Scalpuman
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 |  Subject: ADVFN Morning Euro Markets Bulletin - July 20th 2010  Tue Jul 20, 2010 9:04 am | |
| By ADVFN.comADVFN offer FREE streaming stocks and shares data form around the world. SEE | London Markets Report : |
Small gains for blue chips
Market Movers
- FTSE 100 5,149.36 +0.02%
- techMARK 1,632.72 -0.72%
- FTSE 250 9,762.19 +0.37%
London’s top stocks have moved forward with miners having upward momentum this morning.
All of the top ten risers are mining groups. Rio Tinto, Vedanta and Xstrata are the best performers.
Cable & Wireless Worldwide is the big faller after it warned the coalition government’s emergency budget will cause earnings growth to slow this year and come in at the lower end of the range of expectations.
The largely UK focused part of the old Cable & Wireless, split off in March, said non-contracted spending in the UK public sector has slowed “very significantly”. “Given the nature of our public sector business, this reduction will adversely impact trading in the current year.” BT and Vodafone are also lower.
Bookie William Hill reported a rise in second quarter revenues, though gains from the World Cup were partly offset by a loss-making Royal Ascot festival. For the year to date, net revenue was up about 3% and pre-exceptional earnings before interest, tax and amortisation for the first half are expected to be around £135m from £134.6m last time.
Tenanted pub group Enterprise Inns has continued to see an “improving trend” since the interim results on 11 May and predicts full-year results will match forecasts. Punch Taverns rose in sympathy.
Severn Trent‘s customers kept consumption steady over the past three months from April, while prices declined by 0.7%. As a result, the water utility has kept its expectations and guidance unchanged for this year.
Soco International is getting rid of its operations in Thailand and using the proceeds of up to $106m to fund development of core assets in Vietnam and West Africa. Salamander Energy is paying $105m plus a contingent cash consideration of $1m for Soco Thailand and its 40% interest in the B8/38 licence, which holds the Bualuang field.
Profits jumped by a quarter last year at spread bet firm IG Group as its bad debt charge tumbled and equity marketssettled down after the volatility of 2009.
Aquarius Platinum rallied after a 'constructive' meeting with the South African Department of Mineral Resources over proposed enforced changes to the way mines are constructed. |
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| | UK Event Calendar for today | INTERIMS
Landkom International, Ryanair
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ABC Consumer Confidence (US) (22:00)
Building Permits (US) (13:30)
Housing Starts (US) (13:30)
Producer Price Index(GER) (07:00)
RBA Interest Rate Minutes (AUS) (00:00)
FINALS
Findel
IMSS
Enterprise Inns, Severn Trent
EGMS
West China Cement
AGMS
@UK, Aqua Bounty Technologies (Reg S), Dairy Crest Group, Infoserve Group, Securities Trust of Scotland, Severn Trent, Speedy Hire
TRADING ANNOUNCEMENTS
William Hill
UK ECONOMIC ANNOUNCEMENTS
M4 Money Supply (estimate) (09:30)
M4 Sterling Lending (estimate) (09:30)
Producer Price Index (09:30)
Public Sector Finances (09:30)
FINAL DIVIDEND PAYMENT DATE
Man Group, Melrose Resources, Nature Group |
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| | European Markets report |
Shares snap losing streak
Europe’s main markets have opened cautiously higher after a four day losing streak, with Nokia one of the best performers on reports the mobile phone giant is looking for a new boss.
The Finnish group gained after the Wall Street Journal reported that the firm plans to replace chief executive Olli-Pekka Kallasvuo. The Journal citing unnamed people familiar with the situation as saying that Nokia's board is "supposed to make a decision by the end of the month."
Across the markets, the Dax in Frankfurt gained 11 points to 6,021, while the Cac in Paris also added 11 points to 3,497. The Swiss market is flat at 6,157.
Profits at Ryanair slipped by a fifth as the €50m cost of the volcanic ash cloud hit its first quarter, while the Irish no-frills airline remains cautious for the remainder of the year.
Pre-tax profits fell to €104.6m from €134.6m on sales up 16% to €896.8m. Underlying profit to June before the volcano costs rose 1% to €138.5m.
CAC 40 - Risers
- LVMH (MC) € 89.97 +1.89%
- Dexia (DEXB) € 3.16 +1.54%
- ArcelorMittal SA (MT) € 23.10 +1.23%
- Air Liquide (AI) € 84.95 +0.95%
- PPR (PP) € 98.71 +0.93%
- Accor (AC) € 23.21 +0.91%
- Renault (RNO) € 33.52 +0.86%
- GDF Suez (GSZ) € 24.70 +0.84%
- BNP Paribas (BNP) € 47.53 +0.83%
- Schneider Electric (SU) € 85.32 +0.79%
CAC 40 - Fallers
- Cap Gemini (CAP) € 35.39 -1.12%
- Peugeot (UG) € 23.20 -0.68%
- ST Microelectronics (STM) € 6.59 -0.38%
- Alstom (ALO) € 36.74 -0.31%
- Unibail-Rodamco (UL) € 136.35 -0.26%
- Alcatel-Lucent (ALU) € 2.07 -0.24%
- EADS (EAD) € 16.53 -0.15%
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| | US Markets Report | US shares finished higher after a choppy day as economic data and company news sent mixed signals, but there was disappointment from IBM and Texas Instruments after the bell.
New figures that showed that home builders are increasingly pessimistic. The National Association of Home Builders / Wells Fargo housing market index fell to 14 in July from a downwardly revised 16 in the previous month.
Fears over the health of Europe's sovereign debt flared again as Hungary had an IMF-backed rescue finance package withdrawn, while Ireland’s credit rating has been downgraded again.
