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ADVFN Newsdesk - Stocks Showing A Lack Of Direction In Early Trading

2012-01-27T07:59:00.000-08:00

ADVFN III

World Daily Markets Bulletin

Daily world financial news

Supplied by advfn.com

Friday 27 Jan 2012 10:55:08

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US Market Report

Stocks Showing A Lack Of Direction In Early Trading

Stocks are turning in a lackluster performance in early trading on Friday as traders digest a report on U.S. economic growth in the final three months of last year. The major averages have turned mixed on the day after moving modestly lower at the open.

Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is up 3.32 points or 0.1 percent at 2,808.60, the Dow is down 38.98 points or 0.3 percent at 12,695.65 and the S&P 500 is down 1.81 points or 0.1 percent at 1,316.62.

The markets initially reacted negatively to a report from the Commerce Department showing somewhat weaker than expected fourth quarter GDP growth, although selling pressure waned not long after the start of trading.

The report showed that GDP increased at an annual rate of 2.8 percent in the fourth quarter compared to the 1.8 percent growth seen in the third quarter.

While GDP growth showed a notable acceleration compared to the previous quarter, economists had been expecting an increase of about 3.1 percent.

Economists were also disappointed that much of the GDP growth in the fourth quarter was due to a positive contribution from private inventory investment

Paul Ashworth, Chief U.S. Economist at Capital Economics, said, "The much bigger than expected positive contribution from inventories in Q4 leaves us even more convinced that growth will slow again to a sub-2% rate in Q1 of this year."

Nonetheless, most of the major sectors are showing only modest moves in early trading, although significant weakness is visible among networking stocks. Juniper Networks (JNPR) is posting a substantial loss after providing disappointing first quarter guidance.

On the other hand, oil service and chemical stocks have moved to the upside, with Eastman Chemical (EMN) leading the chemical sector higher after forecasting better than expected first quarter earnings. Eastman also announced an agreement to acquire Solutia (SOA) for about $3.4 billion.

In overseas trading, stock markets across the Asia-Pacific region closed mostly higher on Friday, although Japan's Nikkei 225 Index bucked the uptrend and edged down by 0.1 percent. Hong Kong's Hang Seng Index rose by 0.3 percent, while Australia's All Ordinaries Index closed up by 0.5 percent.

Meanwhile, the major European markets have moved to the downside on the day. While the German DAX Index has dipped by 0.3 percent, the U.K.'s FTSE 100 Index has fallen by 0.9 percent, and the French CAC 40 Index has slumped by 1.1 percent.

In the bond market, treasuries have shown a lack of direction over the course of the morning. The yield on the benchmark ten-year note is down by less than a basis point at 1.93 percent.

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Canadian Market Report

CADUSD	Oil	Gold	Allbanc

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TSX Poised For Mixed Open

Canadian stocks may edge up at open Friday amid mixed commodities and varied cues from the global equity markets. While most Asian markets ended higher overnight, European shares were struggling to hold on to their recent gains even as Greece continuing its negotiations with its private creditors.

On Thursday, the S&P/TSX Composite Index shed 74.89 points or 0.60 percent to 12,464.32. The price of crude oil was steady above $100, with crude for March adding $0.37 to $100.07 a barrel.

The price of gold was ticking lower Friday morning after gaining nearly 4 percent in the past two sessions. Gold for February edged down $4.10 to $1,722.60 an ounce.

In corporate news from Canada, electronics products company Celestica Inc.(CLS.TO) reported that its fourth quarter IFRS net earnings rose to $69.2 million or $0.32 per share, from $38.4 million or $0.17 per share last year. Adjusted net earnings were $71.1 million or $0.33 per share, compared to $61.3 million or $0.27 per share for the same period last year. Analysts were expecting the company to report earnings of $0.25 per share. For the first quarter, the company guides revenue to be in the range of $1.6 billion to $1.7 billion and adjusted net earnings per share to be in the range of $0.18 to $0.24. Analysts expect the company to report earnings of $0.23 per share for the next quarter.

CIBC reported fiscal 2011 net income of C$2.87 billion, or C$6.71 per share under IRFS standard. Adjusted earnings were restated as C$7.57 per share.

In what could be a positive news for the ailing smart phone maker Research In Motion, V. Prem Watsa - who has been appointed to the board this week - raised his stake in the company to 5.12 percent from the earlier 2.25 percent to become the fourth-largest shareholder in the company. Watsa, who heads Fairfax Financial Holdings Ltd, is well known for his turnaround capabilities .

In economic news from south of the border, the U.S. Commerce Department said the economy grew at 2.8 percent the final quarter of 2011, up from the 1.8 percent growth posted for the third quarter. But the growth fell short of the 3.1 percent projected by most economists in what may be a sign that economic recovery is still stagnant.

From the euro zone, Germany's import price inflation eased sharply and for a third consecutive month in December, data from the Federal Statistical Office showed. Inflation eased to 3.9 percent in December from 6 percent in November and 6.8 percent in October. Economists expected the rate to be 3.8 percent.

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European Market Report

FTSE 100	Euronext	Dax perf	CAC 40

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French Market Turns Positive

The French market turned positive in afternoon trading Friday, as talks continue between Greece and its private bondholders, ahead of the key GDP data from the U.S. The major Asian markets closed mixed, while the U.S. index futures are higher.

A deal on restructuring Greece's debt is a pre-condition for securing more aid from its international creditors ahead of March, when the country must repay 14.5 billion euros of maturing debt.

The Euro Stoxx 50 index of eurozone bluechip stocks is falling 0.01 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is losing 0.06 percent.

The CAC 40 is currently advancing 0.11 percent, recovering from early weakness.

BNP Paribas and Credit Agricole are declining 2.8 percent each. Societe Generale is falling 1.9 percent. JPMorgan cut BNP Paribas to "Neutral" from "Overweight."

Peugeot is losing 1 percent and Renault is falling 0.3 percent.

GDF Suez is flat. UBS removed the stock from its "Most Preferred List."

EADS is gaining 1.9 percent. Exane BNP raised the stock to "Outperform" from "Underperform."

Barclays reduced Carrefour to "Underweight" from "Equalweight." According to media reports, the supermarket group is close to firing its Chief Executive Officer Lars Olofsson, and is in talks to replace him with Georges Plassat. The stock is up 2.2 percent.

Elsewhere in Europe, the German DAX is adding 0.31 percent and Switzerland's SMI is gaining 0.02 percent.. The UK's FTSE 100 is falling 0.12 percent.

In economic news, Germany's import price inflation eased sharply and for a third consecutive month in December. Data from the Federal Statistical Office showed that inflation eased to 3.9 percent in December from 6 percent in November and 6.8 percent in October. Economists expected the rate to be 3.8 percent.

In the commodity space, crude for March delivery is adding $0.44 to $100.14 per barrel, while February gold is losing $3.1 to $1723.6 a troy ounce.

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Asia Market Report

Bull Run Continues; Sensex Up 0.9 Percent

Asian stocks swung between gains and losses before ending mostly higher on Friday as the Fed's decision to provide some policy certainty outweighed concerns surrounding Greece's debt talks. The markets in China and Taiwan remain closed for the Lunar New Year holidays.

Former U.S. Federal Reserve Governor Kevin Warsh said the dovish stance of the central bank and recent policy activism may adversely affect the U.S. economic expansion in the long run. The Fed's latest pledge to keep interest rates near zero through 2014 isn't seen as a "guarantee" that "reacquaints consumers with bad habits, " Warsh reportedly said in a speech in Stanford, California.

Tokyo stocks erased initial gains as weak earnings results clouded the earnings outlook for Japanese companies. The benchmark Nikkei eased 0.1 percent while the broader Topix index shed half a percent.

NEC Corp. plunged 7.1 percent after the electronics giant forecast its third annual loss in four years and unveiled plans to layoff nearly 10 percent of its workforce. Nintendo tumbled 4.1 percent after the videogame maker reported a sharp drop in quarterly earnings and more than tripled its full-year loss forecast.

Nippon Steel fell 3.5 percent after the steelmaker said it swung to a loss in the third quarter, weighed down by a hefty special loss related to stagnant stock market conditions and a marginal growth in revenue. Elpida Memory slumped 7.1 percent on a report that it will likely post an operating loss of 90 billion yen for the April to December period.

Commodity-related stocks advanced, with Inpex, Itochu and Marubeni gaining around 3 percent each after commodities rallied overnight in the wake of Fed's pledge to keep interest rates near zero at least until the middle of 2013.

Australian shares posted modest gains, as traders returning from a holiday the day before lapped up miners, encouraged by strong gains in commodity prices overnight. The benchmark S&P/ASX 200 closed 0.4 percent higher while the broader All Ordinaries index advanced half a percent. Among the major miners, BHP Billiton rose 0.6 percent, Rio Tinto gained 2.1 percent, Newcrest rallied 3.8 percent and Fortescue soared 4.1 percent.

The big four banks closed mixed, with ANZ and Commonwealth rising around 0.3 percent each, while NAB shed half a percent and Westpac edged down marginally. Woodside Petroleum, the nation's biggest oil and gas producer, advanced 1.5 percent on reports it is considering selling part of it stake in the $40 billion Browse liquefied natural gas project in Western Australia. Retailers Wesfarmer and Woolworths ended down between 0.2 percent and 0.6 percent.

Reliance Power also closed on a flat note after the company inked an agreement with RWE Power International of Germany to help double coal production at its captive mines of the Tilaiya ultra-mega power project.

Ranbaxy slumped 6.6 percent on brokerage downgrades after the drug maker agreed to make significant changes in its manufacturing facilities in India and the U.S. as part of a settlement that ends wide-ranging investigations against the company by the U.S. regulatory authorities.

Coal India eased 0.7 percent on reports that it will announce the new set of coal prices this month. Canara Bank tumbled 3.2 percent on posting disappointing Q3 results.

NTPC shed half a percent. The state-run power major said it has received environmental clearance for its meta thermal power project at Kudgi in Bijapur district of Karnataka.

On the global front, other Asian markets swung between gains and losses before ending mostly higher on Friday as the Fed's decision to provide some policy certainty outweighed concerns surrounding Greece's debt talks. The markets in China and Taiwan were closed for the Lunar New Year holidays.

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Forex Top Story

USDCAD	USDEUR	USDGBP	USDJPY

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Dollar Slides As Greece Nears Sovereign Debt Deal

The dollar was back on defense Friday morning, hurt by talk that Greece was close to a deal on a voluntary restructuring of its sovereign debt. Olli Rehn, the vice president of the European Commission, said that a deal should be announced today or over the weekend at the latest.

The dollar dropped to $1.3150 versus the euro, edging back toward a monthly low near $1.32. It's been a rough week for the dollar, which was sitting at a 17-month high of $1.2623 only 11 days ago.

The buck slid to $1.5712 versus the sterling, down fractionally from last night.

Weakness was more pronounced versus the yen, with the dollar dropping to Y76.90 from Y77.50.

Trading on Friday is likely to be impacted by the release of the Commerce Department's initial report on U.S. fourth quarter GDP. Economists expect GDP to increase by about 3.1 percent compared to the 1.8 percent growth seen in the third quarter.

Richmond Federal Reserve Bank President Jeffrey Lacker on Friday explained his dissenting vote at this week's FOMC meeting.

"I dissented because I do not believe economic conditions are likely to warrant an exceptionally low federal funds rate for so long," Lacker said. "I expect that as economic expansion continues, even if only at a moderate pace, the federal funds rate will need to rise in order to prevent the emergence of inflationary pressures. This increase in interest rates is likely to be necessary before late 2014," he added.

Yesterday, a report from the Labor Department showed that initial jobless claims rebounded by a little more than anticipated in the week ended January 21st.

The Labor Department said jobless claims rose to 377,000 from the previous week's revised figure of 356,000, while economists had expected jobless claims to increase to 370,000.

