Evening Euro Markets Bulletin

ADVFN III Evening Euro Markets Bulletin Daily world financial news Monday, 03 February 2014 17:45:28 Monitor Quote Charts News CFD's Spreadbetting Free BB   Sponsored by: Accendo Q4 Banks reporting, LLoyds , RBS , Barc - Buy or Sell? Download your complementary report now. Click Here Losses can exceed deposits. London Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London close: Risk aversion moves up a notch, traders skittish - US ISM manufacturing index surprises sharply on the downside, weather cited - Footsie finds supoort at 200-day moving average - Lloyds dives on PPI bill update, dividend plans - Chinese data just in line Market Movers techMARK 2,766.78 -0.29% FTSE 100 6,460.48 -0.77% FTSE 250 15,552.68 -0.78% The FTSE 100 followed the other main global equity benchmarks into the red on Monday as some of the most widely followed gauges of risk aversion, such as the Japanese yen [versus the US dollar] and gold futures, betrayed just how skittish investors can be at times. Curiously, the top flight index actually outperformed its European peers despite the fact that its components are heavily exposed to the outlook for emerging markets. Nonethless, that may in part be due to the fact that the Footsie began the day atop an important level of technical support – its 200-day moving average. The most intense bout of selling, just before the close of trading, was set off by a surprisingly negative reading on US manufacturing, courtesy of the ISM institute. A good deal of the weakness in that report seemed attributable to unfavourable weather, but traders seemed in no mood to wait around for answers. Acting as a backdrop, overnight the Japanese Nikkei-225 entered so-called 'correction' territory. That followed Friday´s weak close on international markets, which saw several of the biggest global benckmarks for stocks end January in the red, for the first time in many years. February does not seem to have gotten off to a much better start either. That came as much market commentary was concentrating on the fact the retail investors are 'dumping' their shares as opposed to institutional investors who, presumably, are sitting tight. The FTSE 100 finished 45 points lower (-0.69%) at 6,465.66. In its latest edition The Economist sided with the optimists when it came to worries about China and the recent ructions in emerging markets. However, the magazine admitted that there was a certain danger - and tendency - for fears about emerging markets to be 'self-fulfilling'. On the positive side of things, it pointed out how the majority of those countries now have floating exchange rates, high levels of international reserves and current account deficits which, for the most part, were below 5% of Gross Domestic Product. Those economies should therefore be better positioned to cope with a normalisation in interest rates Stateside. Similarly, the latest edition of the FT Weekend pointed out in an editorial that the risk of 'contagion' from emerging markets to developed ones was limited. That was particularly unlikely to occur through international trade linkages, it said, as exports to emerging markets by the West still represented only a tiny portion of overseas sales. The risk of financial contagion, however, was more severe. Even so, the exposure of banks in high-income countries to emerging markets – while relatively high – was not overly concentrated. Despite that, the risk of 'panics' could not be completely dismissed, the newspaper indicated. Acting as a backdrop, a raft of data and central bank meetings were expected throghout the coming week, culminating in Friday´s jobs report Stateside. Gold miners and 'defensive' issues lead gains On the company front, Randgold Resources was a strong riser after it said it hit targets for 2013, boosted gold production to a new record level and expects output to rise over the next five years. Production for the quarter and year to December rose 20% and 15% respectively, ahead of some analysts´ forecasts. Cash costs, a widely tracked metric, fell by 5% versus the previous quarter. Further helping the share price was the advance in gold futures. Shares in Lloyds were at the bottom of the pile after the group revealed its payment protection insurance (PPI) bill had soared by a further £1.8bn to nearly £10bn, and despite predicting its full-year underlying profits would be almost double that predicted by analysts. Some analysts were irked by the lender's announcement that it will seek approval to commence dividend payments at a 'modest' level. Acting as a backdrop, banks were the worst performing sector out on the DJ Stoxx 600 today after the European Central Bank published further details on its upcoming stress tests. Reckitt Benckiser Group rose strongly after Sanford C. Bernstein reiterated its 'outperform' rating on the shares. Weir Group was another top performer as investors ignored the target reduction (2,500p to 2,335p) from broker Jefferies and instead focused on its comments that the oil and gas group could experience a favourable shift in sentiment if "the on-going concerns towards the Minerals division [were] to dissipate". Shares in Vodafone were amongst the day´s worst performers as well, with a fair bit of market commentary concentrating on the fact that Thursday´s trading update would show a company which is having to deal with a big fall in overseas revenues because of the problems afflicting emerging markets. Three of those makets happened to be where the telecoms operator has a heavy presence: India, South Africa, Turkey. Other stocks with exposure to emerging markets, such as Aberdeen Asset Management and Burberry also fared poorly. BBA Aviation climbed after saying it sold APPH, a full-service landing gear and hydraulic sub-systems supplier, and announced it was considering a cash return to shareholders. The business, which had formed part of BBA's Aftermarket Services division, was sold for $128m, the $120.6m proceeds of which would be use to reduce the group's debt level. 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.  