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 |  Subject: ADVFN Morning Euro Markets Bulletin - July 22th 2010  Thu Jul 22, 2010 9:53 am | |
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Footsie follows US stocks lower
Market Movers
techMARK 1,622.14 -0.52%
FTSE 100 5,194.40 -0.39%
FTSE 250 9,815.63 -0.31%
London’s top stocks opened slightly lower on Thursday following falls on Wall Street overnight. US stocks fell back after Federal Reserve chairman Ben Bernanke’s testimony to US congress. The Fed chief warned the economic outlook remains "unusually uncertain," but he gave few clues on what measures the central bank might take to deal with this uncertainty.
Autonomy, a heavy hitter in the corporate software world, is the biggest faller early on despite delivering record first half profits and revenues, with the original equipment manufacturer business the main driver of growth.
DIY retailer Kingfisher, which owns the B&Q chain in the UK, also dropped after it reported a small drop in like-for-like sales in the 10 weeks to 10 July, but said half year profits remain on track. Like-for-like sales were down 0.8%, with total sales up 0.3% in constant currencies.
Imperial Tobacco said cigarette volumes for the nine months to June were down 4.3% as a result of market declines in Spain, USA, Russia and Ukraine being only partly offset by gains in Central Europe. Overall, the group’s financial performance for the financial year to 30 September remains in line with expectations.
Leading the risers, outsourcing giant Capita said pressures on public spending may affect growth in the short-term but it is confident its ability to deliver cost efficiencies will stand it in good stead. “There is buoyant demand for outsourcing across both the private and public sectors, with the most active markets in our strong bid pipeline remaining local government and life and pensions,” said Paul Pindar, chief executive of Capita.
The World Cup was a mixed blessing for pub group Mitchells and Butlers, which saw like-for-like sales rise by 1.2% from the same period a year ago in the nine weeks to 17 July, but blamed the football for slower food sales growth.
South African platinum miner Lonmin saw output from its underground mining operations increase quarter on quarter in the April to June period.
Sports Direct, owner of Sports World stores and Slazenger and Dunlop brands, posted a 50% rise in annual pre-tax profit, in line with expectations, and predicted more growth in 2010-2011.
Tate & Lyle said it has made a sound start to the year and continues to anticipate progress in the current full year. However, despite some improvement in demand, industrial starch margins are expected to remain at lower levels and the group continues to see little near term improvement in US ethanol markets.
Emerging markets lender International Personal Finance posted a three fold increase in first half profit and is confident it will deliver further growth in the second half.
Pearson, which publishes the Financial Times and textbooks, is to acquire the school support operations of Brazilian education group Sistema Educacional Brasileiro for R$888m (£326m).
Energy provider Scottish and Southern Energy (SSE) is on course to deliver expected dividend growth, despite operating in a challenging environment.
Elsewhere, Spanish bank Santander is reportedly planning a listing of its UK operations on the London Stock Exchange in move that could raise up to £3bn. The Financial Times says the lender could list on the main market as soon as this autumn to fund further expansion.