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Retornos na bolsa como você nunca viu

2012-01-27T04:34:00.001-08:00

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Weekly Forex Currency Review

2012-01-27T04:20:00.000-08:00

ADVFN III

Weekly FOREX Currency REVIEW

Global Forex News from ADVFN

Supplied by advfn.com

Friday 27 Jan 2012 12:19:46

Sponsored by:
Emerald Knight

Weekly Market analysis

The Federal Reserve commitment to maintaining ultra-low interest rates will help underpin risk appetite in the short- term and will also curb any dollar demand. There are still substantial risks associated with the European banking sector as sovereign-debt fears persist and fear will intensify again if Greece formally defaults and, especially if fears intensify surrounding Portugal. The Chinese economic outlook will also be an important focus at the start of the new year.

Key events for the forthcoming week

Date	Time (GMT)	Data release/event
Monday January 30th		EU Summit
Wednesday February 1st	09.30	UK manufacturing PMI
Wednesday February 1st	15.00	US manufacturing PMI
Friday February 3rd	13.30	US employment report

Dollar:

There will be expectations of solid US growth which will provide some support to capital inflows. The Federal Reserve policies will also be a very important influence and the expected commitment to lower interest rates for an even longer period, coupled with the possibility of further quantitative easing, will undermine yield support and lessen dollar support. International considerations will still play an extremely important role and the US currency will lose defensive support when markets take a more optimistic stance. The overall pressure for financial de-leveraging will, however, continue in Europe and this will both undermine global growth and trigger underlying dollar demand.

The dollar dipped sharply following the Federal Reserve meeting with five-week lows on a trade-weighted basis, but did find some support at lower levels.

There were no Federal Reserve policy decision surprises with interest rates left on hold. The statement was, however, significantly more dovish than expected as the majority of participants were expecting Fed Funds to remain at the current extremely low levels until late in 2014 compared with previous expectations of 2013 previously. In his press conference, Fed Chairman Bernanke was also dovish in his outlook despite being slightly more optimistic surrounding near-term economic prospects. Bernanke stated that further quantitative easing could be considered and, although the Fed adopted an inflation target of 2.0% for the first time, he stated that further easing could be considered even if inflation was above 2.0%.

The dovish statement was important in underpinning risk appetite and was also important in undermining the dollar as it dipped sharply to lows beyond 1.31 against the Euro. There will be the risk of fresh trade tensions and friction with Europe given the perception that the US will resist forcefully any strengthening of the US currency.

The US jobless claims data recorded an increase to 377,000 in the latest week from 356,000 previously while durable goods orders rose 3.0% in the latest month. The data impact was inevitably limited at this stage as markets continued to consider the Federal Reserve statement and prospect for a continuation of near-zero interest rates. The US currency was still unsettled by the possibility of further quantitative easing as defensive dollar demand remained lower.

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Euro

There will be further relief that the aggressive ECB liquidity operations have managed to stabilise conditions to some extent and ease the immediate threat of a destabilising credit crunch. The underlying situation is still precarious given exposure to sovereign debt. There will be further fears surrounding the threat of a Greek default and the rise in Portuguese yields will spark additional fears that Portugal will also move closer to default which would destabilise the Euro area. Whatever the outcome, the ECB will also have to maintain a very aggressive monetary policy to help support the economy and offset the deflation threat which will make it very difficult for the Euro to gain ground.

The Euro continued to recover ground, advancing to 2012 highs against the dollar, but was unable to hold its best levels, especially against the yen.

The Euro secured initial support from the latest flash PMI data which recorded an increase in the manufacturing component to 48.7 from 46.9 previously while the services-sector index moved above the 50 level for the first time since the August 2011 release. The data maintained the run of more favourable data seen over the past few weeks and helped ease immediate fears surrounding the Euro-zone outlook, although the Euro area was still dependent on the core economies.

There was further debate surrounding the Greek private-sector debt deal with a suggestion that a new arrangement could be in place by the middle of February. Nevertheless, there was further unease surrounding the situation as default fears intensified with Standard & Poor’s indicating that any agreement was likely to be considered a default.

In the event, there was still a high degree of uncertainty surrounding Greece and no deal was forthcoming with discussions set to continue on Friday. There were also further concerns surrounding the Portuguese situation as benchmark yields continued to rise to record levels with 10-year yields close to the 15% level. There were further rumours of pressure on the ECB to take losses on its substantial holdings of Greek bonds which unsettled sentiment in an environment of uncertainty.

There was also further pressure for the ECB to take a more aggressive stance towards interest rates which curbed Euro support.

Yen:

There will be further concerns surrounding the industrial and trade outlook, especially with Japan registering an annual trade deficit for the first time in 16 years. There will be pressure for the Bank of Japan to boost competitiveness through a weaker currency and there will also be fears surrounding the huge debt burden. Global risk appetite will be important and the yen will still gain defensive support when fears over the outlook increase. The currency will also gain support from capital repatriation flows out of European bonds.

The dollar initially moved above resistance in the 77 area against the yen on Tuesday and there was a fresh surge in dollar buying which pushed the dollar to near the 78 level for the first time in a month. The dollar was unable to sustain the gains and weakened back to test support below 77.

There no significant policy changes by the Bank of Japan at its latest monetary meeting with interest rates held in a 0.00-0.10% range and no changes to quantitative easing while the growth forecasts for the year ahead were downgraded.

There was speculation that Japan would run a trade deficit for 2011 and this was confirmed in the latest data release on Wednesday with the first annual deficit for 16 years as exports declined by 8% over the year. This undermined yen sentiment on fears over a structural deterioration.

The US data releases later in the week failed to provide any sustained support for the US currency as the potentially positive impact of a firm durable goods release was offset by the pledge of ultra-low Federal Reserve interest rates.

There was a stronger than expected Japanese retail sales release with a 2.5% annual increase in the year to December while the inflation data was broadly in line with expectations with a 0.1% annual decline and no significant policy implications.

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Sterling

Confidence in the UK economy will remain weak following the reported GDP contraction for the fourth quarter. There will be further fears surrounding the outlook for retail sales and the economy will also come under further pressure if the Euro-zone outlook continues to deteriorate. The Bank of England is slightly less pessimistic over the economic outlook, but there is still the potential for additional quantitative easing. The outlook for capital flows will remain mixed as there will be the potential for defensive capital inflows, but these flows could reverse rapidly at current yields. Sterling volatility is liable to increase again.

Sterling generally pushed higher against the dollar with a peak near 1.57 even though gains were generally slow while the UK currency dipped weaker against the Euro as international moves dominated for much of the time.

The headline public-sector borrowing requirement was better than expected with a figure of GBP10.8bn for December from a revised GBP15.1bn previously. The market focus tended to be on the level of debt which rose above the GBP1trn level for the first time, but the negative Sterling impact was limited.

Bank of England Governor King remained cautious over the economic outlook with a warning that bank lending would remain weak. He also stated that lower inflation would give the bank scope to provide additional quantitative easing if necessary. King, however, was notably less fearful in his general comments on the economy compared with his tone late in 2011 which helped support Sterling.

The headline figure was slightly weaker than expected with a 0.2% fourth-quarter contraction and there will be concerns over the lack of growth in the private sector. The data will reinforce near-term fears surrounding the economy and the underlying debt trajectory. The Bank of England MPC minutes from January’s meeting recorded a 9-0 vote for keeping interest rates and quantitative easing on hold.

The minutes did, however, reveal greater divergence in opinion surrounding the outlook for growth and inflation. There was still a lack of confidence in the economic outlook, but several members were more doubtful whether there would be a sustained decline in inflation. In this environment, it will be more difficult to secure unanimous support for any further boost to quantitative easing at February’s meeting.

The latest CBI retail sales survey was substantially weaker than expected with a decline to a three-year low of -22 from +9 the previous month and the data reinforced a lack of confidence in the spending outlook.

Swiss franc:

National Bank policies will remain extremely important in the short-term given the on-going debate surrounding the minimum Euro level. There is still the risk that markets will attack the Euro, although there will also inevitably be reluctance to challenge the central bank given the potential for aggressive and unlimited bank intervention. On domestic grounds, there will also still be domestic pressure for the bank to raise the minimum level. There will also be the potential for increased capital flows out of Switzerland on valuation grounds which will tend to undermine the franc.

The dollar remained under pressure against the franc during the week and was subjected to further losses on technical ground once support in the 0.93 area was broken and the currency dipped to 2012 lows near 0.9150 before a corrective recovery. The Euro was unable to gain any sustained traction above the 1.21 area.
This Euro under-performance against the Swiss currency will be a cause of concern for the National Bank and there will be the potential for further verbal intervention.

In comments on Tuesday, National Bank member Danthine reiterated that the bank would defend the minimum Euro level with the utmost determination and would block franc gains with unlimited buying of overseas currencies if required.

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Australian dollar

The Australian dollar maintained a strong tone during the first half of the week and advanced to 2012 highs against the US currency with a peak in the 1.07 area. There was a general improvement in risk appetite which helped underpin the currency and the Australian currency gained support on yield grounds, especially after the more dovish Federal Reserve stance.

Fears over the Asian economy eased which helped underpin the Australian currency, although there were still doubts surrounding the Chinese outlook which will be tested once China returns from the week-long holiday break.

The Australian dollar will continue to be subjected to high volatility and it will be difficult to advance much further even with solid yield support.

Canadian dollar:

The Canadian dollar gained support from international considerations during the week and pushed to a peak just beyond parity against the US currency before correcting slightly. Risk appetite was generally firmer and commodity prices were generally resilient. The domestic influences were limited with the retail sales data broadly in line with expectations.

The Canadian currency should prove to be broadly resilient, although it will be difficult to extend gains much beyond parity as longer-term selling will increase.

Indian rupee:

The rupee maintained a solid tone during the week and again challenged resistance levels just beyond the 50 level against the US dollar before correcting slightly weaker. There was firm dollar demand by oil importers which stemmed rupee gains.

Risk appetite was generally firmer which helped underpin confidence and there was also suspected intervention by the Reserve Bank which helped underpin the currency. Interest rates were left on hold, but there was a cut in reserve ratios.

Although resilient, it will be difficult for the rupee to extend gains given the underlying risk profile and uncertainties surrounding the Indian economy.

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Hong Kong dollar

The Hong Kong dollar maintained a firm tone during the week and advanced to a high just beyond the 7.76 level against the US currency as risk appetite maintained a firmer tone. Local markets were closed for the first three days of the week which dampened activity and there were no influences from Chinese markets which were closed.

Risk conditions will remain very important and any fresh doubts surrounding the Chinese outlook would limit the scope for Hong Kong dollar gains.

Chinese yuan:

Chinese markets were closed for the Lunar New-Year holiday

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Bom dia ADVFN - Por que a Bolsa está subindo em 2012?

2012-01-27T03:29:00.001-08:00

ADVFN Newsletter

Escrito por Repórter ADVFN
reporter@advfn.com.br

Sexta-feira, 27 de Janeiro de 2012

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Agenda de investimentos do dia

Brasil

Morning Call Diário
10:30 Nota de Política Monetária
Neste domingo às 21h00: Auditório YouTrade

EUA

11:30 PIB
12:55 Confiança do Consumidor

Outros países

Sem destaques

Notícias em destaque

Auditório ADVFN de Domingo! Prepare-se para o mercado antes de todo o mundo

Prezado Investidor, não perca neste Domingo, a partir das 21h00, mais um Auditório ADVFN, evento GRATUITO, transmitido pela INTERNET e AO VIVO, com o mestre Marcelo Coutinho, do YouTrade, preparando você para os mercados. Vamos analisar índices nacionais e internacionais com a já clássica "fibada" do Marcelo Coutinho e seus sempre dinâmicos comentários. Para maiores informações, continue lendo a notícia:
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Agenda do investidor para esta sexta-feira

No Brasil o Banco Central publica a Nota de Política Monetária com os dados sobre a evolução dos agregados monetários (papel moeda, depósitos, câmbio entre outros) e operações de crédito do sistema financeiro. Nos EUA o Departamento do Comércio divulga o a estimativa do PIB (Produto Interno Bruto) do quarto trimestre de 2011. A Universidade de Michigan/Reuters apresenta a Confiança do Consumidor, índice que revela a confiança e expectativa do consumidor em relação à economia em geral.

Por que a Bolsa está subindo em 2012?

