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 ADVFN Evening Euro Markets Bulletin - October 19th 2011

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ADVFN Evening Euro Markets Bulletin - October 19th 2011 Empty
PostSubject: ADVFN Evening Euro Markets Bulletin - October 19th 2011   ADVFN Evening Euro Markets Bulletin - October 19th 2011 Icon_minitimeWed Oct 19, 2011 10:09 am

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London Market Reports

RBS, Barclays and Lloyds lead the way

Market Movers

techMARK 1,822.14 +0.15%
FTSE 100 5,445.95 +0.66%
FTSE 250 10,244.09 +0.64%
Greece has been crippled by strikes. Spain’s debt has been downgraded by Moody’s. And EU officials say no deal has been reached on scaling up the Eurozone fund. But for now London’s leading share index is in positive territory.

A 48-hour general strike has been called in Greece ahead of a vote on austerity measures. Spain, meanwhile, had its credit rating cut by two notches last night by the Moody's rating agency. Talks continue over the extension of the European Financial Stability Fund.

"With the rumours that France and Germany have reached an agreement to boost the region's rescue fund there was a hope that we would see a short-term resolution, however this is yet to be confirmed and following S&P's downgrade of 24 Italian Banks and Moody's downgrade of Spain's debt it's not time to get the champagne out just yet," said Matthew Nelson of spread-betting firm Spreadex.

In stocks, meanwhile, satellite TV, landline and broadband supplier BSkyB is wanted after it saw a strong rise in profits in the quarter to 30 September as it increased sales of all three products. Revenue rose to £1.66bn from £1.53bn over the same period the previous year the previous year, while earnings before interest, tax, depreciation and amortization (EBITDA) climbed to £381m from £335m.

However, it is banks that are setting the pace. Barclays, RBS and Lloyds are all posting good gains.

Home Retail falls sharply after sales and profits dropped at the company behind Homebase and Argos. Overall sales were down 6% to £2,568m in the half year to the end of August while profit before tax fell 70% to £28m and operating profit was down 72% at £27m.

FTSE 100 - Risers
Royal Bank of Scotland Group (RBS) 24.65p +3.83%
Lloyds Banking Group (LLOY) 33.22p +3.60%
Barclays (BARC) 180.55p +3.11%
British Sky Broadcasting Group (BSY) 695.50p +2.96%
Man Group (EMG) 162.70p +2.78%
Vedanta Resources (VED) 1,191.00p +2.32%
Essar Energy (ESSR) 289.40p +2.05%
Aviva (AV.) 339.40p +1.83%
Petrofac Ltd. (PFC) 1,346.00p +1.74%
Standard Life (SL.) 213.50p +1.72%

FTSE 100 - Fallers
BAE Systems (BA.) 280.00p -1.82%
GKN (GKN) 191.60p -1.79%
ARM Holdings (ARM) 582.50p -1.52%
Shire Plc (SHP) 2,009.00p -1.08%
Kingfisher (KGF) 253.20p -0.94%
Rio Tinto (RIO) 3,143.50p -0.51%
Serco Group (SRP) 494.30p -0.46%
Burberry Group (BRBY) 1,240.00p -0.40%
Marks & Spencer Group (MKS) 328.10p -0.39%
Next (NXT) 2,549.00p -0.35%

FTSE 250 - Risers
Ashtead Group (AHT) 158.40p +5.04%
Moneysupermarket.com Group (MONY) 103.40p +3.40%
Cable & Wireless Worldwide (CW.) 27.24p +3.18%
Thomas Cook Group (TCG) 46.31p +2.82%
Pace (PIC) 95.10p +2.76%
Exillon Energy (EXI) 271.90p +2.60%
Grainger (GRI) 88.75p +2.60%
Drax Group (DRX) 472.10p +2.59%
SVG Capital (SVI) 211.80p +2.47%
Genesis Emerging Markets Fund Ltd. (GSS) 456.90p +2.44%

