The Hand of Scalpuman
Would you like to react to this message? Create an account in a few clicks or log in to continue.

The Hand of Scalpuman

Forum of the Lord of Trading fellowship


 
HomeSearchLatest imagesRegisterLog in
Latest topics
» Daily Market Analysis from ForexMart
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeTue May 03, 2016 9:51 am by Andrea ForexMart

» Company News by ForexMart
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeWed Apr 27, 2016 9:46 am by Andrea ForexMart

» forex & binary - licensing & consulting
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeThu Apr 14, 2016 1:32 pm by AGPLaw

» Stop leading an 8/5 robotic life and live real life!
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeWed Oct 14, 2015 9:59 am by Ian Shaw

» Forex and binary options affiliate program reviews
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeWed Sep 09, 2015 7:09 pm by affiliates-network

» InstaForex Company News
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeThu Oct 02, 2014 8:29 am by IFX Yvonne

»  Forex expositions by ShowFxWorld.
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeFri Aug 29, 2014 10:44 am by ShowFxWorld

» Forex News from InstaForex
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeFri Aug 22, 2014 9:48 am by IFX Yvonne

» Shaolin Black Swan and Crunching Hobbit
ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeWed Jul 23, 2014 7:44 pm by Sauros




 

 ADVFN Morning Euro Markets Bulletin March, 3rd 2010

Go down 
AuthorMessage
Scalpuman
Admin
Scalpuman


Posts : 1174
Join date : 2009-05-13

ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Empty
PostSubject: ADVFN Morning Euro Markets Bulletin March, 3rd 2010   ADVFN Morning Euro Markets Bulletin March, 3rd 2010 Icon_minitimeWed Mar 03, 2010 11:07 am


by ADVFN.com
ADVFN offer FREE streaming stocks and shares data form around the world. SEE MORE

London Market Report

Cautious start for blue chips

Market Movers
FTSE 100 5,471.57 -0.23%
techMARK 1,608.35 -0.12%
FTSE 250 9,577.13 -0.22%

A weak end to trading in the US last night has pulled London back from yesterday’s six-week high. Some big names going ex-dividend have added to the early weakness.

Standard Chartered defiantly said it will pay its executives bonuses after another record year in 2009, with income and profits slightly above market forecasts. "We pay for good performance and we do not reward failure,” chairman John Peace said. Profit before tax rose 13% to $5.15bn and was up 18% on a constant currency basis. CEO Peter Sands added that 2010 has started well for both its retail and wholesale divisions.

ITV remains cautious despite returning to profit last year and keeping adjusted profit steady, as a marked bounce-back in advertising spend in early 2010 is flattered by weak comparatives. Pre-tax profit was £25m against a £2.7bn loss in 2008 on revenue down 7% to £1.87bn. Profit before tax and exceptionals dipped 4% to £108m.

TV ad revenue dropped 9% to £1.29bn, but that was ahead of the total market which fell 11% and the first quarter of 2010 is estimated to be up 7%. Early forecasts for April indicate an increase of 15-20%, but the group warns of tougher comparatives later in the year.

There’s speculation that Prudential, which has lost a fifth of its stock market value in just two days following its surprise $35.5bn bid for AIG’s Asian business, could beceom a takeover target.

Rail and bus group Arriva saw profits fall by 19% in 2009 as it weathered the recession and dealt with the effects of a heavy increase in fuel costs. Profit before tax fell to £121.7m from £150m the year before on revenue that grew to £3,147.8m from £3,042.2m. Management said that it was disappointed in the revenue growth of its CrossCountry train operations. It needed around 10% passenger revenue growth to maintain the profitability of the UK Train division and only got 2.6%.

India-focused miner Vedanta has published the final terms of the $805m convertible bond offering it announced on Tuesday. The bonds, due for redemption in 2017, will carry a coupon of 4%. The company intends to use the funds raised by the bond issue to refinance debt redemptions and for general working capital purposes.

Support services company Carillion confidently expects to enhance earnings again in 2010 after beating market expectations in 2009 despite challenging market conditions.

Lender International Personal Finance has taken a battering after its full year figures. The dividend was held but profits were boosted by £10m from a pricing policy that will reverse in the current year due to increased early settlement rebates on the introduction of the EU Consumer Credit Directive in 2010.

Housebuilder Taylor Wimpey said full year pre-tax losses widened but said the first two months of the year had started strongly and it was well positioned to increase profitability as markets recover.