O início do ano de 2012 tem surpreendido bastante os investidores nacionais. A sensação de que o pior da crise já passou, levou o índice Ibovespa a subir quase 11% até ontem. Os investidores começam a se perguntar se existe algum fator que explique a recente alta. Alguns analistas acreditam que tem a resposta: os investidores estrangeiros. Até o dia 23 de janeiro, o capital estrangeiro já comprou liquidamente R$5,303 bi em ações na bolsa de valores nacional. Para se ter uma perspectiva, no ano passado os investidores tiraram da bolsa R$1,35 bi. No ano de 2010, de janeiro a dezembro, foram adicionados R$5,96 bi. Fazendo uma conta simples, a recente entrada de recursos na Bolsa nacional, projeta um saldo positivo de investidores estrangeiros em R$83,5 bi ao final de 2012, um valor obviamente fora da realidade, mas mostra a sede do capital internacional pelas ações brasileiras. A entrada de recursos atual só pode ser comparada a do ano de 2009, quando os estrangeiros deixaram R$20,6 bi na Bolsa, levando o índice Ibovespa a subir 82,6% naquele ano. E para os investidores internacionais a subida recente da Bolsa é ainda melhor: com a cotação do Dólar em queda, o retorno neste mês de janeiro já representa um ganho de 17%. O ano de 2012 parece prometer, e os investidores estrangeiros sabendo disso, estão quietamente se posicionando, chegando bem cedo à festa.

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Notas gerais

As ações de construtoras foram o destaque positivo da Bolsa ontem. Entre as dez maiores valorizações do índice Ibovespa, seis eram do setor. Rossi Residencial (RSID3) teve a maior valorização do índice e fechou em alta de 6,24%...
O Dólar fechou em baixa de 0,95% ontem, cotado a R$1,7442 na venda...
Um estudo nos EUA mostra que bancos e seguradoras são os maiores anunciantes do Google (NASDAQ:GOOG)...
É quase certo o fracasso da união entre as bolsas de valores NYSE e Deutsche Börse, afirmam analistas. A Europa deverá barrar a fusão...
A ata do COPOM divulgada ontem mostra uma alta probabilidade de a taxa básica de juros (Selic) ficar abaixo dos 10% neste ano. O Banco Central mostrou que a demanda interna continua com força, compensando em parte desaceleração mundial. A taxa de inflação também deverá ficar mais próxima do centro da meta em 2012. A meta é o IPCA em 4,5%...
Guido Mantega, ministro da Fazenda, afirmou que o governo irá reduzir as despesas para Banco Central continuar com os cortes nos juros. Mantega ainda reiterou sua visão de crescimento de 4,5% do PIB nacional em 2012...
Dados do IBGE mostram que a taxa de desemprego no Brasil ficou em 6% em 2011, menor valor desde 2002...
A sul-coreana Hyundai, quinta maior montadora de veículos do mundo, registrou lucros de US$1,8 bi no quarto trimestre de 2011 (4T11), alta de 38%...
A AT&T (NYSE:T) registrou prejuízo de US$6,7 bi no último trimestre de 2011 (4T11), após a mal sucedida tentativa de compra da T-Mobile USA...
A BMW (XE:BMW) anunciou um recall de 2,7 mil veículos Mini no Brasil, com problemas na bomba d´água que podem, em casos raros, incendiar o carro...
A Nokia (NYSE:NOK) reverteu o resultado positivo do período anterior e registrou perdas de US$1,38 bi no quarto trimestre de 2011 (4T11), com queda de 21% nas vendas, mesmo após o lançamento de celulares com o sistema operacional Windows Phone 7...
O FMI acredita que a decisão do banco central dos EUA de manter a taxa de juros próxima a zero até 2014 foi acertada...
Rumores de mudança no comando da varejista francesa Carrefour (EU:CA) animaram os investidores, com as ações fechando em alta de 7,46% na bolsa de valores de Paris...
A China se contrapôs ao Ocidente e criticou o embargo ao petróleo produzido no Irã. Mahmoud Ahmadinejad, presidente do Irã, afirmou que está disposto a dialogar com países ocidentais uma solução às sanções recentemente impostas...
O Banco do Brasil (BBAS3) tem a meta de atingir dois milhões de contas abertas no sistema do Banco Postal dos Correios em 2012...

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Mercados - Abertura e Fechamento

Ind. Futuros na América

Dow Jones	+0.20%
S&P 500	+0.19%
Nasdaq 100	+0.32%

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China - Xangai	0.00%
China - Hong Kong	+0.31%
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França - Paris	-0.07%

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Mercado de Câmbio

MOEDA	Fech. Ant.	Variação
DÓLAR	R$ 1.75	0.60%
EURO	R$ 2.30	1.25%
LIBRA	R$ 2.75	1.00%
PESO ARGENTINO	R$ 0.40	0.00%

Raio-X Bovespa

Código / Empresa	Fechamento	Variação	Volume negociado	Inf. Empresa
IBOV	62.953,06	+0.75	346.655.700	Acessar
Petrobras PN	24,96	-1.73	30.730.100	Acessar
Vale PN	41,45	-0.31	20.292.300	Acessar
BM&F Bovespa	10,69	+2.69	16.445.000	Acessar
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Morning Euro Markets Bulletin

2012-01-27T01:34:00.000-08:00

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Morning Euro Markets Bulletin

Daily world financial news

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Friday 27 Jan 2012 09:31:08

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London Market Report

FTSE 100	Euronext	Dax perf	CAC 40

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Stocks fall as Greek talks drag on

Market Movers
techMARK 1,961.27 -0.51%
FTSE 100 5,771.85 -0.40%
FTSE 250 10,873.75 -0.32%

UK stocks slipped in early trading on Friday, giving up some gains made yesterday on the back of the post-Fed rally, as focus again returns to Greece with talks over the debt swap continuing to weigh on investors' minds.

Both sides taking part in the negotiations over the degree of private sector involvement (PSI) in Greece see progress in the talks, according to Reuters. The main bone of contention is whether and to what degree European Union (EU) public sector entities, such as national governments and the European Central Bank (ECB), participate in any agreement. The ‘hair cut’ which will be applied to private sector debt holders is seen depending on the answer to that question.

The EU’s economic affairs commissioner, Olli Rehn, is being cited by Reuters as having said that, "there is likely to be some increased need of official sector funding, but not anything dramatic." However, Sources at the ECB are reported to have said that the central bank is no closer to reaching such a conclusion following a meeting late last night.

BP FALLS AS MACONDO ISSUES DRAG ON

Integrated oil giant BP has again called on US oil services company Transocean to put its hand in its pocket to pay its share of the clean-up costs for the Macondo oil spill after a US court ruling on Thursday relating to the Deepwater Horizon tragedy.

The ruling makes clear that contractors will be held accountable for their actions under the law, a BP statement said. BP was among the worst performers on the FTSE 100 in the opening minutes.

Public sector services group Serco also fell despite having signed a contract with the UK Ministry of Defence (MoD) to provide training and support to the British Army prior to deployment on operations around the world. The contract has a total value to Serco of £55m through to December 2014.

On the FTSE 250, gold miner African Barrick Gold led the riser after hiking its previous resource estimate fourfold for the Tusker deposit at the Nyanzaga Project in Tanzania.

London Stock Exchange rose after reporting that total income in the third quarter was up 17% year-on-year. However, the bourses operator added that the fourth quarter has started with subdued secondary market trading.

Healthcare outsourcing group Synergy fell after saying that while trading has been in line with expectations, it will incur a £2.3m one-off charge after a "re-organisation" in response to macroeconomic risks.

Aveva, the Cambridge based engineering technology company, fell despite releasing a bullish management statement. The company attempted to put to rest any qualms that it might be suffering similar problems in China to its rival, Invensys.

Also underwhelming investors was plastic packaging firm RPS after saying that revenues in the quarter ended December 31st were significantly ahead of last year.

Sippdeal

FTSE 100 - Risers
Man Group (EMG) 119.60p +1.10%
BAE Systems (BA.) 316.70p +0.60%
Essar Energy (ESSR) 136.50p +0.59%
Imperial Tobacco Group (IMT) 2,266.00p +0.58%
Rolls-Royce Holdings (RR.) 755.00p +0.47%
Polymetal International (POLY) 1,157.00p +0.43%
Tesco (TSCO) 324.20p +0.37%
Tullow Oil (TLW) 1,395.00p +0.36%
Pearson (PSON) 1,181.00p +0.34%
Severn Trent (SVT) 1,552.00p +0.32%

FTSE 100 - Fallers
InterContinental Hotels Group (IHG) 1,328.00p -2.14%
Sage Group (SGE) 296.00p -1.73%
Evraz (EVR) 450.30p -1.55%
BP (BP.) 471.10p -1.19%
BT Group (BT.A) 205.50p -1.11%
ARM Holdings (ARM) 591.50p -1.09%
Wolseley (WOS) 2,250.00p -1.06%
Rio Tinto (RIO) 3,852.50p -1.04%
Barclays (BARC) 220.55p -1.03%
Anglo American (AAL) 2,709.50p -1.00%

FTSE 250 - Risers
African Barrick Gold (ABG) 508.00p +3.78%
Brown (N.) Group (BWNG) 238.00p +2.85%
Regus (RGU) 100.60p +1.62%
JD Wetherspoon (JDW) 419.20p +1.62%
London Stock Exchange Group (LSE) 893.00p +1.30%
PayPoint (PAY) 565.50p +1.25%
Kier Group (KIE) 1,376.00p +1.18%
Gem Diamonds Ltd. (DI) (GEMD) 218.00p +1.07%
easyJet (EZJ) 449.90p +0.99%
Halfords Group (HFD) 318.50p +0.95%

FTSE 250 - Fallers
Phoenix Group Holdings (DI) (PHNX) 550.50p -4.26%
Morgan Crucible Co (MGCR) 297.90p -4.12%
F&C Asset Management (FCAM) 65.20p -2.47%
PZ Cussons (PZC) 296.40p -2.21%
Carpetright (CPR) 594.00p -2.14%
Cobham (COB) 185.10p -2.12%
Rightmove (RMV) 1,279.00p -1.99%
Greggs (GRG) 501.50p -1.67%
Afren (AFR) 126.50p -1.63%
Domino's Pizza UK & IRL (DOM) 464.20p -1.63%

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European Market Report

FTSE 100	Euronext	Dax perf	CAC 40

Some investors are now worrying over Portugal

FTSE 100: -0.65%
Dax 30: -0.46%
Cac 40: -0.50%
Ibex 35: -0.61%

The main European equity benchmarks have begun the day moderately lower, tracking the losses seen on Wall Street and in the Asian trading session. Most market commentary seems to be ascribing the selling pressure to growing doubts regarding the sustainability of Portugal’s public finances.

For some traders another factor behind the selling pressure is the likelihood that the recent trend of positive economic surprises, in the US for example, may be close to peaking.

The latest quarterly Spanish unemployment rate figures have also drawn some interest, coming in as they have at a worse than expected 22.9%.

On a brighter note perhaps, Italian 10 year debt yields are moving down. The country will auction €11bn in bills later today, towards midday.

EQUITIES
French banks are on the back foot today following the release of a research note from JP Morgan Cazenove on Credit Agricole and BNP.

Nokia is down after negative comments from Morgan Stanley.

MACROECONOMY

Spanish unemployment rose to 22.9% in quarter four, above expectations.
Spanish retail sales fell 5.4% on the year in December (Consensus: -5.9%).
German import prices rose by 0.3% on the month in December (Consensus: 0.3%).
Eurozone money supply (M3) data scheduled for 9am.

OTHER MARKETS
Front month Brent crude futures are down by 0.163% to $110.61 per barrel.
The euro is now retreating by 0.09% against the dollar to reach $1.3093.