FTSE 250 - Fallers
Home Retail Group (HOME) 107.10p -10.53%
Howden Joinery Group (HWDN) 114.20p -1.55%
Spirax-Sarco Engineering (SPX) 1,744.00p -1.47%
Kentz Corporation Ltd. (KENZ) 473.50p -1.35%
Balfour Beatty (BBY) 254.50p -1.24%
Phoenix Group Holdings (DI) (PHNX) 513.00p -1.16%
Brown (N.) Group (BWNG) 263.70p -0.98%
Dixons Retail (DXNS) 11.20p -0.97%
JD Sports Fashion (JD.) 827.00p -0.96%
African Barrick Gold (ABG) 552.00p -0.90%


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UK Event Calendar
INTERIMS
C&C Group, e-Therapeutics, Home Retail Group, Vertu Motors

INTERIM DIVIDEND PAYMENT DATE
Aggreko, French Connection Group, Fyffes, Premier Farnell

INTERIM EX-DIVIDEND DATE
BAE Systems, British Polythene Industries, Game Group, NB Global Floating Rate Income Fund Ltd GBP, NB Global Floating Rate Income Fund Ltd USD, Octopus Apollo VCT 1, Octopus Apollo VCT 2, Octopus Apollo VCT 3, Octopus Eclipse VCT 2, Scisys, Spectris, Ted Baker, TT Electronics

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Current Account (EU) (09:00)
Construction Output (EU) (10:00)
Building Permits (US) (13:30)
Consumer Price Index (US) (13:30)
Crude Oil Inventories (US) (15:30)
Housing Starts (US) (13:30)
MBA Mortgage Applications (US) (12:00)
Beige Book Fed Survey (US) (19:00)

IMSS
Diageo, GKN, GlobeOp Financial Services SA (DI)

SPECIAL DIVIDEND PAYMENT DATE
News Corp. 'A' Shares, News Corp. 'B' Shares

SPECIAL EX-DIVIDEND PAYMENT DATE
Aegis Group, Ludgate Environmental Fund Ltd.

EGMS
MHP SA GDR (Reg S), Natasa Mining Ltd. (DI)

AGMS
Brooks Macdonald Group, Diageo, Haynes Publishing Group

UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Minutes (09:30)

FINAL DIVIDEND PAYMENT DATE
Airsprung Group, News Corp. 'A' Shares, News Corp. 'B' Shares, Stagecoach Theatre Arts

FINAL EX-DIVIDEND DATE
Avingtrans, Interior Services Group, JD Wetherspoon, Ricardo, Stavert Zigomala, Strategic Equity Capital, Thorpe (F.W.), Wilmington Group

Q1
British Sky Broadcasting Group


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European Market Report

FTSE 100 Euronext Dax perf CAC 40


European stocks shrugged off the downgrade of Spanish debt on Wednesday morning to open strongly, as rumours of progress in rescue fund discussions circluated the markets.

The Cac in Paris was up 29 at 3,170, the Ibex in Madrid rose 88 to 8,900, while the Dax in Frankfurt jumped 61 to 5,939.

EFSF BOOST RUMOURS, SPAIN DOWNGRADED

A European Union (EU) official has quashed rumours that France and Germany have reached agreement on beefing up the Eurozone bail-out fund from €440bn to €2trn.

The Guardian newspaper reported yesterday that EU diplomats said the agreement on expanding the European Financial Stability Fund (EFSF) would form part of a "comprehensive plan" to resolve the sovereign debt crisis that is threatening economic stability, not just in the Eurozone, but the world over.

However, sources told Reuters this morning, "It's wrong. There is no deal...It's naive to think you can make those calculations and come up with a nice round 2trn figure. It's not nearly as simple as that."

While the official denounced the claims, markets opened strongly on hopes that this has signaled the start of talks to resolve the ongoing crisis.

