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 |  Subject: ADVFN Morning Euro Markets Bulletin March, 26th 2010  Fri Mar 26, 2010 10:33 am | |
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Footsie makes dull start
Market Movers
FTSE 100 5,707.95 -0.34%
techMARK 1,668.39 -0.24%
FTSE 250 10,182.21 -0.09%
London has made a subdued opening with company news thin on the ground and a weak close in the US overnight.
Property companies are the best performers, with Hammerson, Segro, British Land and Liberty the four highest risers so far.
Cable & Wireless's demerger is bound to cause some confusion this morning. Cable & Wireless has split into two, with both halves now separately listed and called Cable & Wireless Communications and Cable & Wireless Worldwide.
Temporary power and heating specialist Aggreko has won a €35m contract to help alleviate the Côte d'Ivoire’s problems with power cuts.
F&C Asset Management has said it won’t be launching a bid for Austrian fund manager C-QUADRAT Investment just a few days after making public its takeover plans.
Footwear and condom group SSL expects sales this year to come in at about £795m for the year to March, up 22% and driven by the acquisitions of BLBV in Russia and Gainbridge in the Ukraine. SSL's branded consumer sales are expected to be approximately £630m or underlying growth of around 4% adjusting for currencies.
Banknote printer De La Rue has confirmed it is selling its stake in UK Lottery operator Camelot Group and Camelot’s sister company, Camelot Global Services, for £77.8m in cash to Premier Lotteries UK Limited, a company controlled by Ontario Teachers’ Pension Plan.
Home maintenance specialist Homeserve's profits this year will come in at the top end of market forecasts after a strong finish with high levels of renewals and new policy sales.
Trading conditions are beginning to improve at business publisher Euromoney Institutional Investor, which expects adjusted profit to have risen at least 27% in the first half. |
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| | UK Event Calendar for today |
INTERIMS
Artilium
INTERIM DIVIDEND PAYMENT DATE
Aquarius Platinum Ltd., Character Group, Electric & General Inv Trust, Hargreaves Lansdown, Heath (Samuel) & Sons, Lindsell Train Inv Trust, Ruffer Investment Company Ltd., Scottish & Southern Energy
UK ECONOMIC ANNOUNCEMENTS
Total Business Investment (09:30)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (JPN) (23:30)
U. of Michigan Confidence (US) (15:00)
Gross Domestic Product (US) (12:30)
Personal Consumption (US) (12:30)
University of Michigan Consumer Confidence (US) (13.55)
Consumer Confidence (FRA) (07:45)
GMS
Spitfire Oil
FINALS
Greenwich Loan Income Fund Limited, Judges Scientific, Robinson, Songbird Estates, Tawa
ANNUAL REPORT
Anglogold Ashanti, Provident Financial, Smith & Nephew, Spirax-Sarco Engineering, Standard Chartered
SPECIAL DIVIDEND PAYMENT DATE
Fletcher King, Hargreaves Lansdown, Throgmorton Trust
EGMS
Income & Growth VCT, Pangea DiamondFields
AGMS
MCB Bank Ltd. GDR (Reg S)
TRADING ANNOUNCEMENTS
Artilium, Spirax-Sarco Engineering, Standard Chartered
FINAL DIVIDEND PAYMENT DATE
Abbey Protection, Catlin Group, Henderson Opportunities Trust, LPA Group, Ocean Wilsons, Sanderson Group, SpaceandPeople, Throgmorton Trust |
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| | Currencies Market Report |
Euro off lows on Greece loans accord
The Euro gained some support overnight after European leaders finally agreed on an emergency aid plan for Greece. Under the agreement each euro-zone country would provide non-subsidized loans to Greece based on its stake in the ECB, a statement said. Europe would provide more than half the loans and the Washington-based IMF the rest, which would only be triggered if Greece runs out of fund-raising options.
Even the ECB president came out and endorsed the plan after only hours earlier stating that any IMF involvement would be “a very very bad idea”. One can only imagine what made him change his mind but I would imagine that political expediency was part of it. He later held a press conference to “clarify” his remarks saying that Europe would remain in charge of any loan process.
It is this exactly this sort of uncertainty from EU leaders and the ECB which will continue to weigh down on the Euro. Chinese officials have also expressed concern at the lack of decisive action with respect to this crisis, and have now gone on record concerned with the value of their European assets.
Sterling continues to remain under pressure despite a brief boost yesterday by February retail sales figures; and closed below the key 1.4850 level overnight for the first time since May 2009.
