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 |  Subject: ADVFN Morning Euro Markets Bulletin - July 2nd 2010  Fri Jul 02, 2010 8:55 am | |
| By ADVFN.comADVFN offer FREE streaming stocks and shares data form around the world. SEE | London Markets Report : |
Early gains for Footsie
Market Movers
- FTSE 100 4,813.54 +0.16%
- techMARK 1,548.94 -0.20%
- FTSE 250 9,190.75 +0.56%
London has recouped some of yesterday's losses helped by the Korean interest in Dana Petroleum and an upbeat trading statement from Wickes owner Travis Perkins.
Dana Petroleum last night confirmed the talks with a potential bidder, widely reported to be South Korean national oil-company KNOC. The shares are up 20% today valuing Dana at about £1.3bn. The talk is of a bid being worth around £1.5bn though Dana said the discussions are very early stage. Tullow, Cairn and Heritage are all higher in sympathy.
Miners have been a disappointment so far despite the Australian government’s decision to replace the controversial Resources ‘Super Tax’ with a more moderate alternative. In a joint statement, BHP Billiton, Rio Tinto and Xstrata welcomed a new Mineral Resource Rent Tax (MRRT) that would only apply to iron ore and coal resources from 1 July 2012.
The battle for ownership of Chloride looks set to come to an end after the electrical plugs and peripherals maker recommended a 375p per share bid by US giant Emerson. With Emerson's offer, shareholders also get to keep the 3.3p final dividend.
Builders' merchant Travis Perkins has seen a strong rebound in trading since March. The Wickes owner now expects its first half will beat its expectations while dividends will resume again with a 5p interim. Group revenue for the six months ended 30 June was up by 4.7%, with like-for-like sales up 3.4%. Like-for-like turnover in the last two months was 10.3% ahead in Merchanting and in the last 9 weeks 1.6% ahead in Retail. Wolseley is higher as is BSS, which Travis has made a tentative offer to buy.
InterContinental Hotels (IHG) has sold the 422 room InterContinental Buckhead Atlanta to Maryland based Pebblebrook Hotel Trust for $105m in cash. IHG will continue to manage the hotel under a long term management contract.
South Atlantic-focused oil explorer Rockhopper's samples from its recent discovery on the Sea Lion prospect, off the Falkland Islands, have been confirmed as medium grade crude. Rockhopper took the sample from the Sea Lion 14/10-2 oil discovery well in the North Falkland Basin and tested them under reservoir conditions.
Mediterranean Oil and Gas is not so happy. It has acknowledged that Italian plans to stop oil-companies drilling near its coastline may affect the company’s key Ombrina Mare project. “Once the decree comes into force, it may apply to permit applications currently pending and may apply to the Company's Ombrina Mare project,” admits the London-listed firm. |
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| | UK Event Calendar for today | INTERIM DIVIDEND PAYMENT DATE
Associated British Foods, Britvic, Cardiff Property, Connaught, Education Development International, Electronic Data Processing, Grainger, Hargreave Hale AIM VCT 1, RM Group, Shaftesbury
QUARTERLY PAYMENT DATE
Schlumberger
QUARTERLY EX-DIVIDEND DATE
JP Morgan Chase
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Factory Orders (US) (15:00)
Non-Farm Payrolls (US) (13:30)
PMI Construction (EU) (09:00)
PMI Construction (GER) (08:55)
Producer Price Index (EU) (10:00)
Unemployment Rate (EU) (10:00)
Unemployment Rate (US) (13:30)
GMS
International Brand Licensing
ANNUAL REPORT
Falkland Islands Holdings
EGMS
Climate Exchange
AGMS
Tesco
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
TRADING STATEMENT
Balfour Beatty
FINAL DIVIDEND PAYMENT DATE
Anglo Pacific, Brammer, Camellia, Compagnie de St-Gobain, Hargreave Hale AIM VCT 2, Hilton Food, Huntsworth, Hygea VCT, Judges Scientific, London and Associated Properties, Marshalls, Mears Group, Northern Investors Co., Pace, Slingsby H.C, Utilico Emerging Markets Ltd.