Meanwhile, Spain had its credit rating cut by two notches last night by the Moody's rating agency. The country saw its creditworthiness cut from Aa2 to A1 with a negative outlook. Moody's was the third of the ratings agencies to downgrade Spain, following recent one notch cuts by Fitch and Standard & Poor's (S&P).

"Since placing the ratings under review in late July 2011, no credible resolution of the current sovereign debt crisis has emerged and it will in any event take time for confidence in the area's political cohesion and growth prospects to be fully restored," it said.

BANKS IN THE LEAD

The banks were the best performers early on, with Commerzbank, Deutsche Bank, BNP Paribas and Societe Generale rising strongly.

However, UniCredit bucked the trend in Milan to open lower on the back of reports that police have seized €245m in funds in the investigation into tax fraud related to 2007 and 2008. The bank was “very surprised by this initiative and remains convinced that both it and its employees acted correctly and properly in relation to this matter”, it said.

UniCredit was able to escape a downgrade by S&P, which cut the ratings of three other Italian banks, Monte dei Paschi di Siena, Banca Popolare and UBI Banca. Some 21 other regional banks also had their ratings downgraded.

“Funding costs for Italian banks and corporates will remain noticeably higher than those in other eurozone countries unless the Italian government implements workable growth enhancing measures and achieves a faster reduction in the public sector debt burden”, S&P said on Tuesday night.


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US Market Reports

Dow Jones NASDAQ NYSE AMEX

Please click on the images to view our interactive charts

The S&P 500 index rose to its highest level since August as reports that France and Germany have reached agreement on beefing up the Eurozone bail-out fund to €2trn.

The Guardian newspaper reported that European Union diplomats said the agreement on expanding the European Financial Stability Fund (EFSF) would form part of a "comprehensive plan" to resolve the sovereign debt crisis that is threatening economic stability, not just in the Eurozone, but the world over.

The news sent the S&P 500 surging 25 points to 1,225, while the Dow-Jones industrial average racked up a triple digit gain, advancing 180 points to 11,577. The tech-heavy NASDAQ Composite rose 43 points to 2,657.

The better than expected reading today on activity in the housing sector also boosted sentiment, as did strong results from the Bank of America.

Third quarter net income from Bank of America totalled $6.2bn, equivalent to 56 cents a share, versus a loss of $7.3bn (-77 cents a share) in the corresponding quarter of last year. This time round the figures were boosted by $9.8bn of exceptional credits.

Adjusted revenue advanced to $28.7bn from $27bn the year before.

In after hours trading, stock market darling Apple for once disappointed the market with figures that came in below expectations. The iPhone maker's third quarter earnings of $6.62bn were more than half as much again as the $4.31bn made in the corresponding quarter of last year, but that was not enough to satisfy a market that was looking for earnings of $7.25bn. Sales also came in below expectations at $28.27bn, versus market consensus of $29.4bn.

It was the second day in succession that a tech giant had underwhelmed the market with third quarter figures after the bell. On Monday night, IBM's figures had come up short, resulting in "Big Blue" being one of only two Dow constituents to fall back on Tuesday.

Computer chip giant Intel did not disappoint, however, with its figures that were also published after the close of trading. The company is seeing strong demand for its chips used in laptops sold in emerging markets.


S&P 500 - Risers
AK Steel Holding Corp. (AKS) $8.06 +12.73%
PulteGroup Inc. (PHM) $4.46 +11.22%
D. R. Horton Inc. (DHI) $10.59 +11.01%
Regions Financial Corp. (RF) $3.83 +10.69%
State Street Corp. (STT) $37.49 +10.69%
Bank of America Corp. (BAC) $6.64 +10.12%
Lennar Corp. Class A (LEN) $15.93 +9.33%
Morgan Stanley (MS) $16.63 +9.05%

S&P 500 - Fallers
Hospira Inc. (HSP) $29.51 -21.01%
Harley-Davidson Inc. (HOG) $34.59 -7.04%
Netflix Inc. (NFLX) $111.74 -4.76%
Lorillard Inc. (LO) $111.64 -4.25%
International Business Machines Corp. (IBM) $178.90 -4.12%

