Evening Euro Markets Bulletin

ADVFN III Evening Euro Markets Bulletin Daily world financial news Tuesday, 27 February 2018 19:21:30 Monitor Quote Charts News CFD's Compare Brokers Free BB   Get Your FREE Weekly Bitcoin Newsletter From Guardian Stockbrokers Click Here To Subscribe For FREE Today All trading involves risk. Losses can exceed deposits. London close: Stocks hit as Fed's Powell sends bond yields higher FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts An early advance for London stocks faltered in the final hour of trading , despite strong earnings from the likes of Persimmon and a counter bid for Sky from Comcast, as the first congressional testimony from new Federal Reserve Chair Jerome Powell sent government bond yields higher on both sides of the Atlantic. In his first remarks before the US Congress as the head of the country's central bank, recently-appointed chair Jerome Powell said that "the economic outlook remains strong". "The robust job market should continue to support growth in household incomes and consumer spending, solid economic growth among our trading partners should lead to further gains in U.S. exports, and upbeat business sentiment and strong sales growth will likely continue to boost business investment," he said. Significantly, in response to a question from one of the Congressmen, Powell responded: "My personal outlook for the economy has strengthened since December." His comments sent the FTSE 100 0.1% lower to 7,282.45, alongside a 0.49% drop in the pound's value against the dollar to 1.3900, although against Europe's single currency it was a tad stronger, adding 0.21% to 1.1364, as yields on Gilts chased those on US Treasuries higher. Thus, by the closing bell the yield on the benchmark 10-year Gilt was five basis points higher at 1.56%, trailing a six point increase in those on similarly-dated US Treasuries to 2.92%. Following Powell's testimony, James Knightley at ING revised his call for the number of interest rate hikes expected from the Federal Reserve this year from three to four. "At the moment the Fed are projecting three rate hikes this year while financial markets are currently pricing in around 80bp of rate hikes. Given our above consensus 3% GDP growth forecast for 2018 and the potential for inflation to rise more quickly than many in the market anticipate (wages, dollar weakness, medical care costs, cell phone data distortions, commodity prices), we are now forecasting four rate rises this year. We look for one every quarter – starting with the March 21 FOMC meeting," he said. Acting as a backdrop, investors were digesting the latest data from the European Commission, which showed UK economic sentiment dipped in February. The EC's Economic Sentiment Indicator fell to 109.5 from 111.1 in January, dragged down by a decline in confidence in the industrial sector to its lowest level since April. In corporate news, Sky surged as US cable TV company Comcastmade a £22.1bn takeover bid for the broadcaster, outbidding 21st Century Fox. Standard Chartered edged up after saying it will resume its dividend as it swung to a net profit of $774m for 2017 from a loss of $478m the year before. Doorstep lender Provident Financial rocketed as investors welcomed the announcement of a smaller-than-expected rights issue, although the company also said it swung to a pre-tax loss in 2017 from a profit the year before. Housebuilder Persimmon rose sharply as it pledged to pay out double its previously promised surplus cash via bumper dividends over this and the next two years and reported profits growth and encouraging recent sales. Peers Barratt Developments, Berkeley and Taylor Wimpey all gained. FTSE 250 challenger bank Virgin Money rallied after it reported a 28% increase in underlying full-year profit amid robust customer demand and growth across its core products while Derwent London was up as it proposed a special dividend and said net asset value rose in 2017. Greggs gained after well-received full-year numbers, while Drax powered ahead as its full-year core earnings beat expectations. Thread maker Coats Group racked up stellar gains after saying its full-year adjusted operating profit increased 11% to $174m and RBS was just in the black even as the Treasury Select Committee criticised the bank over the rebranding of its Global Restructuring Group. Insurer Direct Line turned lower despite announcing bumper dividend payments and posting a more than 50% increase in annual operating profit. Speciality chemical company Croda International declined even as it posted a record full-year profit as sales grew thanks to a strong performance across sectors and regions, while Fresnillo slid as the precious metals miner reported a small jump in full-year profit amid record silver production. Engineer GKN, which is currently fending off a hostile bid from turnaround specialist Melrose Industries, recovered from an early swoon after posting a 125% jump in full-year reported pre-tax profit. Market Movers FTSE 100 (UKX) 7,282.45 -0.10% FTSE 250 (MCX) 19,860.22 0.16% techMARK (TASX) 3,327.65 -0.09% FTSE 100 - Risers Sky (SKY) 1,328.00p 20.18% Persimmon (PSN) 2,609.00p 4.86% Evraz (EVR) 438.00p 2.84% Ashtead Group (AHT) 2,108.00p 1.84% Pearson (PSON) 727.00p 1.82% Shire Plc (SHP) 3,054.00p 1.72% Barclays (BARC) 212.00p 1.68% TUI AG Reg Shs (DI) (TUI) 1,553.00p 1.54% InterContinental Hotels Group (IHG) 4,701.00p 1.21% Mediclinic International (MDC) 607.20p 1.20% FTSE 100 - Fallers Fresnillo (FRES) 1,273.00p -4.43% Randgold Resources Ltd. (RRS) 5,948.00p -2.33% Reckitt Benckiser Group (RB.) 5,843.00p -2.29% Associated British Foods (ABF) 2,664.00p -2.27% Unilever (ULVR) 3,752.00p -2.07% British Land Company (BLND) 637.20p -2.00% Hammerson (HMSO) 456.50p -2.00% SEGRO (SGRO) 575.20p -1.84% St James's Place (STJ) 1,124.50p -1.70% British American Tobacco (BATS) 4,397.50p -1.50% FTSE 250 - Risers Provident Financial (PFG) 998.98p 69.89% Coats Group (COA) 83.00p 11.11% Sirius Minerals (SXX) 28.50p 6.18% FirstGroup (FGP) 86.50p 5.49% Virgin Money Holdings (UK) (VM.) 278.60p 5.33% IP Group (IPO) 117.60p 5.00% Dechra Pharmaceuticals (DPH) 2,478.00p 4.21% Go-Ahead Group (GOG) 1,598.00p 3.97% Jardine Lloyd Thompson