Evening Euro Markets Bulletin

ADVFN III Evening Euro Markets Bulletin Daily world financial news Thursday, 29 May 2014 17:35:57 Monitor Quote Charts News CFD's Spreadbetting Free BB   Sponsored by: Accendo TSB IPO - Record breaking floatation Download your TSB IPO 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: FTSE ends up as market ignores US GDP - FTSE 100 closes up 20 at 6,871 - US Q1 GDP comes in below expectations - Smith & Nephew in focus techMARK 2,809.39 +0.34% FTSE 100 6,871.29 +0.29% FTSE 250 15,954.82 +0.12% UK stocks settled higher after rising early on and staying fairly steady throughout the afternoon, despite the release of a worse-than-expected US GDP reading. The FTSE 100 closed up 20.07 points at 6,871.29, the highest closing level seen for several weeks. Chris Beauchamp, a Market Analyst at IG, said: "The FTSE has remained confidently in positive territory all day, flirting with a push towards 6,900. Risk assets are in favour, with miners boosted by a more optimistic outlook on the Australian economy, but the impact of holidays in parts of Europe should still be taken into account. "M&A is still the key driver of the FTSE, with Smith & Nephew under the microscope today as Stryker keeps the world guessing over whether it will launch an attempt on the company." The FTSE was largely unaffected by this afternoon's news that US GDP shrank by an annualised rate of 1% in the first quarter of 2014, according to revised estimates from the Department of Commerce. The figures surprised analysts, who had expected the initial estimate of 0.1% growth to be revised lower to -0.5% and follows a 2.6% rate of expansion in the fourth quarter of 2013. Beauchamp described it as a "relative non-event", adding that the reading "showed decent consumer spending, and most people have now moved on to wondering whether the second quarter can show a nice bounceback". That came as it was revealed initial US weekly unemployment claims fell by 27,000 to reach 300,000 during the week ending on May 24th, according to the US Department of Labor. The consensus estimate had been for a reading of 318,000. The four-week moving average dropped by 11,250, to hit 311,500. Rates need to rise "sooner rather than later", says MPC's Weale Back in the UK, Martin Weale, a member of the Bank of England's Monetary Policy Committee (MPC), has said that policymakers will need to lift interest rates from record-low levels "sooner rather than later". In an interview with the Financial Times that will likely bring forward expectations of a rate raise, Weale said the central bank must act soon to avoid a sharper and more painful tightening in policy in the future. "If you want to have baby steps you do have to start sooner," he told the UK paper. In other UK macro news, the Treasury today revealed that 7,313 homes at a total value of £1bn have so far been sold under the Help to Buy mortgage scheme. In March the scheme contributed to around 3.5% of mortgage completions. "Despite the apparently low take-up, this scheme is far from trivial," argued Rob Wood, Chief Economist at Berenberg. "The indirect effects are much more important. Like an iceberg, the part visible above water grossly understates its true size." The news sent housebuilders into the red, with several analyts saying the data indicates the scheme has had a limited effect. "Looking at usage data available today, there is further evidence the scheme is unlikely to be inflicting significant damage, or fuelling a London bubble," broker Investec said in a note to clients. Consultants Ernst&Young were of a similar opinion, writing that "curtailing the scheme would do nothing to dampen the factors pumping up the London market - domestic and foreign cash buyers, rapid population growth and planning restrictions". Italian bonds Italy sold €7.5bn of bonds maturing in five and 10 years. The Rome-based Treasury allotted €3bn of debt due in September 2024 at an average yield of 3.01%, the lowest for similar-maturity securities since Bloomberg started compiling the data in 1991. The average yield to maturity on bonds from Greece, Ireland, Italy, Portugal and Spain fell to 2.13% yesterday, matching the least since the formation of the currency bloc in 1999, according to Bank of America Merrill Lynch indexes. Smith & Nephew driven higher by Stryker bid talk Medical device maker Smith & Nephew was a high riser again after reports yesterday suggested that US peer Stryker was working on a bid for the firm. While the rumours were denied by Stryker, Smith & Nephew's share price was continuing to extend gains this morning after Credit Suisse said it sees "merger synergies of about 160-195p/S&N share" if the hypothetical deal were to go ahead. The UK group also this afternoon announced that it has completed the acquisition of ArthroCare Corporation, a medical device company with a highly complementary sports medicine portfolio. The purchase price was $48.25 per share paid in cash. IMI was trading higher after UBS lifted its rating on the stock from 'neutral' to 'buy', saying that growth rates at the engineering group have the potential to double in the medium-term. DIY retailer Kingfisher dropped despite hailing a "strong start to the year" as 20% growth in retail profits in the first quarter came in shy of analysts' expectations. Group sales growth of 6.1% also failed to impress. Aggreko the temporary power and temperature control services