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Mar 30, 2015

Evening Euro Markets Bulletin

 
ADVFN III Evening Euro Markets Bulletin
Daily world financial news Monday, 30 March 2015 17:43:13
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London Market Report
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London close: FTSE snaps four-day losing streak on China hopes and upbeat data

London's Footsie managed to hold on to gains by the close on Monday, snapping a four-day losing streak, as hopes for stimulus in China and strong economic data gave sentiment a boost.
The FTSE 100 finished up 0.53% at 6,891.43, though it remains well below its record closing high of 7,037.67 reached a week ago.

Markets started on the front foot following a strong performance on Asian indices overnight after the governor of the People's Bank of China hinted at further measures to boost growth. Zhou Xiaochuan said the rate of economic growth had slowed "a bit" too far and the central bank has room to act, including through quantitative easing.

Meanwhile, Chinese president Xi Jinping unveiled new infrastructure plans to improve links between Asia and the rest of the world to generate $2.5trn in annual trade within a decade.

Global economic data mostly came in ahead of expectations on Monday with UK mortgage approvals rising to a six-month high, Eurozone sentiment survey surging to a four-year high, and US personal income and pending home sales showing solid increases.

Uncertainty picks up ahead of elections

Despite the rise in UK stocks, analyst Chris Beauchamp from IG pointed out that the FTSE failed to keep pace with gains with counterparts in Europe and on Wall Street.

"Comments from China have certainly helped UK traders to find the confidence to step back in, but the start of the General Election and speeches by the main leaders have conspired to prevent further gains as investors worry about the consequences of an indecisive result," he said.

Two conflicting polls released over the past 24 hours added to this uncertainty, showing both the Labour and Conservative parties four points ahead.

Analysts at JPMorgan Cazenove said on Monday that the May elections "could be quite messy" and recommended to stay underweight into that event risk. They said that with positives and negatives from both a potential Labour or Conservative victory, the elections "are almost a 'no win' situation from the perspective of the financial markets".

Compass, Kingfisher, Quindell and miners rise

Catering outfit Compass Group rose after saying it remained confident of achieving first-half organic revenue growth of approximately 5.5%.

DIY retailer Kingfisher was a high riser as investors welcomed the collapse of its €275m deal to buy French chain Mr Bricolage.

Specialist UK insurance outsourcer Quindell saw shares jump 18% after saying it is selling its professional services unit - the bulk of Quindell's operations - to Australian law-firm, Slater & Gordon, in a deal worth ?700m.

After a slow start, mining stocks pushed into positive territory with Antofagasta, Anglo American and Randgold Resources making gains. Randgold in particular was heading higher after chief executive Mark Bristow said he sees opportunities "to play a part in the likely restructuring of the gold mining industry".

Rolls-Royce was in demand after its Trent 1000 engines were selected by Air China to power 15 new Boeing 787-9 Dreamliner aircraft. The engineering group also announced that it

Supermarket group Morrisons was hit with a downgrade to 'neutral' by Goldman Sachs who said that the stock had reached its target.

 


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Market Movers
techMARK 3,180.78 +0.39%
FTSE 100 6,891.43 +0.53%
FTSE 250 17,208.10 +0.26%


FTSE 100 - Risers
Antofagasta (ANTO) 739.50p +3.43%
Ashtead Group (AHT) 1,101.00p +2.90%
London Stock Exchange Group (LSE) 2,476.00p +2.61%
ARM Holdings (ARM) 1,106.00p +2.50%
Coca-Cola HBC AG (CDI) (CCH) 1,220.00p +2.01%
Kingfisher (KGF) 364.80p +1.96%
RSA Insurance Group (RSA) 430.50p +1.73%
Reed Elsevier (REL) 1,181.00p +1.64%
Sage Group (SGE) 469.00p +1.54%
Standard Chartered (STAN) 1,120.00p +1.54%

FTSE 100 - Fallers
Smiths Group (SMIN) 1,129.00p -2.84%
BG Group (BG.) 852.00p -2.44%
Barratt Developments (BDEV) 526.00p -1.87%
Capita (CPI) 1,123.00p -1.58%
BT Group (BT.A) 448.25p -1.27%
Persimmon (PSN) 1,647.00p -1.20%
Imperial Tobacco Group (IMT) 3,068.00p -1.10%
Babcock International Group (BAB) 963.00p -1.08%
Morrison (Wm) Supermarkets (MRW) 196.40p -1.06%
Sports Direct International (SPD) 615.00p -1.05%

