ADVFN Morning Euro Markets Bulletin - June 29th 2011

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London Market Reports


Miners track metals prices higher

Market Movers
techMARK 1,910.61 +0.75%
FTSE 100 5,811.97 +0.78%
FTSE 250 11,684.02 +0.67%

The Footsie opened strongly on the back of decent gains from the miners, as metals prices headed higher.

Antofagasta, Xstrata and Vedanta Resources were among the top risers early on.

Tate & Lyle, the food ingredients giant, fell lower, extending losses from yesterday after RBS cut its rating on the stock from buy to hold.

Property group British Land headed higher after acquiring a prime Maidenhead property for £74m.

On the FTSE 250, Senior was the best performer after the group said it expects pre-tax profit for the six months ended 30 June to be ahead of previous expectations, driven by the recovery in the truck markets and increased production in its Aerospace Division.

UK-listed oil producer Exillon Energy was also higher after preliminary results from Exploration Well 4 in West Siberia confirmed the presence of 6.7m of effective net oil pay in a new area.

Bus and train group Stagecoach fell into the red as sales of £2.39bn came short of expectations of £2.47bn.

Betfair, the betting exchange that has been rocked by a number of departures by high ranking executives, said full year profitability came in ahead of expectations, though it conceded revenue growth "could have been stronger". Shares were flat early on.

International energy services firm Hunting edged higher after saying it remains confident that trading will be in line with expectations for year ending 31 December 2011.


FTSE 100 - Risers
Antofagasta (ANTO) 1,339.00p +2.76%
Burberry Group (BRBY) 1,409.00p +2.25%
Experian (EXPN) 780.50p +2.16%
Xstrata (XTA) 1,309.00p +1.95%
Wolseley (WOS) 1,993.00p +1.94%
Smiths Group (SMIN) 1,171.00p +1.91%
Vedanta Resources (VED) 2,009.00p +1.88%
IMI (IMI) 1,014.00p +1.86%
Autonomy Corporation (AU.) 1,653.00p +1.85%
Amec (AMEC) 1,067.00p +1.81%

FTSE 100 - Fallers
Man Group (EMG) 228.30p -1.93%
Tate & Lyle (TATE) 609.00p -1.54%
ARM Holdings (ARM) 585.00p -0.76%
Compass Group (CPG) 597.50p -0.67%
Marks & Spencer Group (MKS) 367.70p -0.33%
British Sky Broadcasting Group (BSY) 848.50p -0.06%
Land Securities Group (LAND) 834.00p +0.06%
Next (NXT) 2,278.00p +0.09%
Scottish & Southern Energy (SSE) 1,389.00p +0.22%
Vodafone Group (VOD) 162.40p +0.22%


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UK Event Calendar
INTERIM DIVIDEND PAYMENT DATE
Majedie Investments, Wichford

INTERIM EX-DIVIDEND DATE
Compass Group, Electronic Data Processing, Octopus Titan VCT 1, Octopus Titan VCT 2, Paragon Group Of Companies

QUARTERLY EX-DIVIDEND DATE
Africa Opportunity Fund Ltd., Real Estate Credit Investments Ltd.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Crude Oil Inventories (US) (15:30)
Economic Sentiment Indicator (EU) (10:00)
MBA Mortgage Applications (US) (12:00)
Pending Homes Sales (US) (15:00)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)

GMS
Corero, Innovise, Polski Koncern Naftowy Orlen SA GDR (Reg S), Standard Life Investments Property Income Trust Ltd., Yule Catto & Co

FINALS
Anite, Ishaan Real Estate, Stagecoach Group

ANNUAL REPORT
Pennon Group

EGMS
IFG Group, Natasa Mining Ltd. (DI)

AGMS
Ambrian Capital, Andes Energia, Beacon Hill Resources, Biofutures International, Bwin.party Digital Entertainment, C&C Group, Caledon Resources, Crimson Tide, Cryptologic Ltd., Deo Petroleum, Elderstreet VCT, Forum Energy, Healthcare Locums, IFG Group, JSC Federal GDR (REG S), JSC Polymetal GDR (Reg S), JSC Sitronics GDR (Reg S), JSC Uralkali GDR (Reg S), KEFI Minerals, Kingswalk Investments Ltd., Konami Corp., LiDCO Group, M&C Saatchi, Maple Energy, Mar City, Martin Currie Pacific Trust, Mediterranean Oil & Gas, Natasa Mining Ltd. (DI), New World Oil And Gas, Northern Petroleum, Ortus VCT, Pactolus Hungarian Property, Rugby Estates, Sefton Resources Inc., TDK Corp., Transense Technologies, UMC Energy, Westhouse Holdings