Bernanke's testimony to the House Financial Services committee yesterday afternoon reiterated the need for continued “accommodative monetary policies”, and the need to keep rates low for an “extended period”, but didn't really offer anything that the market didn't already know.
EURUSD - the Euro continues to look weak breaking below 1.3300 yesterday after a mixture of comments from Trichet and Chinese officials concerned about the decline in the Euro. The long term target at 1.3200 is almost met and 1.3000 could well be the next stop. A low of 1.3270 so far yesterday has been the extent of the declines so far. Any rallies should now find selling interest around these levels, up towards 1.3500.
GBPUSD - downside pressure continues to remain intact, even though we saw a brief short squeeze to 1.5010 yesterday, but yesterday’s close below the 1.4850 Fibonacci support level should now target a test of 1.4400 in the near term, even though last nights declines fell short of the 1.4780 lows of last month.
Resistance still around the 1.4970/80 area despite the brief spike towards 1.5010 yesterday with more major resistance around the 1.5120/30 area, and behind that at 1.5210/20.
EURGBP – yesterday we saw a brief dip below the support at the 0.8910 level, but it was quickly reversed. The major support remains the 200 day MA at 0.8860. There should be some selling interest around the 0.8970/80, and behind that at the 0.9020 area.
USDJPY - yen weakness continues to dominate after the technical break above the 200 day moving average, and break of trend line resistance from the 2007 124.15 highs yesterday.
After sliding back near to 91.75 the dollar has continued to push higher as it looks to push towards the 93.75 January highs and the August highs at 97.70. While above 91.55 the bias remains towards the upside. |
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| | US Market Report | Gains eroded by the close
US shares weakened near the close as investors considered Federal Reserve chairman Ben Bernanke’s testimony to the House Financial Services Committee
His statement reassured investors that interest rates are likely to remain low for the time being. Analysts believe that interest rates may stay low until much later this year.
Bernanke says that the US economy still needs low interest rates but that the central bank will use them to control credit when the time is appropriate. The jobs market remains weak and this is likely to restrain any calls for a rise in interest rates in the next few months.
Gains of more than 100 points at one stage had been reduced to just five points by the close with the Dow at 10,841. Nasdaq fell one to 2,397 while the S&P 500 dropped 1 at 1,165.
There are signs that the rate of decline in jobs is slowing. Initial dole claimants were at the lowest level in six weeks at 442,000 down 14,000 from a revised 456,000 in the previous week. Continuing claims dropped to 4,648,000 from 4,725,500.
Elsewhere, Senate Republicans have successfully identified two minor violations of reconciliation rules in the final piece of the health-care package. The violations will force the Senate to change the reconciliation bill and ship it to the House of Representatives for final passage.
There is talk that the US government might sell its stake in Citigroup. Bank of America and JPMorgan Chase both rose.
Best Buy shares have moved ahead after it reported fiscal fourth-quarter earnings ahead of market forecasts at $1.82 a share. Mobile phone chip maker Qualcomm raised its second quarter forecasts for profit and revenue.
Ivanhoe Mines plans to bring the Kyzyl Gold Project in Kazakhstan into commercial production and it is looking to raise cash.
Enzyme-replacement therapies maker Genzyme Corp, which said yesterday that it will need an additional inspection of its contaminated Allston plant by the US Food and Drug Administration, has been downgraded from neutral to underweight by JPMorgan Chase.
S&P 500 - Risers
Amazon.Com Inc. (AMZN) $134.67 +5.18%
Priceline.Com Inc. (PCLN) $255.84 +4.94%
Jds Uniphase Corp. (JDSU) $11.74 +4.90%
QUALCOMM Inc. (QCOM) $42.15 +4.88%
S&P 500 - Fallers
Genzyme Corp. (GENZ) $51.28 -7.32%
Cons Energy Inc. (CNX) $42.97 -5.97%
Red Hat Inc. (RHT) $28.92 -5.80%
Peabody Energy Corp. (BTU) $44.89 -4.95%
Dow Jones I.A - Risers
Walt Disney Co. (DIS) $35.09 +2.04%
Microsoft Corp. (MSFT) $30.00 +1.18%
American Express Inc. (AXP) $41.42 +1.00%
Bank Of America Corp. (BAC) $17.74 +0.97%
Dow Jones I.A - Fallers
Du Pont E I De Nemours and Co. (DD) $37.83 -2.42%
Alcoa Inc. (AA) $14.11 -1.47%
Pfizer Inc. (PFE) $17.39 -1.25%
3M Co. (MMM) $80.93 -0.83% |
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| | Friday paper round-up |
Rail strikes, Greece, Budget
Millions of passengers will be hit by the first national rail strike for 16 years when workers begin a four-day walkout immediately after Easter.