FTSE 250 - Risers
Ocado Group (OCDO) 359.40p +8.45%
NMC Health (NMC) 675.00p +4.73%
Rightmove (RMV) 2,997.00p +4.53%
Just Eat (JE.) 436.80p +3.75%
Intermediate Capital Group (ICP) 508.50p +3.56%
Fidelity China Special Situations (FCSS) 144.40p +2.92%
Supergroup (SGP) 972.50p +2.86%
Bank of Georgia Holdings (BGEO) 1,732.00p +2.73%
Alent (ALNT) 376.80p +2.70%
Howden Joinery Group (HWDN) 449.60p +2.39%

FTSE 250 - Fallers
AL Noor Hospitals Group (ANH) 1,025.00p -4.92%
Nostrum Oil & Gas (NOG) 565.00p -4.24%
Hunting (HTG) 502.50p -3.37%
Telecom Plus (TEP) 922.00p -3.15%
Serco Group (SRP) 163.00p -3.03%
Lonmin (LMI) 118.60p -3.03%
PayPoint (PAY) 832.00p -2.97%
Riverstone Energy Limited (RSE) 1,053.00p -2.95%
Poundland Group (PLND) 374.90p -2.88%


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Europe Market Report
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European close: Equity markets post modest gains on dovish central bank rhetoric

Equity markets in Europe were buoyed Monday by dovish central bank rhetoric together with some cautious optimism surrounding Greece's ability to secure funding in the coming days.
Shares markets in Europe finished higher with the UK FTSE100 up 0.5%, the German DAX up by 1.8% and the French CAC-40 gaining 1%. Italy's FTSE MIB rose 1.1% and Spain's IBEX-35 added 1%.

The pan-European Stoxx 600 index advanced 1%. Financials and insurers rose sharply with the Stoxx 600 indices for both sectors up 1.6% and 1.3%, respectively.

A weaker european currency, down 0.8% against the US dollar, kicked-up exporting stocks in the Eurozone, particularly German car-makers, causing the Stoxx 600 autos and parts index to rally 2%.

Friday's remarks from Fed chair Janet Yellen over rate hikes being gradual and not sharp, together with China's central bank on Monday hinting at imminent support through policy easing, propelled global markets with Asia kicking off the upbeat tone.

That filtered into the European session followed by US markets which adding modest gains late afternoon in Europe. The Dow Jones Industrial Average was last seen up 1.5% while the S&P500 rose 1%.

Attention was also on Greece as lawmakers from the country presented a list of reforms on Friday in order to secure fresh funding from EU creditors.

Though a deal has not been announced, markets are hoping that Greece's creditors can avert a potential credit default by the country before it runs out of cash.

"We stress that Greece exiting the euro area is not our base case scenario. Nevertheless it is a tail risk for market participants," said UBS.

In commodities, gold prices fell 1.1% to $1184.6 per troy ounce while silver dropped 1.65% per ounce to trade at $16.64. In energy, Brent crude futures were off 0.9% at $55.57 per barrel while Nymex crude futures gained 0.5% at $48.33 per barrel.

In terms of economic data, the Germany's EU-harmonised inflation rate to rise 0.1% in March compared with a year earlier, as prices increased 0.5% month on month, according to the German Federal Statistics Office. Germany's rate of consumer price inflation reached a record low of -0.5% in January.

Italian borrowing costs sunk to a record low at auctions on Monday, as the country sold €2.5bn of bonds due in 2025, yielding 1.34%, two basis points below the rate received at an auction in February.

Before Italy's auction, the country's business confidence index jumped to 103.7 for March from a revised 100.5 the previous month, exceeding economists' expectations of a reading of 99.6.

Elsewhere, Spanish consumer prices slid 0.7% in March from a year earlier, ahead of market expectations for a 0.9% decline and an improvement from a 1.2% fall in February, according to data released on Monday.

In company news, French oil major Total has sold its stake in an onshore oilfield in Nigeria for $569m, the company confirmed on Monday.

Eurocement Holding, the second-largest shareholder in cement company Holcim, plans to vote against the Swiss company's union with Lafarge unless the financial terms of the deal are altered, according to press reporting citing a person familiar with situation.


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US Market Report

US stocks rallied on Monday, with investors buoyed by comments from People’s Bank Of China governor Zhou Xiaochuan and Federal Reserve chairwoman Janet Yellen.

Just after 14:54 the Dow Jones Industrial Average was up 250 points, while the S&P 500 and the Nasdaq gained five and 28 points, respectively.