TRADING ANNOUNCEMENTS
Senior

UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
GDP (quarterly national accounts) (09:30)
Index of Services (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
PMI Retail (09:30)

FINAL EX-DIVIDEND DATE
Aberdeen All Asia Inv Trust, Aurora Inv Trust, Bisichi Mining, Braemar Shipping Services, Brown (N.) Group, Chamberlin, Cranswick, Ensor Holdings, F&C Global Smaller Companies, Framlington AIM VCT 2, Fuller Smith & Turner, HaiKe Chemical Group Ltd. (DI), Halfords Group, Helical Bar, Hogg Robinson Group, Homeserve, Man Group, MDM Engineering Group Ltd. (DI), Montanaro European Smaller Companies Trust, Montanaro UK Smaller Companies Inv Trust, MS International, Norcros, Northern 2 VCT, Northern Investors Co, Octopus VCT , Petropavlovsk, Tate & Lyle, UBC Media Group, Utilico Emerging Markets Ltd.


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European Market Reports
Revival continues

Greece is once again pre-eminent in the thoughts of traders and with most pundits predicting that the Greek parliament will vote through the government's austerity programme, despite violent protests on the streets of Athens, stocks are buoyant.

All of the major indices are in the blue, with the DAX, CAC, IBEX and MIB all moving up by just over a percentage point.

The CAC is up 39 at 3,891, the DAX is 72 higher at 7,243, the IBEX is 109 points firmer at 10,046 and moves back above 10,000, while the MIB index is 206 points to the good at 19,661.

Corporate news flow is thin, leaving the field open for broker commentary to generate share price movements. UBS is advising its clients to get their teeth into dental implants company Nobel Biocare, which has been upgraded by UBS to "buy" from "neutral". UBS has made the same shift in rating for chemicals company Wacker Chemie.

Meanwhile, Morgan Stanley has upgraded insurance behemoth Allianz from "equal weight" to "overweight".

Swiss biotechnology company Actelion has made a $577m provision to cover a pay-out to Asahi Kasei Pharma ordered by a US court back in May in a dispute between the two companies over development of a lung medicine. The provision is likely to wipe out any full-year profits, at least on paper, under US generally accepted accounting principles (GAAP), the company said.

CAC 40 - Risers
PPR (PP) € 121.00 +2.15%
Technip (TEC) € 70.58 +2.10%
Schneider Electric (SU) € 112.30 +1.86%
ArcelorMittal SA (MT) € 23.47 +1.60%
Carrefour (CA) € 27.86 +1.53%
Alcatel-Lucent (ALU) € 3.98 +1.45%
Saint Gobain (SGO) € 42.59 +1.44%
Lafarge (LG) € 42.46 +1.43%
Vallourec (VK) € 80.72 +1.39%
BNP Paribas (BNP) € 51.80 +1.31%

CAC 40 - Fallers
None


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US Market Reports

Dow Jones NASDAQ NYSE AMEX

Please click on the images to view our interactive charts

Dow has best day in two months

The Dow Jones notched up a triple digit gain as the conviction grew in the market that the Greek parliament would vote through the government's austerity package.

The Dow rose 145 points to 12,188 while the broader based S&P 500 advanced 16 to 1,296. The NASDAQ Composite climbed 41 to 2,729.

On the company front, sportswear firm Nike raced ahead following better than expected figures announced after the bell on Monday. Fourth quarter earnings per share came in at $1.24, ahead of the consensus estimate of $1.16. Net income rose to $594 million compared to $522 million in the same period of last year.

Revenue rose 14% to $5.77 billion, which also surpassed the consensus estimate of $5.53 billion.

Consulting outfit Accenture saw some buying interest from index tracking funds ahead of its elevation to the S&P 500 index overnight, where it will take the place of Marshall&Ilsley.

Sat nav outfit Garmin lost its way after its European rival, TomTom, lowered its full year forecasts on Tuesday morning.

British credit checking company Experian will acquire Medical Present Value for $185m.