Signallers, maintenance workers and supervisors will strike from April 6 in a row over job losses and changes to working practices unless a last-minute deal can be struck with managers, the Times reports.
After weeks of discord, Europe's leaders have agreed to an emergency facility for Greece backed by the International Monetary Fund and bilateral loans from eurozone states. The accord was vague on figures and aid can be invoked only as a "last resort" if Greece is shut out of the capital markets. Since Greece is already paying an untenable debt premium, the wording once again leaves it unclear what exactly has been settled, the Telegraph reports.
The National Lottery has been sold to a Canadian pension fund in a £389m deal announced last night. The Ontario Teachers’ Pension Plan, which has stakes in Northumbrian Water and Bristol and Birmingham airports, fought off strong competition from the private equity fund CVC Capital Partners to secure the deal, which has to be approved by the National Lottery Commission, the Times reports.
More than 10p in every pound of tax Britons pay will within four years go straight on the Government's ballooning debt interest bill, according to figures underlying the Budget calculations, it has emerged. The scale of the "repayment shock" facing Britain as its national debt climbs to the highest level since the 1960s was laid bare as the Institute for Fiscal Studies calculated, based on Treasury figures in the Budget , that debt interest payments will climb to £73.8bn by 2014/15, the Telegraph reports.
Plans to squeeze the rich with a new stamp duty on homes worth more than £1 million were last night criticised by independent economists. Describing stamp duty as “exceptionally damaging”, the Institute for Fiscal Studies said that the new 5 per cent rate on expensive homes was making the “iniquitous tax even worse”. The stampduty holiday on homes worth less than £250,000 did not go far enough, the think-tank said; the property tax should have been reduced for everyone, the Times adds.
The taxman is forcing recession-hit businesses to the wall, critics said yesterday as Revenue and Customs was implicated in the collapse of the Jarvis engineering business and the Scottish airline Highland Airways. HMRC, which the Chancellor said on Wednesday would extend the Time to Pay scheme to help businesses affected by the recession, also issued nearly a third of all winding-up petitions in England and Wales last year as it clamped down on late taxpayers such as Portsmouth Football Club, the Times reports.
A millionaire Mayfair-based Iranian businessman arrested in connection with the Financial Service Authority's largest ever insider trading investigation has yet to be questioned after being admitted to hospital. Iraj Parvizi, 44, of Romford-based Aria Capital, was taken ill soon after being arrested. Officers from the FSA and Serious Organised Crime Agency have so far been unable to interview him in relation to their probe into an alleged insider trading ring, according to a source close to the situation, the Telegraph reports.
The City minister has urged institutional shareholders to hold their own inquiry into investment banking fees to establish whether they are operating a "semi-oligopolistic market". Lord Myners, who has launched a number of attacks on investors for being "absentee landlords" over the banks, on Thursday said: "There is a real opportunity for shareholders to show that they are acting on behalf of their clients and launch a public inquiry," the Telegraph reports.
Johnston Press and Trinity Mirror have been named among the successful bidders to provide regional news for ITV, but ITN lost out. The Culture Secretary, Ben Bradshaw, announced the preferred bidders for the three independently funded news consortia pilots yesterday, the Independent reports.
Magazines and newspapers are planning to launch special editions for the forthcoming Apple iPad, with the support of millions of dollars in revenue from advertisers. With the US launch of the much-hyped tablet computer less than two weeks away, publishers have signed lucrative deals to carry interactive advertising from some of the world's largest corporations, the Independent reports.
Brady Dougan, chief executive of Credit Suisse, was the best-paid head of a leading bank in Europe last year, receiving SFr19.2m ($18.2m). The remuneration, which took Mr Dougan’s total package almost to pre-financial crisis levels, put the US-born chief executive comfortably ahead of European counterparts and almost all US rivals. The figures, revealed in Credit Suisse’s annual report, put Mr Dougan behind John Stumpf ofWells Fargo, who received $21.3m, and just ahead of Jamie Dimon, chief executive ofJPMorgan Chase, who earned about $16m, the FT reports.
The Conservatives have appointed a second advertising agency amid mounting pressure on the party leadership to spell out its tax and spending plans in the wake of the Budget. The decision to appoint M&C Saatchi to work alongside Euro RSCG coincides with Tory concerns about the “wobbly” start to this year’s election campaigning and what is seen as a lack of clear pledges to sell on the doorstep, the FT reports. |
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