Asian markets rallied overnight on hints by the Chinese central bank of more stimulus measures, with Xiaochuan opening the door to further monetary loosening as deflation risks grow.

Xiaochuan’s words followed dovish comments from Yellen on Friday, who once again stressed the need for a slow implementation of rate hikes.

The Fed chairwoman said the central bank would be “uncomfortable” hiking rates if consumer prices, wage growth and other measures of underlying inflation were to weaken.

“Wage growth, spending and inflation are the bigger concern of the Fed right now and the core personal consumption expenditure price index is the Fed’s preferred inflation measure,” said Craig Erlam, senior market analyst at Oanda.

Personal incomes in the US grew slightly more quickly than expected last month, but gains in spending failed to meet analysts’ forecasts.

Consumer expenditures grew by 0.1% month-on-month, according to the Bureau of Economic Analysis, while incomes grew 0.4% month-on-month in February, in line with analysts’ expectations.

In company news, Auspex Pharmaceuticals jumped 41.7% after it had agreed to a $3.2bn takeover offer from sector peer Teva Pharmaceutical Industries.

Pharmacy-benefit manager group Catamaran Corp surged 24.6% after confirming it had accepted a takeover bid, worth approximately $12.8bn, from UnitedHealth Group, which rose over 4.3%.

Shell eggs manufacturer and distributor Cal-Maine Foods slid 0.18% despite reporting that sales climbed 11% in the third quarter on the back of increased demand over the holiday period.

Oracle shares received a boost out of analysts from RBC to outperform from sector perform.

After tumbling on Friday, oil prices were largely stable, with West Texas Intermediate edging forward 0.25% to $48.99 a barrel, while Brent crude slid 0.05% to $56.38 a barrel.

The dollar rose over 0.50% against the yen and the pound and gained 0.29% against the euro, while gold futures slid 1.49% to $1,182.80.


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Broker Tips

Broker tips: M&S, Carnival, UK grocers

Societe Generale has lifted its target for Marks & Spencer from 492p to 524p but maintained a 'hold' rating on the high street retailer, saying it sees little upside from current levels.
Ahead of trading update on Thursday, the broker said it no longer reckons M&S will produce a meaningful recovery in general merchandise like-for-like sales in the foreseeable future.

Numis Securities has raised its stance on Carnival Corporation from 'hold' to 'add' and its target from 2,950p to 3,600p, saying the outlook is improving for the cruise industry.

The broker said that Carnvial's first-quarter results last week "provided clear evidence of improving industry fundamentals, we believe, demonstrating strong like-for-like (constant currency) net revenue yield growth".

Structural headwinds are persisting for UK grocers, with low inflation and falling calorie intake presenting a problem across the supermarket industry, according to Goldman Sachs.

The bank downgraded its recommendation on Morrisons to 'neutral' on Monday, saying the stock has now reached its target. It reiterated 'sell' ratings on rivals Sainsbury and Tesco.

 

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ADVFN Newsdesk - Hopes of Extended Period of Easy Monetary Policy May Support Markets

 
ADVFN  World Daily Markets Bulletin
Daily world financial news Monday, 30 March 2015 10:50:29   
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US Market
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The major U.S. index futures are pointing to higher opening on Monday, with sentiment reflecting strength as traders cling onto hopes that monetary policy normalization is still a distant agenda for the Federal Reserve. With consumer spending data released earlier today coming in weaker than expected and global economic uncertainties weighing down, the Fed may prefer to go slow for fear of stifling the domestic economic recovery. Oil prices are extending last Friday's declines. The mood across the Atlantic is upbeat, as Greece is set to table its reform proposals and eurozone economic data came in stronger than expected.

U.S. stocks declined notably in the week ended March 27th, with lukewarm domestic economic data and geopolitical worries weighing on the markets.

Last Monday, the major averages diverged for much of the session before closing modestly lower, as soft existing home sales data and a weaker dollar hurt sentiment. Meanwhile, the release of strong new home sales triggered rate hike fears on Tuesday, sending the averages moderately lower.

Weighed down by weak durable goods orders data and geopolitical tensions trigged by Saudi Arabia's air strikes in Yemen, the indexes fell notably on Wednesday. Geopolitical tensions continued to haunt traders on Thursday and consequently, the averages declined for the fourth consecutive session. Amid the release of mixed economic data, stocks staged a modest recovery on Friday, helped by some bargain hunting.

For the week ended March 27th, the Dow Industrials and the S&P 500 Index receded 2.29 percent and 2.23 percent, respectively, and the Nasdaq Composite slid 2.69 percent.