UK Event Calendar

INTERIM DIVIDEND PAYMENT DATE
Atkins (WS), Betfair Group, Burberry Group, Dart Group, Ensor Holdings, Falkland Islands Holdings, Greene King, Halfords Group, Hornby, Micro Focus International, RPC Group, Solid State, Speedy Hire, Vertu Motors

QUARTERLY PAYMENT DATE
F&C Commercial Property Trust Ltd.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
GDP (Advance) (US) (13:30)
M3 Money Supply (EU) (09:00)
U. of Michigan Confidence (Final) (US) (15:00)

Q4
Samsung Electronics Co Ltd (ATT) GDR (Reg S)

IMSS
Aveva Group

SPECIAL DIVIDEND PAYMENT DATE
F&C Private Equity trust Restricted Shares, Income & Growth VCT

AGMS
Brainspark, Henderson European Focus Trust, Hot Tuna International, JPMorgan Russian Securities, Marston's, Petra Diamonds Ltd., Scottish Inv Trust, Smiths News

TRADING ANNOUNCEMENTS
Hornby

FINAL DIVIDEND PAYMENT DATE
Character Group, Proactis Holdings

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US Market Report

Stocks reverse on poor economic data

Dow -22 at 12,735
NASDAQ -13 at 2,805
S&P 500 -8 at 1,318

The major US equity benchmarks ended the day lower after the release of worse than expected readings on leading economic indicators and new home sales this afternoon. The Federal Reserve's well-received statement released last night was not enough to offset the trend.

The Fed, which had previously said it would maintain the federal funds rate between 0% and 0.25% until mid-2013, announced on Wednesday that it intends to leave them as they are until late 2014. According to the Federal Open MarketCommittee (FOMC), "economic conditions - including low rates of resource utilization and a subdued outlook for inflation over the medium run - are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014."

The commitment to keep interest rates low for even longer had some pundits wondering how banks are going to make fat profits in such an environment. Meanwhile, the disappointing housing figures (see below) hit demand for house builders such as Lennar and Pulte.

Biotechnology firm Amgen finished down after it announced that it plans to acquire rival Micromet for $11 per share, equivalent to around $1.16bn. The world's largest biotech company explained that the deal will strengthen its cancer-drug research pipeline.

Corporate results from the likes of earth-moving equipment maker Caterpillar, pay TV provider Time Warner and aeronautics company Lockheed Martin came in better than expected, but those from phone company AT&T were a bit more mixed. AT&T posted a fourth quarter net loss of $6.7bn compared to a profit of $2.1bn a year earlier, despite record smartphone sales in the period. The company took a $4bn pre-tax charge related in part to the failed takeover of T-Mobile USA

Shares of LSI Logic, the computer network storage technology company, finished the day still very much up, having published results yesterday.

Netflix retained its positive position after an upgrade from Citigroup to "buy" from "neutral".

Manufacturing giant 3M also rounded off the day in a top spot after reporting forecast-beating profits as strong sales growth in its industrial and transportation divisions helped offset weakness elsewhere.

Fourth quarter earnings per share came in at $1.35, topping the consensus estimate of $1.31. Net income rose to $954m from $928m in the year-ago period. Revenue rose 6% to $7.09bn, in line with the consensus estimate.

Retailer JC Penney was deemed a January bargain after it raised expectations on how much money its turnaround plan may save in 2012.

MACROECONOMY

Initial weekly unemployment claims fell by 22,000 to 377,000 last week (Consensus: 374,000). Continuing claims reached 3.554m (Consensus: 3.5m).

The index of leading economic indicators for the month of December showed a rise of 0.4% on the month (Consensus: 0.7%).

Durable goods orders for the month of December grew by 3.0% on the month (Consensus: 2.0%). Core durable goods orders have increased by 2.9% on the month.

New home sales came in at 307,000 for December (Consensus: 320,000).

OTHER MARKETS

West Texas Intermediate sweet light crude for March delivery ended the day 30 cents higher at $99.70 a barrel in trading on the New York Mercantile Exchange.

On the bonds market, 10-year Treasuries rose 18/32 of a dollar, pushing the yield down 6/100 of a point to 1.93%.

Selftrade

Friday newspaper round-up

The Treasury will on Friday publish plans for a radical overhaul of financial regulation that will hand the Chancellor new powers to take charge in a crisis, rein in the might of the Bank of England, and provide extra protection for consumers. The new Financial Services Bill will be put to Parliament on Friday morning alongside a memorandum of understanding between the Treasury and the Bank that will set down how the authorities should respond to another financial crisis. It will make clear that responsibility lies with the Chancellor whenever taxpayers' money is put at risk to avoid a repeat of the Northern Rock fiasco when Alistair Darling found he could not order the Bank to act, The Telegraph says.

David Cameron and Boris Johnson were caught up in a new round of cross-Channel tensions yesterday after the favourite to replace Nicolas Sarkozy as President of France threatened to scupper the EU’s economic rescue plan and undermine the City. François Hollande, the socialist tipped to win power in May, set out a manifesto that declared war on financial services and promised to rip up the EU’s fiscal treaty, due to be approved on Monday. The Prime Minister, the Mayor of London and British business chiefs were taken aback by Mr Hollande’s plans, claiming that they would damage financial centres. Mr Johnson accused him of “political vindictiveness”, The Times explains.

Faltering efforts to resolve the Eurozone debt crisis may lead to growth forecasts for this year being cut again. Angel Gurría, secretary-general of the Organisation for Economic Co-operation and Development, said that Europe’s approach to the crisis was “like going to a prize fight with one hand tied behind your back”. Leaders needed to use the firepower of the European Central Bank “to the hilt”, he said. The OECD cut its forecast for this year’s growth in the Eurozone to 0.2% in November. “Even those recent numbers may prove too optimistic because of the trend for slower or sometimes negative growth in [the] Eurozone in particular,” Mr Gurría said. He urged the coalition in Britain not to relent in cutting the deficit despite the fall in GDP in the fourth quarter, warning that countries could lose credibility in the financial markets “very fast”, The Times reports.

Capital Shopping Centre's agreement to buy land from its biggest shareholder Peel Group is "confusing", according to City analysts. The FTSE 100 retail property group will pay an initial £13.3m to acquire land next to its Braehead shopping centre in Glasgow and a development plot in Malaga, Spain. However, it could eventually pay about £100m because of clauses in the agreement, and the proposals have met a backlash from analysts and investors. "Two deals totalling £13m at first seem immaterial, but they are not," said Robert Duncan at Jefferies. "The Spanish land option is confusing and we are concerned that CSC risks diluting its core UK franchise investing in a market in which it has no track record through a transaction with its major shareholder." The land in Spain has planning consent for an 860,000 sq ft shopping centre, The Telegraph writes.

Stephen King, group economist at HSBC, has predicted a return to the world economy of 1,000 years ago - with the centre of world trade centred on China, India, Indonesia, and the east coast of Africa. Trade between emerging markets will rise sharply in the coming years, said Mr King as the European and the US economy slowed. "Where will global growth come from? Much will come from the growing connections between these countries over the next 20 to 30 years. We will see a ten-fold expansion of trade, an extraordinary change." Citing the car industry as an example, he said emerging market companies would create products for other emerging markets, with smaller, cheaper cars produced by Indian and Chinese companies for Indian and Chinese consumers. Emerging markets had invested heavily in trading infrastructure, he added, citing the fact that five of the world's top container shipping ports were now in China, according to The Telegraph.

Fuel prices have risen again just 24 hours after one of Britain’s biggest refineries went bust, stopping supplies to filling stations. Administrators for the Coryton oil refinery in Essex have rushed to strike a deal with suppliers and customers to get fuel delivery trucks rolling again today but the action came too late to prevent long queues forming outside several filling stations in the South East yesterday as diesel pumps ran dry. Supermarkets – which usually set the trend – have put up to 1p a litre on the price of diesel and unleaded. On average across the UK, diesel rose to 142.32p (from 142.21p) per litre and is now within a fraction of a new record. Petrol rose to 134.03p per litre (from 133.89p), the AA reported.

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2012-01-26T13:50:00.001-08:00

Evening Euro Markets Bulletin

2012-01-26T09:25:00.001-08:00

ADVFN III

Evening Euro Markets Bulletin

Daily world financial news

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Thursday 26 Jan 2012 17:22:08

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London Market Report

FTSE 100	Euronext	Dax perf	CAC 40

Please click on the images to view our interactive charts

Post-Fed mining surge lifts Footsie up 1.3%

    Market Movers
    techMARK 1,971.24 +0.71%
    FTSE 100 5,795.20 +1.26%
    FTSE 250 10,908.82 +1.49%

Stocks finish near day's best levels.
- Miners surge as Fed pledges low rates.
- IIF willing to accept coupon rate of below 4%

With gold prices jumping to a six-week high on the back of last night’s statement by the US Federal Reserve, miners dominated the risers on London’s FTSE 100, which closed up 72 points at 5,795, slightly off its intraday high of 5,806 (reached in late afternoon trade).

The Fed, which had previously said it would maintain the federal funds rate between 0% and 0.25% until mid-2013, announced yesterday that it intends to leave them as they are until late 2014. According to the Federal Open Market Committee (FOMC), "economic conditions - including low rates of resource utilization and a subdued outlook for inflation over the medium run - are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014."

While the move fuelled a strong showing by US stocks last night, some noted that the decision reflected the central bank's concerns over economic growth: one economist from RBC Capital Markets (Tom Porcelli) was quoted as saying that "this drives home one important fact, the Fed is scared."

Meanwhile, talks in Greece are ongoing. The head of Institute of International Finance (IIF), Charles Dallara, is to meet with Greek Prime Minister Lucas Papademos in Athens again today to discuss a debt-swap deal. According to Greek newspaper Ethnos, the IIF is now willing to accept a coupon rate for new Greek bonds of 3.75%, despite earlier demands of a rate no less than 4%.

Elsewhere in the Eurozone, in a move which some are describing as the most significant since the country was frozen out of international debt markets last year, the Irish National Treasury Management Agency (NTMA) yesterday offered to swap investors’ holdings in the country’s short-term debt. Some observers seem to believe that the move may benefit from the ECB’s long-term refinancing operations.

MINERS JUMP AS FED PLEDGES LOW RATES

With the Fed pledging to keep rates low, the dollar dived against the euro, sending dollar-denominated commodities prices higher. As such, the miners were in demand iin London with Vedanta Resources, Polymetal International and Kazakhmys leading the way.

The big news of the day on the corporate front was concerning Polymetal International. Although now off its best levels of the day, up 4.77% (after previously rising over 9%), there has been rumours that Russian peer Polyus Gold and Polymetal’s billionaire owners are considering merging the Russian gold miners to create the world’s ninth-biggest producer of the metal.

Kazakhstan-based copper miner Kazakhmys rose after saying that it met all of its major production targets in 2011 and expects to maintain similar levels of copper output in 2012. Sector peer Anglo American was also higher after it said iron ore production in the final quarter of 2011 increased by 5% from a year earlier to 12.4m tonnes.

The banks were putting on a good show too with Lloyds, RBS and Barclays making gains. There was speculation today that US investment bank Jefferies is close to buying the RBS’s corporate broking arm Hoare Govett.

FTSE 250 MOVERS: PETROPAVLOVSK, HOCHSCHILD SURGE

Russian gold miner Petropavlovsk jumped over 11% after it saw production over the whole of 2011 up by almost a quarter from 2010's levels. Sector Hochschild Mining wasn’t far behind after the Americas-focused precious metals miner held a presentation to analyst and investors in London, in which it underlined its prospects for the coming years.

Budget airline easyJet jumped 10% after it reported a 16.7% increase in revenue for the quarter ended 31 December 2011, helped by higher seat prices and the absence of disruptive winter weather.

The worst performer was financial software provider Misys after it swung to a pre-tax loss of £3.6m in the first half, down from a profit of £18.8m the year before. "Misys has had a tough first half and left itself too much to do in H2. We anticipate downgrades today of around 10%," according to Peel Hunt analyst Paul Morland.