FTSE 100 - Risers Randgold Resources Ltd. (RRS) 4,463.00p +6.44% Reckitt Benckiser Group (RB.) 4,666.00p +2.26% Severn Trent (SVT) 1,764.00p +2.14% SSE (SSE) 1,333.00p +1.99% Fresnillo (FRES) 782.00p +1.62% Petrofac Ltd. (PFC) 1,173.00p +1.56% William Hill (WMH) 337.50p +1.53% Rexam (REX) 499.80p +1.38% Weir Group (WEIR) 2,121.00p +1.29% Travis Perkins (TPK) 1,761.00p +1.27% FTSE 100 - Fallers Lloyds Banking Group (LLOY) 79.92p -4.06% Aberdeen Asset Management (ADN) 375.60p -3.89% IMI (IMI) 1,455.00p -2.81% Burberry Group (BRBY) 1,408.00p -2.76% Anglo American (AAL) 1,397.50p -2.68% Barclays (BARC) 265.40p -2.61% Hargreaves Lansdown (HL.) 1,449.00p -2.49% Glencore Xstrata (GLEN) 314.70p -2.42% Melrose Industries (MRO) 302.60p -2.17% Babcock International Group (BAB) 1,360.00p -2.16% FTSE 250 - Risers African Barrick Gold (ABG) 232.50p +5.78% Centamin (DI) (CEY) 46.20p +4.76% Hansteen Holdings (HSTN) 108.40p +2.26% Derwent London (DLN) 2,545.00p +2.21% CSR (CSR) 674.00p +1.89% EnQuest (ENQ) 131.80p +1.78% Paragon Group Of Companies (PAG) 357.20p +1.74% Ferrexpo (FXPO) 154.30p +1.51% Rightmove (RMV) 2,568.00p +1.42% BBA Aviation (BBA) 312.20p +1.17% FTSE 250 - Fallers Kenmare Resources (KMR) 16.75p -4.29% Tullett Prebon (TLPR) 318.80p -3.98% Supergroup (SGP) 1,488.00p -3.56% Jupiter Fund Management (JUP) 362.30p -3.08% Balfour Beatty (BBY) 283.00p -3.02% Rotork (ROR) 2,389.00p -2.97% Perform Group (PER) 240.20p -2.95% Inchcape (INCH) 568.00p -2.91% Close Brothers Group (CBG) 1,288.00p -2.87% Evraz (EVR) 83.00p -2.81% The Share Centre: Cheaper fund investing has arrived at The Share Centre. We don't believe it's fair to charge you extra just for holding funds. So we don't. Find out more. Capital at risk. Click Here Europe Market Report FTSE 100 Euronext Dax perf CAC 40 Europe close: Banks lead stocks lower on ECB stress test - Banking stocks fall on ECB stress test - Investors weigh mixed manufacturing data - Analysts speculate on UK interest rate rise FTSE 100: -0.69% DAX: -1.29% CAC 40: -1.39% FTSE MIB: -2.63% IBEX 35: -1.96% Stoxx 600: -1.34% Banks led European stocks lower after the bloc's central bank collected its first set of data for its review of lenders. The European Central Bank (ECB) is reviewing the Eurozone's largest banks to see if they can withstand a sharp economic downturn. Banks will have to show a ratio of 8% in core Tier 1 capital relative to their risk-adjusted assets in the baseline scenario, and 5.5% in the adverse scenario. "Preparations for the stress test are well under way and we are confident that, in close coordination with the European Banking Authority, the outcome will be transparent and credible, boosting the European banking sector," Vítor Constâncio, Vice President of the European Central Bank, said in a statement Monday. European banks were among the worst performers on the Stoxx 600, down 2.67% at 16:50, following the news. Manufacturing data The Eurozone manufacturing purchasing managers' index (PMI) rose to 54 in January from 53.9 the prior month, beating analysts' predictions of 53.9 and the 50 level that signals expansion. Growth was driven by Germany, which offset a fall in emerging markets. Chinese manufacturing activity eased in January, fuelling concerns of slowdown in the world's second largest economy. The PMI dropped to 50.5 in January from 51 a month earlier, in line with market expectations. Manufacturing also eased in the UK with the PMI falling to 56.7 last month from 57.2 in December, missing the 57.3 consensus forecast. In the US, the Institute for Supply Management's manufacturing sector survey for the month of January came in at 51.3, following a reading of 57 a month before (consensus: 56). BoE may lift interest rates BoE Governor Mark Carney is expected to raise interest rates before the European Central Bank (ECB) and the US Federal Reserve, Bloomberg reported citing economists at Citigroup and Nomura. The analysts said the strongest growth since 2007 will prompt the UK's central bank to lift its record low benchmark rate of 0.5% as early as this year. Morgan Stanley sees the BoE lifting rates in the second quarter of 2015 and the Fed increasing in 2016. Sandvik, Colruyt Sandvik AB, the world's biggest maker of metal-cutting tools, edged lower after reporting a 72% fall in operating profit of 590m kroner in the final three months of 2013. Colruyt SA tumbled after the Belgian discount food retailer said it will report a smaller profit for the current financial year, due to slower sales growth and a loss in market share. Randgold Resources rallied after saying gold production increased 15% in 2013, and costs fell 3% to $715 per ounce. Lloyds Banking Group slumped after saying it set aside £1.8bn in the fourth quarter to cover the cost of compensating customers for mis-sold payment protection insurance. Ryanair advanced after the airline said price weakness has eased and bookings in the first quarter of 2015 are already significantly higher than a year ago. Travel retailer Dufry AG slipped as Citigroup recommended selling the shares. The euro rose 0.32% to $1.3529. Brent crude futures dropped $0.824 to $105.530 per barrel, according to the ICE. Your FREE China Investment Report... Understand the reform of China's government and the effect on private investment.  