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 |  Subject: ADVFN Morning Euro Markets Bulletin - July 28th 2010  Wed Jul 28, 2010 9:31 am | |
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London Markets Report : |
Footsie higher after results flood
London’s blue chips have opened despite a mixed reception to some of the announcements on another busy day for company results.
Banks are still going well after the reports yesterday that new capital requirements might be less onerous than previously expected. Royal Bank of Scotland and Barclays are the best performers.
Centrica is heading for more controversy over energy prices after the British Gas owner’s underlying interim profits jumped 65%. Earnings in the half-year to June rose to £886m from £537m on revenues of £11.7bn, barely changed from the previous year. British Gas' profits jumped 98% to £585m
BG had delivered a “good” set of second quarter results with revenue up 18%. Operating profit rose 6% to $1.53bn on revenue up to $4.13bn from $3.49bn. Exploration & Production chipped in $746m, up from $728m in 2009, but less than the $825m expected by Charles Stanley.
It was better at the Liquefied Natural Gas (LNG) operations, where profit grew to $540m from $465m. Charles Stanley had penciled in $525m. Profit before tax fell to $1.03bn in the second quarter, down from $1.37bn in 2009, due to $443m of impairment charges.
British American Tobacco upped its dividend by a better than forecast 19% and said it expect another year of good growth in both earnings and dividends. The tobacco firm upped the dividend from 27.9p last year to 33.2p at the interim stage. Broker Charles Stanley expected a rise to 33.1p. Pre-tax profit rose to £2,279m in the six months to 30 June, up from £2,123m in the first half of 2009.
Tullow Oil announced that the Ngiri-2 appraisal well, which is located in the Butiaba region of Uganda Block 1, has encountered over 40 metres of net oil bearing reservoir in two zones within an overall 131 metre gross oil bearing interval.
Underwriter Brit Insurance has granted suitor Apollo access to the books after the US private equity firm submitted a new indicative proposal worth £850m, or £10.75 a share in cash.
Contract caterer Compass has upped its forecast for sales growth this year to 2.5% after an uptick in new business and an improvement in contract retention.
Chip maker CSR tumbled after it warned foundry capacity is becoming increasingly constrained. |
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| | UK Event Calendar for today |
INTERIMS
Bodycote, Brit Insurance Holdings NV, British American Tobacco, Centrica, CSR, Jarvis Securities, RAB Capital, Rathbone Brothers, Rexam, Rolls-Royce Group, St James's Place, Tarsus Group, Telekomunikacja Polska S.A. GDR (Reg S), Virgin Media Inc.
INTERIM EX-DIVIDEND DATE
Aberforth Geared Capital & Income Trust Income Shares, British Portfolio Trust, Brunner Inv Trust, Charter European Trust, Development Securities, Fenner, Ludgate Environmental Fund, Matrix European Real Estate Investment Trust Ltd., Microgen, Throgmorton Trust
QUARTERLY EX-DIVIDEND DATE
City of London Inv Trust, Equity Partnership Income Shares, GlaxoSmithKline, M&G High Income & Growth Units, M&G High Income Inv Trust Income Shares
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Beige Book Fed Survey (US) (19:00)
Consumer Price Index (GER) (07:00)
Crude Oil Inventories (US) (15:30)
Durable Goods Orders (US) (13:30)
MBA Mortgage Applications (US) (12:00)
Small Business Confidence (JPN)
Q2
CSR, Virgin Media Inc.
GMS
Midas Capital, Pure Wafer
FINALS
Renishaw
ANNUAL REPORT
Park Group, Spice
IMSS
Compass Group, easyJet, Invensys, Sage Group
AGMS
Amiad Filtration Systems, Aurora Inv Trust, Charles Stanley, Cropper (James), Endace, Geopark, Globus Maritime, Invensys, Investment Company (The), JJB Sports, Jupiter Green Inv Trust, Kenetics, Kewill, Melorio, Norcros, Polar Cap Technology Trust, Scapa Group, Umeco, Vedanta Resources, Victoria, Walker Greenbank
TRADING ANNOUNCEMENTS
Carphone Warehouse Group, Playtech
FINAL DIVIDEND PAYMENT DATE
Braemar Shipping Services, Fuller Smith and Turner, Templeton Emerging Markets Inv Trust
FINAL EX-DIVIDEND DATE
Heath (Samuel) & Sons, Investec, Northern Foods, Scottish & Southern Energy, Tanjong
Q1
Yell Group |
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| | European Market Reports |
Forecast-beating earnings from Infineon and strong banking shares have given Europe’s main markets a lift in early dealings on Wednesday.
Across the markets, the Dax in Frankfurt is up 30 points to 6,237, with the Cac in Paris rising 24 points to 3,690. The Swiss market advanced 46 points to 6,321.
German semiconductor maker Infineon Technologies swung to a third-quarter net profit and raised its full year outlook for a third time due to high semiconductor demand and a stronger dollar.
Net profit was €126m for the three months period after a net loss of €23m in the same period last year.
French carmaker Peugeot Citroen also returned to profit in the first half of the year, thanks to strong demand in China and new models.
Net profit came in at €680m for the six months ended June compared with a loss of €962m last year.. Analysts were looking for a profit of €416.7m.
Elsewhere, banking shares continue to be strong. Societe Generale, Credit Agricole, BNP Paribas and Deutsche Bank are all in demand.
CAC 40 - Risers
AXA (CS) € 14.89 +4.46%
Societe Generale (GLE) € 45.74 +3.41%
Credit Agricole (ACA) € 10.94 +2.96%
BNP Paribas (BNP) € 55.28 +2.75%
EADS (EAD) € 17.90 +2.31%
LVMH (MC) € 94.11 +2.01%
Dexia (DEXB) € 3.97 +1.87%
EDF (EDF) € 32.58 +1.07%
ST Microelectronics (STM) € 6.34 +0.94%
PPR (PP) € 103.55 +0.63%
CAC 40 - Fallers
Peugeot (UG) € 24.15 -2.91%
Renault (RNO) € 34.49 -0.95%
ArcelorMittal SA (MT) € 24.55 -0.71%
Vivendi (VIV) € 18.13 -0.60%
Pernod Ricard (RI) € 61.54 -0.52%
Michelin (ML) € 59.81 -0.50%
Alstom (ALO) € 38.78 -0.49%
Accor (AC) € 25.38 -0.37%
Unibail-Rodamco (UL) € 150.90 -0.23%
Air Liquide (AI) € 87.40 -0.18% |
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| | US Markets Report |
Mixed day for indices
US stocks struggled after poor consumer confidence figures but the Dow still closed ahead. Dow Jones finished 12 points higher at 10,537, with the Nasdaq losing 8 points to 2,288. The S&P 500 has barely changed at 1,113.
The Conference Board’s Consumer Confidence index for July fell to 50.4 from a revised 54.3 in June. Job concerns are hitting confidence and causing concerns about the economic recovery.
It overshadowed strong company earnings and house prices although there was a rally late in the morning.
The S&P/Case-Shiller home-price index rose a better than expected 4.6% on an annual basis in May after a 3.8% advance in the previous month. Analysts were looking for an increase of 4%.
Chemical firm DuPont saw quarterly profits nearly triple and raised its 2010 earnings forecast to $2.90 to $3.05 a share from $2.50 to $2.70. This made it the best performer in the Dow.
"Several businesses, including electronics and titanium dioxide, delivered results that far exceeded pre-recession performance," said chairman and chief executive Ellen Kullman.
Laser and ink jet printers maker Lexmark International beat analysts forecasts for its second quarter earnings. Rising trading revenues helped Nasdaq OMX. Shares in Office Depot were on the rise after the company posted a smaller-than-expected loss.
Insulation installer Masco reported second quarter revenues that were lower than expected. US Steel was hit by the revaluation of a European loan.
BP’s US shares were slightly higher after the oil giant confirmed Tony Hayward is to step down as chief executive of the group on 1 October to be succeeded by fellow executive director Bob Dudley.
The group also unveiled a $32.2bn charge for the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow. As a result the company reported a headline loss of $17bn for the second quarter, the largest ever by a UK company.
S&P 500 - Risers
Lexmark International Inc. (LXK) $37.76 +8.47%
E.I. du Pont de Nemours and Co. (DD) $40.38 +3.57%
Sandisk Corp. (SNDK) $43.60 +2.81%
Allegheny Energy Inc. (AYE) $23.72 +2.77%
Costco Wholesale Corp. (COST) $57.20 +2.67%
S&P 500 - Fallers
Masco Corp. (MAS) $10.53 -11.74%
Thermo Fisher Scientific Inc. (TMO) $46.17 -9.45%
Jacobs Engineering Group Inc. (JEC) $37.09 -7.21%
Range Resources Corp. (RRC) $37.24 -6.99%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $40.38 +3.57%
Hewlett-Packard Co. (HPQ) $47.57 +2.15%
Pfizer Inc. (PFE) $15.27 +1.66%
Verizon Communications Inc. (VZ) $28.59 +1.10%
Dow Jones I.A - Fallers
American Express Co. (AXP) $44.55 -1.94%
Home Depot Inc. (HD) $28.58 -1.41%
Cisco Systems Inc. (CSCO) $23.29 -1.36%
Caterpillar Inc. (CAT) $69.18 -1.16% |
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| | Wednesday newspaper round-up: BP, Vedanta, Energy bills |
BP’s new chief executive began his reign over Britain’s largest industrial company by delivering a snub to the US Senate.