group, was a heavy faller after saying that interim Chief Executive Officer Angus Cockburn will be replaced on a permanent basis by Centrica board member Chris Weston. Cockburn, who stepped in after previous boss Rupert Soames quit earlier this year, is "keen to seek fresh challenges", the company said. Housebuilder Barratt Developments led housebuilders and related companies lower following the release of the latest data on the Help to Buy scheme, which, according to analysts, indicated it has had a limited impact. On the second tier, Man Group leapt after it confirmed it is in talks to buy US money manager Numeric Holdings. The world's largest publicly traded hedge-fund manager said the discussions are "ongoing and may or may not lead to a transaction". Numeric, which uses quantitative analysis to make investments, manages $13.9bn.   Film Investment opportunity from the Executive Producer of The King's Speech An EIS opportunity from Mark Foligno, executive producer of ‘The King's Speech’ which grossed over £250m worldwide. The opportunity allows UK investors to offset considerable tax liabilities.  Click Here FTSE 100 - Risers Smith & Nephew (SN.) 1,029.00p +3.57% IMI (IMI) 1,608.00p +3.01% William Hill (WMH) 355.20p +2.57% Rolls-Royce Holdings (RR.) 1,035.00p +1.87% Morrison (Wm) Supermarkets (MRW) 202.20p +1.66% Centrica (CNA) 336.30p +1.66% Fresnillo (FRES) 835.00p +1.64% Sainsbury (J) (SBRY) 340.60p +1.52% Pearson (PSON) 1,164.00p +1.48% Admiral Group (ADM) 1,428.00p +1.42% FTSE 100 - Fallers Kingfisher (KGF) 397.00p -4.86% Aggreko (AGK) 1,671.00p -4.46% Barratt Developments (BDEV) 359.90p -2.44% Persimmon (PSN) 1,326.00p -2.21% Johnson Matthey (JMAT) 3,274.00p -2.09% Travis Perkins (TPK) 1,685.00p -1.92% Prudential (PRU) 1,390.00p -1.14% easyJet (EZJ) 1,548.00p -1.09% ARM Holdings (ARM) 918.00p -0.81% Next (NXT) 6,625.00p -0.75% FTSE 250 - Risers esure Group (ESUR) 264.50p +5.80% Evraz (EVR) 109.20p +5.20% Ladbrokes (LAD) 150.40p +5.10% Man Group (EMG) 99.55p +5.01% Domino's Pizza Group (DOM) 554.00p +4.23% Tate & Lyle (TATE) 701.50p +4.00% Go-Ahead Group (GOG) 2,202.00p +3.82% Dairy Crest Group (DCG) 450.00p +3.45% Rathbone Brothers (RAT) 2,053.00p +3.27% Premier Oil (PMO) 351.50p +2.93% FTSE 250 - Fallers Redrow (RDW) 266.80p -4.10% De La Rue (DLAR) 843.50p -3.49% ITE Group (ITE) 232.00p -3.01% Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 527.00p -2.95% Berkeley Group Holdings (The) (BKG) 2,238.00p -2.70% Fisher (James) & Sons (FSJ) 1,301.00p -2.69% Howden Joinery Group (HWDN) 321.00p -2.61% Taylor Wimpey (TW.) 108.30p -2.61% Galliford Try (GFRD) 1,118.00p -2.61% Rank Group (RNK) 156.00p -2.50% DISCOUNTED SUMMER HOLIDAY offer for ADVFN users! Get 20% off accomodation costs and treat yourself to the best of Mauritius. Golf courses, spas, fine dining and child friendly. Dont miss out on this fantastic limited offer! Get in touch here, mention ADVFN and get a discounted quote! Europe Market Report FTSE 100 Euronext Dax perf CAC 40 Europe close: Stocks little changed after US growth data - US GDP contracts - US weekly jobless claims fall - Eurozone still fragile, says Linde - Russia, Kazakhstan and Belarus sign treaty FTSE 100: 0.29% DAX: 0.00% CAC 40: -0.02% FTSE MIB: -0.35% IBEX 35: -0.21% Stoxx 600: 0.06% European stocks were little changed after US data showed the world's biggest economy shrank more than expected. US gross domestic product (GDP) shrank by an annualised rate of 1% in the first quarter of 2014, according to revised estimates by the Department of Commerce today, representing the first quarterly contraction in three years. Analysts had expected the initial estimate of 0.1% growth to be revised lower to -0.5% following a 2.6% GDP expansion in the fourth quarter of 2013. However, Capital Economics said it believed there was "nothing to worry about". "For a start, the downward revision is almost entirely because inventories were a much bigger drag on growth than previously thought," the economist said. "[…] But that bigger first-quarter drag means that we are likely to see a bigger bounce back in the second quarter." Separately, initial weekly unemployment claims fell by 27,000 to reach 300,000 during the week ended May 24th, according to the US Department of Labor. The consensus estimate had been for a reading of 318,000. Another report showed US pending home sales fell 9.4% year-on-year in April following a 7.5% drop a month earlier. Economists had pencilled in an 8.7% decline. ECB's Linde says Eurozone still fragile Bank of Spain Governor Luis Linde has warned that the Eurozone economy continues to be "fragile" and that "important efforts" are still needed, albeit the "gentle recovery" started in 2013. The European Central Bank (ECB) member pointed out that the recent weak reading in the region's GDP for the first three months of the year "illustrates the still fragile and uneven character of this economic improvement in the euro-area". The ECB is scheduled to announce its next monetary policy decisions on June 5th. President Mario Draghi has said the ECB is ready to act if necessary to boost the stagnant recovery. In other European news, Spain's first quarter GDP growth was confirmed at 0.4% quarter-on-quarter, but revised down to 0.5% year-on-year from the original reading of 0.6%. Italy sold €7.5bn of bonds maturing in five and 10 years. The Rome-based Treasury allotted €3bn of debt due in September 2024 at an