Group (JLT) 1,366.00p 3.80% Petrofac Ltd. (PFC) 453.60p 3.61% FTSE 250 - Fallers Jupiter Fund Management (JUP) 505.40p -4.06% Moneysupermarket.com Group (MONY) 265.70p -3.73% Stobart Group Ltd. (STOB) 246.00p -3.53% Meggitt (MGGT) 451.10p -3.32% Workspace Group (WKP) 952.00p -3.01% TBC Bank Group (TBCG) 1,582.00p -2.94% Capital & Counties Properties (CAPC) 267.90p -2.86% Acacia Mining (ACA) 139.95p -2.81% AA (AA.) 73.48p -2.70% SSP Group (SSPG) 616.50p -2.68% Crypto Pizza Evening with Clem Chambers, CEO of Online Blockchain In May 2010, programmer Laszlo Hanyecz bought two pizzas from Papa Johns for 10,000 bitcoins. Had he kept the coins, as of today they would be worth a cool $86,000,000. Join us on Wednesday 14 March for a crypto pizza 'Bite' on Clem Chambers, the CEO of the first London-listed British blockchain company - Click Here To Register For Free  Europe close: Stocks flat as traders digest new Fed chief's views FTSE 100 Euronext Dax perf CAC 40 Stocks finished near the unchanged mark on Tuesday, even as new US Fed chair Jerome Powell told lawmakers that in his view the country's economy had strengthened, which served to dampen the mood on the other side of the Atlantic. In his semi-annual testimony before the US House of Representatives' Financial Services Committee, Powell had said that "my personal outlook for the economy has strengthened since December." Nevertheless, and despite a speech peppered with the word "strong", for now at least the Federal Reserve's new chief stuck to the monetary authority's insistence on pursuing a "gradual" pace of rate hikes. Against that backdrop, the benchmark Stoxx 600 edging lower by 0.18% or 0.70 points to end the day at 382.36, alongside a fall of 0.29% or 36.31 points for Germany's Dax to 12,490.73. Periphery stocks faring slightly better, with the FTSE Mibtel adding 0.08% or 18.25 points to trade at 22,724.46 while the Cac-40 was essntially flat at 5,343.93. In parallel, the yield on the benchmark 10-year German government bond was higher by three basis points to 0.68%. Also weighing on sentiment a tad, the latest reading on Spanish consumer prices printed well ahead of forecasts, with INE reporting a rise of 1.2% on the year in February, versus the 0.9% increase that economists had penciled in. However, preliminary data out of Germany revealing a larger than expected moderation in the rate of gains in headline inflation in the euro area's largest economy, to 1.2% year-on-year, versus a January reading of 1.4% (consensus: 1.3%), acted as more than an offset. To take note of, in remarks to the European parliament the day before, European Central Bank president Mario Draghi had said "[on inflation] we're generally more confident that it is proceeding towards our target, [we] have to be persistent and patient because the underlying inflation has yet to show more convincing signs of a sustained upward adjustment". Also of interest, overnight German Chancellor Angela Merkel's CDU/CSU party came out solidly in favour of a coalition deal with the SPD. Nonetheless, and as Jim Reid at Deutsche Bank pointed out: "This was never really in doubt, the key test remains this weekend when the SPD membership votes on the deal, where support for the deal is much more divisive, while the Italian election on the same day, 4th March also has the potential to introduce fresh uncertainty into European politics." Back in the corporate space, America's largest cable operator Comcast's £22.1bn hostile bid for UK rival Sky pushed the Stoxx 600 Media sector gauge higher by 1.36% to 274.87. Media wasn't the only space in the European equity universe seeing M&A-related news flow, with E.On said to be interested in German rival RWE's stake in Innogy, Boersen Zeitung reported. A consortium including Australia's Macquarie was another possible suitor mentioned. German chemicals giant BASF was also in focus after telling markets it was targeting a rise in operating profits for this year of as much as 10%. Going the other way, following an analysis into Akorn's data integrity, Fresenius might pull out from a bid. Shares in France's Safran were lower even after the company announced better-than-expected profits and sales for 2017. Market Analysis 23/02/2018 Today’s highlights: Fed minutes push global markets down Wall Street closes lower: A volatile session in the US yesterday, as leading indices started the day with sharp gains, but eventually closed lower. The trend reversal occurred following the release of minutes from the latest FOMC meeting, which showed the Fed could be planning more rate hikes. Despite the negative momentum, some stocks continued to show gains, such as Domino’s Pizza, which climbed more than 4% to reach a new all-time high. Asia follows Wall Street’s lead: Top indices in Asia, such as the Nikkei and China50, were seen lower this morning. Read More... US open: Wall Street shares down after Fed chair delivers congressional testimony Wall Street indexes kept jumping between minor gains and small losses on Tuesday after nerves kicked in as new Federal Reserve Chair Jerome Powell delivered his first congressional testimony. At 1500 GMT, the Dow Jones Industrial Average and S&P 500 had gained 0.16% and 0.10%, respectively, while the Nasdaq had ticked ahead just 0.01%. However, by 1600 the Dow was down 0.30%, with the S&P 500 dropping 0.41%, and the Nasdaq losing 0.49%. "The FOMC will continue to strike a balance between avoiding an overheated economy and bringing PCE price inflation to 2% on a sustained basis," Powell said in remarks released by the House Financial Service committee at 1330 GMT. On the basis of Powell's testimony, James Knightley at ING said: "At the moment the Fed are projecting three rate hikes this year while financial markets are currently pricing in around 80bp of rate hikes. Given our above consensus 3% GDP growth forecast for 2018 and the potential for inflation to rise more quickly than many in the market anticipate (wages, dollar weakness, medical care costs, cell phone data distortions, commodity prices), we are now forecasting four rate rises this year. We look for one every quarter – starting with the March 21 FOMC meeting." For his part, before Powell began