Dow Jones I.A - Risers
Bank of America Corp. (BAC) $6.64 +10.12%
JP Morgan Chase & Co. (JPM) $32.87 +5.90%
Alcoa Inc. (AA) $10.14 +5.85%
Chevron Corp. (CVX) $102.93 +4.38%

Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $178.90 -4.12%
Coca-Cola Co. (KO) $66.74 -0.39%

Nasdaq 100 - Risers
Seagate Technology Plc (STX) $12.10 +7.08%
First Solar Inc. (FSLR) $55.91 +5.57%
Joy Global Inc. (JOYG) $79.85 +5.47%

Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $132.37 -2.39%
Dish Network Corp. (DISH) $26.13 -2.06%


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Newspaper round-up: RBS/Lloyds, Mervyn King, Lord Wolfson
Companies are cutting their business with the taxpayer-owned lenders Royal Bank of Scotland and Lloyds amid fears that the cost of borrowing will rise after the recent ratings downgrade by Moody’s. The Association of Corporate Treasurers told MPs yesterday that corporate borrowers had already begun talking to rival overseas loan providers, including Japanese banks keen to secure a stronger foothold among British businesses, the Times reports.

Britain is at risk from a fundamental crisis in the world economy and “time is running out” to solve it, the Governor of the Bank of England has said. Despite record low interest rates, printing new money and other emergency measures, governments had not yet addressed the underlying problem of overspending that was at the root of the financial crisis, Sir Mervyn King warned, according to the Daily Telegraph.

Those in need of spare cash amid troubled economic times could do worse than apply for a new prize set up by Lord Wolfson, who is offering £250,000 to the person who comes up with the best plan for winding up the euro in an orderly way. The Wolfson Economics Prize, launched today, will be the second largest cash prize to an academic economist after the Nobel Prize, the Financial Times says.

A surge in the inflation rate last month delivered a ferocious blow to savers and further crushed family incomes, official figures show. A big increase in utility bills helped to push the consumer prices index (CPI) up to 5.2% from 4.5% in August, matching the highest level since 1992, according to the Office for National Statistics (ONS), the Times reports.

A Scotsman walks into a pub and buys a 41% proof beer and £10,000 in shares. Serious investors may laugh, but Scotland's largest independent beer maker, BrewDog, plans to offer shares in itself to its customers at new bars in England by the end of the year. For the brewer that introduced super-strength beers served in stuffed squirrels, it is all part of its Equity for Punks finance scheme to help fund the opening of its first bar south of the border in Camden, north London, in December, the Independent reports.

Sir John Vickers yesterday warned that ring-fenced retail banks' boards would require a complete overhaul to meet the demands of his banking reforms. Appearing before the House of Lords' Economic Affairs Committee, Sir John said hisIndependent Commission on Banking (ICB) did not consult headhunters on a requirement for ring-fenced retail banks to have their own boards of non-executive directors, according to the Independent.

France and Germany have reached agreement to boost the eurozone's rescue fund to €2tn (£1.75tn) as part of a "comprehensive plan" to resolve the sovereign debt crisis, which this weekend's summit should endorse, EU diplomats said. The growing confidence that a deal can be struck at this Sunday's crisis summit came amid signs of market pressure on France following the warning by the ratings agency Moody's that it might review the country's coveted AAA rating because of the cost of bailing out its banks and other members of the eurozone, the Guardian reports.

The Daily Mail’s Money Mail has scored a victory for tens of thousands of TalkTalk customers unfairly frozen out of a deal to cut the annual cost of their landline, it says. After Money Mail stressed the unfair nature of the deal, as well as the confusion caused by the mistake, TalkTalk backtracked and said it would honour the original deal offered in its letter.

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ADVFN Evening Euro Markets Bulletin - October 19th 2011
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