) $414.35 4.92%
Qorvo, Inc. (QRVO) $56.40 3.73%
United Continental Holdings Inc. (UAL) $73.66 3.34%

S&P 500 - Fallers

Williams Companies Inc. (WMB) $28.50 -10.74%
Endo International Plc (ENDP) $15.31 -6.70%
Ventas Inc. (VTR) $61.19 -3.61%
VeriSign Inc. (VRSN) $79.25 -3.14%
CF Industries Holdings Inc. (CF) $32.73 -3.08%
Welltower Inc (HCN) $66.32 -3.04%
Halliburton Co. (HAL) $54.64 -2.55%
HCP Inc. (HCP) $30.05 -2.47%
ONEOK Inc. (OKE) $56.07 -2.45%
Tyson Foods Inc. (TSN) $61.21 -2.30%

Nasdaq 100 - Risers

Illumina Inc. (ILMN) $165.04 16.60%
Regeneron Pharmaceuticals Inc. (REGN) $373.00 5.05%
T-Mobile Us, Inc. (TMUS) $58.74 3.65%
Intuitive Surgical Inc. (ISRG) $662.47 3.26%
American Airlines Group (AAL) $48.48 2.97%
Cerner Corp. (CERN) $49.27 2.67%
JD.com, Inc. (JD) $26.90 2.44%
Yahoo! Inc. (YHOO) $42.30 2.32%
Skyworks Solutions Inc. (SWKS) $77.31 2.19%
NetEase Inc. Ads (NTES) $239.98 2.16%

Nasdaq 100 - Fallers

Monster Beverage Corp (MNST) $43.50 -2.03%
Mattel Inc. (MAT) $29.91 -2.00%
Discovery Communications Inc. Class A (DISCA) $26.34 -1.97%
Liberty Global Plc Lilac Class A (LILA) $22.53 -1.87%
Discovery Communications Inc. Class C (DISCK) $25.76 -1.87%
Liberty Global Plc Lilac Class C (LILAK) $21.72 -1.72%
eBay Inc. (EBAY) $30.25 -1.63%
Western Digital Corp. (WDC) $70.84 -1.42%
Mondelez International Inc. (MDLZ) $44.17 -1.16%


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Newspaper Round Up

Wednesday newspaper round-up: Bovis Homes, VW, UK growth forecasts

Bovis Homes has been accused of pressuring customers to move into unfinished houses before Christmas by offering them cash incentives, a week before it issued a profit warning. Several Bovis customers said they had been offered cheques of £2,000 to £3,000, or other incentives, if they completed on their house purchases before 23 December. - Guardian
The Volkswagen group confirmed on Tuesday that it has negotiated a $4.3bn (£3.53bn) draft settlement with US regulators to resolve its diesel emissions troubles, alongside plans to plead guilty to criminal misconduct charges. The guilty plea is part of the deal to settle the scandal, as the carmaker looks to restore its tarnished global brand. Volkswagen (VW) said that, with the addition of the fine, its diesel scandal costs will exceed the nearly €18.2bn (£15.76bn) it set aside to handle the problem. VW added that it will face oversight by an independent monitor over the next three years. - Guardian

The iPad was once expected to render the PC practically extinct, with households and offices forecast to ditch their computers for portable touchscreens. But sales of tablet computers are now set to fall sharply for their third consecutive year after researchers said demand had peaked and that the technology had proved less popular than smartphones or home computers. - Telegraph

Some companies are simply "paying lip service" to their shareholders' complaints about boardroom bonuses and governance rules, according to one corporate watchdog. Despite several years of bruising rebellions from investors unhappy at directors, pay packets and business decisions, a few of Britain's biggest listed firms continue to give vague or non-existent explanations for falling short of the rules. - Telegraph

The World Bank has slashed its growth forecasts for Britain up to 2019, with no sign of recovery from a Brexit-induced slowdown. In its first update since the European Union referendum last June, the bank cut its expectations for UK growth from 2.1 per cent to 1.2 per cent in 2017 and from 2.1 per cent to 1.3 per cent in 2018. It predicted growth of 1.3 per cent in 2019. - The Times

Senior figures in the City are calling on Theresa May to negotiate a three-year breathing space after Britain leaves the European Union in 2019, during which existing financial rules and trading arrangements remain in force. Xavier Rolet, chief executive of the London Stock Exchange, and Douglas Flint, chairman of HSBC, want a standstill arrangement to give them and other firms and their clients more time to prepare and to prevent an early exodus of companies and jobs from London. - The Times

 

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