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FTSE 100 - Risers
Vedanta Resources (VED) 1,252.00p +8.68%
Polymetal International (POLY) 1,152.00p +7.76%
Kazakhmys (KAZ) 1,194.00p +7.28%
Lloyds Banking Group (LLOY) 32.83p +6.14%
Randgold Resources Ltd. (RRS) 7,170.00p +5.05%
Rio Tinto (RIO) 3,893.00p +4.89%
International Consolidated Airlines Group SA (IAG) 180.00p +4.83%
Xstrata (XTA) 1,129.50p +4.68%
Fresnillo (FRES) 1,817.00p +4.25%
Wolseley (WOS) 2,274.00p +4.07%

FTSE 100 - Fallers
Carnival (CCL) 1,901.00p -2.16%
Sage Group (SGE) 301.20p -1.31%
Morrison (Wm) Supermarkets (MRW) 292.10p -1.22%
Hargreaves Lansdown (HL.) 419.30p -0.62%
Imperial Tobacco Group (IMT) 2,253.00p -0.44%
SSE (SSE) 1,220.00p -0.33%
Vodafone Group (VOD) 174.00p -0.32%
Capita (CPI) 642.50p -0.31%
Pearson (PSON) 1,177.00p -0.25%
Essar Energy (ESSR) 135.70p -0.22%

FTSE 250 - Risers
Petropavlovsk (POG) 772.00p +10.84%
easyJet (EZJ) 445.50p +10.33%
Hochschild Mining (HOC) 515.00p +9.41%
Domino Printing Sciences (DNO) 618.50p +8.51%
Kesa Electricals (KESA) 71.35p +7.45%
Ferrexpo (FXPO) 351.10p +6.36%
PZ Cussons (PZC) 303.10p +6.35%
Lonmin (LMI) 1,109.00p +6.33%
AZ Electronic Materials SA (DI) (AZEM) 298.00p +6.31%
Mondi (MNDI) 533.00p +6.18%

FTSE 250 - Fallers
Misys (MSY) 305.30p -6.21%
PayPoint (PAY) 558.50p -4.53%
Carpetright (CPR) 607.00p -3.34%
Exillon Energy (EXI) 258.50p -2.08%
Mitie Group (MTO) 265.50p -1.85%
Homeserve (HSV) 293.60p -1.77%
Paragon Group Of Companies (PAG) 179.90p -1.42%
Filtrona PLC (FLTR) 381.00p -1.32%
Go-Ahead Group (GOG) 1,245.00p -1.27%
Telecom Plus (TEP) 654.50p -1.21%

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European Market Report

FTSE 100	Euronext	Dax perf	CAC 40

European Stocks Rebound On Fed Rate Outlook

European stocks stormed back to the upside after seeing modest losses earlier in the week, bolstered by the Federal Reserve's signal that it will keep interest rates low through 2014.

The German DAX Index rose 1.82 percent and the U.K.'s FTSE 100 Index gained 1.22 percent, respectively, while the French CAC 40 Index rose 1.53 percent. The Swiss Market Index was up a more modest 0.28 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 major blue chip stocks in the euro area, gained 1.62 percent, while the Stoxx Europe 50, which also includes key U.K. stocks, added 0.76 percent.

Greek newspaper Ethnos reported that private lenders will voluntarily agree to a coupon rate of 3.75 percent on Greek bonds in a debt swap.

Banking shares surged on the news, led by an 18 percent jump in shares of National Bank of Greek and strong outings from Credit Agricole and Commerzbank.

Italian banks were also up sharply after a successful bond auction in Rome.

Mining stocks were in demand on hopes for the global economy and a weaker U.S. dollar. Rio Tinto added 4.6 percent, while Kazakhmys jumped 7 percent.

Nokia was rising after it posted fourth quarter non-IFRS earnings of 6-euro cents per share and net sales of 10 billion euros.

France's Technip said it has been awarded a contract worth about 110 million Australian dollars by Daewoo Shipbuilding and Marine Engineering for the detailed design of Chevron's Wheatstone offshore gas processing platform. The stock rose 0.9 percent.

U.K.'s Anglo American rose 3 percent after it said its iron ore production rose 5 percent in the fourth quarter, while its copper production was up 12 percent.

Low cost carrier easyJet is climbing close to 9 percent after it said its first quarter revenues climbed 16.7 percent.

On the flip side, Logitech International SA reported a 15 percent year-over-year decline in profits. The stock fell 12 percent.

At EADS, Tom Enders will take over the role of CEO when Louis Gallois steps down. Shares were down 0.8 percent.

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US Market Report

Stocks Give Back Ground On Disappointing Housing Data

After moving mostly higher in early trading on Thursday, stocks have turned mixed over the course of the morning. The major averages have all pulled back well off their highs for the session, although the Dow has managed to remain in positive territory.

While a positive reaction to yesterday's monetary policy announcement from the Federal Reserve and upbeat durable goods orders data contributed to the early strength on Wall Street, disappointing housing data has generated some selling pressure since then.

The report from the Commerce Department showed that new home sales unexpectedly decreased in the month of December.

Financial stocks have shown a notable move to the downside on the day, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index falling by 1.7 percent and 1.5 percent, respectively.

The disappointing housing data has also contributed to notable weakness among housing stocks, which have come under pressure along with health insurance and natural gas stocks.

On the other hand, significant strength remains visible among airline, trucking, and gold stocks. The continued strength in the gold sector comes amid a notable increase by the price of the precious metal.

Additionally, a strong gain by Caterpillar (CAT) is helping to keep the Dow above the unchanged line, with the construction equipment manufacturer up by 3.3 percent after reporting stronger than expected fourth quarter earnings growth

The major averages have moved roughly sideways in recent trading, stuck on opposite of sides of the unchanged line. While the Dow is up 26.64 points or 0.2 percent at 12,783.60, the Nasdaq is down 5.15 points or 0.2 percent at 2,813.16 and the S&P 500 is down 2.58 points or 0.2 percent at 1,323.47.

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Nomura has downgraded its rating on the 'European Industrial Transportation' sector from bullish to neutral, saying that it expects slow growth or even no growth from stocks this year.

In its summary of the sector, Nomura said: "with the outlook for volume growth finely balanced between sub-trend growth and a double dip, and visibility as poor as we can remember it, we retain cautious forecasts at the start of 2012 and as a consequence focus our investment recommendations on the strongest companies in each subsector."

Changes/reiterations that Nomura has made to the UK transportation stocks under its coverage are are as follows:

IAG - Nomura keeps buy rating and 265p target; Firstgroup - Nomura downgrades from neutral to reduce, target cut from 333p to 330p; Go-Ahead- Nomura cuts target from 1,500p to 1,480p, neutral rating kept; Stagecoach - Nomura raises target from 281p to 305p, reiterates buy; EasyJet - Nomura reiterates buy rating and 470p target; DP World - Nomura slashes target from 1,040p to 880p, buy rating unchanged; Ryanair - Nomura downgrades from buy to neutral, target cut from €5.50 to €4.90.

Panmure Gordon has reiterated its hold recommendation on financial software provider Misys, saying that the figures were shy of its (and consensus) expectations.

"As we expected, Misys revenue is coming from selling ‘bits and pieces’ (i.e. moves/add/changes), which has driven up revenue in its Global Services division, but licence sales are down 6.5% year-on-year," said analyst George O'Connor.

"Takeover talks will keep the ‘pep’ in the share price and a good narrative on Bankfusion (8 new sales and 11 installs) should cheer investors but, following these results and associated downgrades, shares are coming down," he said. Panmure cuts its target from 335p to 295p.

EasyJet's first quarter statement impressed the both the markets and Panmure Gordon today, with the broker maintaining its buy rating for the budget airline.

Passengers carried in the three months to December 31st rose 8.1% to 12.9m, while the load factor improved 0.9 percentage points to 87.6%. Total revenues per seat increased by 9.2% while the cost per seat (excluding fuel) fell 1.6%.

"We believe this is a positive IMS, which demonstrates that EZJ’s revenues per seat continue to grow strongly. We retain our buy recommendation and 450p target price," said analyst Gert Zonneveld.

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ADVFN Newsdesk - Stocks Moving Mostly Higher In Early Trading

2012-01-26T08:07:00.000-08:00

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World Daily Markets Bulletin

Daily world financial news

Supplied by advfn.com

Thursday 26 Jan 2012 11:04:14

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US Market Report

Stocks Moving Mostly Higher In Early Trading

Stocks have moved mostly higher in early trading on Thursday, adding to the gains posted in the previous session. The major averages have shown notable upward moves, with the Dow rising to its best intraday level in almost nine months.

The major averages have seen some further upside in the past few minutes, reaching new highs for the session. The Dow is up 66.07 points or 0.5 percent at 12,823.03, the Nasdaq is up 13.44 points or 0.5 percent at 2,831.75 and the S&P 500 is up 5.63 points or 0.4 percent at 1,331.68.

The early strength on Wall Street comes as traders continue to react positively to Wednesday's statement from the Federal Reserve indicating that the central bank expects to keep interest rates at exceptionally low levels at least through late 2014.

The Fed has kept its target for the federal funds rate at zero to 0.25 percent since December of 2008. The central bank had previously indicated that it planned to keep rates at near-zero levels through at least mid-2013.

An upbeat report from the Commerce Department has also generated some positive sentiment, with the report showing a bigger than expected increase in durable goods orders in the month of December.

The report showed that durable goods orders increased by 3.0 percent in December compared to a revised 4.3 percent increase in November. Economists had expected orders to increase by about 2.2 percent.

Excluding an increase in orders for transportation equipment, durable goods orders still rose by 2.1 percent in December, far exceeding estimates for a 0.7 percent increase.

On the other hand, the Labor Department released a report showing that initial jobless claims rebounded by a little more than anticipated in the week ended January 21st.

Airline stocks are turning in some of the market's best performances in early trading, driving the NYSE Arca Airline Index up by 3.8 percent. The gain extends a recent upward move by the index, which has risen to a six-month intraday high.

Gold, trucking, steel, and oil service stocks are also posting notable gains, moving higher along with most of the major sectors.

Among individual stocks, shares of Caterpillar (CAT) are up by 3.8 percent after the construction equipment manufacturer reported stronger than expected fourth quarter earnings growth.

In overseas trading, stock markets in the Asia-Pacific region turned in a mixed performance, although several markets were closed for public holidays. While Japan's Nikkei 225 Index ended the day down by 0.4 percent, Hong Kong's Hang Seng Index jumped by 1.6 percent.

Meanwhile, the major European markets have all moved to the upside on the day. The German DAX Index has surged up by 1.8 percent, while the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 1.4 percent.

In the bond market, treasuries are seeing notable strength, adding to the gains seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.5 basis points at 1.952 percent.

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Canadian Market Report

CADUSD	Oil	Gold	Allbanc

Please click on the images to view our interactive charts

TSX Poised For Higher Open On Commodities; Potash May Dip

Canadian stocks are poised for a higher open Thursday as commodities are extending gains amid a weak U.S. dollar that was under pressure after the Federal Reserve yesterday vowed to keep rates low to support the fragile economy.

Meanwhile, Italy today sold 4.5 billion euros worth of 2-year bonds at the high end of its target, at a yield of 3.20 percent, sharply below the previous auction's yield. Talks on a debt swap to avert a Greek default resume today.

On Wednesday, the S&P/TSX Composite Index gained 143.98 points or 1.16 percent to 12,539.21.

The price of crude oil was extending gains as the U.S. dollar came in under pressure after the Federal Reserve yesterday indicated they would likely keep interest rates low at near zero through late 2014 as the economy continued to be sluggish with subdued levels of inflation. Crude for March moved up $1.34 to $100.74 a barrel.

The price of gold was extending gains Thursday morning as the U.S. dollar continued to reel under pressure after the Federal Reserve vowed to keep rates low to support the fragile economy. Gold for February gained $24.50 to $1,724.60 an ounce, levels not seen since early December.

In corporate news from Canada, fertilizer maker Potash Corp. reported fourth-quarter results that missed analysts' estimates. Net income for the quarter increased 34 percent to $683 million or $0.78 per share from $508 million or $0.56 per share. Analysts were expecting the company to report earnings of $0.88 per share for the quarter. Earnings for the full-year 2012 are projected to be between $3.40 and $4.00 per share. Wall Street expects $3.96 per share for 2012.

Canadian Pacific Railway reported an improved fourth quarter net income to C$221 million or C$1.30 per share compared to C$186 million or C$1.09 per share in the prior year. Analysts were expecting the company to report earnings of C$1.09 per share for the quarter.

Leather apparels and accessories company Danier Leather Inc. reported improved second-quarter net income of $8.5 million or $1.77 per share compared to $8.2 million or $1.67 per share last year.

In economic news from south of the border, the U.S. Labor Department said jobless claims rose to 377,000 from the previous week's revised figure of 356,000. Economists had expected jobless claims to increase to 370,000 from the 352,000 originally reported for the previous week.