Frankie & Benny’s eateries owner The Restaurant Group said like-for-like (LFL) sales returned to growth in the latter stages of 2009. ‘The current year has started well - after nine weeks, revenues are 6% ahead of last year and like-for-like sales are up 1%,’ said chief executive Andrew Page, in a statement accompanying 2009 results.

Sippdeal

The UK's first online SIPP and a tax efficient, low-cost, award winning way to manage your pension fund. With online dealing fixed at £9.95, no establishment charge, no SIPP annual administration charge, no contribution charge and free transfers in – Sippdeal could be ideal for you. Click here

UK Event Calendar for today

INTERIMS
Sportingbet

INTERIM DIVIDEND PAYMENT DATE
Stagecoach Group

INTERIM EX-DIVIDEND DATE
Alumasc Group, Aquarius Platinum Ltd., BHP Billiton, BlueBay Asset Management, Carclo, Cassidy Brothers, Centaur Media, Cohort, Colefax Group, Craneware, Dechra Pharmaceuticals, Diageo, Galliford Try, Gartmore Fledgling Trust, Hansard Global, Hays, James Halstead, Kesa Electricals, Lindsell Train Inv Trust, Mid Wynd International Inv Trust, Northamber, Oxford Instruments, Park Group, Ruffer Investment Company Ltd., Standard Life Equity Income Trust, Standard Life UK Smaller Companies Trust, Thorntons, Town Centre Securities, Waterman Group, Wilmington Group

QUARTERLY EX-DIVIDEND DATE
M&G Equity Inv Trust Income Shares

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Current Account (AUS) (00:00)
ECB Interest Rate (EU) (12:45)
Gross Domestic Product (AUS) (00:00)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)

Q2
Sportingbet

FINALS
Arriva, Dialight, FBD Holdings, Hydrogen Group, International Personal Finance, Just Car Clinics Group, Lavendon Group, LSL Property Services, Macfarlane Group, Restaurant Group, RPS Group, Stadium Group, Standard Chartered, Taylor Wimpey, Unite Group, Yamana Gold Inc

EGMS
Comstar UTS GDR (Reg S)

AGMS
Aberforth Smaller Companies Trust, Acuity VCT 3, Income & Growth VCT, New Europe Property Investments

UK ECONOMIC ANNOUNCEMENTS
PMI Composite (09:30)
PMI Services (09:30)

FINAL EX-DIVIDEND DATE
All Leisure Group, Ambrian Capital, BBA Aviation, Beazley Group, BlackRock Latin American Inv Trust, Cenkos Securities, Dillistone, Domino Printing, Dunedin Enterprise Inv Trust, Electronic Data Processing, Fidessa, Gleeson (M J) Group, Holders Technology, Hunting, Independent Inv Trust, JPMorgan Income & Growth Inv Trust Income Shares, Just Car Clinics Group, Law Debenture Corp., LPA Group, M Winkworth, Millennium & Copthorne Hotels, Moneysupermarket.com, Monks Inv Trust, Ocean Wilsons, Octopus Titan VCT 1, Octopus Titan VCT 2, Perpetual Income & Growth Inv Trust, Rathbone Brothers, Rights & Issue Inv Trust Capital Shares, Rights & Issues Inv Trust Income Shares, RSA Insurance Group, Safestore, Scottish American Inv Company, Securities Trust of Scotland, Severfield-Rowen, Small Companies Dividend Trust, St James's Place

Dealing, Shares ISA...

...and SIPP Dealing accounts available with Selftrade. Standard flat £12.50 per trade and an annual Management Fee of £35 + VAT. Frequent trader rate £6 per trade. No dealing fee on fund purchases. Extensive market data and news plus advanced charting and technical analysis. Click here

Currencies Market Report

Sterling and Euro regain some ground

The pound has recovered above 1.5000 overnight after this week’s earlier falls took it sharply lower against a basket of currencies. It has been boosted overnight by figures showing that the Nationwide consumer confidence figure for February rose to 80, its highest in two years, from a figure of 73 in January.

Traders continue to focus on the narrowing gap in the opinion polls between Labour and the Conservatives, while the Euro is holding above 1.3450 on hopes of a Greek bailout.

In Athens yesterday there were more strikes over possible austerity measures, yet we have the market speculating about the Germans giving guarantees to a Greek bond auction next week. Indeed the Greek Prime Minister has indicated that Greece should be able to borrow at the same rates as Germany, which seems rather fanciful given the circumstances, warning of catastrophic consequences if they are unable to do so.