The Dow Jones closed 56 points higher at 10,154, with the Nasdaq adding 19 points to 2,198. The S&P 500 gained 6 points to 1,071.
After the market close, tech giants IBM and Texas Instruments posted figures. Computer services firm IBM missed estimates due to low demand for services while chipmaker Texas Instruments’ sales and profits failed to meet expectations.
Halliburton advanced after the company reported an 83% jump in second-quarter profits.
Motorola rallied after Nokia Siemens said it is buying some of Motorola's infrastructure assets for $1.2bn in cash.
Boeing was also in demand after the plane-making giant announced a multi-billion dollar deal with Emirates Airlines.
Airlines were not as happy. They lost altitude after Delta Air Lines forecast a lower third quarter operating margin than expected. UAL, Continental Airlines, US Airways and Southwest Airlines all fell.
Insurer AIG has named former Prudential chief executive Mark Tucker as head of its Asian life unit, AIA. The move comes ahead of an expected $15bn Hong Kong flotation of AIA and after Prudential’s planned $35.5bn acquisition of the business went so disastrously wrong.
Tucker will replace Mark Wilson, who will stay until the end of the year to ensure a smooth transition before leaving to “pursue other opportunities.”
Bank of America slumped after it was removed from the Goldman Sachs conviction buy list. |
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| | Press round-up: Woodford, Boeing, BP |
One of the energy industry’s biggest shareholders has threatened to block all new investments in British renewables unless the Government increases the returns available to investors and gives greater certainty over its future policy.
Neil Woodford, the head of investment at Invesco Perpetual — which holds more than £4.5bn of shares in energy companies including National Grid, Centrica, United Utilities, SSE, Drax and International Power — fired a warning shot at coalition plans for a green energy revolution, the Times reports.
Both Boeing and Airbus went home happy after the first day of the Farnborough International Airshow, with a clutch of orders from the Middle East, Russia and resurgent leasing companies. As of yesterday afternoon, Airbus had won 122 orders, close to its target for the week of 130, and Boeing had 70. The biggest order from an airline was from Dubai-based Emirates, which will buy 30 Boeing 777s, in a deal worth $9.1bn (£bn). For Airbus, Russia's Aeroflot committed to buy 11 A330s, the Telegraph reports.
Donald Vidrine, the BP manager in charge of operations on the Deepwater Horizon drilling rig, will not testify before a key hearing after citing health issues. The well-site manager was BP's most senior employee on the rig the night it exploded in the Gulf of Mexico on April 20, and as such held the highest authority for any decisions taken. However, he declined to attend a hearing in Louisiana being held by the US Department of the Interior and the US Coast Guard, the Telegraph reports.
President Barack Obama will raise the issue of BP’s alleged role in lobbying for the release of Libyan terrorist Abdel Basset al-Megrahi when he meets David Cameron on Tuesday. Obama’s administration has already publicly accepted the UK’s explanation for last year’s release from a Scottish jail of Mr al-Megrahi. But the White House said on Monday that the US president and UK prime minister would “likely touch on” the Libyan issue at their first official meeting in the US, the FT reports
The surprise recovery of the global advertising markets in the past three months yesterday prompted a leading media agency to boost its forecasts for industry spending this year by more than 50%, and to predict a further spike in 2012. ZenithOptimedia, which is owned by the French advertising giant Publicis, upgraded its forecast for global advertising expenditure from 2.2% to 3.5%, worth $447.5bn (£294bn) this year, the Independent reports.
Lord Black of Crossharbour could be freed from his sweltering Florida prison cell within days after a surprise decision by a Chicago appeals court last night to grant him bail while his case is reviewed. The former Telegraph chairman can now look forward to being reunited with Lady Black — better known as the columnist Barbara Amiel — at their waterfront mansion in Palm Beach, the Times reports.
Ocado has secured orders for about 80% of the shares up for sale as part of its £1.3bn float. The online grocer, which delivers mainly products from Waitrose, was slated by some analysts and investors who believe its offer is overpriced. But with four fifths of the available shares reserved by investors, it seemed possible last night that the flotation would go ahead, albeit it at the bottom of its 200p to 275p price range, the Times reports.
Homebuyers may have to pay thousands of pounds in tax if the property they are purchasing has insufficient insulation, an old boiler or draughty windows. Under a measure being considered by the Government, lots of poorly insulated homes would automatically be liable for a penalty rate of stamp duty. New owners would be able to reclaim the money if they upgraded them within weeks of purchase, the Times reports.
Uniq, the food supplier that is one of the biggest suppliers of sandwiches to Marks & Spencer, last night denied its future was in doubt after the UK pension regulator rejected a proposal to cut its £436m pension deficit. The chilled-food supplier's shares tumbled by almost a third, to 11p yesterday, after the watchdog warned the company's pension plan did not meet "all of its criteria for clearance," the Independent reports.
A flurry of international deal activity raised the prospect of a rebound in global mergers and acquisition activity, even though economic data increased fears about the pace of the global recovery. Some 25 potential and agreed deals worth nearly $8bn were announced on Monday in sectors ranging from UK engineering to Italian frozen food, according to data from Dealogic. The potential deals included a $4.5bn bid approach for Tomkins, the UK car parts to building materials group, from a Canadian private-equity led consortium, the FT reports.
Vince Cable, the business secretary, is preparing to recommend an overhaul of the City takeover regime as two more British firms looked set to fall to foreign predators. Cable is also preparing a formal government response to a heavily critical report by MPs investigating the conduct of US food group Kraftover its controversial takeover of Cadbury this spring, the Guardian reports. |
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