his verbal testimony, David Morrison, senior market strategist at GKFX, commented: "The expectation is that Mr Powell will indicate that the central bank is preparing to proceed with monetary tightening by raising rates by 75 basis points this year. However, if he intimates that the Fed may be prepared to make four 25 basis-point hikes rather than the predicted three, then this would result in another jump in bond yields and a corresponding sell-off in equities. But this does seem unlikely given that core PCE inflation, while picking up, still remains below the Fed’s 2% target. There seems little point in causing a market upset this early in the chairman’s tenure for no discernible gain." Morrison also said Powell and his colleagues needed to consider fiscal stimulus in the form of Trump's tax cuts, regulatory reform and infrastructure spending. "Not only is this stimulus inflationary, but it is also unfunded meaning it adds to the budget deficit and national debt. It also comes as the Fed is trying to turn off the monetary stimulus which has goosed markets for close to 10 years. So analysts will parse the testimony for any sign that the Fed is on guard against an inflationary spike outside their control." On the data front, US consumer confidence jumped to 130.8 from 124.3, beating consensus forecasts of 126.5 to hit its highest reading since November 2000 as, according to the Conference Board's consumer confidence index, the drop in the stock market failed to upset consumers. Elsewhere, new orders for American-made capital goods dropped for a second consecutive month in January, while shipments barely increased, pointing to a slowdown in spending on equipment following the robust levels of growth seen in 2017. The Tuesday morning report from the Commerce Department came after weak January retail sales, industrial production and home sales data, all pointing to a slowdown in economic growth for the first quarter. In another report released by the Commerce Department, data showed a widening in the goods trade deficit in January, with the shortfall on international trade widening 3% to $74.4bn in January, while exports of goods fell $3.1bn to $133.9bn and goods imports slipped $900m to $208.3bn. The Commerce Department also reported a 0.7% increase in wholesale inventories in January, as retail inventories rose 0.8% Lastly, the S&P CoreLogic Case-Shiller National Home Price Index rose 6.3% in December, up from the 6.1% seen in November, in line with analysts' estimates of a 6.35% year-over-year increase, as an all-time low inventory helped to push prices higher at the end of 2017. "The rise in home prices should be causing the same nervous wonder aimed at the stock market after its recent bout of volatility," said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones. In corporate news, cable TV company Comcast fell 5.58% after it made a £22.1bn bid for London-listed broadcaster Sky, outbidding 21st Century Fox. SeaWorld shares fropped just 0.86% in early trading after the company reported a loss of £20.4bn for the fourth quarter, compared to an $11.9m in the same period a year ago. Shares in generic pharmaceuticals group Akorn tanked as much as 31.64% after a probe into possible data breaches at the company could force it to ditch its planned $5b takeover. Fitbit slid 12.77% after its quarterly revenue and earnings late on Monday missed analysts' expectations, while Macy's picked up 4.12% after beating earnings estimates. Results were still to come from the likes of Square Inc, ExpressScripts Holding and Priceline. Looking for early access to investment opportunities? Make your own informed investment decisions. Get the right tools and information at Master Investor Show 2018. Register for free today Cryptocurrencies Report Top Cryptocurrencies # Name Market Cap($) Price(%) Change Price Graph(3m) 1 Bitcoin (BTC) 180,774,417,127 10,680.04 +3.54% 2 Ethereum (ETH) 86,015,153,540 877.99 +1.27% 3 Ripple (XRP) 37,149,992,162 0.93789 +0.82% 4 Bitcoin Cash / BCC (BCH) 21,182,120,199 1,242.89 +0.17% 5 Litecoin (LTC) 11,979,608,700 215.44 -1.42% 6 NEO (NEO) 9,246,185,000 141.21 +5.11% Atlantic Advisory - Share Tips of the Year 2018 Download Our Latest Report Here Losses can exceed deposits Tuesday broker round-up Ascential: Barclays upgrades to equal weight with a target price of 395p.   CVS group: Berenberg reiterates buy with a target price of 1,450p. Pets at home plc: Berenberg reiterates buy with a target price of 230p. Royal Dutch Shell: Barclays reiterates overweight with a target price of 3,000p. Associated British Foods: Barclays reiterates overweight . Hammerson: Citigroup reiterates neutral with a target price of 539p. Capita Group plc: Barclays reiterates equal weight with a target price of 200p. Serco: Barclays reiterates overweight with a target price of 125p. Anglo American plc: Citigroup reiterates neutral with a target price of 1,850p. Moneysupermarket: Citigroup downgrades to neutral with a target price of 300p. Pearson: Citigroup reiterates buy with a target price of 975p. Hiscox: Citigroup reiterates neutral with a target price of 1,400p. Bunzl: Citigroup reiterates buy with a target price of 2,700p. AstraZeneca: JP Morgan reiterates overweight with a target price of 5,500p. Rotork: JP Morgan reiterates overweight with a target price of 290p. ASOS: Jefferies upgrades to buy with a target price of 9,000p. Glencore: Canaccord reiterates buy with a target price of 450p. Rathbone brothers: Canaccord reiterates hold with a target price of 2,705p. Keller Group: Berenberg reiterates hold with a target price of 925p. Dalata Hotel group: Berenberg reiterates buy with a target price of 575p. Clinigen group: Berenberg reiterates buy with a target price of 1,220p. Sky: RBC Capital Markets reiterates sector perform with a target price of 1,150p Drax: RBC Capital Markets reiterates outperform with a target price of 400p.   To advertise in the Euro Markets Bulletin please contact advertise@advfn.com     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

Powell Congressional Testimony In Focus On Wall Street