UK ECONOMIC ANNOUNCEMENTS
PMI Construction Survey (09:30) |
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| | Small caps round-up: Zotefoams, TT electronics, Cape... | Shares snap losing streak
Europe’s leading exchanges have made a positive start to the last trading session of the week, paring some of yesterday’s heavy losses.
Markets took another hammering on Thursday, led by financial shares after a small group of banks asked for more than €100bn in short-term funding.
Across the markets, the Dax in Frankfurt is now up 20 points at 5,877, with the Cac in Paris adding 7 points to 3,347. The Swiss market has dropped 3 points to 5,979.
London-listed mining heavyweights are on the rise after the Australian government’s decision to replace the controversial Resources ‘Super Tax’ with a more moderate alternative.
In a joint statement, BHP Billiton, Rio Tinto and Xstrata welcomed a new Mineral Resource Rent Tax (MRRT) that would only apply to iron ore and coal resources from 1 July 2012.
French media company Lagardere is launching an initial public offering for its 20% holding in pay-television company Canal Plus France, after failing to sell the stake to Vivendi. Entertainment-to-telecoms conglomerate Vivendi controls 80% of Canal Plus France.
The decision is in line with the terms of a shareholders agreement signed in January 2007, Lagardere said in a statement.
CAC 40 - Risers
- Dexia € 2.78 +1.50%
- Vivendi € 16.50 +1.29%
- Renault € 29.89 +1.12%
- ArcelorMittal SA € 21.93 +0.99%
- Bouygues € 30.93 +0.91%
- BNP Paribas € 43.83 +0.79%
- Total € 36.15 +0.75%
- Schneider Electric € 81.48 +0.73%
- Saint Gobain € 30.34 +0.71%
- Technip € 45.78 +0.69%
CAC 40 - Fallers
- Accor € 23.83 -35.82%
- Pernod Ricard € 61.29 -2.47%
- Sanofi-Aventis € 47.28 -1.96%
- EDF € 30.35 -1.30%
- Essilor International € 47.60 -0.88%
- Suez Environnement Company € 13.10 -0.80%
- EADS € 16.26 -0.76%
- Lagardere SCA € 24.38 -0.63%
- Societe Generale € 32.65 -0.62%
- Cap Gemini € 35.05 -0.57%
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| | US Markets Report |
US shares recovered after an early slide on disappointing economic figures, but still closed in the red.
Across the markets, Dow Jones fell 41 points to 9,732. Nasdaq shed 7 points to 2,101 and the S&P 500 was 3 points lower at 1,027.
Manufacturing figures were below expectations and home sales and jobless data also had a negative effect on the market.
The Institute for Supply Management’s manufacturing index fell from 59.7 in May to 56.2 in June. As the figure is above 50 it still represents growth but the figure is at its lowest level since October 2009.
The removal of the homebuyer tax credit led to a 30% slump in sales of existing homes in the US. The National Association of Realtors says its Pending Home Sales Index fell from 110.9 in April to 77.6 in May. A fall was expected but not one that sharp.
The Labor Department said initial jobless claims rose to 472,000 last week, which was unexpected as economists forecast a drop to 452,000. The non-farm payroll figures will be published tomorrow.
The US government has sold 1.1bn shares in Citigroup. Digital maps supplier AutoNavi raised $108m at $12.50. University operator Apollo upgraded expectations for its fourth quarter. Guns maker Smith & Wesson reported fourth quarter earnings of 8c, which was double expectations.