Simultaneously, a report from the Commerce Department revealed that new orders of durable goods in the U.S. came in at $214.5 billion in December, a 3 percent increase over November's figures. Most economists had forecast a more modest 2.2 percent increase in durable goods orders

rom the euro zone, confidence among German consumers is set to increase in February, survey data from the market research group GfK revealed. The forward-looking consumer confidence index is seen at 5.9 in February, higher than the revised 5.7 in January. Economists had forecast the score to stay unchanged from the initial January reading of 5.6.

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European Market Report

FTSE 100	Euronext	Dax perf	CAC 40

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European Stocks Rally On Fed Promise Of Protracted Policy Accommodation

European stocks are receiving ample support from yesterday's U.S. FOMC announcement and some positive domestic economic data, even as they look ahead to key risk events in the North American session. The major averages of the region are all up with handsome gains. Sentiment now largely depends on the U.S. jobless claims data, durable goods orders report and new home sales, all due later in the global trading day.

The German DAX Index and the U.K.'s FTSE 100 Index are rising 1.38 percent and 1.11 percent, respectively, while the French CAC 40 Index is adding 0.77 percent. The Swiss Market Index is up a more modest 0.19 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 major blue chip stocks in the euro area, is gaining 1.11 percent, while the Stoxx Europe 50, which also includes key U.K. stocks, is up 0.41 percent.

Greece's talk with its private lenders has proved futile so far, with no solution at sight so far regarding the debt swap ratio. The negotiators return to the table today for arriving at a consensus view to resolve the stalemate.

On a positive note, Italy sold 4.5 billion euros worth of 2-year bonds, at the high end of its target, at a yield of 3.20 percent, sharply below the previous auction's yield.

On Wednesday, the major averages in the region had closed mostly lower, as apprehension ahead of the FOMC announcement and European debt fears kept sentiment muted.

Following the conclusion of the 2-day monetary policy meeting, the Federal Reserve said it expects economic conditions over the medium term warrant exceptionally low levels of federal funds rate at least through late 2014 compared to its earlier view of keeping interest rates unchanged till the middle of 2013.

On the economic front, a consumer climate survey done by the GfK Institute showed that German consumer climate is set to improve in February. The forward-looking consumer climate index is expected to increase to 5.9 in February from a revised reading of 5.7 in January. The index was expected to come in at 5.6.

French consumers also seem to be optimistic, as a survey by INSEE showed that its consumer confidence index rose slightly. However, a separate INSEE survey showed that French industrial demand outlook for the first quarter of 2012 has weakened slightly.

In corporate news, Spanish retailer H&M reported a decline in its fourth quarter pre-tax profit despite sales, including VAT, rising 6 percent in local currencies.

Nokia (NOK) is rising after it posted fourth quarter non-IFRS earnings of 6-euro cents per share and net sales of 10 billion euros.

France's Technip said it has been awarded a contract worth about 110 million Australian dollars by Daewoo Shipbuilding and Marine Engineering for the detailed design of Chevron's Wheatstone offshore gas processing platform. Separately, the company won a turnkey EPC contract valued at more than 900 million euros for Lukoil. However, the stock is down modestly.

U.K.'s Anglo American is up over 2 percent after it said its iron ore production rose 5 percent in the fourth quarter, while its copper production was up 12 percent.

Low cost carrier esayJet is climbing close to 9 percent after it said its first quarter revenues climbed 16.7 percent.

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Asia Market Report

Asian Stocks End Higher As Fed Favors Low Rate Regime

Most Asian market ended higher Thursday, amid thin trading, as traders took positive cues from the overnight gains on Wall Street after the Federal Reserve yesterday indicated they would likely keep interest rates low at near zero through late 2014 as the U.S economy continued to be sluggish with subdued levels of inflation.

In the commodities market, the price of crude was steady around the $100-mark, even after an official report revealed unexpected jump in U.S. crude oil inventories last week. Wednesday during trading hours, the EIA said that U.S. crude oil inventories moved up by 3.60 million barrels, while gasoline stocks eased 400,000 barrels in the weekended January 20. Analysts were expecting crude oil inventories gain by 700,000 barrels and gasoline stocks are seen adding 2.2 million barrels last week.

Crude for March delivery edged up $0.15 to $99.55 a barrel.

The price of gold was steady above the $1,700-mark in Asian trading Thursday as its safe haven appeal increased amid a falling U.S dollar. Gold for February gathered $5.40 to $1,705.50 an ounce.

The Japanese market leveled off from its 3-month high, with the Nikkei average easing 34.22 points or 0.39 percent to 8.849.70.

Tokyo Electric Power Co. gained over 5 percent amid reports that the company will accept public funds to avoid bankruptcy.

The Hong Kong market, which reopened after three day holiday, surged 328.77 points or 1.63 percent to 20.439.14.

Energy stocks turned in a strong performance amid a surge in oil prices. China's largest offshore energy company Cnooc gained over 2 percent. China Coal Energy and Yanzhou Coal Mining gathered over 2 percent each. Zhaojin Mining Industry surged close to 10 percent and gold miner Zijin Mining moved up 5 percent.

Toys maker Li & Fung Ltd. advanced over 3 percent.

South Korea's Kospi average edged up 4.95 points or 0.25 percent to 1,957.18 even after data revealed that the GDP growth fell far short of analyst forecasts to a two-year low.

South Korea's largest automaker Hyundai Motor Co eased over 2 percent after reporting quarterly net income of $1.80 billion, that came in below consensus estimates.

The New Zealand market edged up for a second session after the Reserve Bank of NZ held its cash rate at a record low 2.5 percent for a seventh consecutive review, citing the uncertain global outlook and moderate local activity.

Elsewhere, Singapore and Malaysian stocks were little changed.

Markets in India and Australia were closed for a public holiday, while those in China and Taiwan are closed for the whole of this week.

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Forex Top Story

USDCAD	USDEUR	USDGBP	USDJPY

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Dollar Falls Further Versus Euro, Briefly Below Par Against Loonie

The dollar remained under pressure Thursday morning, dropping below par versus its Canadian counterpart after the Federal Reserve extended its timetable for raising interest rates to late-2014

Meanwhile, Britain's Prime Minister David Cameron, in Davos for the World Economic Forum, urged his counterparts in the euro zone to swiftly deal with their sovereign debt crisis.

And reports out of Greece said that officials were back in talks with private creditors, hoping to work out a voluntary restructuring that would allow Greece to avoid a disastrous default.

Ahead of a flurry of economic data from the U.S., the dollar dropped to $1.3155 versus the euro, its lowest since December 21.

A monthly low was also reached versus the sterling, with the buck sliding to $1.5715.

And the dollar was briefly below parity versus Canada's loonie for the first time in months,

Italy raised the maximum amount it targeted at a bond auction on Thursday that witnessed strong demand.

Confidence among German consumers is set to increase in February, supported by rising economic optimism and high income expectations despite growing concerns about a possible recession in euro area in the first quarter of 2012, survey results from market research group GfK revealed Thursday.

The dollar was unable to sustain yesterday's gains versus the yen, dropping back to Y77.60 from above Y78.20.

The Commerce Department is set to release its durable goods orders report for December at 8:30 am ET. Economists expect a 2.2 percent increase in durable goods orders for December following a 3.7 percent increase in November, Excluding transportation, orders may have seen a more modest 0.7 percent increase.

Around the same time, the Labor Department is due to release its customary jobless claims report for the week ended January 21st at 8:30 am ET. Economists expect claims to increase to 370,000 after they declined to 352,000 in the previous week.

The Commerce Department will also release the new home sales report for December at 10 am ET. The consensus estimate calls for new homes sales of 320,000 from a seasonally adjusted annual rate of 315,000 in November.

Additionally, the Conference Board is scheduled to release a report on the U.S. leading index for December at 10 am ET. The consensus estimate calls for a 0.7 percent increase in the leading indicators index for the month.

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2012-01-26T05:00:00.001-08:00

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Bom dia ADVFN - Na volta do feriado, uma boa notícia. Veja

2012-01-26T03:18:00.000-08:00

ADVFN Newsletter

Escrito por Repórter ADVFN
reporter@advfn.com.br

Quinta-feira, 26 de Janeiro de 2012

Agente Autônomo de Investimento!

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Agenda de investimentos do dia

Brasil

Morning Call Diário
07:00 IPC
08:00 INCC-M
08:30 Ata COPOM
08:30 Pesquisa Industrial Emprego e Salário
21:00 Auditório SLWi

EUA

11:30 Pedidos de Bens Duráveis
11:30 Pedidos de Seguro-Desemprego
13:00 Venda de Imóveis Novos
13:00 Índice dos Principais Indicadores

Outros países

Sem destaques

Notícias em destaque

Técnica de negociação promete quebrar os paradigmas da Análise Técnica!

O gênio por trás da metodologia PhiCube, Bo Williams, apresenta esta noite às 21h00 sua técnica de negociação que promete quebrar os paradigmas da análise técnica convencional. É mais fácil do que imagina! Aprenda a utilizar o que há de mais eficiente em uma palestra gratuita via internet hoje às 21h00 no Auditório Online ADVFN que conta com a parceria SLWi e Let's Trade. Para conferir o calendário e acessar o Auditório, continue lendo esta notícia.
Leia mais...

Agenda do investidor para esta quinta-feira

Hoje a FIPE (Fundação Instituto de Pesquisas Econômicas) divulga o IPC (Índice de Preços ao Consumidor), índice que mede a variação de preços para o consumidor na cidade de São Paulo com base nos gastos de quem ganha de um a vinte salários mínimos. A FGV divulga o INCC-M que mede a evolução dos custos de construções habitacionais. O Banco Central publica a Ata da última reunião do COPOM (Comitê de Política Monetária) na qual se discute os fatores que influenciaram o corte de meio ponto percentual na taxa básica de juros e perspectivas econômicas para o futuro próximo. O IBGE divulga a Pesquisa Industrial Mensal Emprego e Salário com dados relativos ao comportamento do emprego e dos salários nas atividades industriais, abrangendo todo o Brasil. Nos EUA os Pedidos de Bens Duráveis serão divulgados pelo Departamento do Comércio, indicando o nível de atividade da indústria norte-americana. O Departamento do Comércio também divulga o número das Vendas de Imóveis Novos. O Departamento do Trabalho divulga os Pedidos de Seguro-Desemprego semanal. A Conference Board divulga o Índice dos Principais Indicadores, que busca traçar o rumo da economia norte-americana para os próximos seis meses.

Na volta do feriado, uma boa notícia. Veja

Na volta do feriado de aniversário da cidade de São Paulo, os investidores nacionais tem a comemorar. Após um difícil dia para os mercados internacionais ontem, as principais bolsas de valores da Europa abrem em alta após a decisão do banco central norte-americano em manter a taxa básica de juros em níveis próximos a zero pelo menos até 2014. Outra novidade foi a volta da intenção de compra de títulos do governo norte-americano, aumentando ainda mais a oferta monetária no país. Os analistas afirmam que o mercado nacional pode se beneficiar do bom humor dos investidores hoje, mas é bom lembrar que a alta das bolsas internacionais de hoje tem como base a queda vista ontem, trazendo pelo menos uma perspectiva de estabilidade ao índice Ibovespa.