Bob Dudley said that neither he nor his predecessor Tony Hayward would accept an invitation from the Senate Foreign Relations Committee for Mr Hayward to testify at a hearing to determine BP’s role in the release of Abdul Baset Ali al-Megrahi, the Lockerbie bomber. Mr Dudley said that BP would instead send Peter Mather, who runs BP’s UK business but is not a main board director, the Times reports.
BP’s new chief executive has promised to shake up the company’s culture to improve safety and reliability following the oil spill in the Gulf of Mexico. Bob Dudley, who will take over on October 1, also said that the company’s planned $30bn disposal programme could position it for higher growth in the future, the FT reports.
A band of celebrities, human rights organisations and concerned investors plans to swamp Wednesday’s annual meeting of Vedanta to voice long-escalating complaints about what they see as the Indian miner’s persecution of a nature-worshipping tribe in India. Bianca Jagger will read a letter on behalf of tribal elders from the Dongria Kondh, a tribe that allegedly opposes the FTSE 100 group’s plans to build a bauxite mine on their homeland in the Niyamgiri Hills of Orissa state. Vedanta disputes this claim, the FT reports.
Householders face a £300-a-year rise in their gas and electricity bills and significant cuts in how much energy they use if Britain is to “keep the lights on” and meet its climate change targets, the Government has said. In the Coalition’s first annual energy statement to the Commons, Chris Huhne, the Energy Secretary, outlined plans to transform Britain’s power system and cut carbon emissions by 80% within the next 40 years, the Telegraph reports.
George Osborne's emergency Budget has increased the chances of the British economy experiencing a second recession next year. The country's longest-established economic think tank, the National Institute for Economic and Social Research, says today that the chances of output falling next year have risen from about one in seven to a fifth, as result of the tough measures the Chancellor announced on 22 June, the Independent reports.
The man who led Northern Rock into the financial abyss has escaped any censure over accounting irregularities that kept shareholders in the dark about the level of defaults by the bank’s borrowers. The decision not to pursue Adam Applegarth or the former finance director Bob Bennett came as a third former Rock employee was fined and banned from the financial services industry yesterday. David Jones, who was finance director-designate in January 2007, was judged by the Financial Services Authority to have allowed false mortgage arrears figures to be given to shareholders over a long period, the Times reports.
China is likely to overtake America as the world’s largest economy in only nine years as Western nations struggle to recover from the banking crisis, according to the National Institute of Economic and Social Research. The impact of the credit crunch on American output means that the People’s Republic will overtake the United States in 2019, a year earlier than previously forecast, the British think-tank said in a report, the Times reports.
India has raised interest rates and issued a stark warning on inflation dangers, joining China, Brazil, and other tiger economies in concerted moves to tighten policy. The central bank raised its reverse repo rate a half point to 4.5%, still far below the level of inflation. Food prices have been rising at 16%, the Telegraph reports.
Thousands of civil servants in Whitehall are “treading water” with nothing to do because it is too expensive to make them redundant, a minister claimed yesterday. Francis Maude, the Cabinet Office minister, sparked a furious row by suggesting that officials who were not up to their jobs were twiddling their thumbs at a cost to the taxpayer of tens of millions of pounds a year, the Times reports.
The government is “minded” to scrap an informal code guaranteeing public sector benefits for thousands of outsourced private sector jobs, threatening a confrontation with unions. The proposal, aimed at reducing the cost of outsourcing swaths of government business from cleaning and catering to information technology, health and waste management, provoked opposition from union representatives on Tuesday, the FT reports.
The government has urged Ofcom to forge ahead with a potential £5bn auction of the airwaves to alleviate the pressure on the country’s 3G networks as more people use smartphones and iPads to access the internet. The plan to sell two new frequency bands, known as spectrum, should take place by the end of next year and will reap a substantial windfall for the Treasury, the Times reports.
The reckoning for rampant corruption under the United Nation's "oil-for-food" programme in Iraq under Saddam Hussein reached the icon of American capitalism, General Electric, which agreed to pay $23.4m to settle charges – without admitting or denying them – under US bribery laws. The scandal, in which the SEC says some $3.6m was paid in kickbacks to win medical equipment contracts with the Iraqi health and oil ministries, involved not just divisions of GE but also two healthcare companies it has since acquired, including the British company Amersham, the Independent reports. |
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