Among the sector indexes, the Philadelphia Semiconductor Index slumped 5.01 percent for the week. The Dow Jones Transportation and the NYSE Arca Biotechnology Index declined 4.89 percent each and the KBW Bank Index and the NYSE Arca Airline Index fell 3.41 percent and 3.28 percent, respectively. Additionally, the NYSE Arca Broker/Dealer Index, the NYSE Arca Gold Bugs Index and the Dow Jones Utility Average all fell over 2 percent.


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US Economic Reports
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The holiday-shortened unfolding week is not short on activity, as several key economic reports are lined up for release. Though the March non-farm employment report is due for release on Friday, the markets won't get to react to it until next week, as the markets are closed for the Good Friday holiday.

The Commerce Department's personal income and spending report for February, the National Association of Realtors' pending home sales index for February, the results of MNI Indicators' manufacturing survey for the Chicago region, the Conference Board's consumer confidence index for March, ADP's private payrolls report for March, the results of the Institute for Supply Management's manufacturing survey for March and the weekly jobless claims report are among the most-focused economic data of the week. Several Fed speeches scheduled for the week may also sway the markets.

The S&P/Case-Shiller home price index for January, the Dallas Federal Reserve's manufacturing index for March, the Commerce Department's construction spending, trade balance and factory orders data, all for February, monthly auto sales data for March and announcements concerning Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.

Personal income in the U.S. increased by slightly more than expected in the month of February, according to a report released by the Commerce Department on Monday, although the report also showed that personal spending rose by less than anticipated.

The Commerce Department said personal income climbed by 0.4 percent in February, matching the upwardly revised increase seen in January. Economists had been expecting income to rise by 0.3 percent, which would have matched the growth originally reported for the previous month.

Meanwhile, the report also showed that personal spending inched up by 0.1 percent in February after dipping by 0.2 percent in January. Spending had been expected to edge up by 0.2 percent.

The National Association of Realtors is due to release its pending home sales index for February at 10 am ET. The consensus estimate calls for a 0.3 percent month-over-month increase in pending home sales for February.

Pending home sales rose 0.3 percent month-over-month in January following a 1.7 percent increase in the previous month. Sales were notably higher in the South and the West. Pending sales also edged up in Northeast but declined in the Midwest.

The Dallas Federal Reserve is scheduled to release the results of its manufacturing survey for March at 10:30 am ET. Economists expect the business activity index based on the survey to improve to -9 from -11.2 in February.

Federal Reserve Vice Chair Stanley Fischer will speak to an Atlanta Federal Reserve conference on monetary and financial stability in Stone Mountain, Georgia at 7:15 pm ET.


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Stocks in Focus
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Duke Energy announced that the Federal Energy Regulatory Commission has approved the sale of its non-regulated Midwest Commercial Generation business to Dynegy for $2.8 billion in cash. The deal is expected to close on April 2nd.

OptumRx, the free-standing pharmacy care services business of health insurer UnitedHealth Group, agreed to acquire pharmacy benefits manager Catamaran Corp. for $61.50 per share in an all-cash deal valued at about 12.8 billion. The deal is expected to be accretive to UnitedHealth Group's net earnings in the area of $0.30 per share in 2016. Horizon Pharma and Hyperion Therapeutics, Inc. announced they have entered into a definitive agreement under which Horizon Pharma will acquire all of the issued and outstanding shares of Hyperion's common stock for $46.00 per share in cash or about $1.1 billion on a fully diluted basis.

Archer Daniels Midland said it has reached an agreement to purchase AOR N.V., a privately-held oil bottling company based in Antwerp, Belgium. Financial terms of the transaction were not disclosed.

Standard & Poor's announced that S&P 500 constituent Windstream will replace International Game Technology in the S&P MidCap 400. S&P MidCap 400 constituent Realty Income will replace Windstream in the S&P 500 Index. Douglas Emmett will replace Realty Income in the S&P MidCap 400 Index.


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European Markets

After turning in a lackluster performance for much of last week, European stocks opened higher and have seen further upside in early trading. Currently, the averages are going about a consolidation move.

On the Greek debt front, Athens is set to present a list of economic reform proposals to international creditors today after Prime Minister Alexis Tsipras' earlier reform plans met resistance from EU leaders.

In corporate news, news, Swiss duty-free operator Dufry announced that it has entered into a binding agreement to acquire Edizione's 50.1 percent stake in WDF, the holding company of World Duty Free Group, for 10.25 euros per share.