average yield of 3.01%, the lowest for similar-maturity securities since Bloomberg started compiling the data in 1991. The average yield to maturity on bonds from Greece, Ireland, Italy, Portugal and Spain fell to 2.13% yesterday, matching the least since the formation of the currency bloc in 1999, according to Bank of America Merrill Lynch indexes. Meanwhile, Russia, Kazakhstan and Belarus signed a treaty today creating a vast trading bloc which they hope will challenge the economies of the European Union (EU), the US and China. The move comes amid EU and US sanctions placed on Russia over the turmoil in Ukraine. Kingfisher slides after Q1 results Kingfisher slumped after reporting first quarter profit that fell short of analysts' expectations. Man Group gained after confirming it is in talks to buy US money manager Numeric Holdings. Electricite de France declined after Exane BNP Paribas downgraded the French utility to 'neutral' from 'outperform'. Tate & Lyle retreated after posting full-year profit that missed the consensus estimate. UbiSoft Entertainment advanced after saying its Watch Dogs game broke the company's record for first-day sales. Aggreko dropped after appointing Centrica's Chris Weston as Chief Executive Officer. The euro rose 0.21% to $1.3619. Brent crude futures increased $0.444 to $110.300 per barrel, according to the ICE. iPad mini worth £269 for new trading accounts! A minimum volume is required. Terms and conditions apply. Find out more, click here. US Market Report US open: Stocks rise after US GDP and jobs data US stocks advanced as investors weighed reports on economic growth and jobs. US gross domestic product (GDP) shrank by an annualised rate of 1% in the first quarter of 2014, according to revised estimates by the Department of Commerce on Thursday, representing the first quarterly contraction in three years. The figures surprised analysts who had expected the initial estimate of 0.1% growth to be revised lower to -0.5% and follows a 2.6% GDP expansion in the fourth quarter of 2013. The Bureau of Economic Analysis said the sharper-than-expected downwards revision was mainly due to lower private inventory investment than previously estimated, as well as the impact from poor weather. Despite the headline 'miss', the market reaction to the figures was relatively subdued, suggesting that a negative surprise was largely priced in. Capital Economics believes there is "nothing to worry about". "For a start, the downward revision is almost entirely because inventories were a much bigger drag on growth than previously thought," the economist said. "[…] But that bigger first-quarter drag means that we are likely to see a bigger bounce back in the second quarter." Separately, initial weekly unemployment claims fell by 27,000 to reach 300,000 during the week ended May 24th, according to the US Department of Labor. The consensus estimate had been for a reading of 318,000. Another report showed US pending home sales fell 9.4% year-on-year in April following a 7.5% drop a month earlier. Economists had pencilled in an 8.7% decline. In company news, Hillshire Brands climbed after Tyson bid $50 a share in cash for the meat producer. Abercrombie & Fitch Co. gained as the clothing retailer posted a first quarter loss that was narrower than expected by analysts. The US 10-year yield fell one basis point to 2.43%. West Texas Intermediate crude futures rose $0.349 to $103.080 per barrel, according to the ICE. Still in the dark over active tax planning? Our planning experts can help you reduce your tax liability! Register here to quality for a FREE financial audit and hear about government approved allowances and existing opportunities available. Its politically correct tax planning for non-celebrities! Broker Tips Broker tips: Lloyds, Smith & Nephew, IMI, Imagination Technologies Broker Oriel said Lloyds Banking Group's offloading of TSB should enhance net interest margin for the bank and, with a rising dividend yield, has reiterated its 'buy' recommendation on the bank. "This improvement should become apparent once TSB is deconsolidated, which will depend on how quickly Lloyds sells down its stake." Credit Suisse has kept its 'neutral' stance on medical device maker Smith & Nephew (S&N) but has said it sees upside to the share price if the rumoured takeover by US peer Stryker were to go ahead. The bank said that, assuming industry-typical merger synergies of around 9-11% of sales of the acquired entity - applied solely to S&N's Advanced Surgical Division - "we mechanically calculate a value of the merger synergies of about 160-195p/S&N share". IMI was trading higher after Swiss bank UBS lifted its rating on the stock from 'neutral' to 'buy', saying that growth rates of sales at the engineering group have the potential to double in the medium term. "An organic sales compound annual growth rate (CAGR) of 3% over the last decade has not been impressive. However, we forecast a doubling of growth with an organic CAGR of 6.4% out to 2018," UBS said. Analysts at UBS have raised their price target on chipmaker Imagination Technologies from 200p to 250p as it looks forward to full-year results on June 24th. UBS said it believed delivery on a strong recovery in licensing in the second half, after two years of licensing weakness, is the "key next step" for the investment case.   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 - Reaction To Mixed Data Likely To Drive Early Trading

