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 |  Subject: ADVFN Morning Euro Markets Bulletin - July 29th 2010  Thu Jul 29, 2010 8:59 am | |
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Astra leads advance
Market Movers
techMARK 1,658.95 +0.91%
FTSE 100 5,330.29 +0.20%
FTSE 250 10,045.06 +0.25%
London’s blue chips are cautiously higher in early dealings on Thursday as investors consider a bunch of corporate figures.
AstraZeneca is the best performer in early dealings. The group’s potential blockbuster heart drug Brilinta has received the backing of a US advisory panel just as the drug giant increased 2010 earnings targets for a second time this year following a strong performance from emerging markets and key drugs in the second quarter.
Royal Dutch Shell has trumped forecasts by almost doubling earnings in the second quarter, in stark contrast to loss-making rival BP, and has exceeded targets set last year for costs and staff cuts. Earnings on a current cost of supplies (CCS) basis came in at $4.5bn, up from $2.3bn a year ago. Analysts had expected somewhere around the $4bn mark.
Telecoms leviathan BT reported a 17% rise in pre-tax profits in the first quarter and reiterated its full year outlook. The firm also said that it is in talks with the government over plans to cut public spending.
Defence firm BAE Systems continues to expect revenue growth in 2010 despite the threat of cutbacks in government spending. The company saw sales grow 9% in the first half of 2010 to £10,643m from £9,747m the year before. On a like-for-like (LFL) basis, sales increased by 7%. Underlying earnings before interest, tax and amortisation improved 14% to £1,114m from £978m a year earlier.
Pay TV and internet service provider British Sky Broadcasting posted slightly better than expected full-year figures but warned that the economic outlook remains uncertain. Underlying operating profits were up by 10% in the 12 months ended 30 June to £855m, while revenue rose to £5,912m from £5,359m.
Aero engines developer Rolls-Royce expects 2010 profit to be modestly higher than 2009 after a ‘robust performance’ in the first half of the year. Group revenue in the six months to 30 June 2010 rose to £5,421m from £5,142m at the interim stage last year.
Cobham subsidiary Cobham Analytic Solutions has been selected as a prime contractor to provide infrastructure and deployment support services to the US Missile Defense Agency.
An “impressive uplift” in the mineral resource estimate at Collahuasi, Chile’s third largest copper mine, is good news for Xstrata and Anglo American who each own a 44% stake in the business.
Diversified mining giant Kazakhmys said its operations delivered a solid performance in the first half of the year.
Variety magazine publisher Reed Elsevier said advertising and promotion markets are stabilising as underlying revenues increased 1% in the first half. The Anglo Dutch publishing firm said it had noted improved overall trading performance.
Car dealer Inchcape reported a better than expected 76% surge in half year pre-tax and said it intends to reinstate a final dividend for the current financial year.
Scottish soft drinks maker AG Barr expects full year trading to beat forecasts after sales continued to perform ahead of the market in the first half.
Connaught , the social housing group which issued a profit warning last month, rallied on news that it has agreed a short-term overdraft facility and deferral of loan payments with its banks.
Electronic sensors firm Halma says trading since the start of the financial year has been strong and is in line with expectations.