Download your free report here. US Market Report US open: Weak ISM and auto sales hit stocks - US manufacturing gauge drops sharply, weather played a hand - S&P 500 below support at 1,775 - Weak January sales at Ford, Toyota and GM Dow Jones Industrials: -0.82% Nasdaq Composite: -1.02% S&P 500: -0.86% The main US equity benchmarks were slipping lower in late morning trading Stateside after the release of weaker-than-expected data on activity levels in manufacturing and after poor monthly sales reports from the country´s largest car manufacturers. Weather was cited by the ISM Institute as an important factor behind the weakness seen in the manufacturing data. Analysts seemed to concur with that assesment although Capital Economics, for one, was not completely certain about the magnitude of any such effect. The Institute for Supply Management's index measuring activity within the manufacturing sector fell to a reading of 51.3 last month from 56.5 in December (consensus: 56), led by a sharp pull back in a gauge for new orders. A reading above 50 in the headline index or any of the subindices signals an expansion. Construction spending rose by 0.1% over the month in December versus forecasts for a flat reading. The previou´s month´s print was revised lower, to show a reading of 0.8% instead of the preliminary estimate of 1.0%. The reports came after the Federal Reserve last week said that it would trim monthly bond purchases for a second time by $10bn to $65bn, due to an improving economy. Acting as a backdrop, markets were expected to be closely watching the release of Friday's US jobs report to see whether the Fed made the right decision in tapering stimulus. Weak automobile sales reported Sales of automobiles dropped by 12% at General Motors during the month of January, far more than analyst had penciled in. Over at rivals Ford and Toyota they dropped by 7.5% and 7.2% respectively. Telecoms company Sprint declined following a report that its Chief Executive and the head of its parent company SoftBank Corp will meet US regulators. SoftBank is in talks to resolve hurdles surrounding a potential deal combining T-Mobile US with Sprint. Herbalife advanced after the vitamin maker said it will offer $1bn in convertible senior notes and use some of the money to repurchase common shares. Food distributor Sysco reported second quarter net earnings per share (EPS) of 40 cents on sales of $11.2bn, coming in below estimates for EPS of 40 cents and revenues of $11.35bn. S&P 500 - Risers Pfizer Inc. (PFE) $31.65 +4.10% Carmax Inc. (KMX) $46.49 +3.06% Micron Technology Inc. (MU) $23.53 +2.13% Time Warner Cable Inc. (TWC) $135.47 +1.65% Mosaic Company (MOS) $45.20 +1.21% Edison International (EIX) $48.73 +1.18% Southern Co. (SO) $41.71 +1.14% Pepco Holdings Inc. (POM) $19.62 +0.98% Sempra Energy (SRE) $93.54 +0.90% O'Reilly Automotive Inc. (ORLY) $132.07 +0.83% S&P 500 - Fallers ONEOK Inc. (OKE) $59.25 -13.49% Leucadia National Corp. (LUK) $26.29 -3.81% Blackrock Inc. (BLK) $290.44 -3.34% United States Steel Corp. (X) $25.25 -3.29% Genuine Parts Co. (GPC) $79.59 -3.23% Amazon.Com Inc. (AMZN) $347.58 -3.10% First Solar Inc. (FSLR) $49.03 -3.05% Janus Capital Group Inc. (JNS) $10.65 -3.05% Verizon Communications Inc. (VZ) $46.58 -2.99% TripAdvisor Inc. (TRIP) $74.92 -2.94% Dow Jones I.A - Risers Pfizer Inc. (PFE) $31.65 +4.10% Dow Jones I.A - Fallers Verizon Communications Inc. (VZ) $46.58 -2.99% AT&T Inc. (T) $32.40 -2.76% Walt Disney Co. (DIS) $71.29 -1.82% Microsoft Corp. (MSFT) $37.18 -1.74% General Electric Co. (GE) $24.75 -1.51% Nike Inc. (NKE) $71.82 -1.41% Caterpillar Inc. (CAT) $92.62 -1.37% Wal-Mart Stores Inc. (WMT) $73.69 -1.33% International Business Machines Corp. (IBM) $174.40 -1.29% Intel Corp. (INTC) $24.24 -1.20% Nasdaq 100 - Risers Micron Technology Inc. (MU) $23.53 +2.13% Tesla Motors Inc (TSLA) $183.05 +0.90% O'Reilly Automotive Inc. (ORLY) $132.07 +0.83% Charter Communications Inc. (CHTR) $138.04 +0.76% Apple Inc. (AAPL) $504.06 +0.69% NetApp Inc. (NTAP) $42.56 +0.52% Whole Foods Market Inc. (WFM) $52.53 +0.52% Sba Communications Corp. (SBAC) $93.08 +0.36% Celgene Corp. (CELG) $152.47 +0.36% Facebook Inc. (FB) $62.78 +0.34% Nasdaq 100 - Fallers Amazon.Com Inc. (AMZN) $347.58 -3.10% TripAdvisor Inc. (TRIP) $74.92 -2.94% Wynn Resorts Ltd. (WYNN) $211.70 -2.63% Nxp Semiconductors Nv (NXPI) $47.10 -2.59% Mattel Inc. (MAT) $36.87 -2.56% Broadcom Corp. (BRCM) $29.02 -2.49% Akamai Technologies Inc. (AKAM) $46.50 -2.47% Adobe Systems Inc. (ADBE) $57.73 -2.47% Garmin Ltd. (GRMN) $43.99 -2.35% Henry Schein Inc. (HSIC) $112.32 -2.24% iPad mini worth £269 for new trading accounts! A minimum volume is required. Terms and conditions apply. Find out more, click here. Broker Tips Broker tips: Lloyds, Rio Tinto, MITIE Lloyds Banking Group is expected to report a 'small' statutory loss after tax after setting aside a provision to cover the cost of compensating customers for mis-sold payment protection insurance (PPI). The lender has put aside £1.8bn in the fourth quarter for PPI and a further provision of £130m relating to the sale of interest rate hedging products to certain small and medium-sized businesses. As a result the group predicts a 'small' statutory profit before tax for the year, and a pro-forma fully loaded common equity tier 1 ratio of 10.3%, in line with guidance. The lender forecasts 2013 underlying profit of £6.2bn, missing Jefferies forecast of £6.4bn but beating the consensus of £5.8bn. Lloyds also said it expects talks with the UK regulator to restart its dividend payments at a "modest level" will begin in the second half of 2014. Jefferies said: "The timing of dividend payouts is consistent with our long-held views regarding repatriation of capital for LLOY. The 'modest level' is disappointing to us as we had factored in a 40% pay-out in 2015, which looks optimistic in light of today's announcement. We would not expect a 50% pay-out until 2018 at best." The broker recommended a 'hold' rating and price target of 69p. Rio Tinto´s drive to significantly lower its levels of capital expenditure will yield strong positive free cash flows (FCF). That means there is 'up-side' to consensus expectations for an eight per cent dividend increase (Credit Suisse: 15%) and holds out the prospect of a steadily growing and 'dependable' dividend pay-out, thanks to the outfit's now leaner balance sheet, analyst J.Gurry at Credit Suisse said on Monday. Hence his decision to reiterate his 'outperform' recommendation on the stock, alongside a target of 4,000p, and add it to their 'Focus List'. Particularly noteworthy, the analyst goes on to explain that his forecasts for the company´s free cash flow remain true "even under almost all commodity price scenarios". The company is due to publish its full-year results on February 13th. Rio Tinto´s net present value (NPV)-based target offers near 