ADVFN  World Daily Markets Bulletin Daily world financial news Thursday, 29 May 2014 09:55:47    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 Shanghai Hang Seng NIKKEI ASX The major U.S. index futures are pointing to a modestly higher opening on Thursday, reflecting a positive reaction to a mixed batch of economic data. While early buying interest may be generated by a report showing a bigger than expected drop in initial jobless claims, a separate report showing a contraction in first quarter GDP is likely to limit any early strength on Wall Street. After showing a lack of direction throughout much of the session, stocks came under pressure in the latter part of the trading day on Wednesday and closed modestly lower. The pullback ended a four-day winning streak by the markets. The major averages ended the day in negative territory but off their lows for the session. The Dow dipped 42.32 points or 0.3 percent to 16,633.18, the Nasdaq slid 11.99 points or 0.3 percent to 4,225.07 and the S&P 500 edged down 2.13 points or 0.1 percent to 1,909.78. The modestly lower close on Wall Street came on the heels of the recent upward trend by the markets, with the S&P 500 giving back some ground after ending the previous session at a record closing high. The recent gains also lifted the Dow toward the record highs set earlier this month, while the tech-heavy Nasdaq ended Tuesday’s trading at its best closing level in almost two months. Despite the late-day pullback by the major averages, most of the major sectors ended the day showing only modest moves. Gold stocks saw considerable weakness, however, with the NYSE Arca Gold Bugs Index dropping by 1.8 percent to its lowest closing level in well over four months. The weakness among gold stocks came amid a continued decrease by the price of the precious metal. Steel, pharmaceutical, and tobacco stocks also saw some weakness on the day, while strength in the airline sector drove the NYSE Arca Airline Index up by 1.4 percent to a twelve-year closing high. Get to know Wocket - a next generation smart wallet Have all your credit cards, ID  and loyalty cards in one  biometrically secure device and card!  Advance order at www.wocketwallet.com Wocket is a product of NXT-ID Inc ( OTCQB:NXTD) : The payment industry is about to Change! US Economic Reports CADUSD Oil Gold Allbanc Please click on the images to view our interactive charts First-time claims for U.S. unemployment benefits fell by much more than expected in the week ended May 24th, according to a report released by the Labor Department. The report said initial jobless claims dropped to 300,000, a decrease of 27,000 from the previous week's revised level of 327,000. Economists had been expecting jobless claims to dip to 317,000 from the 326,000 originally reported for the previous week. Meanwhile, the Commerce Department released revised data showing that GDP decreased by 1.0 percent in the first quarter compared to the initial estimate for a 0.1 percent uptick. The revised data had been expected to show a smaller contraction of about 0.5 percent. The bigger than expected drop primarily reflected a downward revision to private inventory investment and an upward revision to imports, which are a subtraction in the calculation of GDP. At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of April. Economists expect pending home sales to increase by 1.0 percent. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale. NAR said its pending home sales index surged up by 3.4 percent to 97.4 in March after edging down by 0.5 percent to a revised 94.2 in February. Economists had been expecting a much more modest increase of about 0.6 percent. With the increase in March, the pending home sales index rose for the first time in nine months, although it was still down by 7.9 percent compared to the same month a year ago. Additionally, the Energy Information Administration is scheduled to release its weekly petroleum status report for the week ended May 23rd at 10:30 am ET. Crude oil stockpiles decreased by 7.2 million barrels to 391.3 million barrels in the week ended May 16th. Consequently, inventories dropped near the upper limit of the average range for this time of the year. Meanwhile, distillate stockpiles rose by 3.4 million barrels and were below the lower limit of the average range. Gasoline inventories also increased by 1 million barrels and were in the middle of the average range. Refinery capacity utilization averaged 89.7 percent over the four weeks ended May 16th compared to 90.2 percent over the four weeks ended May 9th. Kansas City Federal Reserve Bank President Esther George is scheduled to deliver a speech in Stanford, California at 9:30 pm ET. 