There is no appetite amongst Germans for any type of guarantee while Greece is unable to implement further austerity measures, and even if they do agree an extra €4.8bn worth, implementing them is a whole different ball game. As if to outline the problems facing Greece the biggest public sector union has called another strike for March 16 against any further measures. The markets will be taking a close look at the details outlined today by the Greek Prime Minister of the planned new cuts, which could include deeper cuts to civil servant pay, freezing pensions and hiking consumer taxes, ahead of Friday’s planned meeting in Berlin with Angela Merkel.

It seems highly unlikely that there will be a bail-out, certainly Angela Merkel is reluctant to countenance one, and once the markets realise this the Euro is likely to fall further. Even if there is a bail-out Germany can't bail out Spain or Italy, and they could well be next.

EURUSD – yesterday’s spike below 1.3450 was very short-lived but nonetheless is symptomatic of the nervousness permeating the markets. The overall scenario of a lower Euro remains the key drag on any rallies and only a move above 1.3700 would promote a little anxiousness amongst Euro shorts and a possible move towards channel line resistance from the 1.5145 highs at 1.3900.

GBPUSD - The key level on a daily close remains 1.4850 which is the 61.8% Fibonacci Retracement of the up move from 1.3500 to 1.7045. A break below here would re-target 1.4400, the 22nd April 2009 lows.
The pound now needs to sustain the overnight recovery back above 1.4980/1.5020 to try and stabilise in the first instance, in order to re-target the 1.5270 resistance area.

EURGBP - the November and December 2009 highs at 0.9150 are the key barriers to further Euro upside here. This week’s rally stalled at this level and remains the key barrier to further sterling losses. Euro dips should some buyers around 0.8980 and 0.9020.

USDJPY – we have seen a drift towards 88.50 overnight and while below 89.50 the target remains for a drift towards 88.25

GCI Trading
Trade Forex, Indices and Shares with zero commissions and 1% margin. Live dealing prices stream into GCI's state-of-the art trading software. Just click on a price to trade currencies, S&P 500, Dow Jones Industrials, DAX 30, Nikkei 225, IBM, Vodafone, Microsoft, and much more. To register for a free demo account Click Here

US Market Report

Dow flat after late sell-off

Wall Street endured a lousy afternoon session during which all but a couple of points were wiped off an earlier 50-point gain.

Investors mulled a batch of data on car sales, earnings news and a widely-held view that Greece will not default on its debt following a resolution to the situation predicted by the end of the week.

The Dow Jones rose just 2 points to 10,405, the Nasdaq Composite added 7 to 2,280, while the broad-based S&P 500 ended 2 higher at 1,118.

Tech plays were responsible for much of the late pullback, with Microsoft, IBM, Hewlett-Packard and Intel among the Dow’s worst performers.

General Motors reported a lower than expected 12% increase in year-on-year US sales for February, which was also less than January’s number.

There was an 86% slump in sales of Saab, Saturn, Pontiac and Hummers, the four brands GM is getting rid of. Chevrolet, GMC, Buick and Cadillac sales jumped 32% year-on-year.

GM said earlier today it has agreed to splash out €1.9bn (£1.7bn) on restructuring its Vauxhall and Opel units, three times the €600m originally pledged.

But steering problems linked to 14 crashes have forced it to recall 1.3 million Chevrolet and Pontiac’s sold in the US, Canada and Mexico. A supplier part-owned by troubled rival Toyota has been blamed.

The Japanese company suffered a 9% drop in sales last month, it revealed Tuesday, although that was not quite as bad as feared.

Meanwhile, Ford was celebrating after a 43% sales surge compared with a particularly weak February 2009 took it above Toyota and GM to claim top spot in the US market.

Office supplies giant Staples disappointed with an 18% drop in net income to $234m during the fourth quarter. Sales rose 4% to $6.4bn and are expected to increase in the low single-digits in 2010. The firm predicts a decline in earnings per share to between $1.18 and $1.28, less than analysts were after. Office Depot fell in sympathy.

A share buy back and higher dividend from mobile phone chip maker Qualcomm makes it the best performer on Nasdaq.

Kraft Foods was higher following the completion of the sale of its frozen pizza business to Nestle. Insurer American International Group fell after Monday’s proposed sale of its Asian business.

Traders International

Watch us trade “Live”!

Watch our Top Tier Traders make ($500 - $2000) a day
in “real time” and learn how to easily duplicate the process! Click Here for more information

Wednesday paper round-up

Prudential, Food prices, BAE Systems

Prudential has lost a fifth of its stock market value in just two days as Britain’s biggest insurer battles to convince UK investors to pay up for its $35.5bn Asian expansion.