Warren Buffett afirma:

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Notas gerais

Guido Mantega, ministro da Fazenda, afirma que Maria das Graças Foster, futura presidente da Petrobras (PETR4), manterá a política estratégica atual da companhia...
A queda na exportação de minérios, devido às fortes chuvas na região sudeste, seriam a justificativa da redução do saldo comercial nacional de janeiro...
A Receita Federal estendeu o prazo para pagamento de impostos federais em 90 dias nas áreas atingidas pelas fortes chuvas...
Segundo a Organização Internacional do Trabalho, a crise de 2008 desempregou 27 milhões de pessoas até hoje...
A Brasil Travel, prestadora de serviços de turismo, apresentou uma Oferta Pública Inicial, pretendendo captar R$1,42 bi na bolsa de valores nacional neste ano...
O banco central dos EUA (FED) decidiu manter a taxa básica de juros da economia próxima a zero pelo menos até 2014. A instituição aproveitou para cortar a projeção de crescimento econômico do país em 2012 para 2,7%. O FED também passou a adotar uma política de metas de inflação como no Brasil. A taxa será de 2% ao ano...
A Airbus confirma novas rachaduras nas asas dos aviões A380. O problema não afetaria segurança dos voos afirma companhia...
O Japão registrou deficit comercial de US$32,08 bi em 2011, o primeiro desde 1980, devido ao terremoto seguido de tsunami que atingiu o país em março do ano passado. Apenas 10% dos reatores nucleares do país encontram-se ativos após o desastre natural...
Christine Lagarde, diretora-gerente do FMI, afirma que 2012 será um ano positivo com as perspectivas de resolução da crise na Europa...
A ANATEL aprovou a nova regulamentação que fará tarifas de ligação de celular para celular ficar até 13% mais baratas a partir de fevereiro...
Google (NASDAQ:GOOG) anuncia sua nova política de privacidade na qual irá compartilhar informações pessoais de usuários entre seus vários serviços...
A Apple (NASDAQ:AAPL) lucrou US$13,1 bi no quarto trimestre de 2011, alta de 118% na comparação anual. Os lucros da Apple foram maiores do que toda a receita do Google (NASDAQ:GOOG) no trimestre passado (US$10,6 bi). As ações da companhia registraram alta de 6,24% ontem. Tim Cook, presidente da companhia, afirmou que o Brasil apresenta-se como uma gigante oportunidade, e pretende adentrar ainda mais no país. A Apple também se tornou a maior fabricante de smartphones do mundo, com a venda de 37 milhões de iPhones nos últimos três meses de 2011...

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Notícias

Morning Euro Markets Bulletin

2012-01-26T01:49:00.000-08:00

ADVFN III

Morning Euro Markets Bulletin

Daily world financial news

Supplied by advfn.com

Thursday 26 Jan 2012 09:47:40

Sponsored by:
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London Market Report

FTSE 100	Euronext	Dax perf	CAC 40

Please click on the images to view our interactive charts

Miners jump after Fed pledges low rates

Market Movers
techMARK 1,962.37 +0.25%
FTSE 100 5,746.32 +0.41%
FTSE 250 10,811.89 +0.59%

London's blue chip stocks rose in early trading on Thursday, following on from a surge last night on Wall Street after the Federal Reserve pledged to keep the federal funds rate low until late 2014. Meanwhile, Greece is again in focus as talks resume between private creditors and the government. The head of Institute of International Finance, Charles Dallara, is to meet with Greek Prime Minister Lucas Papademos in Athens again today.

The Fed, which had previously said it would maintain the federal funds rate between 0% and 0.25% until mid-2013, announced yesterday that it intends to leave them as they are until late 2014. According to the Federal Open Market Committee (FOMC), "economic conditions - including low rates of resource utilization and a subdued outlook for inflation over the medium run - are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014."

While the move fuelled a strong showing by US stocks last night, some noted that the decision reflected the central bank's concerns over economic growth: one economist from RBC Capital Markets (Tom Porcelli) was quoted as saying that "this drives home one important fact, the Fed is scared."

Meanwhile, the World Economic Forum continues in Davos with German Chancellor Angela Merkel repeating her call for a union of “budgets, competition and solidarity”. "We must ask ourselves what role Europe should play in the world”, she said. “We must show that all of the (member states) are strong, although some stronger than others (…) We can only be successful if we are unified.”

Also helping the mood was Morgan Stanley’s ex-Chief Economist, Stephen Roach, who said that fears of a banking crisis in China are "overblown", adding that he "would not add much downside" to estimates for a slowdown in Chinese economic growth to below 8-8.5%.

MINERS JUMP AS FED PLEDGES LOW RATES

With the Fed pledging to do its best to strengthen the economy, the dollar weakened against the euro, sending metals prices higher. As such, the miners were in demand in early trading in London with Randgold Resources, Evraz, Rio Tinto and Fresnillo among the top performers.

Kazakhstan-based copper miner Kazakhmys wasn't far behind after saying that it met all of its major production targets in 2011 and expects to maintain similar levels of copper output in 2012. The group's sales contracts for the coming year have all been completed. Sector peers Polymetal International, BHP Billiton, Glencore and Vedanta were the next highest risers.

Mining giant Anglo American rose after it said iron ore production in the final quarter of 2011 increased by 5% from a year earlier to 12.4m tonnes, mainly due to initial production from Kolomela mine and a continued improvement in performance at Amapá.

Royal Bank of Scotland was higher on rumours that US investment bank Jefferies is close to buying the bank's corporate broking arm Hoare Govett. Meanwhile, chip designer ARM Holdings led the fallers, pulling back after strong gains made yesterday following Apple's stellar quarterly results, a company whose gadgets include ARM products.

FTSE 250 MOVERS: EASYJET FLYS HIGH, MISYS DROPS

Budget airline easyJet jumped 9% after it reported a 16.7% increase in revenue for the quarter ended 31 December 2011, helped by higher seat prices and the absence of disruptive winter weather.

The worst performer was financial software provider Misys after it swung to a pre-tax loss of £3.6m in the first half, down from a profit of £18.8m the year before. In its interim results statement the company said it was leaving its medium-term financial targets for the two years to May 31st, 2013, unchanged but, in in view of continuing difficult times for its core target market, it has put in place contingency plans to squeeze out another £6m to £8m of operational cost savings over the second half of this financial year.

Joining in with the strong performance seen elsewhere in the sector, Russian gold miner Petropavlovsk rose nearly 6% after it saw production over the whole of 2011 up by almost a quarter from 2010's levels.

Excellent Liquidity & Speed of Execution with Saxo Capital Markets.

FTSE 100 - Risers
Johnson Matthey (JMAT) 2,071.00p +3.03%
Randgold Resources Ltd. (RRS) 7,000.00p +2.56%
Evraz (EVR) 453.90p +2.53%
Rio Tinto (RIO) 3,802.00p +2.44%
Fresnillo (FRES) 1,785.00p +2.41%
Kazakhmys (KAZ) 1,136.00p +2.07%
Polymetal International (POLY) 1,090.00p +1.96%
BHP Billiton (BLT) 2,169.50p +1.90%
Glencore International (GLEN) 426.25p +1.86%
Vedanta Resources (VED) 1,173.00p +1.82%

FTSE 100 - Fallers
ARM Holdings (ARM) 588.00p -1.59%
British Sky Broadcasting Group (BSY) 662.00p -1.56%
Imperial Tobacco Group (IMT) 2,248.00p -0.66%
HSBC Holdings (HSBA) 533.70p -0.61%
BP (BP.) 472.40p -0.45%
Essar Energy (ESSR) 135.40p -0.44%
Royal Dutch Shell 'A' (RDSA) 2,271.00p -0.31%
G4S (GFS) 269.20p -0.22%
Tate & Lyle (TATE) 674.50p -0.22%
Royal Dutch Shell 'B' (RDSB) 2,351.50p -0.19%

FTSE 250 - Risers
easyJet (EZJ) 440.00p +8.96%
Petropavlovsk (POG) 736.00p +5.67%
Ashtead Group (AHT) 237.40p +3.67%
Aveva Group (AVV) 1,640.00p +3.47%
Daily Mail and General Trust (DMGT) 453.00p +3.35%
Hochschild Mining (HOC) 485.90p +3.23%
Afren (AFR) 129.40p +2.94%
Regus (RGU) 97.00p +2.86%
Informa (INF) 399.30p +2.73%
Centamin (DI) (CEY) 97.25p +2.69%

FTSE 250 - Fallers
Misys (MSY) 301.00p -7.53%
PayPoint (PAY) 570.00p -2.56%
Heritage Oil (HOIL) 198.00p -1.59%
Cable & Wireless Communications (CWC) 40.70p -1.57%
Anglo Pacific Group (APF) 277.00p -1.32%
Morgan Crucible Co (MGCR) 299.70p -1.19%
Bankers Inv Trust (BNKR) 395.10p -0.85%
Euromoney Institutional Investor (ERM) 670.00p -0.74%
WH Smith (SMWH) 550.00p -0.72%
JPMorgan European Smaller Companies Trust (JESC) 686.00p -0.72%

Sippdeal

European Market Report

FTSE 100	Euronext	Dax perf	CAC 40

Fed aggresiveness nudges equities higher

UK FTSE 100: 0.54%
Germany Dax 30: 0.61%
Cac 40: 0.45%
Ibex35: 0.64%

The Federal Reserve stands ready to embark on further asset purchases if necessary. That, in effect, is what some of the headlines in the world’s most influential media outlets was saying last night and this morning. In fact, some analysts are describing the central bank's stance as "blunt" and "aggresive."

Thus, investors seem to be reacting positively to the possibility that the US central bank may keep its benchmark interest rates exceptionally low until 2014, no less. Nonetheless, it may be worth noting that some very well respected observers, like Morgan Stanley’s ex-chief economist Stephen Roach, seem to be warning over complacency about the mid-term effects of the developed world’s recourse to such measures.

Despite the above, the fact remains that the single currency’s future remains very much in focus.

Be that as it may, risk aversion has ticked down this morning and the Euro is up.

Italy’s Treasury will auction up to €4.5bn in 2 year debt later this morning, towards 10am.

EQUITIES

Swedish fashion group Hennes&Mauritz, the world’s second-largest fashion retailer, has posted lower fourth quarter profits, while describing market conditions as challenging.

Swiss computer mouse maker Logitech has cut its full-year forecasts, sending its shares 10% lower.

MACROECONOMY

Germany’s GfK consumer confidence index for the month of February has improved to 5.9 (Consensus: 5.6) from 5.7 the month before.

OTHER MARKETS

Front month Brent crude futures are now rising 0.69% to the $110.57/barrel mark.

The Euro/dollar is now moving up by 0.11% to the 1.3114 dollar mark.

UK Event Calendar

INTERIMS
Angle

INTERIM DIVIDEND PAYMENT DATE
Cable & Wireless Worldwide, Dairy Crest Group, Tongaat-Hulett Ltd.

QUARTERLY EX-DIVIDEND DATE
Marsh & Mclennan Cos Inc.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Bloomberg Consumer Confidence (US) (14:45)
Continuing Claims (US) (13:30)
Durable Goods Orders (US) (13:30)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
New Homes Sales (US) (15:00)

FINALS
Gem Diamonds Ltd. (DI), Safestore Holdings

IMSS
easyJet, Invensys, London Stock Exchange Group

EGMS
NB Distressed Debt Investment Fund Ltd.

AGMS
Euromoney Institutional Investor, Impax Asset Management Group, ITE Group, Lonmin, Mitchells & Butlers, Ultrasis

TRADING ANNOUNCEMENTS
Petropavlovsk

UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)

FINAL DIVIDEND PAYMENT DATE
Aberdeen Asset Management, Alternative Networks

Live Trading Session Tomorrow at 7.15am

Watch our experts trade live as the FTSE opens! Click Here.

US Market Report

Stocks jump after Fed pledges to keep rates low

Dow: +83 at 12,759.
Nasdaq: +83 at 12,759.
S&P 500: +11 at 1,326.

In spite of a poor start, US stocks surged after the Federal Reserve announced that interest rates would stay low for some time yet. Meanwhile, Apple's impressive performance helped lift the Nasdaq Composite index stay in the blue all day, while the other benchmarks opened lower.

The Fed, which had previously said it would maintain the federal funds rate between 0% and 0.25% until mid-2013, announced today that it intends to leave them as they are until late 2014. According to the Federal Open Market Committee (FOMC), "economic conditions - including low rates of resource utilization and a subdued outlook for inflation over the medium run - are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014."

While the move fuelled buying on Wall Street today, some noted that the decision reflected the central bank's concerns over economic growth: one economist from RBC Capital Markets (Tom Porcelli) was quoted as saying that "this drives home one important fact, the Fed is scared."

Barclays Capital analyst Troy Davig said: "In terms of the projection materials to be released prior to the press conference, we expect the majority of participants [in the FOMC] to report their expected date of the first rate hike is 2014, although today's the dovish tone of today's statement suggests that more of the participants' initial rate hike projection may be in 2015 or later than we previously expected."