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 Stocks in Focus FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts Shares of Amsurg (AMSG) are likely to be in focus after the surgery center operator announced an agreement to acquire Sheridan Healthcare in a cash and stock transaction valued at approximately $2.35 billion. The transaction is expected to close in the third quarter of 2014. Warehouse retailer Costco (COST) reported fiscal third quarter earnings that rose year-over-year but came in below analyst estimates. The company also reported weaker than expected revenues. Meanwhile, Abercrombie & Fitch (ANF) reported a narrower than expected first quarter loss on better than expected revenues. The teen apparel retailer also maintained its full-year earnings forecast. European Market The major European markets have also turned mixed on the day. While the U.K.’s FTSE 100 Index has risen by 0.3 percent, the French CAC 40 Index is down by 0.2 percent and the German DAX Index is just below the unchanged line. In corporate news, shares of Smith & Nephew are rallying in London on a report U.S. medical devices manufacturer Stryker Corp. (SYK) is planning to bid for the company. On the other hand, Kingfisher is under pressure after the home improvement retailer reported a smaller-than-expected increase in its first-quarter profits. Rolls-Royce Holdings said it has secured a contract worth 35 million pounds to design and equip a large offshore support vessel for Norwegian ship owner Island Offshore. In economic news, Spain's economic growth accelerated in the first quarter as initially estimated, final data from the statistical office INE showed. Gross domestic product grew 0.4 percent sequentially after rising 0.2 percent in the previous quarter. No platform or data fees with no trade minimums Trade free for 60 days + get up to $600 cash. Join TD Ameritrade Asian Markets USDCAD USDEUR USDGBP USDJPY Please click on the images to view our interactive charts Asian stocks turned in a mixed performance on Thursday as investors tread cautiously ahead of the U.S. reports on jobs and economic activity. Japan’s Nikkei 225 Index rose for a sixth consecutive session, although the gains were capped by a stronger yen and disappointing retails sales data. After seeing initial weakness, the index turned higher over the course of the session, edging up 10.77 points or 0.1 percent to 15,681.72. Pulp and paper, automotive and fishery stocks led the gains. Shares of Nippon Suisan Kaisha soared 10.2 percent after SMBC Nikko Securities upgraded its rating on the stock. Meanwhile, Australia’s All Ordinaries Index fell marginally as weak iron ore prices hurt minters. The index ended the day down 7.50 points or 0.1 percent at 5,499.20, although it was well off its worst levels. Hong Kong's Hang Seng Index also dipped 69.89 points or 0.3 percent to 23,010.14, while China’s Shanghai Composite Index dropped 9.63 points or 0.5 percent to 2,040.60. On the economic front, Japanese retail sales fell 4.4 percent year-over-year in April, official data showed, as a rise in the country's sales tax depressed consumer spending. The annual decline marked the biggest drop since the March 2011 earthquake. Meanwhile, new business investment in Australia fell a seasonally adjusted 4.2 percent in the first quarter of 2014 following a 4.5 percent drop in the last three months of 2013, official figures showed. That missed forecasts for a decline of 1.9 percent. A separate industry survey showed that sales of new homes in Australia rose for the fourth straight month in April. 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 climbing $0.30 to $103.02 a barrel after sliding $1.39 to $102.72 a barrel on Wednesday. Gold futures, which dropped $6.20 to $1,259.30 an ounce in the previous session, are currently falling $4.50 to $1,254.80 an ounce. Among currencies, the U.S. dollar is trading at 101.75 yen compared to the 101.85 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.3604 compared to yesterday’s $1.3591.     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 Thursday, 29 May 2014 09:50:17 Monitor Quote Charts News CFD's Spreadbetting Free BB   Sponsored by: Accendo TSB IPO - Record breaking floatation Download your TSB IPO 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: Stocks inch towards two-week high ahead of US data - Smith & Nephew up as M&A speculation continues - Kingfisher disappoints with Q1 results - FTSE 100 on track to hit two-week high - Chinese stimulus, US GDP in focus - Rates to rise "sooner rather than later", says MPC's Weale techMARK 2,803.00 +0.11% FTSE 100 6,866.03 +0.22% FTSE 250 15,947.93 +0.08% UK markets opened with small gains on Thursday despite weakness across European indices, with London stocks on course to close at their highest level in two weeks. The FTSE 100 was trading 0.2% higher at 6,866 in early trading. The benchmark index has not finished above this level since May 14th when it settled at a new 14-year high of 6,878.49. "When a lurch to the upside loses momentum, it is fairly normal to see a retracement of sorts as profits are booked and bears catch a whiff of the honey," said Jonathan Sudaria, a dealer at Capital Spreads. "In this instance however, the sell-off is showing little sign of materialising. Investors have reached the summit of the mountain and who can blame them for taking a session or two to admire the view." Markets were awaiting key macro data from the States with revised US economic growth estimates for the first quarter due out at 13:30. The market widely expects annualised growth to be revised down to -0.5%, from the initial reading of +0.1%. "Weaker private inventories and business structures are likely to drive the revision," according to analysts at UniCredit. Speculation surrounding a new round of Chinese stimulus could be a factor behind the positive moves seen this morning. Analysts at Barclays said they see an "increasing probability that more significant monetary easing […] will be announced in the coming weeks". Comments from Monetary Policy Committee member Martin Weale were