Eurocement Holding, a key shareholder in Holcim, plans to vote against the Swiss cement maker's merger with Lafarge unless the financial terms of the deal are altered, the Wall Street Journal reported, quoting a person familiar with matter.

Novartis said it would make an upfront payment of $200 million to Aduro Biotech and make an initial equity investment in the company for $25 million, with a commitment for another $25 million equity investment.

On the economic front, a report released by the German Federal Statistical Office showed that German consumer prices rose 0.3 percent from last year after increasing 0.1 percent in February. The annual increase came in line with expectations.

Eurozone economic sentiment rose for the fourth successive month to its highest level in nearly four years as lower oil prices, weak euro and measures of the central bank boosted confidence among firms and consumers, the results of a survey by the European Commission showed. The economic sentiment index climbed more-than-expected to 103.9 from 102.3 in February, which was revised from 102.1. Economists had expected a score of 103. The reading was the strongest since July 2011, when it was 104.


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Asian markets
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The major Asian markets ended mostly higher, encouraged by the rebound on Wall Street last Friday. However, stung by weaker commodity prices, the Australian market retreated and the New Zealand market also fell moderately.

The Japanese market advanced amid the weakness of the yen. After seeing some nervousness till late morning trading, the Nikkei 225 average advanced steadily till the mid-session before moving sideways in the afternoon and closing 125.77 points or 0.65 percent higher at 19,411.

A majority of stocks advanced in the session, led by food companies, financial, retail, telecom and transportation stocks.

Hong Kong's Hang Seng Index closed at 24,855, up 368.92 points or 1.51 percent, and China's Shanghai Composite rallied 95.47 points or 2.59 percent before settling at a 7-year high of 3,787.

Chinese stocks got an incremental boost from comments by People's Bank of China governor Zhou Xiaochuan, who said the economy had slowed "a bit too sharply" and the country needs to be vigilant about signs of deflation.

Meanwhile, Australia's All Ordinaries tumbled 72.60 points or 1.23 percent before closing at 5,816. The market witnessed broad based weakness, with energy stocks sold off heavily.

On the economic front, a report released by Japan's Ministry of Economy, Trade and Industry showed that industrial output fell 3.4 percent month-over-month in February compared to expectations for a 1.9 percent drop. Annually, industrial production declined 2.6 percent.


Currency and Commodities Markets

Crude oil futures are slipping $0.24 to $48.63 a barrel after rising $2.30 or 4.94 percent to $48.87 a barrel in the week ended March 27th.

Oil experienced volatility throughout last week, as it climbed over $51-a-barrel in reaction to the Yemen crisis before giving back much of the gains.

Last Monday, oil rose moderately despite insipid existing home sales data. The commodity edged up marginally on Tuesday before jumping solidly on Wednesday amid the tensions brewing in the Middle East. Oil rallied by close to $2.25-a-barrel on Thursday before retreating by over $2.50-a-barrel on Friday.

Gold futures, which fell $15.20 or 1.28 percent to $1,199.80 an ounce in the previous week, are currently slipping $16 to $1,183.80 an ounce.

Among currencies, the U.S. dollar lost ground in the week ended March 27th following the release of some disappointing domestic economic readings on existing home sales, durable goods orders and final fourth quarter GDP growth. The greenback fell 0.76 percent against the yen before ending the week at 119.13 and it eased 0.62 percent against the euro to $1.0889.

The U.S. dollar is trading at 119.92 yen and is valued at $1.0840 versus the euro.


 
 

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Morning Euro Markets Bulletin

 
ADVFN  Morning Euro Markets Bulletin
Daily world financial news Monday, 30 March 2015 10:32:43
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London Market Report
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London open: Stocks snap losing streak on central bank hopes

UK stocks were snapping a four-day losing streak on Monday morning as hopes for central bank support repaired sentiment.
London's FTSE 100 was up 0.58% at 6,894.60 early on.

"The FTSE saw tentative gains this morning as the UK index tried to stall the four consecutive days of huge losses that saw the record-breaking 7,000 level recede into the distance," said analyst Connor Campbell from Spreadex.

The positive start followed a strong showing by stocks in the US on Friday and Asia overnight and came ahead of a busy day for economic data.

On Monday investors will be keeping an eye on mortgage approvals, lending and money-supply data in the UK, Eurozone consumer confidence, German inflation, US personal income and spending, US pending home sales and the all-important US personal consumption expenditures index figures.