FTSE 100 - Risers
AstraZeneca (AZN) 3,345.00p +4.45%
Reed Elsevier (REL) 555.50p +4.42%
BAE Systems (BA.) 325.60p +2.71%
Rolls-Royce Group (RR.) 599.50p +2.04%
WPP Group (WPP) 684.00p +1.26%
SEGRO (SGRO) 287.10p +1.23%
Cobham (COB) 239.80p +1.10%
Land Securities Group (LAND) 625.50p +0.81%
BT Group (BT.A) 141.00p +0.79%
Vodafone Group (VOD) 149.40p +0.78%
FTSE 100 - Fallers
Rexam (REX) 319.10p -2.59%
British Airways (BAY) 217.10p -1.32%
Compass Group (CPG) 535.50p -1.20%
Eurasian Natural Resources (ENRC) 903.00p -0.88%
Petrofac Ltd. (PFC) 1,277.00p -0.78%
Xstrata (XTA) 1,036.50p -0.77%
Essar Energy (ESSR) 430.60p -0.74%
Lloyds Banking Group (LLOY) 68.85p -0.72%
Severn Trent (SVT) 1,276.00p -0.70%
British American Tobacco (BATS) 2,227.00p -0.69% |
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INTERIMS
AstraZeneca, BAE Systems, Coca-Cola Hellenic Bottling Company SA, Collins Stewart, Dairy Farm International (Singapore), Hongkong Land Holding Ltd. (Singapore), Hutchison China Meditech, Mandarin In.Sg, National Express Group, Rank Group, Reed Elsevier, Royal Dutch Shell 'A', Royal Dutch Shell 'B', RPS Group, Travis Perkins, Trinity Mirror, Vernalis
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Fed Beige Book (US) (19.00)
Business Climate Indicator (EU) (10:00)
Industrial Confidence (EU) (10:00)
Consumer Confidence (EU) (10:00)
Economic Confidence (EU) (10:00
Service Sector Confidence (EU) (10:00)
Continuing Claims (US) (13:30)
Economic Sentiment Indicator (EU) (10:00)
Initial Jobless Claims (US) (13:30)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)
Unemployment Rate (GER) (08:55)
Producer Prices (FRA) (07:45)
Retail Sales (JPN)
Q2
AstraZeneca, Royal Dutch Shell 'A', Royal Dutch Shell 'B'
GMS
Mitchells & Butlers, Monitise, Qonnectis
FINALS
Angle, Antisoma, British Sky Broadcasting Group
IMSS
Halma, Northumbrian Water Group, Titon Holdings, United Drug
AGMS
Acal, BSS Group, Byotrol, Chariot Oil & Gas, China Private Equity Investment, Elektron, GB Group, Halma, Hornby, Hyder Consulting, Northumbrian Water Group, Opsec Security, Pennon Group, QinetiQ Group, Record, SerVision, Torotrak, Yell Group
TRADING ANNOUNCEMENTS
Inchcape
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
PMI Retail (09:30)
Nationwide House Prices (00:01)
FINAL DIVIDEND PAYMENT DATE
Caffyns, Rensburg AIM VCT
Q1
Toshiba |
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| | Forex Markets Reports |
US data weighs on risk appetite
US durable goods orders for June were the latest set of economic data to disappoint coming in at -1% against an expectation of 1% and look to have prompted some light profit-taking on recent capital moves in to riskier assets.
The Federal Reserve in its beige book also pointed to a spluttering recovery with sluggish housing and weak consumer demand and this has also weighed on sentiment.
In Asian markets the Reserve Bank of New Zealand today followed India’s lead on Tuesday by raising interest rates by 0.25% as Asian economies take steps to address inflationary pressures within their recovering economies. The move caused the Kiwi to slide back, a classic case of buy on rumour sell on fact as the move was pretty much expected in most quarters, but the fall was exacerbated by the announcement that future rate rises would be slower in pace due to concerns about future growth.
The pound continues to remain strong despite Bank of England governor Mervyn King’s attempt to pour cold water on the recent UK Q2 GDP numbers in his testimony yesterday to the Treasury Select Committee. Fellow monetary policy committee member Andrew Sentance’s concerns about future inflation acted as a good counterweight to King’s more dovish tone and kept the pound well bid on dips, as the pound hit its highest level against the dollar since mid February, and could well head towards 1.5900 in the next week or so.
The focus for this week remains on tomorrow’s Q2 US GDP figures as economic data seems to be telling a different story to Q2 earnings data. Before that though we have the weekly jobless numbers which are expected to decrease slightly to 460k from last weeks surprise increase to 464k.
EURUSD – the lack of any follow through on euro rallies above 1.3000 continues to concern for the test towards the 1.3125 38.2% Fibonacci level. However, while above the 1.2950 area the risk still remains for this long awaited test higher. A break of 1.2950 would then open a test towards the 1.2840/50 level. A break below last Friday’s lows around 1.2840/50 re-targets the 1.2730/40 area.
GBPUSD – another day and another new high, the pound touched 1.5636 as it looks to push towards 1.5870 the 61.8% retracement level of the down move from 1.6880 to the May lows at 1.4230. The cable needs to hold above the 1.5520/50 support area in the near term to prevent a deeper downward correction towards the 1.5330/40 area, but with momentum starting to become a little stretched there is a possibility we could see some sharp pullbacks in the interim.
Long term trend line support levels, remain around the 1.5250/60 area, from the June lows at 1.4350.
EURGBP – It's pretty much as you were on the euro here, stuck in a range between the pivotal resistance at 0.8400/10 area and the support around the 0.8320 area.
There does however appear to be a head and shoulders top building up here over the last 2 weeks with a horizontal neckline at 0.8315 which could produce a significant move.