ADVFN  World Daily Markets Bulletin Daily world financial news Tuesday, 27 February 2018 10:49:41    Monitor Quote Charts News Toplists Forex Boards   Darwin Investing Network Discover the Number 1 Trade strategy which can potentially make you consistent and safe 20%-40% returns. Download the free report now. US Market NYSE AMEX Dow Jones Nasdaq Please click on the images to view our interactive charts The major U.S. index futures are pointing to a modestly lower opening on Tuesday, with stocks likely to give back some ground following the rally seen over the two previous sessions. The downward momentum on Wall Street comes following the release of new Federal Reserve Chairman Jerome Powell?s prepared remarks before the House Financial Services Committee. Powell reiterated the Fed?s view that further gradual increases in interest rates will best promote attainment of both of the central bank?s dual objectives. ?While many factors shape the economic outlook, some of the headwinds the U.S. economy faced in previous years have turned into tailwinds,? Powell says in his prepared remarks. He added, ?In particular, fiscal policy has become more stimulative and foreign demand for U.S. exports is on a firmer trajectory.? Powell also said financial conditions remain accommodative despite recent volatility and highlighted strong consumer spending and job growth. Extending the rally seen last Friday, stocks moved sharply higher over the course of the trading session on Monday. With the continued strength on the day, the major averages further offset the sell-off seen earlier this month. The major averages finished the session firmly in positive territory. The Dow soared 399.28 points or 1.6 percent to 25,709.27, the Nasdaq jumped 84.07 points or 1.2 percent to 7,421.46 and the S&P 500 surged up 32.30 points or 1.2 percent to 2,779.60. A continued drop by treasury yields contributed to the strength on Wall Street, as the ten-year yield pulled back further off the ten-year closing high set last Wednesday. The decrease by treasury yields was partly in reaction to dovish comments by St. Louis Federal Reserve President James Bullard. Bullard, who is not a voting member of the Fed's policy committee this year, warned against aggressive interest rate hikes that are not supported by incoming data. "If the Committee raises the policy rate substantially from here without other changes in the data, the policy setting could become restrictive," Bullard said at a National Association of Business Economics conference. The rally on Wall Street came even as traders looked ahead to congressional testimony by new Federal Reserve Chairman Jerome Powell. Powell is scheduled to testify before the House Financial Services Committee on the Fed's Semiannual Monetary Policy Report on Tuesday. On the U.S. economic front, the Commerce Department released a report unexpectedly showing a steep drop in new home sales in January. The report said new home sales plunged by 7.8 percent to an annual rate of 593,000 in January after slumping by 7.6 percent to an upwardly revised 643,000 in December. The continued decrease surprised economists, who had expected new home sales to jump by 3.2 percent to a rate of 645,000 from the 625,000 originally reported for the previous month. Telecom stocks showed a substantial move to the upside on the day, resulting in a 4 percent jump by the NYSE Arca Telecom Index. With the sharp increase on the day, the index reached its best closing level in over a year. Arista Networks (ANET), Acacia Communications (ACIA) and Cincinnati Bell (CBB) turned in some of the telecom sector's best performances. Significant strength was also visible among semiconductor stocks, as reflected by the 2.2 percent gain posted by the Philadelphia Semiconductor Index. The gain lifted the index to a one-month closing high. Computer hardware stocks also saw considerable strength, with the NYSE Arca Computer Hardware Index surging up by 1.9 percent. HP Inc. (HPQ) extended the upward move seen last Friday after JPMorgan Chase upgraded its rating on the computer and printer maker's stock to Overweight from Neutral. Transportation, brokerage and pharmaceutical stocks also moved notably higher, reflecting another day of broad based buying interest on Wall Street. Eccentric Millionaire Reveals His Secret $1.8 Million Cryptocurrency Script Click here U.S. Economic Reports CADUSD Oil Gold Allbanc Please click on the images to view our interactive charts After reporting a bigger than expected jump in orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report showing durable goods orders pulled back by more than expected in January. The Commerce Department said durable goods orders plunged by 3.7 percent in January after surging up by a revised 2.6 percent in December. Economists had expected durable goods orders to drop by 2.0 percent compared to the 2.8 percent jump that had been reported for the previous month. The bigger than expected decrease in durable goods orders was primarily due to a sharp pullback in orders for transportation equipment, which plummeted by 10.0 percent in January after spiking by 6.4 percent in December. Excluding orders for transportation equipment, durable goods orders edged down by 0.3 percent in January compared to the 0.7 percent increase in December. Ex-transportation orders had been expected to rise by 0.4 percent. At 10 am ET, Federal Reserve Chairman Jerome Powell is scheduled to testify before the House Financial Services Committee on the Fed?s Semiannual Monetary Policy Report. The Conference Board is also due to release its report on consumer confidence in the month of February at 10 am ET. The consumer confidence index is expected to inch up to 126.4. Is Donald Trump Launching a NEW SOCIAL SECURITY PROGRAM? Click here for the details. Stocks in Focus Shares of Fitbit (FIT) are moving sharply lower in pre-market trading after the wearable fitness device maker reported weaker than expected fourth quarter results and provided disappointing guidance. Weight loss company Nutrisystem (NTRI) may also come under pressure after reporting better than expected fourth quarter results but forecasting full-year earnings below analyst estimates. Shares of Akorn (AKRX) are also seeing significant pre-market weakness as a FDA probe of possible data breaches at the