US stocks managed to erase earlier losses on Friday after Federal Reserve chair Janet Yellen sounded a dovish tone, saying that any near-term policy tightening would only be very gradual. She said that the first rate hike may be "warranted later this year", pushing back markets' expectations of a potential tightening in June.

Meanwhile, Asian markets performed well after the governor of the People's Bank of China hinted at further measures to boost growth. Zhou Xiaochuan said the rate of economic growth had slowed "a bit" too far and the central bank has room to act, including through quantitative easing.

In other news, Greek bond yields edged lower on Monday amid hopes the country's policymakers and its creditors can secure a funding deal to avert a credit default. Weekend talks between lawmakers from both sides came after the Greek government sent its list of reforms last Friday, with a view to unlocking the disbursement of the remaining €7.2bn of the bailout funds.

The yield on the country's three-year sovereign bonds ticked 28 basis points lower to 19.585% while the 10-year bond yield was down by 7.4 basis points at 10.596%.

Compass and Quindell rise early on

Catering outfit Compass Group rose after saying it remained confident of achieving first-half organic revenue growth of approximately 5.5%.

Specialist UK insurance outsourcer Quindell saw shares soar after saying it is selling its professional services unit - the bulk of Quindell's operations - to Australian law-firm, Slater & Gordon, in a deal worth £700m.

Mining stocks were mixed with BHP Billiton and Fresnillo registering losses and Rio Tinto and Randgold Resources making gains.

Randgold was heading higher after chief executive Mark Bristow said he sees opportunities "to play a part in the likely restructuring of the gold mining industry".

Rolls-Royce was in demand after its Trent 1000 engines were selected by Air China to power 15 new Boeing 787-9 Dreamliner aircraft.

Supermarket group Morrisons was hit with a downgrade to 'neutral' by Goldman Sachs.

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Market Movers
techMARK 3,197.75 +0.93%
FTSE 100 6,894.60 +0.58%
FTSE 250 17,272.68 +0.64%

FTSE 100 - Risers
Johnson Matthey (JMAT) 3,441.00p +2.41%
ARM Holdings (ARM) 1,104.00p +2.32%
Kingfisher (KGF) 365.60p +2.18%
London Stock Exchange Group (LSE) 2,464.00p +2.11%
Burberry Group (BRBY) 1,803.00p +2.04%
GKN (GKN) 367.10p +1.94%
Meggitt (MGGT) 570.50p +1.88%
Sage Group (SGE) 469.80p +1.71%
WPP (WPP) 1,566.00p +1.69%
Marks & Spencer Group (MKS) 538.50p +1.60%

FTSE 100 - Fallers
BG Group (BG.) 853.70p -2.24%
CRH (CRH) 1,761.00p -1.51%
Smiths Group (SMIN) 1,152.00p -0.86%
BHP Billiton (BLT) 1,496.50p -0.73%
SSE (SSE) 1,537.00p -0.71%
Morrison (Wm) Supermarkets (MRW) 197.20p -0.65%
Experian (EXPN) 1,120.00p -0.44%
Fresnillo (FRES) 697.00p -0.43%
Aggreko (AGK) 1,537.00p -0.39%
Anglo American (AAL) 1,040.00p -0.38%

FTSE 250 - Risers
Supergroup (SGP) 995.00p +5.24%
Cable & Wireless Communications (CWC) 61.40p +3.28%
Domino's Pizza Group (DOM) 791.00p +2.86%
Ocado Group (OCDO) 340.30p +2.69%
Fidelity China Special Situations (FCSS) 144.00p +2.64%
IP Group (IPO) 233.90p +2.59%
Betfair Group (BET) 2,300.00p +2.40%
Diploma (DPLM) 830.00p +2.34%
Alent (ALNT) 375.00p +2.21%
ICAP (IAP) 538.50p +2.18%

FTSE 250 - Fallers
Centamin (DI) (CEY) 56.00p -2.52%
AL Noor Hospitals Group (ANH) 1,051.00p -2.50%
Soco International (SIA) 157.60p -2.11%
Allied Minds (ALM) 676.50p -2.10%
Riverstone Energy Limited (RSE) 1,065.00p -1.84%
Acacia Mining (ACA) 256.90p -1.65%
Premier Oil (PMO) 138.70p -1.63%
Infinis Energy (INFI) 187.00p -1.58%
Ophir Energy (OPHR) 138.90p -1.56%

UK Event Calendar

INTERIMS
Quadrise Fuels International

INTERIM DIVIDEND PAYMENT DATE
Mountview Estates

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
Pending Homes Sales (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)

GMS
Serco Group

FINALS
AA , AL Noor Hospitals Group, Central Asia Metals, Globaltrans Investment GDR (Reg S), Instem, Learning Technologies Group , Miton Group, Outsourcery, Plant Health Care, XLMedia

ANNUAL REPORT
Fidelity European Values, Nichols, Nichols

AGMS
Turk Ekonomi GDR Bankasi AS GDR (Reg S)

UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)

FINAL DIVIDEND PAYMENT DATE
New Europe Property Investments

FINAL EX-DIVIDEND DATE
Mitsubhi Electric Corp.