FTSE 100 - Risers
Capita Group (CPI) 717.50p +1.06%
Serco Group (SRP) 544.00p +0.83%
Invensys (ISYS) 282.00p +0.53%
Land Securities Group (LAND) 592.50p +0.51%
Barclays (BARC) 291.50p +0.43%
Schroders NV (SDRC) 1,026.00p +0.39%
Pearson (PSON) 937.50p +0.37%
Kazakhmys (KAZ) 1,110.00p +0.36%
ARM Holdings (ARM) 309.10p +0.36%
Severn Trent (SVT) 1,274.00p +0.31%
FTSE 100 - Fallers
Autonomy Corporation (AU.) 1,629.00p -10.15%
Kingfisher (KGF) 218.00p -2.46%
Imperial Tobacco Group (IMT) 1,867.00p -2.15%
TUI Travel (TT.) 225.70p -1.44%
BP (BP.) 394.75p -1.29%
Essar Energy (ESSR) 445.60p -1.20%
Home Retail Group (HOME) 232.20p -1.19%
Johnson Matthey (JMAT) 1,620.00p -0.98%
British American Tobacco (BATS) 2,213.00p -0.92%
ICAP (IAP) 384.80p -0.88% |
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| | UK Event Calendar for todoy |
INTERIMS
Capita Group, Holders Technology, International Personal Finance, Lilly(Eli), Microgen, Uniq
INTERIM DIVIDEND PAYMENT DATE
Edinburgh Worldwide Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
Existing Home Sales (US) (15:00)
Industrial New Orders (EU) (10:00)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Q2
Lilly(Eli)
GMS
Thor Mining
FINALS
Siteserv, Sports Direct International
ANNUAL REPORT
Imagination Technologies
IMSS
De La Rue, Great Portland Estates, Imperial Tobacco Group, Mitchells & Butlers, Petropavlovsk
EGMS
Northbridge Industrial Services
AGMS
Abbeycrest, ACP Capital, ACP Mezzanine Ltd., BT Group, Clarity Commerce Solutions, CML Microsystems, Coastal Energy Company (DI), De La Rue, Dee Valley Group, GB Group, Land Securities Group, Mavinwood, Mckay Secs., Personal Assets Trust, SABMiller, Scottish & Southern Energy, Shanks Group, SSL International, Tate & Lyle, Tinci Holdings, Vertu Motors, Zhaikmunai GDR (Reg S)
TRADING ANNOUNCEMENTS
Kingfisher, SABMiller
UK ECONOMIC ANNOUNCEMENTS
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Brulines, DCC, Hamworthy, Wynnstay Properties |
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| | US Markets Report |
Bernanke comments sink Dow
US stocks fell back after Federal Reserve chairman Ben Bernanke’s testimony to US congress.
The Fed chief warned the economic outlook remains "unusually uncertain," but he gave few clues on what measures the central bank might take to deal with this uncertainty.
Bernanke reiterated that the US economy would avoid falling into another recession in the near term. Economic growth would allow the Fed to tighten its monetary policy eventually, he added.
Investors, expecting some clear signals over the direction of what the Fed intends to do, were unimpressed. The Dow tumbled 109 to 10,120. Nasdaq shed 35 at 2,187, while the S&P 500 gave back 13 at 1,069.
President Barack Obama, meanwhile, signed the Wall Street reform bill, the most historic set of financial rules since the Great Depression.
US lawmakers agreed on the new deal to reform the financial system in May, with the Senate and House voting in favour of rules that govern banks and investment firms. Lawmakers eventually agreed to soften measures that would have stripped banks of the ability to trade in derivates.
Banks will be allowed to make traditional trades of contracts but those that wish to make riskier trades would need to spin off the divisions that trade derivatives contracts into affiliates in two years. Under the new rules, "too-big-to-fail" banks will also be required to install new capital and leverage limits.
Morgan Stanley beat Wall Street expectations with a quarterly net profit of $1.4bn compared with a loss of $138m in the same period last year. Net revenue was $7.95bn, up 53% from the second quarter of 2009.
Elsewhere in the sector, Wells Fargo saw quarterly net profit fall slightly to $3.1bn, or 55c a diluted share, from $3.2bn a year earlier, but the figure was still better than expected. Analysts were looking for earnings per share of 49c.
“We believe credit quality has indeed turned the corner,” chief financial officer Howard Atkins said. “We expect this positive trend will continue over the coming year.”
Coca-Cola also posted a second-quarter profit that beat forecasts. Freeport-McMoRan Copper & Gold reported better than expected second quarter profit because of higher sales of copper.
S&P 500 - Risers
Textron Inc. (TXT) $19.65 +8.68%
Morgan Stanley (MS) $26.80 +6.26%
Eaton Corp. (ETN) $73.14 +5.91%
Goodyear Tire & Rubber Co. (GT) $11.73 +3.62%
S&P 500 - Fallers
SLM Corp. (SLM) $10.34 -11.32%
Stryker Corp. (SYK) $46.75 -8.85%
Yahoo! Inc. (YHOO) $13.95 -8.25%
Tenet Hlthcre Corp. (THC) $4.30 -6.52%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $54.08 +1.58%
Caterpillar Inc. (CAT) $66.87 +0.66%
AT&T Inc. (T) $24.92 +0.52%
3M Co. (MMM) $82.30 +0.13%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $38.42 -3.05%
Bank of America Corp. (BAC) $13.36 -2.98%
Johnson & Johnson (JNJ) $57.12 -2.49%
Hewlett-Packard Co. (HPQ) $45.48 -2.42% |
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