generic drugmaker has raised doubts about Fresenius? deal to acquire the company. On the other hand, shares of Macy?s (M) are moving sharply higher in pre-market trading after the department store operator reported fourth quarter earnings that exceeded analyst estimates. Luxury home builder Toll Brothers (TOL) may also see early strength after reporting better than expected fiscal fourth quarter results. Shares of Tenet Healthcare (THC) are also seeing considerable pre-market strength after reporting fourth quarter results that beat expectations and raising its full-year guidance. Strategic Intelligence What?s the one money move that?s almost predestined to soar under Trump? It?s not a stock, a mutual fund or even real estate. Click here to find out what it is. Europe European stocks are turning in a lackluster on Tuesday as investors digest mixed earnings reports and looked ahead to Powell?s Congressional testimony. While the U.K.?s FTSE 100 Index is just below the unchanged line, the French CAC 40 Index is down by 0.2 percent and the German DAX Index is down by 0.5 percent. Sky Plc shares have soared in London after Comcast (CMCSA) announced a superior cash proposal to acquire the British broadcaster. Homebuilder Persimmon has also jumped after reporting a 25 percent increase in 2017 pre-tax profits and boosting its interim dividend. Provident Financial has also spiked higher after the troubled subprime lender settled one of its U.K. regulatory probes and announced plans to raise 331 million pounds via a rights issue. Insurer Swiss Life Group has rallied after its fiscal 2017 net profit increased 9 percent to 1.01 billion Swiss francs from last year's 926 million francs. Meanwhile, BASF shares have fallen. The German chemicals giant reported lower fourth quarter earnings from its functional-materials and performance-products segments. In economic news, French consumer confidence weakened more than expected in February after stabilizing in the previous month, survey data from the statistical office Insee showed. The consumer sentiment index dropped to its long-term average of 100 in February from 104 in January. Economists had expected the index to dip to 103. Discover the NUMBER 1 Trading Strategy You Need to Know During Uncertain Market Conditions. Consistent and safe returns up to 40% Download Free Training Material Asia USDCAD USDEUR USDGBP USDJPY Please click on the images to view our interactive charts Asian stocks ended mixed on Tuesday as investors awaited Congressional testimony later in the day by new Federal Reserve Chairman Jerome Powell for further insights into the central bank's views on inflation and interest rates. Chinese shares snapped a six-session winning streak as investors locked in some profits. The benchmark Shanghai Composite Index tumbled 38.05 points or 1.1 percent to 3,292.07, while Hong Kong's Hang Seng Index slid 229.24 points or 0.7 percent to 31,268.66. Meanwhile, Japanese shares rallied after U.S. stocks hit their highest level in over three weeks overnight amid declining Treasury yields. The Nikkei 225 Index jumped 236.23 points or 1.1 percent to 22,389.86, a three-week high, while the broader Topix index closed 0.9 percent higher at 1,790.34. Exporters Canon, Toyota Motor, Panasonic and Sony rose 1-2 percent. Oil major Inpex jumped 3.1 percent and Japan Petroleum advanced 1.2 percent. Alps Electric and Yaskawa Electric climbed 5-6 percent. Australian shares extended gains for the fifth consecutive session as rising prices for commodities and a slew of positive earnings reports helped lift mining and energy stocks. The benchmark S&P/ASX 200 Index rose 14.70 points or 0.2 percent to 6,056.90, while the broader All Ordinaries Index ended up 13.20 points or 0.2 percent at 6,159.30. Mining heavyweight BHP Billiton and Rio Tinto gained 0.8 percent and 1.3 percent, respectively. Mineral sands miner Iluka Resources jumped 3.6 percent after narrowing its full-year loss. Fuel supplier Caltex Australia soared over 4 percent after it decided to buy out franchises as part of a major overhaul of its business model. The big four banks rose between 0.2 percent and 0.9 percent, while energy majors Woodside Petroleum and Santos fell over 1 percent. On the economic front, Australian consumer confidence improved during the week ended February 25, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed. The consumer confidence index rose 2.3 percent to 117.9 from 115.3 in the preceding week. You'll Need This Book How To Increase Your Social Security Benefits By As Much As $570 Per Month With One Single Word. Click here to learn more Commodities Crude oil futures are falling $0.25 to $63.66 a barrel after climbing $0.36 to $63.91 a barrel on Monday. Meanwhile, after rising $2.50 to $1,332.80 an ounce in the previous session, gold futures are slipping $2.50 to $1,330.30 an ounce. On the currency front, the U.S. dollar is trading at 107.07 yen compared to the 106.93 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.2307 compared to yesterday?s $1.2297.     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 Tuesday, 27 February 2018 10:42:59 Monitor Quote Charts News CFD's Compare Brokers Free BB   Get Your FREE Weekly Bitcoin Newsletter From Guardian Stockbrokers Click Here To Subscribe For FREE Today All trading involves risk. Losses can exceed deposits. London open: Stocks in the black as Sky rockets on Comcast bid FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London stocks rose in early trade, boosted by deal news and well-received earnings from the likes of Standard Charteredand Persimmon, as traders eye the first congressional testimony from new Federal Reserve Chair Jerome Powell. At 0835 GMT, the FTSE 100 was 0.4% higher at 7,318.27, while the pound was up 0.1% against the dollar to 1.3986 and flat versus the euro at 1.1338. With the market's views on the path for US interest rate hikes a key focus in recent weeks, James Hughes, chief market analyst at AxiTrader, said Powell's semi-annual Congress testimony would be closely watched. "Does he remain pragmatic and toe the party line when it comes to policy, the balance sheet and the inflation outlook? Or, just maybe does he set to build his