Only a break back above the 0.8400/10 level diminishes the risk of a downside correction.
A break below the 0.8315 neckline targets 0.8240, and then 0.8100, while 0.8410 caps.
USDJPY – the failure yesterday to overcome the 88.00/10 level keeps the focus solidly on further yen gains in the short-term and also keeps up the pressure on the Bank of Japan with respect to monetary policy. A close above here would signal dollar gains back towards 89.20/30.
While on the downside the 86.25 support remains the key obstacle towards further yen gains towards last year’s yen highs at 84.80. A break above 88.00/10 would re-target the 89.20/30 level while a break of 84.80 would look to target the 1995 lows below 80.00. |
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| | US Markets Report |
Dow dips on weak data
US stocks slipped lower after an unexpected drop in June durable goods orders.
Across the markets, the Dow dropped 39 points to 10,497, with the Nasdaq down 23 points to 2,264. The S&P 500 was 7 points lower at 1,106.
Orders for durable goods fell 1% in June after a revised 0.8% drop in May and versus expectations of a 1% gain. However, that is mainly down to aircraft orders. Orders for capital equipment, excluding aircraft, were higher. That suggests that companies are more confident about investing for the future.
Elsewhere, Boeing, the world’s second biggest aircraft-maker, posted a forecast-beating quarterly profit and reaffirmed its 2010 outlook.
Sprint Nextel gained subscribers in its second quarter, for the first time in three years, while losses came in lower than feared.
ConocoPhillips reported a surge in profit in its latest quarter to $4.16bn from $982m last time as oil prices increased.
CB Richard Ellis, the world’s largest property adviser, produced second quarter earnings ahead of expectations.
Wyndham Worldwide, which is the franchiser of Days Inn hotels and Super 8 motels, has raised its 2010 earnings forecast because of increased demand.
DNA analysis equipment maker Illumina also increased its full year forecast after better than expected second quarter earnings. In contrast, Eastman Kodak reported a higher than expected loss.
Nelson Peltz’s hedge fund acquired a 6.6% stake in discount store chain Family Dollar Stores. |
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| | Thursday newspaper round-up: BP, Russia, Banks |
BP has fired the starting gun on a $30 billion fire sale, holding talks with TNK-BP, its Russian joint venture, about the sale of a $1 billion package of oil projects in Venezuela, the Times has learnt. The talks, part of a programme of disposals designed to shore up BP’s finances in the wake of the Gulf of Mexico oil disaster, are understood to revolve around BP’s minority stakes in two exploration and production joint ventures in Venezuela with Petroleos de Venezuela, the South American nation’s state-owned oil producer.
The Telegraph adds that UK safety officials have begun a crackdown on elderly North Sea oil and gas rigs, at the same time as it emerged a clutch of US federal regulators are preparing to begin a formal investigation into whether BP and its partners drilling the ill-fated Macondo well contributed to the Gulf of Mexico spill.
Russia is aiming to raise up to $29bn (€22.3bn) through asset sales on the open market over the next three years in the biggest privatisation programme since the chaotic asset sales of the 1990s, according to the FT.
European banks have amassed €30 trillion in liabilities and face a serious funding threat over the next two years as authorities withdraw emergency support, according to a new report by Standard & Poor's, writes the Telegraph.
Google is spoiling for a fight with Facebook over the fast-growing market for online games, part of the search engine giant's latest attempt to build a social networking business. Google is believed to have opened talks with several of the games developers that have come to prominence on Facebook, where millions of users play simple social games such as FarmVille and Mafia Wars, reports the Independent.
Virgin Media, the UK’s only big cable company, on Wednesay announced a share buy-back scheme of up to £375m ($585m) as its expanded high-definition television service and high-speed fibre optic broadband internet service drove an unexpected increase in customer numbers, says the FT.
A promised grant of up to £5,000 towards the cost of an electric or ultra-low carbon car has survived Government cutbacks. The Transport Secretary Philip Hammond yesterday said the funding, first announced by the Labour government, will go ahead from January 2011. The grant will reduce the cost of new ultra-low carbon vehicles by 25 per cent, capped at £5,000, according to the Independent.
Anger erupted at mining company Vedanta's annual shareholder meeting yesterday as protesters attacked its management for alleged human rights abuses and "crimes against the environment". While campaigners chanted slogans against the company outside the London gathering, senior executives faced criticism from shareholders, celebrity activists and charities inside the meeting hall, writes the Guardian. |
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