S&P 500 - Risers
Frontier Communications Company (FTR) $7.63 +7.31%
Ford Motor Co (F) $10.59 +5.06%
Abercrombie & Fitch (ANF) $31.91 +3.98%
Carnival Corp. (CCL) $31.31 +3.54%
S&P 500 - Fallers
Questar Corp. (STR) $15.22 -66.54%
Tesoro Corp. (TSO) $11.06 -5.23%
Sunoco Inc. (SUN) $33.05 -4.95%
Newmont Min Corp. (NEM) $58.99 -4.45%
Dow Jones I.A - Risers
McDonald's Corp. (MCD) $66.71 +1.28%
AT&T Inc. (T) $24.34 +0.62%
Microsoft Corp. (MSFT) $23.15 +0.61%
Wal-Mart Stores Inc. (WMT) $48.34 +0.56%
Verizon Communications Inc. (VZ) $28.13 +0.39%
Dow Jones I.A - Fallers
Bank Of America Corp. (BAC) $14.02 -2.44%
General Electric Co. (GE) $14.11 -2.15%
Merck & Co. Inc. (MRK) $34.44 -1.52%
JP Morgan Chase & Co. (JPM) $36.08 -1.45%
Hewlett-Packard Co. (HPQ) $42.89 -0.90% |
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Fears of an economic relapse across the world have begun to stalk markets again after pending homes sales in the US crashed by a third and a slew of weak data from China and Japan sent bourses tumbling across Asia, the Telegraph reports.
The credit system is once again flashing warnings of extreme fragility, with the yield on 10-year US Treasuries plummeting back to crisis-levels of 2.89%. Japan's 10-year bond dropped to 1.06%, the lowest since the country's deflation battle seven years ago. Tokyo's Nikkei stock index tumbled to the lowest level since 2005 as safe-haven flight into the yen surged to levels that leave many Japanese exporters underwater.
China could swoop on $9bn of BP's assets in South America, as the oil giant looks to raise money to pay for its giant Gulf of Mexico oil spill.The British energy major, whose share price rose 3pc yesterday, is understood to be in talks with the state-owned China National Offshore Oil Corporation (CNOOC) about selling its 60pc stake in Pan America. BP is looking to sell $10bn of non-core exploration and production assets, so this potential disposal would mean it would almost hit this target in a single transaction, the Telegraph reports.
KNOC, South Korea’s national oil - company, is exploring a £1.5bn takeover offer for the UK-listed oil explorer Dana Petroleum as it seeks foreign acquisitions to bolster its oil production. KNOC has made preliminary contact with Dana’s management with the aim of arranging an agreed purchase, according to people familiar with the situation, the FT reports.
Bankers and analysts expect up to 20 of Europe’s banks to be forced into cash calls as a result of this month’s stress tests, raising up to €30bn ($37.3bn) of fresh equity, the FT reports. One senior European banker said that even in the event of mild stress the capital shortfall would approach that level. “We are urging clients to come early to market,” he said. Another investment bank chief said not only the weakest should seek to recapitalise. “The top three or four banks in Europe should be thinking: ‘How do I make myself bullet-proof?’”
Julia Gillard, the Australian prime minister, reached an agreement early on Friday with mining companies on a new tax, striking a compromise to end a simmering dispute that cost her predecessor his job. In order to secure the deal and reach agreement with mining companies, the government has agreed to slash the mining tax rate and cut the types of resources affected. The new resource tax offers concessions to mining companies by taxing iron ore and coal at a rate of 30%, the Telegraph reports.
Sky's sporting supremacy has come under unprecedented attack after BT ignited a price war in Britain's pay-TV market.The telecoms giant has begun offering Premier League football for as little £6.99 a month in a move that significantly undercuts the satellite giant, the Mail reports.
General Electric, the US conglomerate, last night sought to play down critical comments reportedly made by its own chief executive Jeffrey Immelt about China and the US administration under President Barrack Obama. Immelt was reported to have told Italian businessmen at a gathering in Rome that China was becoming increasingly hostile to foreign multinationals and did not want foreign companies to be successful, the Telegaph reports.
Goldman Sachs denied responsibility for the collapse of insurance giant AIG in 2008, saying its demands for billions of dollars in collateral from the company were a prudent response to deteriorating financial conditions. Executives at the two companies traded accusations in front of the Financial Crisis Inquiry Commission yesterday, on the second day of a hearing into the role of derivatives in the credit crunch, the Independent reports. |
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