Amid frenetic trading yesterday, shares in the Pru slumped a further 8% after dropping more than 12% on Monday, when it confirmed its plan to buy AIA from American International Group (AIG). Some traders speculated that the Pru’s tumbling share price left it vulnerable as a potential takeover target itself, arguing that Tidjane Thiam, the chief executive, had inadvertently “put it in play”, the Times reports.

Britain's largest companies handed over more than half their gross profits to the Government in taxes last year prompting FTSE 100 finance directors to warn that the burden was damaging investment and job creation. The One Hundred Group, whose members represent household names like Marks and Spencer, HSBC and BP and employ almost 6% of the UK workforce, has calculated that the Government took 56.6% of their gross profits in taxes last year, up from 48.6%in 2008, the Telegraph reports.

Up to 1,000 UK workers will lose their jobs at AstraZeneca as the pharmaceutical company ceases research into cures for several large disease areas. Employees at the company were told yesterday that its research and development site at Charnwood in Leicestershire, which employs 1,200 people, and a smaller facility in Cambridge, will close. Some of the workers will move to Alderley Park in Cheshire, AstraZeneca’s largest UK R&D site, the Times reports.

Food price inflation fell to a record low last month as the cost of fresh groceries dropped for the first time since 2006, according to new figures from the British Retail Consortium. In figures to be published today, overall shop price inflation fell from 2.3% to 1.7% in February, driven down by the drop in food price inflation from 2.9%to 1.3%— the lowest rate of inflation since 2006, the Times reports.

Michel Barnier, the new European commissioner for the internal market, is on course for a bruising showdown with hedge funds and private equity firms, leading City figures are warning. Key players in both sectors said that Mr Barnier, who was in London yesterday for talks with the City and the Chancellor of the Exchequer, had signalled an unwillingness to compromise over plans to regulate hedge funds and private equity more aggressively, despite their threats to leave Britain, the Independent reports.

Meanwhile, hedge funds are raising their bets against the euro amid growing fears of a regulatory backlash against their trading positions on the specific sovereign debt of Greece and other weak eurozone economies.
Many of the world’s biggest hedge funds have become increasingly concerned about fierce criticism by European politicians that their country bets have heightened the crisis of confidence in some markets, the FT reports.

Anti-arms campaigners have succeeded in halting the Serious Fraud Office's (SFO) plan to settle a bribery investigation into BAE Systems. The High Court granted an injunction which prohibits the SFO from "taking any further steps in its prosecution of BAE Systems" until the court decides whether or not to grant permission to Campaign Against Arms Trade (CAAT) and Corner House to apply for a judicial review of the plea bargain struck last month. The court will decide by March 20 whether or not to grant permission for the review, the Telegraph reports.

Financial regulators are planning to scrutinise the profits investment banks make from client trading to ensure that “casino” activities are not being concealed as customer business. The authorities fear that banks will try to avoid the crackdown on high-risk proprietary trading, where banks gamble with their own money, by hiding it within the market making functions offered as general client service, the Telegraph reports.

Sterling remained under intense pressure amid continuing concerns over a hung Parliament which could derail plans to dig the country out of its current fiscal hole. The pound remained broadly flat against the dollar after plunging by 4 cents on Monday to a ten-month low, but stayed below the key rate of $1.50. Analysts warned that it could tumble further in the coming weeks, the Times reports.

Ferrari, known for its high-performance red sports cars, formally joined the car industry’s move toward electrification when it unveiled its first hybrid car, a “concept” model painted bright green. Ferrari said that the technology of its HY-KERS experimental vehicle, based on the regenerative braking system developed for its Formula One cars, could reduce its cars’ emissions by 35%, the FT reports
Back to top Go down
http://forum.thelordoftrading.com
 
ADVFN Morning Euro Markets Bulletin March, 3rd 2010
Back to top 
Page 1 of 1
 Similar topics
-
» ADVFN Morning Euro Markets Bulletin March, 2nd 2010
» ADVFN Morning Euro Markets Bulletin, March 5th 2010
» ADVFN Morning Euro Markets Bulletin March, 19th 2010
» ADVFN Morning Euro Markets Bulletin March, 22th 2010
» ADVFN Morning Euro Markets Bulletin March, 24th 2010

Permissions in this forum:You cannot reply to topics in this forum
The Hand of Scalpuman :: The Trading Holy Grail Forums :: Economic News, Market Comments & Opinions-
Jump to: