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 |  Subject: ADVFN Morning Euro Markets Bulletin April 27th 2010  Tue Apr 27, 2010 9:07 am | |
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Miners pull Footsie down
Market Movers
FTSE 100 5,726.93 -0.47%
techMARK 1,677.57 -0.54%
FTSE 250 10,610.90 -0.74%
London’s top stocks have opened lower on a weak start for the mining sector and despite some encouraging numbers from three index heavyweights.
Miners are the problem, with falls across the sector led by Rio Tinto, Kazakhmys and Xstrata. Prudential is a strong performer on a report in the Times that its biggest shareholder has been moving behind the scenes to orchestrate a potential break-up of the insurer.
Lloyds Banking returned to profitability in the first quarter and expects this momentum to be sustained throughout the rest of the year. The lender, 41% owned by the taxpayer, did not provide a profit figure in today’s statement, but said it made a profit on a combined businesses basis due mainly to a significant downward trend in impairments.
BP more than doubled profits during the first quarter following stronger than expected results from both the upstream and downstream businesses. Replacement cost profit for the first three months of the year leapt to $5.60bn from $2.39bn a year earlier and up from $3.45bn in the fourth quarter of 2009.
Customers smoking roll-ups rather than branded cigarettes keep earnings momentum strong at Imperial Tobacco in the first half, despite the impact of recession in many of its main European markets. Revenue in the six months to March jumped by 8% to £13.4bn, from £12.4bn, with profits coming in at £974m versus a loss of £184m last time.
Drugs giant AstraZeneca has received more good news on its cholesterol-lowering drug Crestor after the European Union cleared its use in nineteen European countries for patients at risk of a first heart attack.
A big rebound by its automotive division helped engineer GKN swing back strongly into profit in the first three months of 2010. "Market conditions in the first quarter of 2010 have been encouraging and all its major businesses have continued to make good progress," it said.
Premier Foods, the company behind Hovis bread, Branston pickle and Sharwood's sauces, reported a 5.1% drop in first quarter sales and said it remains cautious about the consumer and trading environment for 2010.
Electrical component maker Laird said interim pre-tax profit was ahead of the same time last year as its markets continue to emerge from the depressed conditions of 2009. |
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| | UK Event Calendar for today | INTERIMS
Character Group, Connaught, Imperial Innovations, Imperial Tobacco Group, Next Fifteen Communications
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
BoJ Intrest Rates (JPN) (00:00)
Consumer Confidence (US) (15:00)
House Price Index (US) (15:00)
Producer Price Index(AUS) (00:00)
Richmond Fed Manufacturing Index (15:00)
GfK Consumer Confidence Survey (GER) (07:00)
Consumer Confidence (FRA) (07:45)
Jobseekers Net Change (FRA) (18:00)
Small Business Confidence (JPN)
FINALS
Asia Digital Holdings, Brown (N.) Group, Lifeline Scientific Inc. (Reg S), Pinnacle Staffing Group
IMSS
Dunelm Group, GlobeOp Financial Services, Lloyds Banking Group, Premier Foods, Promethean World
EGMS
JSM Indochina
AGMS
Bradford & Bingley 11.625% Perp Sub Bds, Communisis, Efes Breweries International GDR (Reg S), Fidessa, Informa, IP Group, Laird, New World Resources, Oxford Biomedica, Personal Group Holdings, Primary Health Properties, Progressive Digital Media Group, Shires Smaller Companies Trust, Witan Inv Trust, Xchanging
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trends Surveys (11:00)
Mortgage Approvals (09:30)
Q1
ARM Holdings, BP, Electrolux AB, Norsk Hydro, Novo-Nordisk AS 'B' Shares, Reckitt Benckiser Group, United Bank GDR (Reg S) |
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| | European Market |
Banks in focus
Banks are leading Euope’s top stocks lower early on Tuesday as investors mull a number of results in the sector.
Deutsche Bank, Germany's biggest lender, is leading the fallers in Frankfurt despite reporting a 50% jump in first quarter net profit thanks to a good performance in investment banking.
Net income for the quarter was €1.8bn, compared to €1.2bn last year. Diluted earnings per share for the quarter were €2.66, versus €1.92 previously. Income before income taxes rose to €2.8bn from €1.8bn last time. The Corporate and Investment Bank (CIB) generated a pre-tax profit of €2.7bn, a new record quarterly result.
Chairman Josef Ackermann said: “The economic environment clearly stabilized in the first quarter 2010, but is not without some remaining vulnerability. In this environment, Deutsche Bank has once again demonstrated its earnings power, and has achieved the second best quarterly pre-tax result ever."
Across the markets, the Dax in Frankfurt is down 18 points at 6,314 and the Cac in Paris is 26 points lower at 3,971. The Swiss market has dropped 29 points to 6,775.
Lloyds Banking returned to profitability in the first quarter and said it expects this momentum to be sustained throughout the rest of the year.
The lender, 41% owned by the taxpayer, did not provide a profit figure in today’s statement, but said it made a profit on a combined businesses basis due mainly to a significant downward trend in impairments.
Credit Agricole and Societe Generale are the worst performers in Paris this morning.
CAC 40 - Risers
EDF (EDF) € 40.64 +0.48%
Total (FP) € 42.83 +0.36%
Suez Environnement Company (SEV) € 16.09 +0.31%
Air Liquide (AI) € 89.89 +0.03%
CAC 40 - Fallers
Credit Agricole (ACA) € 11.98 -2.04%
Societe Generale (GLE) € 42.88 -1.81%
Bouygues (EN) € 38.03 -1.53%
Lafarge (LG) € 57.91 -1.36%
Renault (RNO) € 37.14 -1.35%
Cap Gemini (CAP) € 39.12 -1.35%
Dexia (DEXB) € 4.40 -1.32%
Sanofi-Aventis (SAN) € 53.40 -1.28%
ArcelorMittal SA (MT) € 32.04 -1.22%
Alcatel-Lucent (ALU) € 2.55 -1.20% |
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| | US Market |
Dow finishes flat
US markets closed flat despite better-than-expected earnings from Caterpillar pushing up the Dow early on. The Nasdaq and S&P both finished slightly lower.
Across the markets, the Dow Jones was unchanged at 11,205, Nasdaq dipped seven points to 2,522. The S&P 500 shed 5 at 1,212.
Construction vehicle maker Caterpillar’s first quarter net profit came to $233m, or 36c per share, compared with a loss of $112m, or 19c per share. Sales fell 11% to $8.23bn. The group also raised its full-year profit outlook to between $2.50 and $3.25 per share from $2.50 per share.
"Economic conditions are definitely improving, particularly in the world's developing economies," said chairman and chief executive Jim Owen. "Industry activity and orders are significantly higher than last year and are at record levels in some areas. As a result, we are hard at work ramping up production to meet increasing demand from customers."
Goldman Sachs made “a lot of money by betting against the mortgage market", according to initial findings of a US Senate investigation. Emails released by the Senate permanent subcommittee on investigations (PSI) showed Goldman officials discussed making "serious money" out of the sub-prime crisis.
"Investment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis,” said Democratic Senator Carl Levin, who chairs the PSI.
The US Treasury plans to sell 1.5bn shares in Citigroup. Whirlpool, the world’s largest manufacturer of domestic appliances produced better than expected earnings.
In contrast, fund manager BlackRock disappointed investors with its first quarter earnings figure. Schools operator DeVry continues to fall due to a decline in enrolments.
On the M&A front, car rental giant Hertz agreed to buy rival Dollar Thrifty Automotive for about $1.17bn in cash and stock. Avis Budget Rental rose in sympathy.
Clinical research company Charles River Laboratories International plans to acquire WuXi PharmaTech Inc for $1.6bn in order to expand in the Chinese research market.
Stifel Financial Corp is buying rival broker Thomas Weisel Partners for about $300m in stock.
S&P 500 - Risers
Eastman Kodak Co (EK) $8.90 +11.25%
Whirlpool Corp. (WHR) $112.42 +9.98%
Office Depot Inc. (ODP) $8.95 +5.92%
Caterpillar Inc. (CAT) $71.75 +4.32%
Mcafee Inc. (MFE) $41.57 +3.59%
S&P 500 - Fallers
DeVry Inc. (DV) $65.45 -5.77%
Marshall & Ilsley (MI) $9.65 -5.30%
Citigroup Inc. (C) $4.61 -5.14%
Slm Corp. (SLM) $12.69 -4.87%
Roper Indust Inc. (ROP) $61.03 -4.51%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $71.75 +4.32%
Du Pont E I De Nemours and Co. (DD) $40.95 +1.82%
General Electric Co. (GE) $19.30 +1.21%
3M Co. (MMM) $87.44 +0.99%
Walt Disney Co. (DIS) $37.04 +0.68%
Dow Jones I.A - Fallers
Travelers Company Inc. (TRV) $51.92 -2.74%
JP Morgan Chase & Co. (JPM) $43.89 -2.34%
Bank Of America Corp. (BAC) $18.05 -2.06%
American Express Inc. (AXP) $47.14 -1.89%
Merck & Co. Inc. (MRK) $35.00 -1.30% |
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| | Tuesday paper round-up |
Prudential, Goldman Sachs, Shell
The Prudential’s biggest shareholder has been moving behind the scenes to orchestrate a potential break-up of the insurer as a radical alternative to its $35.5bn Asian acquisition.
Capital Group, which owns 12% of the Pru, is understood to have approached three British-based insurers to sound out their interest in a possible consortium bid. Capital is understood to have held informal conversations in recent days with Resolution, Clive Cowdery’s acquisitions vehicle, and Aviva, Britain’s second-largest insurer by market value and a fierce Pru rival, the Times reports.
Tony Blair lobbied Colonel Muammar Gaddafi on behalf of Shell in a letter written for him in draft form by the oil firm, documents obtained by The Times reveal. The correspondence, written while Mr Blair was Prime Minister, bears a striking resemblance to a briefing note by Royal Dutch Shell weeks earlier promoting a $500m (£325 million) deal it was trying to clinch in Libya.
The day Goldman Sachs was charged with fraud was “one of the worst days in my professional life”, Lloyd Blankfein said yesterday in unusually frank and contrite testimony to a Senate committee. Goldman’s chief executive, who will appear in front of the Sub-Committee on Investigations today, released written testimony a day early in which he said that he “strongly disagreed” with the US Securities and Exchange Commission’s decision to charge the bank and one of its mortgage traders, Fabrice Tourre, with securities fraud, the Times reports.
US regulators are likely to conduct a "belt and braces" review of deepwater drilling safety in the wake of BP's Gulf of Mexico disaster, according to the head of US operations at one of the world's biggest oil majors. BP is trying to stem a leak at its Deepwater Horizon well, after a rig operated by its contractor Transocean caught fire and sank last week. The disaster is believed to have killed 11 people and 42,000 gallons of oil are currently gushing into the sea each day, the Telegraph reports.
US Senate Democrats failed last night in their attempt to press ahead with President Obama’s Wall Street crackdown. Republicans voted down a proposal to bring a financial reform Bill written by the Democrat Senator Chris Dodd to the floor of the Senate for debate. Democrats hope to hold another vote later this week. Republicans plan to use the extra time and bargaining power they have won to force Democrats to scrap elements of the bill, such as the creation of a $50bn (£32bn) bailout fund, the Times reports.
Germany is ready to supply more than €8bn (£7bn) for a joint eurozone-IMF rescue package for Greece "in a few days", though talks on a deal may drag into May. As the risk premia demanded by investors to hold Greek government debt soared to levels usually associated with a banana republic rather than a eurozone member, the German Chancellor, Angela Merkel, said that she would not release funds until Athens demonstrates that it has got a "sustainable" plan to cut its budget deficit, with "tough" measures over a period of years, the Times reports.
The world's 80 largest insurance groups have written to the G20 group of nations to protest at their industry's inclusion in proposals for a global financial services tax, saying it is unfair and would have a detrimental impact on consumers. The Geneva Association, a global lobby group for the biggest insurers, describes the application of the tax proposal from the International Monetary Fund to insurers as "inappropriate and arbitrary" and says it could increase insurance costs and reduce the amount of insurance available, the FT reports. |
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