30% potential upside, while its single digit earnings multiples are currently over-compensating for the expected fall in the price of iron ore, Gurry said. The firm´s shares were trading at nine times earnings per share (EPS) and five times earnings before interest taxes, depreciation and amortisation (EBITDA). As a cross-check, he explained that based on 2015 guidance for iron-ore production at its Pilbara mine of 330mt, and a $90/t price for iron ore, then the company´s earnings per share would be at $5.70. That would equate to a share price of 4,100p and a still strong balance sheet ($13bn net debt), strong FCF ($19bn+ EBITDA and $8bn in capex guidance for 2015). Investec recommended buying shares in MITIE after the strategic outsourcing specialist reported organic growth in the third quarter, driven by a mix of new and expanded contracts. In its interim statement on Monday, MITIE said it was 'well-positioned' to deliver good organic growth and strong margins in its facilities management and healthcare segments. Levels of bid activity at its facilities management division saw an uplift during the third quarter in both the public and private sectors. However, it had experienced some delays in the start of new contracts in its property management arm, the company said in an interim trading statement (IMS) for the third quarter of its fiscal year. "The Facilities Management division continues to be the engine for growth, albeit the progress being made in Healthcare bodes well for the anticipated growth prospects in this sector," Investec said. "The re-positioning of the business towards higher margin and higher growth markets continues at pace and this gives us increasing confidence behind our current estimates." The broker added that the company was well place as it noted the progress in re-positioning the business and a mix contracts and growth opportunities in Healthcare. Investec retained its underlying forecasts and said it was becoming "increasingly positive on the risk/reward profile and therefore lifting our DCF-based target to 360p".   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

ADVFN Newsdesk - Modest Optimism Prevails Ahead of Manufacturing Data

ADVFN  World Daily Markets Bulletin Daily world financial news Monday, 03 February 2014 11:07:07    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. Click Here US Market The major U.S. index futures are pointing to a higher opening on Monday, with sentiment reflecting markets' attempt to rebound from depressed levels. European stocks, though currently lower, have pared back much of their early losses amid data that showed a bigger than initially estimated expansion in the manufacturing activity in the eurozone. Domestically, sentiment largely depends on the results of the Institute for Supply Management's manufacturing survey and monthly sales data from automakers. U.S. stocks extended their slide in the week ended January 31st, as the failure of the Fed to slowdown its pace of stimulus withdrawal and mixed earnings exerted downward pressure on stocks. Last Monday, the major averages went about in a directionless manner, as traders digested mixed catalysts, before closing lower. Helped by a positive consumer confidence reading and some upbeat earnings, the major averages closed higher on Tuesday. With the FOMC opting to maintain the pace of stimulus withdrawal at its January meeting, the major averages came under considerable selling pressure on Wednesday. The major averages rebounded on Thursday, thanks to in line fourth quarter GDP data and some positive earnings. Negative corporate tidings pressured stocks on Friday, sending the major averages notably lower. For the week ended January 31st, The Dow Industrials ended down 1.14 percent, while the S&P 500 Index and the Nasdaq Composite lost 0.43 percent and 0.59 percent, respectively Among the sector indexes, the NYSE Arca Airline Index fell 3.34 percent for the week, while the NYSE Arca Securities Broker/Dealer Index slid 2.15 percent. The NYSE Arca Oil Index, the Philadelphia Oil Service Index, the NYSE Arca Gold Bugs Index and the KBW Bank Index all retreated over 1 percent, while the Philadelphia Housing Sector and The Dow Jones Utility Average added 3.33 percent and 2.91 percent, respectively. The Dow Industrials settled last Friday's session below its 100-day MA (currently at 15,789). Immediate support for the index lie around 15,670, 15,623, 15,566 and 15,503, which incidentally is the head level of a triple top formation formed in mid 2013. Below the level, the index also has support around its 200-day MA (currently at 15,466). Upside resistances are around 15,738, its 100-day MA (currently at 15,789), 15,822, 15,884, 15,958, 16,010 and 16,073. 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 Jobs and private sector activity data are among the key economic readings that could offer some clarity to the economic outlook in the unfolding week. Traders are expected to focus on the Labor Department's non-farm payrolls report for January, ADP's private sector jobs report, the weekly jobless claims report, the results of the Institute for Supply Management's manufacturing and non-manufacturing reports for January and the final reading of Markit's U.S. manufacturing survey for January. Auto sales for January, the Commerce Department's construction spending, trade balance and factory orders reports, all for December, the Labor Department's preliminary non-farm productivity and costs data for the fourth quarter, the Federal Reserve's consumer credit report for December, some Fed speeches and announcements concerning the Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week. The nation's automakers, including overseas companies, are due to release their monthly sales figures for January. Economists estimate total vehicle sales to come ion at a seasonally adjusted annual rate of 15.8 million units compared to a 15.4-million unit rate in December. Final estimates of Markit's U.S. manufacturing survey for January showed that manufacturing activity expanded at a slower rate. The manufacturing purchasing managers' index for January declined to 53.7 from 55 in December. The Institute for Supply Management is due to release the results of its national manufacturing survey for January at 10 am ET. The consensus estimate call for a decline in the index to 56 from 57 in December. The manufacturing purchasing managers' index for the U.S. edged down to 57 in December from 57.3 in November. The new orders index rose 0.6 points to 64.2, while the order backlogs index slipped 2.5 points. The employment index edged up to 56.9 from 56.5, reaching the highest level since June 2011. Of the 18 industries surveyed, 13 industries reported growth. The Commerce Department is scheduled to release its construction spending report for December at 10 am ET. Economists estimate no change in construction spending compared to the previous month. Construction spending rose 1 percent month-over-month in November. Annually, construction spending was up 5.9 percent. Private construction spending climbed 2.2 percent, while spending on public construction fell 1.8 percent. In the private category, residential and non-residential construction spending rose 1.9 percent and 2.7 percent, respectively. 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 In a letter written by its directors in response to a letter sent by Men's Wearhouse CEO Douglas Ewert, Jos. A. Bank Clothiers reiterated that the board continues to believe that the latter's offer to acquire Jos. A. Bank under-values the company and is not in the best interest of its stockholders. Standard & Poor's announced that Taser International will replace Consolidated Graphics in the S&P SmallCap 600 Index after the close of trading on February 4th. The move follows Consolidated Graphics' acquisition by R.R. Donnelley & Sons. Crane announced the appointment of Max Mitchell as its CEO, effective at the close of business on January 31st, in line with its previously announced succession plan. Mitchell replaced Eric Fast, who retired from Crane. United Online announced that its board determined to discontinue cash dividend payments in orders to provide financial flexibility to support anticipated long-term growth initiatives. Cincinnati Financial (CINF) announced an increase in its quarterly dividend to 44 cents per share from 42 cents per share. Anadarko Petroleum , Edward Lifesciences , General Growth Properties , Hartford Financial , MDU Resources , PartnerRe , Post Properties , Principal Financial (PFC), Take-two and Yum Brands are among the companies due to release their quarterly results after the close of trading. No platform or data fees with no trade minimums Trade free for 60 days + get up to $600 cash. Join TD Ameritrade European Market European stocks have shown some volatility in early trading and are currently-trading lower. In corporate news, Smith & Nephew announced a deal to buy ArthoCare for $1.7 billion in cash. Ryanair reported a loss for its third quarter despite an increase in the number of passengers carried, as ticket prices fell. However, forward bookings rose. Rangold Resources reported lower profits and revenues for its fourth quarter. On the economic front, revised estimates released by Markit Economics showed that its final estimates of the purchasing managers' index for manufacturing activity in the eurozone came in at 54 for January, an upward revision from the preliminary estimate of 53.9. In December, the index was at 52.7. A survey by the U.K. Chartered Institute of Purchasing & Supply and Markit Economics showed that their purchasing managers' index for the U.K. eased 0.5 points to 56.7 in January. Economists had expected a more modest slowdown to 57.1. The results of a house price survey by Hometrack showed that house prices in the U.K. rose 0.3 percent month-over-month in January compared to the 0.5 percent increase in December. Nevertheless, house prices were higher for the 12th straight month. Asian Markets USDCAD USDEUR USDGBP USDJPY Please click on the images to view our interactive charts The major Asian markets that remained open for trading ended on a negative note, as weak Chinese data and the negative lead from Wall Street engendered negative sentiment in the markets. The Chinese, Hong Kong and Taiwanese markets were closed for Lunar New Year holidays. The Japanese market was pressured by the strengthening of the yen in reaction to the risk aversion. The Nikkei 225 average opened lower and declined steadily throughout the session before closing down 295.40 points or 1.98 percent at 14,619. A majority of stocks declined in the session, led by TDK, NTN and Kansai Electric Power. On the other hand, NGK Insulators rallied 11.78 percent. Ricoh, Fujitsu and Fanuc also advanced. Australia's All Ordinaries languished below the unchanged line for the better part of the session before closing down 3.20 points or 0.06 percent at 5,202. Financial, material and healthcare stocks declined in the session, while energy stocks gained ground. On the economic front, the results of a survey by the China Federation of Logistics and Purchasing and the National Bureau of Statistics showed that Chinese non-manufacturing sector activity declined in January. The non-manufacturing purchasing managers' index declined to 53.4 in January from 54.6 in December, as domestic demand and employment conditions remained weak. The results of a manufacturing survey by the Australian Industry Group showed that the manufacturing sector in Australia continued to contract in January. The manufacturing purchasing managers' index slipped to 46.7 from 47.6 in December. The latest survey by TD Securities showed that annual inflation expectations in Australia were at 2.5 percent in January, down from 2.7 percent in December. The Reserve Bank of Australia targets inflation around 2-3 percent. The number of building approvals in Australia fell 2.9 percent month-over-month in December, according to data released by the Australian Bureau of Statistics. Economists had expected a more modest 0.5 percent drop. 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 rising $0.12 to $97.61 a barrel after rising $0.85 or 0.88 percent to $97.49 a barrel in the week ended January 31st. Last Monday, Oil fell over $1-a-barrel on the back of soft new home sales data. The commodity rebounded by over $1.50-a-barrel on Tuesday, helped by positive economic and earnings catalysts. After dipping marginally on Wednesday amid the Fed decision, Oil rose close to $1-a-barrel on Thursday. The commodity declined moderately on Friday amid the equity market weakness yet ended the week higher. Gold futures, which fell $24.50 or 1.94 percent to $1,239.80 an ounce in the previous week, are currently adding $6.40 to $1,246.20 an ounce. Among currencies, the U.S. dollar had a mixed session in the week ended January 1st, with the greenback adding 1.40 percent against the euro before ending the week at $1.3486. The dollar was the beneficiary of some strong domestic data on personal spending and fourth quarter GDP. At the same time, the dollar edged down 0.26 percent against the yen last week to 102.04 yen. The U.S. dollar is currently-trading at 101.96 yen and is valued at $1.3493 versus the euro.     To unsubscribe from this news bulletin or edit your mailing list settings click here. 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Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Monday, 03 February 2014 09:59:58 Monitor Quote Charts News CFD's Spreadbetting Free BB   Sponsored by: Accendo Q4 Banks reporting, LLoyds , RBS , Barc - Buy or Sell? Download your complementary report now. Click Here Losses can exceed deposits. London Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London open: FTSE inches higher despite ECB concerns - Modest rise on FTSE - Lloyds dives on PPI bill update - Chinese and Aussie data disappoints - Focus to be on Eurozone manufacturing techMARK 2,783.19 +0.30% FTSE 100 6,514.32 +0.06% FTSE 250 15,690.31 +0.10% The FTSE surprised with a positive start to today's session, inching marginally into positive territory early on, despite weak data out from China, a poor finish in both Asia and the US, on-going fears over emerging markets, as well as concerns over this week's interest rates decision by the European Central Bank (ECB). Friday's weaker-than-expected reading on Eurozone consumer price inflation prompted a number of the largest research outfits in Europe to change their predictions for the upcoming policy meeting, and as a consensus now see another cut in the ECB's main policy rate on the cards. Asia stock markets tracked a decline in the US, and were also hit by data from China, which revealed non-manufacturing PMI dropped to 53.4 in January. Turning to today's session, markets will see the release of the UK´s manufacturing PMI, with the same also due to be released from Spain, Italy and the US. Also in the States, data will be published on Construction Spending and ISM Manufacturing Prices. According to Craig Erlam, a Market Analst at Alpari UK, investors "could be in for another bad week" after Australian data also disappointed with a 2.9% decline in December building permit numbers. "With the central bank meeting tomorrow, this could further encourage policy makers to cut rates again in order to provide a further boost to the economy and devalue the currency to a level its more comfortable with," he said. "I don't think this panic will last, although I do expect repeats of this throughout the year as the Fed brings it asset purchase programme to a close. Given the size of the rally in stocks last year, I think part of this sell-off is being driven by investors using the emerging markets story as an excuse to allow for a correction in the markets." On the company front, Randgold Resources was a strong riser after it said it hit targets for 2013, boosted gold production to a new record level and expects output to rise over the next five years. Production for the quarter and year to December rose 20% and 15% respectively, in line with guidance. Shares in Lloyds were at the bottom of the pile after the group revealed its payment protection insurance (PPI) bill had soared by a further £1.8bn to nearly £10bn, and despite predicting its full-year underlying profits would be almost double that predicted by analysts. Sector peer Barclays was also a heavy faller. Rexam was higher after proposing the sale of the Pharmaceutical Devices and Prescription Retail Packaging divisions of its Healthcare business for $805m. The consumer packaging company said Montagu Private Equity has made a binding offer for the divisions. The transaction is subject to regulatory approval and is expected to be completed around mid-2104. BBA Aviation climbed after saying it sold APPH, a full-service landing gear and hydraulic sub-systems supplier, and announced it was considering a cash return to shareholders. The business, which had formed part of BBA's Aftermarket Services division, was sold for $128m, the $120.6m proceeds of which would be use to reduce the group's debt level. Medical technology company Smith & Nephew rose after it agreed to buy medical device company ArthroCare Corp. The group will pay $1.7bn, or $48.25 per ArthroCare share in cash, representing an enterprise value of $1.5bn. 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.  FTSE 100 - Risers Weir Group (WEIR) 2,149.00p +2.63% Reckitt Benckiser Group (RB.) 4,657.00p +2.06% Randgold Resources Ltd. (RRS) 4,272.00p +1.88% SSE (SSE) 1,328.00p +1.61% GlaxoSmithKline (GSK) 1,587.50p +1.50% Rexam (REX) 499.90p +1.40% Fresnillo (FRES) 780.00p +1.36% Smith & Nephew (SN.) 887.50p +1.31% Intertek Group (ITRK) 2,865.00p +1.17% Diageo (DGE) 1,821.50p +1.17% FTSE 100 - Fallers Lloyds Banking Group (LLOY) 81.16p -2.57% Barclays (BARC) 269.10p -1.25% Vodafone Group (VOD) 224.25p -1.02% Sports Direct International (SPD) 677.00p -1.02% ARM Holdings (ARM) 926.50p -0.91% TUI Travel (TT.) 422.10p -0.78% BP (BP.) 474.30p -0.77% Royal Mail (RMG) 594.00p -0.67% Kingfisher (KGF) 367.30p -0.62% Burberry Group (BRBY) 1,439.00p -0.62% FTSE 250 - Risers Kenmare Resources (KMR) 18.59p +6.23% Grafton Group Units (GFTU) 611.00p +2.78% EnQuest (ENQ) 133.00p +2.70% Centamin (DI) (CEY) 45.20p +2.49% Ferrexpo (FXPO) 154.70p +1.78% SIG (SHI) 199.30p +1.58% RPC Group (RPC) 602.50p +1.26% Cobham (COB) 297.30p +1.23% Croda International (CRDA) 2,441.00p +1.20% BH Global Ltd. GBP Shares (BHGG) 1,200.00p +1.18% FTSE 250 - Fallers Perform Group (PER) 234.70p -5.17% Rank Group (RNK) 135.50p -2.38% Essar Energy (ESSR) 56.50p -2.08% Serco Group (SRP) 430.60p -1.49% Petra Diamonds Ltd.(DI) (PDL) 136.00p -1.38% PayPoint (PAY) 1,086.00p -1.18% Telecom Plus (TEP) 1,881.00p -1.16% Cranswick (CWK) 1,307.00p -1.06% UDG Healthcare Public Limited Company (UDG) 352.10p -1.04% UK Event Calendar Monday February 03 INTERIM DIVIDEND PAYMENT DATE Aveva Group, BT Group, Dart Group, DP Aircraft I Limited Pref , KCOM Group, Mitie Group, United Utilities Group QUARTERLY PAYMENT DATE Verizon Communications INTERNATIONAL ECONOMIC ANNOUNCEMENTS Auto Sales (US) (15:00) Construction Spending (US) (15:00) ISM Manufacturing (US) (15:00) ISM Prices Paid (US) (15:00) PMI Manufacturing (EU) (09:00) PMI Manufacturing (GER) (08:55) China NBS non-manufacturing PMI Q4 Randgold Resources Ltd., Torchmark Corp. FINALS Goldenport Holdings Inc., Randgold Resources Ltd., RM, SThree, Torchmark Corp. IMSS Mitie Group SPECIAL DIVIDEND PAYMENT DATE Next AGMS Blackrock Frontiers Investment Trust, Future UK ECONOMIC ANNOUNCEMENTS PMI Manufacturing (09:30) FINAL DIVIDEND PAYMENT DATE Artemis VCT, Baring Emerging Europe, JPMorgan Chinese Inv Trust, Marston's, Schroder UK Mid Cap Fund The Share Centre: Cheaper fund investing has arrived at The Share Centre. We don't believe it's fair to charge you extra just for holding funds. So we don't. Find out more. Capital at risk. Click Here Europe Market Report FTSE 100 Euronext Dax perf CAC 40 Europe open: Stocks little changed ahead of manufacturing reports - Factory data out in Eurozone, UK and US - Chinese manufacturing growth eases - Greece may need another bailout FTSE 100: 0.09% DAX: -0.28% CAC 40: -0.13% FTSE MIB: -0.18% IBEX 35: -0.17% Stoxx 600: -0.08% European stocks were little changed as investors awaited manufacturing data in the Eurozone, UK and US. The purchasing managers' index (PMI) for gauging manufacturing activity is expected to come in at 53.9 for the Eurozone in January, in line with the previous month and above the 50 level that signals expansion. In the UK, the PMI is tipped to remain at 57.4 in January. In the US, on the other hand, analysts predict PMI fell to 56 last month from 57 in December. This morning a report showed Chinese manufacturing PMI dipped to 50.5 from 51, fuelling concerns of slowdown in the world's second largest economy. "On the bright side, the figure remained comfortably above 50, the level that separates growth from contraction, while continuing to show growth, albeit slightly slower, in both the services and construction sectors," said Craig Erlam, Market Analyst at Alpari. Greece reportedly headed for third bailout Greece may be on its way towards a third bailout, according to a report in Der Spiegel. The German newspaper referenced a five-page plan written by Germany's Finance Minister, Wolfgang Schäuble, which sets out plans to inject another €10bn to €20bn in the Greek economy. However, Greek newspaper Kathimerini on Saturday ran a story stating that the country continued to work on demands from its international lenders. It noted that the Greek government is continuing discussions over some of the measures with the Troika (representatives from the International Monetary Fund, the European Commission and the European Central Bank). Ryanair soars on quarterly results Ryanair advanced after the airline reported a third-quarter loss, but said the weakness has eased with bookings for the first quarter of 2015 already significantly higher than a year ago. Lloyds Banking Group declined after saying it set aside £1.8bn in the fourth quarter to cover the cost of compensating customers for mis-sold payment protection insurance. Travel retailer Dufry AG slipped as Citigroup recommended selling the shares. The euro fell 0.03% to $1.3482. Brent crude futures dropped $0.188 to $106.200 per barrel, according to the ICE. Your FREE China Investment Report... Understand the reform of China's government and the effect on private investment.  Download your free report here. US Market Report US close: Dow, S&P 500 register worst month since May 2012 - Weak earnings, mixed data weigh on stocks - Wal-Mart, Amazon.com and Mattel fall after earnings - Deflationary risks pick up in the Eurozone Dow Jones: -0.94% Nasdaq: -0.46% S&P 500: -0.62% Despite pulling off their intraday lows, US markets suffered steep falls on Friday on the back of ongoing concerns over emerging markets, weak corporate earnings and a batch of mixed economic data. Meanwhile, renewed worries about deflation in the Eurozone were also weighing heavily on sentiment during the session after a surprise slowdown in consumer price growth in January. The news prompted suggestions about a potential interest rate cut or extraordinary measures that could be employed by the European Central Bank at its policy meeting next week. The downwards pressure saw the Dow Jones Industrial Average drop 0.9% and the S&P 500 fall 0.6%, with both indices finishing January with their worst monthly performance since May 2012. "There is one thing which investors dislike and that is uncertainty - while stocks crumble, the volatility (fear) index soars," said David Madden, Market Analyst at IG. Economic data comes in mixed The Commerce Department said that personal spending increased 0.4% over the month after rising by an upwardly revised 0.6% in November. Economists had predicted it to climb 0.2%. However, personal income remained unchanged in December after increasing by 0.2% a month earlier, missing estimates for growth of 0.2%. The Chicago's purchasing managers' index (PMI) for business activity in the region fell to 59.6 in January from 60.8 in December but ahead of the 59 reading expected. The final reading of the University of Michigan consumer confidence index came in at 81.2 for January, above the initial estimate of 80.4 but down from 82.5 in December. Wal-Mart, Amazon.com and Mattel disappoint Wal-mart, the world's largest retailer, fell early on after lowering its earnings guidance for the fourth quarter, blaming winter storms and a reduction in government food stamps. Amazon.com declined after the online retailer reported fourth-quarter profit and sales that missed analysts' estimates. Mattel Inc. fell sharply after a surprise drop in sales in the fourth quarter due to sales weakness in major brands such as Barbie and Fisher-Price. Google gained strongly after the internet giant posted a rise in fourth-quarter revenue that topped estimates. Zynga Inc. rallied after the company, known for its FarmVille and casino-style games, announced it will cut staff and buy UK mobile-game developer NaturalMotion. S&P 500 - Risers Chipotle Mexican Grill Inc. (CMG) $551.96 +11.74% Computer Sciences Corp. (CSC) $60.41 +9.52% Tyson Foods Inc. (TSN) $37.40 +8.44% Wynn Resorts Ltd. (WYNN) $217.42 +7.90% L-3 Communications Holdings Inc. (LLL) $111.07 +5.37% Google Inc. (GOOG) $1,180.97 +4.01% Best Buy Co. Inc. (BBY) $23.54 +3.61% Raytheon Co. (RTN) $95.07 +3.46% Lennar Corp. Class A (LEN) $40.16 +3.37% EQT Corp. (EQT) $92.81 +3.12% S&P 500 - Fallers Mattel Inc. (MAT) $37.84 -12.02% Amazon.Com Inc. (AMZN) $358.69 -11.00% Newmont Mining Corp. (NEM) $21.60 -10.37% Mastercard Inc. (MA) $75.68 -5.12% Juniper Networks Inc. (JNPR) $26.61 -4.52% Symantec Corp. (SYMC) $21.41 -4.33% Adt Corp (ADT) $30.04 -4.33% Chevron Corp. (CVX) $111.63 -4.14% Hasbro Inc (HAS) $49.12 -4.14% Vertex Pharmaceuticals Inc. (VRTX) $79.04 -3.79% Dow Jones I.A - Risers Microsoft Corp. (MSFT) $37.84 +2.66% Verizon Communications Inc. (VZ) $48.02 +0.82% Caterpillar Inc. (CAT) $93.91 +0.76% McDonald's Corp. (MCD) $94.17 +0.39% 3M Co. (MMM) $128.19 +0.11% Dow Jones I.A - Fallers Chevron Corp. (CVX) $111.63 -4.14% Visa Inc. (V) $215.43 -2.47% Exxon Mobil Corp. (XOM) $92.16 -1.95% American Express Co. (AXP) $85.02 -1.85% Nike Inc. (NKE) $72.85 -1.47% General Electric Co. (GE) $25.13 -1.45% Pfizer Inc. (PFE) $30.40 -1.36% Travelers Company Inc. (TRV) $81.28 -1.31% Johnson & Johnson (JNJ) $88.47 -1.15% JP Morgan Chase & Co. (JPM) $55.36 -1.14% Nasdaq 100 - Risers Wynn Resorts Ltd. (WYNN) $217.42 +7.90% Google Inc. (GOOG) $1,180.97 +4.01% Microsoft Corp. (MSFT) $37.84 +2.66% Facebook Inc. (FB) $62.57 +2.44% Green Mountain Coffee Roasters Inc. (GMCR) $81.00 +2.34% Yahoo! Inc. (YHOO) $36.01 +1.98% Broadcom Corp. (BRCM) $29.76 +1.88% Citrix Systems Inc. (CTXS) $54.07 +1.46% QUALCOMM Inc. (QCOM) $74.22 +1.31% Netflix Inc. (NFLX) $409.33 +1.15% Nasdaq 100 - Fallers Mattel Inc. (MAT) $37.84 -12.02% Amazon.Com Inc. (AMZN) $358.69 -11.00% Symantec Corp. (SYMC) $21.41 -4.33% Vertex Pharmaceuticals Inc. (VRTX) $79.04 -3.79% Baidu Inc. (BIDU) $156.50 -2.68% F5 Networks Inc. (FFIV) $107.02 -2.66% PACCAR Inc. (PCAR) $56.00 -2.52% Check Point Software Technologies Ltd. (CHKP) $65.43 -2.45% Viacom Inc. Class B (VIAB) $82.10 -2.27% Intuitive Surgical Inc. (ISRG) $407.58 -2.11% iPad mini worth £269 for new trading accounts! A minimum volume is required. Terms and conditions apply. Find out more, click here. Newspaper Round Up Monday newspaper round-up: Energy companies, retailers, Lloyds Energy companies have hit out at Ofgem after being ordered to hand over information on every single trade they have made for the past 10 years as part of a new annual competition audit. That amounts to millions of pieces of data and executives have questioned the timing of the regulator's 'unusual' request, which was made just before Christmas. Investigators from Ofgem, assisted by the Office of Fair Trading, have only four months to sift through the data before the audit is published in April. - The Times The wettest January for 100 years in parts of southern England had shoppers scurrying to the coat rails, helping retailers avoid a washout last month. Retailers discounted throughout January, hitting margins but boosting sales by 8% compared with the same time last year, according to the BDO High Street Sales Tracker. The rise was flattered, however, by weak comparative figures in 2013 when snow disrupted trading. - The Times The growing problems in the Chinese banking system could spill over into a wider financial crisis, one of the most respected analysts of China's lenders has warned. Charlene Chu, a former senior analyst at Fitch in Beijing and now the head of Asian research at Autonomous Research, said the rapid expansion of foreign-currency borrowing meant a crisis in China's financial system was becoming a bigger risk for international banks. - Daily Telegraph Consumers could be saddled with an extra £1.8bn on their energy bills because of flaws in the government's plan to install 'smart' gas and electricity meters in every home by 2020, suppliers have warned. Three of the Big Six energy suppliers – EDF Energy, ScottishPower and npower - are now calling on ministers to review the £12bn nationwide rollout of the meters, which automatically take gas and electricity usage readings and transmit the information back to suppliers. - Daily Telegraph Computer giant Hewlett Packard is poised to cut hundreds more jobs in the UK, on top of the 1,000 it axed at the end of last year. The group has plans to cull more than 7,000 roles across Europe during the year – although it has not decided how many of these will land in the UK. Before Christmas it announced that more than 1,000 British roles were due to go. - Daily Mail Lloyds Banking Group will tomorrow set out plans to boost lending to small companies by more than £1bn this year, as Chief Executive Antonio Horta-Osorio tries to rebuild trust in the state-backed firm. As part of a wide-ranging strategy, he will also pledge that the bank will help more than 80,000 first-time buyers get on the housing ladder – up from last year's target of 60,000 – and increase the number of women holding senior roles at the group. - The 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. 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