in focus today after he said policymakers will need to lift interest rates from record-low levels "sooner rather than later". In an interview with the Financial Times that will likely bring forward expectations of a rate raise, Weale said the central bank must act soon to avoid a sharper and more painful tightening in policy in the future. "If you want to have baby steps you do have to start sooner," he told the UK paper. Smith & Nephew gains, Kingfisher slumps Medical device maker Smith & Nephew was a high riser again after reports yesterday suggested that US peer Stryker was working on a bid of the firm. While the rumours were denied by Stryker, Smith & Nephew's share price was continuing to extend gains this morning. DIY retailer Kingfisher dropped despite hailing a "strong start to the year" with retail profits up 20% in the first quarter. However, strong growth in the UK and Poland overshadowed continued weakness in its second-largest market, France. Aggreko the temporary power and temperature control services group, was a heavy faller after saying that interim Chief Executive Officer Angus Cockburn will be replaced on a permanent basis by Centrica board member Chris Weston. Cockburn, who stepped in after previous boss Rupert Soames quit earlier this year, is "keen to seek fresh challenges", the company said. UK water company Severn Trent reported annual earnings in line with consensus, although revenues were slightly short of expectations, causing shares to slip this morning. Supermarket giant Tesco gained after completing the deal to create a joint venture with China Resources Enterprise, merging its Chinese operations with the largest food retailer in the country. Film Investment opportunity from the Executive Producer of The King's Speech An EIS opportunity from Mark Foligno, executive producer of ‘The King's Speech’ which grossed over £250m worldwide. The opportunity allows UK investors to offset considerable tax liabilities.  Click Here FTSE 100 - Risers Smith & Nephew (SN.) 1,021.00p +2.77% Weir Group (WEIR) 2,625.00p +1.59% IMI (IMI) 1,580.00p +1.22% Diageo (DGE) 1,903.00p +1.20% Royal Mail (RMG) 521.50p +1.07% Rolls-Royce Holdings (RR.) 1,026.00p +0.98% ITV (ITV) 186.40p +0.98% Admiral Group (ADM) 1,421.00p +0.92% Centrica (CNA) 333.80p +0.91% British American Tobacco (BATS) 3,565.50p +0.81% FTSE 100 - Fallers Kingfisher (KGF) 393.00p -5.82% Aggreko (AGK) 1,698.00p -2.92% Johnson Matthey (JMAT) 3,269.00p -2.24% Travis Perkins (TPK) 1,686.00p -1.86% ARM Holdings (ARM) 914.50p -1.19% Randgold Resources Ltd. (RRS) 4,395.00p -0.95% Shire Plc (SHP) 3,429.00p -0.78% Next (NXT) 6,625.00p -0.75% Sage Group (SGE) 411.10p -0.72% CRH (CRH) 1,661.00p -0.72% FTSE 250 - Risers Man Group (EMG) 98.60p +4.01% Partnership Assurance Group (PA.) 130.90p +3.07% TalkTalk Telecom Group (TALK) 323.10p +2.38% Imagination Technologies Group (IMG) 228.40p +2.01% Electra Private Equity (ELTA) 2,763.00p +1.66% Alent (ALNT) 323.30p +1.48% Direct Line Insurance Group (DLG) 250.20p +1.42% Thomas Cook Group (TCG) 164.60p +1.42% Drax Group (DRX) 635.50p +1.36% Tate & Lyle (TATE) 683.50p +1.33% FTSE 250 - Fallers Home Retail Group (HOME) 192.50p -2.19% JD Sports Fashion (JD.) 1,635.00p -2.04% African Barrick Gold (ABG) 217.90p -1.94% Ocado Group (OCDO) 359.90p -1.77% International Personal Finance (IPF) 586.00p -1.60% ICAP (IAP) 394.40p -1.47% Synthomer (SYNT) 262.70p -1.31% Rank Group (RNK) 158.00p -1.25% Aveva Group (AVV) 2,285.00p -1.21% UK Event Calendar Thursday May 29 INTERIMS Future INTERIM DIVIDEND PAYMENT DATE Wetherspoon (J.D.) QUARTERLY EX-DIVIDEND DATE Torchmark Corp. INTERNATIONAL ECONOMIC ANNOUNCEMENTS Continuing Claims (US) (13:30) Crude Oil Inventories (US) (15:30) GDP (Preliminary) (US) (13:30) Initial Jobless Claims (US) (13:30) Pending Homes Sales (US) (15:00) FINALS Helical Bar, RapidCloud International , Severn Trent, Tate & Lyle, Paypoint ANNUAL REPORT Cyprotex, Steppe Cement Ltd AGMS Action Hotels, Action Hotels, All Asia Asset Capital Limited (DI), Arian Silver Corporation (DI), Belgravium Technologies, F&C Private Equity Trust, Inch Kenneth Kajang Rubber, JSC Acron GDR (Reg S), Metminco Ltd., Middlefield Canadian Income PCC, Netplay TV, North American Income Trust (The), Northbridge Industrial Services, office2office, Parity Group, Prosperity Voskhod Fund Limited, R.G.I. International Limited , Rotala, Smart Metering Systems, Tamar European Industrial Fund Ltd., Trap Oil Group TRADING ANNOUNCEMENTS Kingfisher FINAL DIVIDEND PAYMENT DATE Amlin, Reckitt Benckiser Group Q1 Alpha Bank GDR (Reg S) USD, OJSC Megafon GDR (Reg S), Public Power GDR SA (Reg S) UK ECONOMIC ANNOUNCEMENTS Help to Buy II: mortgage guarantee data DISCOUNTED SUMMER HOLIDAY offer for ADVFN users! Get 20% off accomodation costs and treat yourself to the best of Mauritius. Golf courses, spas, fine dining and child friendly. Dont miss out on this fantastic limited offer! Get in touch here, mention ADVFN and get a discounted quote! Europe Market Report FTSE 100 Euronext Dax perf CAC 40 Europe open: Stocks little changed ahead of US reports - US GDP report due - US initial jobless claims out - China to accelerate spending FTSE 100: 0.24% DAX: -0.11% CAC 40: -0.26% FTSE MIB: -0.28% IBEX 35: -0.65% Stoxx 600: -0.04% European stocks were little changed before a report that may show the US economy contracted in the first quarter. The Commerce Department's gross domestic product (GDP) data