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Europe Market Report
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Europe open: Equities advance on dovish central banks and cautious optimism on Greece

Equity markets in Europe kicked off the week on a firmer footing as market participants demonstrate bullishness on hopes of more stimulus measures by the US and Chinese central banks.
Friday's remarks from Fed chair Janet Yellen over rate hikes being gradual and not sharp, together with China's central bank on Monday hinting at imminent support through policy easing propelled Asian share markets higher overnight.

That was helping European indices produce modest gains come Monday morning.

By 0907 GMT, the FTSE 100 in London gained 0.6% while the DAX in Frankfurt added 1.5% and the CAC-40 in Paris rose 1.2%. The IBEX-35 in Madrid was up 0.9% and the FTSE MIB in Milan gained 1%. The broader Stoxx 600 index tacked on 1.2%.

"Investors (are) apparently hopeful of some positive movement in regards to the Greek debt issue this week. With Athens providing a reforms list last Friday, its Eurozone creditors continue to look over the proposals whilst Greek PM Tsipras and Co. eye their dwindling funds, which are set to run out in mid-April," said Connor Campbell, a market analyst with Spreadex.

Greece's bond yields edged lower on cautious optimism over the country's ability to secure fresh funding in the coming days. Early Monday, the yield on the country's three-year sovereign bonds ticked 28 basis points lower to 19.585% while the 10-year bond yield was down by 7.4 basis points at 10.596%.

In currencies, the euro fell 0.4% against the US dollar to change hands at $1.08374, further supporting equity markets, particularly exporting stocks which benefit from a weaker euro currency.

In commodities, gold prices slid 0.8% to $1188.33 per troy ounce while Brent futures fell 0.4% to $55.85 per barrel and ICE WTI futures were broadly flat at $48.04 per barrel.

In company news, french oil major Total has sold its stake in an onshore oilfield in Nigeria for $569m, the company confirmed on Monday.

Eurocement Holding, the second-largest shareholder in cement company Holcim, plans to vote against the Swiss company's union with Lafarge unless the financial terms of the deal are altered, according to press reporting citing a person familiar with situation.


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US Market Report

US close: Dow and S&P edge forward as oil prices plummet

US stocks edged higher on Friday, reversing earlier losses, but ended the week in the red as oil prices plummeted.
The Dow Jones Industrial Average closed up 0.19% to 17,712.66, while the S&P and the Nasdaq rose 0.24% and 0.41% respectively.

Federal Reserve chairwoman Janet Yellen said investors should expect a "gradual" hike in interest rates by the end of the year, but warned the central bank will move cautiously.

"I expect that conditions may warrant an increase in the federal funds rate target sometime this year," said Yellen, adding than despite a strong a dollar, headwinds weighing on the economy were slowly disappearing.

The US economy expanded by 2.2% in the fourth quarter of 2014, unchanged from the government's prior estimate.

The reading was slightly below consensus expectations of an upwardly revised 2.4% reading and was half the pace of the 5% registered in the third quarter.

Meanwhile, the final reading on the University of Michigan's consumer sentiment survey for March was 93, above analysts' expectations for a reading of 92.5 but below February's print of 95.4.

In company news, biotech firm Orexigen Therapeutics advanced 4% after receiving the green light from European regulators for its Mysimba diet drug.

Smartphone provider BlackBerry rose 1.67% after reporting fourth quarter earnings of four cents per share against expectations of a four cent loss.

Footwear retailer Finish Line declined 1.34% despite reporting better-than-expected fourth quarter earnings, while cruise company Carnival Corp jumped 6.08% after its first quarter earnings beat expectations

Going the other way, videogame retailer GameStop Corp fell as 1.11% after its quarterly results and outlook fell short of Wall Street's expectations late on Thursday.

Restoration Hardware Holdings reversed pre-market losses and edged forward 4.06% after reporting a 60% increase year-on-year in fourth quarter earnings late on Thursday.

After closing out a five-day winning streak on Thursday, oil prices plummeted on Friday, with West Texas Intermediate losing 6.1% to $48.44 a barrel, while Brent crude dropped 5.5% to $56.10 a barrel.

"The glut in oil supplies at the moment has capped any significant risk premium being added to prices," said Oanda's senior market analyst Craig Erlam.

"Oil has been in contango for quite a while now which has led to a record amount of offshore storage, to the point that availability is fast running out."

The dollar fell under 0.1% against the pound, the euro and the yen, while gold futures slid 0.46% to $1,199.20.

S&P 500 - Risers
Kraft Foods Group, Inc. (KRFT) $83.15 +35.59%
Denbury Resources Inc. (DNR) $7.64 +4.37%
Noble Corporation plc (NE) $14.65 +3.90%
Ensco Plc. (ESV) $21.76 +3.62%
Devon Energy Corp. (DVN) $59.64 +3.11%
Transocean Ltd. (RIG) $15.24 +2.76%
Valero Energy Corp. (VLO) $63.78 +2.75%
Nabors Industries Ltd. (NBR) $13.58 +2.57%
Range Resources Corp. (RRC) $50.90 +2.56%
CONSOL Energy Inc. (CNX) $29.02 +2.54%

S&P 500 - Fallers
Lam Research Corp. (LRCX) $72.75 -7.63%
Avago Technologies Ltd. (AVGO) $124.43 -6.53%
Nvidia Corp. (NVDA) $21.03 -6.10%
KLA-Tencor Corp. (KLAC) $59.37 -5.72%
Applied Materials Inc. (AMAT) $22.63 -5.31%
Broadcom Corp. (BRCM) $42.31 -5.10%
Keurig Green Mountain Inc (GMCR) $117.70 -4.99%
Micron Technology Inc. (MU) $26.57 -4.97%
Linear Technology Corp. (LLTC) $45.47 -4.68%
Biogen Inc (BIIB) $431.63 -4.66%

Dow Jones I.A - Risers
Chevron Corp. (CVX) $105.67 +1.41%
Exxon Mobil Corp. (XOM) $84.86 +0.40%

Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $41.46 -3.36%
Intel Corp. (INTC) $29.89 -2.92%
International Business Machines Corp. (IBM) $159.20 -2.33%
Boeing Co. (BA) $148.23 -2.26%
3M Co. (MMM) $162.70 -2.18%
E.I. du Pont de Nemours and Co. (DD) $72.03 -2.13%
Home Depot Inc. (HD) $113.68 -2.13%
United Technologies Corp. (UTX) $116.44 -2.09%
Wal-Mart Stores Inc. (WMT) $81.32 -2.08%
Goldman Sachs Group Inc. (GS) $187.35 -2.05%

Nasdaq 100 - Risers
Kraft Foods Group, Inc. (KRFT) $83.15 +35.59%
Mondelez International Inc. (MDLZ) $35.81 +2.27%
Vimpelcom Ltd Ads (VIP) $5.61 +1.08%

Nasdaq 100 - Fallers
Avago Technologies Ltd. (AVGO) $124.43 -6.53%
Nvidia Corp. (NVDA) $21.03 -6.10%
KLA-Tencor Corp. (KLAC) $59.37 -5.72%
Applied Materials Inc. (AMAT) $22.63 -5.31%
Broadcom Corp. (BRCM) $42.31 -5.10%
Keurig Green Mountain Inc (GMCR) $117.70 -4.99%
Micron Technology Inc. (MU) $26.57 -4.97%
Linear Technology Corp. (LLTC) $45.47 -4.68%
Biogen Inc (BIIB) $431.63 -4.66%


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Newspaper Round Up

Monday newspaper round-up: Greek bailout, pension data, welfare benefits

Eurozone officials have said Greece's recent bailout proposals don't have enough detail to satisfy the government's international creditors, according to The Wall Street Journal.
An investigation has been launched into how sensitive pension data is being sold on the open market, claimed The Times.

A range of welfare benefits will be axed by the next Conservative government according to emails the BBC has found, reported The Guardian.

US president Barack Obama has boosted lobbying on Iran amid speculation the White House will accept legislation to give Congress oversight over a nuclear deal, said The Wall Street Journal.

A Chinese industrialist set to take over tire maker Pirelli has criticised the US over routine visa application rejections, reported the Financial Times.

Labour leader Ed Miliband has warned that the Conservative stance and infighting on the EU referendum will wreak havoc on business, wrote The Guardian.

David Cameron has claimed a Labour government will increase the tax bill for "every working family" by more than £3,000, according to The Times.

 

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