Broker commentary spurred on social networking company LinkedIn; JPMorgan Chase thinks the Facebook-for-grown-ups site's stock price is worth $85, while Bank of America thinks the company is worth $92 a share. UBS's price target is $90 and Morgan Stanley's is $88.

MACROECONOMY

US home prices rose by 0.7% on month (-4.0% on year) in April, according to the latest S&P-Case Shiller price data. S&P however is quite cautious, pointing out that, “(there are) still a lot of questions and a long way to go.”

The Conference Board´s consumer confidence index for the month of June has come in below forecasts, at 58.5 points (Consensus: 61.7)

S&P 500 - Risers
Nike Inc. (NKE) $89.90 +10.14%
Monster Worldwide Inc. (MWW) $14.90 +9.80%
First Solar Inc. (FSLR) $124.61 +6.80%
Supervalu Inc. (SVU) $9.12 +5.68%
National Oilwell Varco Inc. (NOV) $74.56 +5.46%
FMC Technologies Inc. (FTI) $42.52 +5.33%
Halliburton Co. (HAL) $48.69 +5.32%
Cabot Oil & Gas Corp. (COG) $65.75 +5.02%

S&P 500 - Fallers
Lorillard Inc. (LO) $109.13 -1.85%
Windstream Corp. (WIN) $12.86 -1.85%
Altria Group Inc. (MO) $26.36 -1.53%

Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $103.84 +3.02%
McDonald's Corp. (MCD) $84.35 +2.47%

Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $39.54 -0.85%

Nasdaq 100 - Risers
First Solar Inc. (FSLR) $124.61 +6.80%
Vertex Pharmaceuticals Inc. (VRTX) $50.69 +4.04%
Starbucks Corp. (SBUX) $39.25 +3.32%

Nasdaq 100 - Fallers
Flextronics International Ltd. (FLEX) $6.27 -1.38%
Vodafone Group Plc ADS (VOD) $26.10 -1.36%
Garmin Ltd. (GRMN) $31.87 -1.09%
Virgin Media Inc. (VMED) $31.38 -0.57%


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Newspaper Round-up
Greece, Lagarde, BoE...

Greece will be committing “suicide” if its parliament fails to back sweeping austerity measures aimed at averting a catastrophic default, according to the head of the country’s central bank. The stark warning by George Provopoulos, governor of the Bank of Greece, further heightened the stakes ahead of a knife-edge vote on Wednesday in the Greek parliament, the Financial Times reports.

Christine Lagarde has been named as the new head of the International Monetary Fund, ending a fiercely fought contest dominated by Europe's intensifying debt crisis. The French finance minister secured one of the key positions in international finance after the US government declared its support, giving her the majority of votes she needed among the IMF's 187 member countries, writes the Telegraph.

In one of his most "doveish" interventions since the end of the recession, Sir Mervyn King, the Governor of the Bank of England, signalled yesterday that there would be no rise in interest rates until there was clearer evidence that the economy was growing and that unemployment and the interest rates actually paid by consumers were falling, reports the Independent.

ScottishPower has been accused of disproportionately targeting people who use the lowest amount of electricity after it emerged that it is raising the flat rate it charges hundreds of thousands of households by up to 79 per cent. This month the supplier shocked many consumers when it announced that it was raising average electricity bills by 10 per cent and gas bills by 19 per cent, according to the Times.

The farce engulfing the takeover of Mecca Bingo owner Rank Group took another twist on Tuesday when the company's two top executives both resigned suddenly.

Ian Burke, chief executive of Rank since March 2006, and Paddy Gallagher, who has been finance director since June 2008, both quit the board with immediate effect prompting the company to admit: "The board is convening urgently to discuss these latest developments with its advisers and a further announcement will be made shortly," says the Guardian.

Eurocrats are about to demand an ‘outrageous’ budget increase of up to 12 per cent – three times the rate of inflation. This means Britain’s contribution to running the EU – already £15.3billion a year – will rise by another £2billion. The budget, being finalised by the European Commission, is a clear rebuff to David Cameron’s calls for belt-tightening in Brussels, the Daily Mail writes.

Smiths Group was in focus yesterday on renewed hopes of a break-up of the £4.3billion ­engineering and technology ­conglomerate. Shares in airport scanners company Smiths, which earlier this year rebuffed a £2.45billion private equity offer for its medical business, rebounded 42p to 1149p following recent ­weakness, according to the Daily Express.