is expected to reveal the world's biggest economy shrank 0.5% in the first quarter following a preliminary estimate of 0.1% annualised growth. GDP rose at a 2.6% annualised pace in the previous period. Another US report is projected to show initial jobless claims for the week ended May 24th came in at 317,000, compared to 326,000 a week earlier. Pending home sales may have fallen 8.9% year-on-year in April following a 7.4% drop in March, according to the consensus forecast. In Europe, the Stoxx 600 index jumped 8.5% from a February 4th low through May 27th, rising to its highest level since January 2008. The equity benchmark has gained 1.9% in May after European Central Bank President Mario Draghi said policymakers are ready to ease monetary policy in June if necessary to combat low inflation and a stagnant recovery. In China, the Ministry of Finance said it will accelerate this year's government budget spending and warned that the difficulties facing the economy must not be underestimated. UbiSoft, Kingfisher UbiSoft Entertainment advanced after saying its Watch Dogs game broke the company's record for first-day sales. Kingfisher slumped after reporting first quarter profit that fell short of analysts' expectations. Tate & Lyle retreated after posting full-year profit that missed the consensus estimate. The euro rose 0.01% to $1.3593. Brent crude futures increased $0.209 to $110.040 per barrel, according to the ICE. iPad mini worth £269 for new trading accounts! A minimum volume is required. Terms and conditions apply. Find out more, click here. US Market Report US close: Investors take a step back after recent gains - Slightly negative finish - Investors take a breather after recent gains - Eurozone money supply falls Dow -0.25% Nasdaq -0.28% S&P 500 -11% It was a slightly negative finish across the board for US stocks on Wednesday, with sentiment weakened slightly by worse than expected figures on Eurozone money supply and German unemployment. Putting an end to four days of gains, the Dow Jones settled 43 points below the opening bell at 16,633, while the Nasdaq dropped 12 to end at 4,225. The S&P 500 suffered the least decline, falling just two points to 1,910. That came as investors awaited a report due for release tomorrow which is expected to show the economy shrank in the first quarter, with the data widely anticipated to reveal that exports didn't rise as much as had been first believed and construction spending was less that previously thought. Notably, benchmark 10-year Treasury yields slumped to their lowest closing level in nearly a year, dropping 7.5 basis points to 2.443%. On a monthly basis, the yield is likely to record its largest drop since January, driven lower by speculation and anticipation of economic growth and what this will mean for central bank monetary policies. Eurozone money supply falls The growth rate of so-called 'broad' money supply, or M3, eased to an 0.8% year-on-year pace in April from a revised 1% in March, according to the European Central Bank (ECB). Analysts had been expecting a reading of 1.1%. "The present rate of monetary growth reflects ongoing financial fragmentation in the Eurozone," according to Colin Bermingham from BNP Paribas. Meanwhile, German unemployment rose for the first time in six months by a seasonally adjusted 23,937 to 2.905m in May, the Nuremberg-based Federal Labour Agency revealed. Economists had predicted a fall of 15,000. The adjusted jobless rate was unchanged at 6.7%, in line with forecasts. "With business and investment sentiment potentially pointing to lower activity in the second quarter, today's unemployment data was another indication that the German economy is about to be dragged down by the poor growth in France and the periphery," said analyst Jasper Lawler at CMC Markets. McDonald's, ICE McDonald's declined despite unveiling plans to return $18bn to $20bn to shareholders between 2014 and 2016 through a combination of dividends and share repurchases. Shares of IntercontinentalExchange Group (ICE) ended lower after it announced its intention to spin-off and float its pan-European exchange platform Euronext. Toll Brothers gained as the US luxury-home builder raised its prices and delivered more properties during the latest quarter. Twitter was one of only a small handful of tech stocks to rise after Nomura raised its rating on the shares to 'buy' from 'neutral'. The broker said of the decline in the group's share price this year that "enough is enough" and said the company was "a now-underappreciated digital media asset". Michael Kors was ultimately higher as it reported better-than-expected fourth quarter profit and revenue, although the share price had a turbulent day. Treasury yields move sharply lower Front month West Texas crude futures were down by 1.02% to $103.05 per barrel on the NYMEX. Crude oil futures dropped 1.34% to $102.72 per barrel, while gold declined 0.49% to $1,259.30 per troy ounce. S&P 500 - Risers Wynn Resorts Ltd. (WYNN) $217.99 +4.87% Valero Energy Corp. (VLO) $55.69 +3.63% Windstream Holdings Inc (WIN) $9.70 +3.41% Stryker Corp. (SYK) $82.64 +2.84% Western Digital Corp. (WDC) $87.20 +2.79% AutoZone Inc. (AZO) $533.34 +2.52% St Jude Medical Inc. (STJ) $65.76 +2.51% GameStop Corp. (GME) $38.21 +2.47% Frontier Communications Co. (FTR) $5.95 +2.41% Public Service Enterprise Group Inc. (PEG) $38.19 +2.25% S&P 500 - Fallers Allergan Inc. (AGN) $156.12 -5.39% Health Care REIT Inc. (HCN) $62.35 -3.23% Transocean Ltd. (RIG) $42.02 -3.09% Dollar General Corp (DG) $54.60 -3.02% Dun & Bradstreet Corp. (DNB) $103.72 -2.82% eBay Inc. (EBAY) $50.39 -2.67% United States Steel Corp. (X) $23.68 -2.47% Peabody Energy Corp. (BTU) $16.76 -2.39% Lowe's Companies Inc. (LOW) $46.71 -2.24% Diamond Offshore Drilling Inc. (DO) $50.15 -2.22% Dow Jones I.A - Risers Intel Corp. (INTC) $26.88 +0.64% JP Morgan Chase & Co. (JPM) $55.45 +0.56% Cisco Systems Inc. (CSCO) $24.82 +0.45% AT&T Inc. (T) $35.34 +0.37% E.I. du Pont de Nemours and Co. (DD) $68.41 +0.37% General Electric Co. (GE) $26.66 +0.34% Verizon Communications Inc. (VZ) $49.74 +0.24% Boeing Co. (BA) $134.33 +0.12% United Technologies Corp. (UTX) $115.95 +0.09% Procter & Gamble Co. (PG) $80.10 +0.02% Dow Jones I.A - Fallers McDonald's Corp. (MCD) $101.30 -1.04% International Business Machines Corp. (IBM) $183.08 -0.92% Caterpillar Inc. (CAT) $102.91 -0.74% Unitedhealth Group Inc. (UNH) $78.58 -0.67% Merck & Co. Inc. (MRK) $56.40 -0.51% Johnson & Johnson (JNJ) $100.30 -0.51% Coca-Cola Co. (KO) $40.58 -0.47% Microsoft Corp. (MSFT) $40.01 -0.45% Nike Inc. (NKE) $76.27 -0.44% American Express Co. (AXP) $91.06 -0.36% Nasdaq 100 - Risers Wynn Resorts Ltd. (WYNN) $217.99 +4.87% Western Digital Corp. (WDC) $87.20 +2.79% Micron Technology Inc. (MU) $28.61 +1.96% Broadcom Corp. (BRCM) $31.40 +1.45% Xilinx Inc. (XLNX) $46.65 +1.35% Twenty-First Century Fox Inc Class A (FOXA) $35.18 +1.15% Vodafone Group Plc ADS (VOD) $34.96 +1.04% Vertex Pharmaceuticals Inc. (VRTX) $71.72 +0.96% Mylan Inc. (MYL) $48.87 +0.93% Priceline Group Inc (PCLN) $1,270.02 +0.87% Nasdaq 100 - Fallers eBay Inc. (EBAY) $50.39 -2.67% Keurig Green Mountain Inc (GMCR) $114.36 -2.10% Symantec Corp. (SYMC) $22.06 -1.87% Baidu Inc. (BIDU) $166.17 -1.86% Intuitive Surgical Inc. (ISRG) $364.68 -1.80% Tractor Supply Company (TSCO) $63.74 -1.64% CA Inc. (CA) $28.90 -1.53% Bed Bath & Beyond Inc. (BBBY) $60.51 -1.53% Illumina Inc. (ILMN) $157.34 -1.48% Autodesk Inc. (ADSK) $51.72 -1.43% Still in the dark over active tax planning? Our planning experts can help you reduce your tax liability! Register here to quality for a FREE financial audit and hear about government approved allowances and existing opportunities available. Its politically correct tax planning for non-celebrities! Newspaper Round Up Thursday newspaper round-up: Centrica, Pensions, Mitchells & Butlers British Gas is set to lose its second boss in quick succession with the imminent departure of Chris Weston, who has been poached by Aggreko, the FTSE 100 temporary power provider. Centrica, the owner of Britain's largest energy supplier, is expected to confirm the move in an announcement to the stock market this morning. The British Gas Managing Director has been the subject of tabloid newspaper revelations about his alleged domestic energy consumption, and the recent furore over energy prices was believed to have played a part in his decision, Sky News reported. – The Times George Osborne may have to water down his flagship pension reforms as experts warn of a multi-billion pound black hole in the public finances caused by the changes. Treasury officials have been warned that the Government could miss out on as much as £24bn because of the pensions freedoms announced by the Chancellor in his Budget, sources have said. – The Daily Telegraph Mitchells & Butlers is close to buying the Orchid pub company for more than £250m, according to reports. The owner of Harvester and All Bar One is in talks to take over up to 180 of Orchid's food-led venues, with a further 40 traditional pubs expected to enter administration, The Times claimed. M&B is believed to have offered £266m for Orchid, which runs Pizza Kitchen & Bar and The Great British Carvery. This is £10m to £15m more than private equity firms Colony Capital and Starwood. – The Daily Telegraph The boss of Nationwide has called for the Bank of England to delay any action to cool the booming housing market even as Britain's biggest customer-owned lender unveiled a tripling in annual profits driven by a jump of nearly a third in mortgage lending. Nationwide Chief Executive Graham Beale said 'frenetic' housing market activity in London was starting to ease off while elsewhere in the country prices remained 2% below 2007 levels - or 21% when adjusted for inflation. - The Daily Mail Only a third of Britain's small businesses have turned to their banks for financing in the past quarter, the lowest level on record, according to the latest data. Despite the Government's repeated efforts to boost bank lending for firms, the latest SME Finance Monitor found that 33% of small firms reported using external finance, which includes bank loans, overdrafts and credit cards in the first quarter. Instead 27% said they regularly use trade credit while 30% said they had used personal funds. BDRC, the consultants that have run the survey since 2010, said it was the lowest level for 12 quarters. – The Daily Telegraph Apple wants to regain the beat in its music business, which is under assault from a stream of upstarts. The tech giant said on Wednesday it is buying Beats Electronics LLC for $3bn to bolster a music business that has lost some of its mojo, as streaming-music services encroached on the downloads dominated by Apple's iTunes service. – The Wall Street Journal Europe   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