reputation and go in all guns blazing. There are arguments for both approaches but the safe money is on the former. "So what will Jerome Powell say? For me he will take the last FOMC meeting minutes and almost repeat it word for word, with the expectation of inflation hitting 2% but not overshooting, and say that gradual rate hikes are still necessary, stopping short of hinting that we may well see more than three hikes in 2018." In corporate news, Sky rocketed as US cable TV company Comcast made a £22.1bn takeover bid for the broadcaster, outbidding 21st Century Fox. Standard Chartered was on the front foot after saying it will resume its dividend as it swung to a net profit of $774m for 2017 from a loss of $478m the year before. Doorstep lender Provident Financial surged as investors welcomed the announcement of a smaller-than-expected rights issue, although the company also said it swung to a pre-tax loss in 2017 from a profit the year before. Engineer GKN, which is currently fending off a hostile bid from turnaround specialist Melrose Industries, posted a 125% jump in full-year reported pre-tax profit. Housebuilder Persimmon rose sharply as it pledged to pay out double its previously promised surplus cash via bumper dividends over this and the next two years and reported profits growth and encouraging recent sales. Peers Barratt Developments, Berkeley and Taylor Wimpey all gained. Insurer Direct Line advanced as it announced bumper dividend payments and posted a more than 50% increase in annual operating profit, while Derwent London was up as it proposed a special dividend and said net asset value rose in 2017. FTSE 250 challenger bank Virgin Money rallied after it reported a 28% increase in underlying full-year profit amid robust customer demand and growth across its core products. Greggs gained after well-received full-year numbers, while Draxpowered ahead as its full-year core earnings beat expectations. Speciality chemical company Croda International declined even as it posted a record full-year profit as sales grew thanks to a strong performance across sectors and regions. Investors were also wading through results from Inchcape,James Fisher, Morgan Advanced Materials, Elementis andCoats Group in the morning's blizzard of corporate news. Market Movers FTSE 100 (UKX) 7,318.27 0.39% FTSE 250 (MCX) 19,950.72 0.62% techMARK (TASX) 3,335.79 0.15% FTSE 100 - Risers Sky (SKY) 1,307.50p 18.33% Persimmon (PSN) 2,778.00p 11.66% Barratt Developments (BDEV) 565.60p 2.61% Berkeley Group Holdings (The) (BKG) 3,959.00p 2.51% Taylor Wimpey (TW.) 196.80p 2.39% ITV (ITV) 174.85p 1.98% Standard Chartered (STAN) 842.60p 1.64% Mediclinic International (MDC) 609.40p 1.57% Direct Line Insurance Group (DLG) 394.60p 1.54% easyJet (EZJ) 1,688.50p 1.44% FTSE 100 - Fallers Fresnillo (FRES) 1,283.00p -3.68% Pearson (PSON) 701.80p -1.71% Croda International (CRDA) 4,485.00p -1.39% NMC Health (NMC) 3,490.00p -0.96% GKN (GKN) 427.90p -0.49% Glencore (GLEN) 399.45p -0.49% HSBC Holdings (HSBA) 718.30p -0.43% BAE Systems (BA.) 575.40p -0.38% Carnival (CCL) 4,816.00p -0.27% Halma (HLMA) 1,225.00p -0.24% FTSE 250 - Risers Provident Financial (PFG) 775.00p 31.80% Drax Group (DRX) 253.80p 6.55% Coats Group (COA) 78.40p 4.95% Spirax-Sarco Engineering (SPX) 5,920.00p 4.78% AA (AA.) 78.48p 3.92% Virgin Money Holdings (UK) (VM.) 274.00p 3.59% Ascential (ASCL) 413.80p 3.30% Vectura Group (VEC) 76.30p 2.55% Bellway (BWY) 3,221.00p 2.35% Hiscox Limited (DI) (HSX) 1,399.00p 2.34% FTSE 250 - Fallers Meggitt (MGGT) 455.90p -2.29% Renewi (RWI) 92.00p -2.02% Pershing Square Holdings Ltd NPV (PSH) 954.00p -1.65% Syncona Limited NPV (SYNC) 196.20p -1.60% Sanne Group (SNN) 615.00p -1.60% Sequoia Economic Infrastructure Income Fund Limited (SEQI)105.00p -1.41% Caledonia Investments (CLDN) 2,742.50p -0.99% Moneysupermarket.com Group (MONY) 273.50p -0.91% Lancashire Holdings Limited (LRE) 552.00p -0.90% Centamin (DI) (CEY) 154.75p -0.64% Crypto Pizza Evening with Clem Chambers, CEO of Online Blockchain In May 2010, programmer Laszlo Hanyecz bought two pizzas from Papa Johns for 10,000 bitcoins. Had he kept the coins, as of today they would be worth a cool $86,000,000. Join us on Wednesday 14 March for a crypto pizza 'Bite' on Clem Chambers, the CEO of the first London-listed British blockchain company - Click Here To Register For Free  Market Analysis 23/02/2018 Today’s highlights: Fed minutes push global markets down Wall Street closes lower: A volatile session in the US yesterday, as leading indices started the day with sharp gains, but eventually closed lower. The trend reversal occurred following the release of minutes from the latest FOMC meeting, which showed the Fed could be planning more rate hikes. Despite the negative momentum, some stocks continued to show gains, such as Domino’s Pizza, which climbed more than 4% to reach a new all-time high. Asia follows Wall Street’s lead: Top indices in Asia, such as the Nikkei and China50, were seen lower this morning. Read More... US close: Markets finish ahead as Quarles talks up economy Trading in US stocks finished firmly on Monday as investors on Wall Street shook off worries about the recent inflation picture and rising interest rates, while thumbing through a slew of data releases ahead of Jerome Powell's first testimony as Federal Reserve chairman. The Dow Jones Industrial Average finished up 1.58% at 25,709.27 and the S&P 500 was ahead 1.18% at 2,779.60, while the Nasdaq 100 ended the day up 1.34%. Fedspeak was in focus as the newest member of the central bank, Randal Quarles, all but confirmed the path ahead for rate hikes, telling the National Association for Business Economics that it had been “quite some time” since the economy was looking so healthy. ADVERTISING “I am fairly optimistic about the current state of the economy,” he said. “Along many dimensions, it has been quite some time since the economic environment has looked as favorable as it does now. “With my current economic outlook, I anticipate that further gradual increases in the policy rate will be appropriate to both sustain a healthy labor market and stabilize inflation around our 2 percent objective.” Vice chair for supervision Quarles did note some hurdles to overcome, including ongoing weakness in productivity growth. Earlier, St Louis Fed President James Bullard gave a speech at the National Association of Business Economics in Washington where he said it would be a smart move for the Federal Reserve to periodically review its inflation framework. However, any change would require a firm guarantee that a new set up would provide benefits over the current 2% target, he said. In order to change the framework, "you would have to get buy-in from the political side. You would have to get buy-in from the larger financial community,” Bullard said. Several Fed chiefs had previously called for a review of how the Fed sets its inflation target. “That is a good thing to do and I am hopeful the committee will go ahead and do it," Bullard explained. The week's main attraction still lay ahead, on Tuesday, when Fed chairman Jerome Powell was set to deliver his first congressional testimony. Investors would be looking for any clues on the pace of future monetary tightening given the split in the market between those who expected the US central bank could hike rates four times over the course of 2018 and those who were still anticipating only three hikes. Rebecca O'Keeffe, head of investment at Interactive Investor, said Powell had a baptism of fire in the three weeks since he took on his new role, with markets experiencing huge volatility on fears that inflation will see the Fed raise rates more aggressively than anticipated. “Current market valuations were one of the main talking points from Warren Buffett’s annual letter, as he gave investors his view of the world. “His efforts to deplete his burgeoning war chest and pull the trigger on a major deal in 2017 were all scuppered by his inability to find anything that he believed offered a 'sensible purchase price'. “For the ultimate deal maker and value investor to conclude that the market is not offering any attractive buying opportunities is a potentially worrying sign for investors.” On the macroeconomic side of things, new US home sales fell to an annualised rate of 593,000 for January after an upwardly-revised 643,000 for December, against consensus expectations for 647,000. Despite the miss, Ian Shepherdson at Pantheon Macroeconomics was quick to point out how net revisions of 42,000 to the prior three months of data had largely offset that. "January sales were well below the pace implied by the lagged mortgage applications numbers, about 675,000, so we look for a hefty rebound in February sales. “Any weakening on the back of the rise in mortgage rates likely won't be visible until late spring at the earliest. “In the meantime, inventory remains tight - though it is rising - pushing up prices by about 5% y/y," he said. Elsewhere, the Chicago Fed's index of national economic activity showed activity relaxing to a positive 0.12 in January from a downwardly revised but positive 0.14 in December, owing mainly to a slowdown in factory activity. The index, a measure of activity levels in the US economy, had been moving in a narrow band over recent months, with October's reading of positive 0.87 being the highest for the volatile index since a positive 0.94 was recorded in December 2006. Its less-volatile three-month moving average fell to positive 0.12 in January from positive 0.26 in December. In corporate news, Dean Foods tumbled 13.03% after the company fell short of earnings estimates for the fourth quarter and offered guidance below consensus Hibbett Sports dropped off 2.18%, despite its fourth-quarter earnings per share beating analyst expectations, while General Electric added 1.1% after it nominated three new candidates to its board of directors as the size of the board is cut to 12 directors from 17. UPS shares picked up 2.33% following news the parcel delivery service is suing the European Union's antitrust watchdog for €1.74bn over its decision to block a planned merger with TNT Express. Dow Jones - Risers Exxon Mobil Corp. (XOM) $78.84 3.93% Pfizer Inc. (PFE) $37.09 3.78% Nike Inc. (NKE) $69.65 3.75% Travelers Company Inc. (TRV) $142.58 3.59% Visa Inc. (V) $124.59 3.50% 3M Co. (MMM) $244.14 3.45% JP Morgan Chase & Co. (JPM) $118.77 3.30% Cisco Systems Inc. (CSCO) $45.36 3.09% Unitedhealth Group Inc. (UNH) $234.06 3.07% Intel Corp. (INTC) $49.11 2.89% Dow Jones - Fallers Home Depot Inc. (HD) $188.46 0.06% Walmart Inc. (WMT) $93.12 0.38% Caterpillar Inc. (CAT) $163.65 0.79% Procter & Gamble Co. (PG) $81.63 0.98% Dowdupont Inc. (DWDP) $74.05 1.09% General Electric Co. (GE) $14.65 1.10% Coca-Cola Co. (KO) $44.03 1.17% United Technologies Corp. (UTX) $135.47 1.41% Microsoft Corp. (MSFT) $95.42 1.45% Johnson & Johnson (JNJ) $132.07 1.66% S&P 500 - Risers Noble Energy Inc. (NBL) $31.43 6.94% HP Inc (HPQ) $23.46 6.01% Newfield Exploration Co (NFX) $24.86 5.97% QUALCOMM Inc. (QCOM) $66.98 5.78% First Solar Inc. (FSLR) $65.10 5.36% Macy's Inc. (M) $27.45 4.89% Discovery Communications Inc. Class A (DISCA) $25.17 4.83% Discovery Communications Inc. Class C (DISCK) $23.83 4.79% Pinnacle West Capital Corp. (PNW) $80.28 4.61% Newmont Mining Corp. (NEM) $39.32 4.49% S&P 500 - Fallers Citizens Financial Group, Inc. (CFG) $44.54 -4.07% Mattel Inc. (MAT) $16.08 -3.37% CF Industries Holdings Inc. (CF) $42.66 -3.29% General Mills Inc. (GIS) $51.42 -2.94% FMC Corp. (FMC) $83.66 -2.41% TripAdvisor Inc. (TRIP) $41.45 -2.01% American International Group Inc. (AIG) $59.01 -1.76% Gap Inc. (GPS) $32.13 -1.71% Tractor Supply Company (TSCO) $64.86 -1.52% Wyndham Worldwide Corp. (WYN) $118.02 -1.44% Nasdaq 100 - Risers QUALCOMM Inc. (QCOM) $66.98 5.78% KLA-Tencor Corp. (KLAC) $114.67 3.80% Applied Materials Inc. (AMAT) $58.81 3.16% Micron Technology Inc. (MU) $47.98 3.12% Cisco Systems Inc. (CSCO) $45.36 3.09% American Airlines Group (AAL) $55.00 3.02% Intel Corp. (INTC) $49.11 2.89% Netflix Inc. (NFLX) $294.16 2.88% Lam Research Corp. (LRCX) $198.43 2.76% Take-Two Interactive Software Inc. (TTWO) $114.58 2.62% Nasdaq 100 - Fallers Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $198.93 -3.95% Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $54.51 -2.22% Charter Communications Inc. (CHTR) $358.02 -1.93% DENTSPLY Sirona Inc. (XRAY) $57.05 -1.08% NetEase Inc. Ads (NTES) $308.56 -0.99% Biogen Inc (BIIB) $290.01 -0.95% Idexx Laboratories Inc. (IDXX) $186.09 -0.81% Ctrip.Com International Ltd. Ads (CTRP) $47.09 -0.76% Symantec Corp. (SYMC) $27.23 -0.73% Shire Plc Ads (SHPG) $126.32 -0.60% Looking for early access to investment opportunities? Make your own informed investment decisions. Get the right tools and information at Master Investor Show 2018. Register for free today Cryptocurrencies Report Top Cryptocurrencies # Name Market Cap($) Price(%) Change Price Graph(3m) 1 Bitcoin (BTC) 181,214,836,784 10,713.24 +3.86% 2 Ethereum (ETH) 87,551,820,315 890.25 +2.68% 3 Ripple (XRP) 37,735,632,299 0.94805 +1.91% 4 Bitcoin Cash / BCC (BCH) 22,011,418,650 1,289.5 +3.93% 5 Litecoin (LTC) 12,341,360,446 220.7 +0.99% 6 NEO (NEO) 9,371,440,000 142.28 +5.9% Atlantic Advisory - Share Tips of the Year 2018 Download Our Latest Report Here Losses can exceed deposits Tuesday newspaper round-up: Brexit transition, energy price cap, Aston Martin, Carillion A senior Conservative MP has criticised the government for failing to make progress on a transition deal to smooth Britain’s exit from the EU, warning that businesses could relocate jobs outside of the UK without urgent action. Nicky Morgan, the chair of the Commons Treasury select committee, said businesses were “crying out” for details of a proposed period to cushion Britain’s withdrawal from the EU from March 2019, calling on ministers to swiftly resolve their differences and reach a deal with Brussels or face damaging consequences. - Guardian A wave of job cuts across the energy sector could be an unintended consequence of the Government’s price cap as companies scramble to cut costs. The Government on Monday introduced the Domestic Gas and Electricity (Tariff Cap) Bill in Parliament, which tasks industry regulator Ofgem with creating a cap on the most expensive standard tariffs until 2020 with a potential extension to 2023. - Telegraph Selling 5,117 luxury sports cars in 2017, 58 per cent more than in the year before, has sent Aston Martin roaring back into the black. The carmaker’s best performance since the financial crisis also has put it in pole position for a stock market flotation. - The Times The board of Carillion was in crisis as early as last May, according to minutes of a directors’ meeting during which a senior lawyer warned them that they may be guilty of misleading the stock market. Yesterday it emerged, in disclosures from the parliamentary inquiry into how Carillion came to enter compulsory liquidation last month, that at a meeting of the board on May 9 last year the company’s accounting of several key contracts “seemed to ring alarm bells and raise red flags”. - The Times The Mayor of London Sadiq Khan has hit out at the Government for delays over revealing foreign owners of UK property, calling the progress on a public register “bitterly disappointing” as he suggested the current lack of transparency could be aiding terrorism and other crime. Mr Khan has written to Greg Clark, the Business Secretary, asking him to speed up the process of implementing a new public register which would expose people who benefit from property controlled by overseas companies and other legal entities. - Telegraph Britain is in danger of missing the European Union’s carbon dioxide reduction targets because drivers have been put off buying diesel cars, which can be 20 per cent more fuel-efficient than petrol models. The car industry has warned that, in the absence of improved sales of electric cars and low or zero-emission hybrids, the government must stop its “anti-diesel agenda” if it wishes to get the sector back on target for helping to deliver a greener economy. - The Times CO2 emissions from the average new car sold in the UK rose last year for the first time since 2000, according to an industry report, raising fears that the country will fail to meet its climate change targets as consumers buy bigger vehicles and turn against diesel. Although motor manufacturers said new models coming on to the market were on average about 12% more fuel-efficient than their older versions, campaigners said a higher proportion of gas-guzzling vehicles leaving the forecourt had led to a 0.8% increase in the average amount of C02 generated per new car. - Guardian A wave of job cuts across the energy sector could be an unintended consequence of the Government’s price cap as companies scramble to cut costs. The Government today introduced the Domestic Gas and Electricity (Tariff Cap) Bill in Parliament, which tasks industry regulator Ofgem with creating a cap on the most expensive standard tariffs until 2020 with a potential extension to 2023. - Telegraph The evidence underpinning ministers’ plans to cap the energy bills of millions of people has been slammed as “weak and confused” by the government’s own watchdog. As the government laid the legislation for the cap in parliament, the regulatory policy committee delivered a withering verdict on the case for a measure that Theresa May said was necessary to stop “rip-off” tariffs. - Guardian Fitness band maker Fitbit lost money in 2017 after selling fewer devices during the year, as it warned over shifting consumer tastes. The results prompted shares in Fitbit to slip as much as 14pc in after-hours trading. The company has lost more than 80pc of its value since floating in 2015. - Telegraph Johnnie Walker is rolling out a female version of its whisky in the US – Jane Walker - that owner Diageo hopes will widen the appeal of the product while celebrating women. A limited edition run of its 12-year-old Black Label blended whisky will feature a striding woman on the label rather than the top-hatted man normally associated with the brand. - Guardian In a significant blow to the fortunes of disgraced “Pharma Bro” Martin Shkreli a judge ruled Monday that he was responsible for nearly $10.5m in losses in a securities fraud scheme. The decision could result in a harsher sentence for the eccentric former pharmaceutical company CEO who faces up to 20 years in prison. - Guardian   To advertise in the Euro Markets Bulletin please contact advertise@advfn.com     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