APPLE IMPRESSES EVERYONE IN Q1

The big news on the Street today - other than the FOMC statement of course - was tech giant Apple whose first quarter earnings smashed expectations on both the revenue and profit levels. Apple was helped higher in mid-morning trade after Goldman Sachs labelled the stock as under-priced.

The US investment bank noted that Apple, normally a company inclined to under-promise and over-deliver, has raised earnings guidance for the second quarter to a level above the consensus view of analysts covering the stock. Goldman reiterated its "buy" recommendation and raised its 12-month target price to $600 from $550. Shares finished the day up 6%.

Elsewhere, Illumina surged nearly 50% after Swiss pharmaceutical giant Roche Holding made a $5.7bn offer for US company, an 18% premium over its closing price on Tuesday. The offer is unsolicited after several failed attempts to negotiate the deal, reports The Wall Street Journal

Shares in oil firm ConocoPhillips fell in spite of its fourth quarter earnings topping analysts’ estimates. Earnings per share came in at $2.02, easily topping the consensus estimate of $1.79.

Investors in industrial technology firm United Technologies also seemed underwhelmed after the group reported a better-than-expected 10.5% earnings growth for the fourth quarter due to greater sales for its Otis elevators and at its airplane unit Hamilton Sundstrand.

Aerospace giant Boeing was one stock not joining in with the party after its full-year earnings guidance fell short of expectations.

Shares in DVD rental firm Netflix rocketed after the closing bell after its fourth quarter revenue jumped 47% to beat expectations.

MACROECONOMY

Pending home sales fell by 3.5% on the month in December.

Selftrade

Thursday newspaper round-up

The threat posed to the British economy from the Eurozone crisis was underlined on Wednesday when Portugal saw its borrowing costs soar to a record high amid market fears that the bailed-out country will not be able to break free of its financial crisis in the near future. The yield, or interest rate, on three-year bonds reached 19.4%, while the rate on 10-year bonds was 14.6%, figures that compare with British rates of less than 2%. Portugal needed a €78bn (£65bn) rescue package last year as its high debt load and feeble growth pushed it towards bankruptcy. A three-year programme of austerity measures and economic reforms is aimed at restoring investor confidence in the country, but a deepening recession, with a 3.1% contraction forecast for this year, is undermining the faith of the markets in Portugal, according to The Guardian.

Coalition plans to raise the income tax allowance to £10,000 should be accelerated to tackle the growing economic crisis, Nick Clegg will say today. Ministers must go “further and faster” as the pressure on household finances reaches “boiling point”, the Deputy Prime Minister will urge. “Ordinary, hardworking people” need a “rapid response,” he will say. The proposed tax cuts – which would give back more than £700 to anyone earning under £100,000 a year – would be funded by new levies on the wealthy. The Liberal Democrat leader’s pledge follows official figures released yesterday that show the British economy is shrinking and risks a double-dip recession. Mr Clegg will say in a speech: “In just three years, real household incomes have fallen by some 5% – one of the biggest squeezes since the 1950s, since the records began. Household budgets are approaching a state of emergency and the Government needs a rapid response,” The Telegraph reports.

Facebook has suspended trading of its shares on the private secondary market until the end of the week, raising expectations that it will shortly file for its long-awaited initial public offering (IPO). Shareholders can still place buy and sell orders, but the transactions will not be approved by the social network's lawyers until January 27, according to US reports. The pause in trading is not the first from Facebook – the company has previously put a stop on transactions in order to assess its shareholder profile. However, the company is expected to make its IPO in the third week of May, so the suspension adds to a growing body of evidence, according to The Telegraph.

Pressure is building on John Hourican – Royal Bank of Scotland's best paid banker – to waive £5.6m of long-term bonuses despite contractual obligations. In the last three years Mr Hourican, head of RBS's investment bank has received compensation worth up to £20m. That excludes this year's bonus and comes as the group is planning the closure of large parts of the investment bank. Sources close to UKFI – the body charged with managing the taxpayer's 83% stake in RBS – said it was right to question Mr Hourican's bonus awards, even though the bank was contractually obliged to make them. "Maybe the focus on Stephen Hester is wrong," said the source, defending RBS's chief executive. "It is a valid concern and part of the current issue of pay for top individuals – the question of whether people should be paid in line with contractual agreements at a time when the environment no longer merits it," The Times says.

The Royal Navy may have to buy French fighter jets for Britain’s new aircraft carrier amid growing doubts over the American-designed Joint Strike Fighter (JSF), a senior officer has warned. Admiral Sir Trevor Soar, who retires as Commander-in-Chief Fleet in March, told industrialists that there was mounting concern within the Ministry of Defence about the escalating costs and delays to the JSF programme. In a detailed note of his speech to the ADS Maritime Interest Group, seen by The Times, Admiral Soar warned that US defence spending cuts could jeopardise the deal. He was quoted as saying that Britain might do better to invest in what he called an “interim aircraft capability.” The carrier is due to be ready in 2019 but Britain might not acquire the JSF until a decade later, Admiral Soar suggested.

Britain’s struggling retailers still managed to create more jobs in the run-up to Christmas than the previous year despite the consumer squeeze. Stores hired more than 4,000 staff in the final three months of last year, figures today show, but retail experts warn the positive news “won’t last”. The British Retail Consortium (BRC) said employment in the sector was up 0.5% during the fourth quarter of 2011 compared to the same period a year earlier – the equivalent of 4,074 full-time jobs. This growth, however, was driven by supermarkets and other food retailers and the BRC warned against false optimism. The figures were collated before the recent flurry of administrations on the high street, the trade body said, and numbers were boosted by the fact retailers were taking on seasonal staff to cope with the Christmas rush, The Scotsman writes.

Sanctions on Iran could push oil prices up 30%, taking the price of Brent crude to above $140 a barrel, the IMF has warned. "A halt of Iran's exports to OECD economies without offset from other sources would likely trigger an initial oil price increase of around 20%-30%, with other producers or emergency stock releases likely providing some offset over time," it said. Brent crude was trading at $110.64 a barrel yesterday. Saudi Arabia has said it could "immediately" increase its production to compensate for any shortfall, The Telegraph says.

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Evening Euro Markets Bulletin

2012-01-25T09:31:00.001-08:00

ADVFN III

Evening Euro Markets Bulletin

Daily world financial news

Supplied by advfn.com

Wednesday 25 Jan 2012 17:29:52

Sponsored by:
Emerald Knight

London Market Report

FTSE 100	Euronext	Dax perf	CAC 40

Please click on the images to view our interactive charts

Banks fall after GDP data, markets await Fed

UK GDP figures disappoint.
- Markets await FOMC statement and Bernanke.

UK stocks finished firmly in the red after worse-than-expected UK gross domestic product (GDP) figures sent banks reeling early on. Meanwhile, markets in the US were mixed ahead of the Federal Open Market Committee (FOMC) statement at 17:30 (London time) and press conference with the Federal Reserve Chairman Ben Bernanke.

The UK economy contracted at a 0.2% quarterly rate in the fourth quarter, according to the latest data out this morning from the Office for National Statistics. Consensus estimates were looking for a fall of 0.1%. "While these figures reveal significant weakness in the economy, we do not think they mark the start of an inexorable slide into a severe recession," said Barclays Capital analyst Blerina Uruci.

In other news: the decision taken by the members of the Bank of England’s (BoE) Monetary Policy Committee to maintain the current policy settings at the last meeting was a unanimous one, the central bank revealed today; while gross mortgage lending totalled £9bn in December, the strongest month of 2011 and 12% higher than the December 2010, according to the British Bankers' Association (BBA), as mortgage approvals rose more than expected.

In Eurozone news, the International Monetary Fund (IMF) is putting the pressure on the European Central Bank (ECB) to also take a haircut on its own €40bn worth of Greek bond holdings, according to the Financial Times. The ECB bought up these sovereign bonds below par value as part of the programme to save Greece from collapse back in 2010 and has also accepted them as collateral as a means of propping up the country’s banks. According to the paper, these bonds currently carry a yield in excess of 7% and the pressure is on the European monetary authority to forgo profits in order to ease Greece’s debt loads.

Elsewhere, the German Treasury defined its latest debt auction held this morning as "impressive" after yields fell to a record low for 30-year securities. The German Treasury sold €2.46bn in 30-year debt on bids for more than €5bn. The average yield offered from this security fell to 2.62%, down from 2.82% the previous auction. Meanwhile, Germany's business climate indicator for January beat expectations to register a reading of 108.3 points compared to 107.3 in December, according to the German IFO Instutite located in Munich.

BANKS LEAD THE FALL, ASHMORE UP AFTER UPGRADE

Banking heavyweights Lloyds, HSBC and Standard Chartered were among the worst performers, dragging the Footsie down after gross domestic product figures came in worse than expected. Meanwhile, HSBC has today offloaded its Thai Retail Banking and Wealth Management business to Bank of Ayudhya Public Company Ltd (BAY) for $115m, as it continues to dispose of its non-core businesses overseas.

Investment manager Ashmore was the best performer, rising over 5%, bouncing back after a poor performance yesterday on the back of a downgrade from Royal Bank of Scotland. Today, however, the stock was given a boost after Barclays upgraded it to overweight from neutral.

Commodities producer and marketer Glencore was a heavy faller after UBS cut its earnings forecasts to reflect what it believes is a challenging environment for its Marketing divisions and lower expected volumes and higher costs in Industrial. Nevertheless the broker maintained its buy rating and said that Glencore looks like the “most dynamic company in EU mining over the next three years”.

ARM Holdings, the chip designer for many Apple products, leapt 4% after Apple's quarterly figures showed robust demand for its trendy iPhones, iPads and Macs. Net income rose to $13.1bn in the first quarter of the company's fiscal year, more than double the $6bn achieved in the first quarter of the previous year. Putting the cherry on the top, Apple also raised earnings guidance for its second quarter.

Industrial engineer Weir was heading north after agreeing to acquire US oil and gas pump valve maker Novatech for $176m (£113m) in cash. Weir is looking to further strengthen its presence in the US unconventional oil and gas markets following the recent $675m acquisition of wellhead solutions provider Seaboard Holdings which was completed in December. Sector peer IMI was also in demand.

FTSE 250 MOVERS: RENISHAW ROCKETS AFTER INTERIM RESULTS

Renishaw, the measurement and medical device manufacturer, surged in early trading after revenues rose 11% in the first half. Geographically, revenue in Europe increased by 25% over the comparable period and the Americas were ahead by 23%.

Bookshop and newsagent chain WH Smith was in demand as the decline in like-for-like sales eased in the final month of 2011. An improvement had been expected over the longer period, however, given that the company was facing soft comparatives from December 2010, when the UK was hit by severe weather conditions which made travel difficult.

Soft drinks maker and bottler Britvic said carbonated drinks put some fizz into its Christmas trading, with revenues rising 2.5% in the final three months of 2011. Shares edged higher.

Sippdeal

Diary of Event

The management of financial software provider Misys will take a break from batting away questions about a potential takeover of the company to update the market on the operational side of things on Thursday

“Given Misys’s end markets, Banking and Capital Markets, don’t be surprised if you see a downbeat outlook statement, however, Misys is a ‘glass half full’ type and so will be keen to stress the positives,” reckons broker Panmure Gordon.

“As we noted previously, that it has been hiring engineers and implementation staff in Dublin (i.e. BankFusion) suggests to us that: (1) pipeline build continues; and, (2) it is looking to accelerate the implementation cycle (we see a very large BankFusion opportunity as banks get through their current woes and start doing banking. Until then, revenue will be on ‘bits and pieces’ (i.e. moves/add/changes),” the broker suggested, adding that “takeover talks will keep the ‘pep’ in the share price and a good narrative on Bankfusion will cheer investors.”

The broker is predicting interim revenue of £202m and operating profit of £35.1m, up from £161m and £23m, respectively, at the interim stage the previous year. “The big swing in the numbers is the Sophis revenue where we see £30.2m, and BankFusion where we assume £7.8m revenue,” Panmure Gordon explained.

Assuming the protestors camped close to the headquarters of the London Stock Exchange (LSE) don’t kidnap the messenger, the LSE should release an interim management statement at 7:00am. A study conducted by the accountancy firm PricewaterhouseCoppers (PwC) revealed that there were only 53 flotations on the LSE and its little brother, the Alternative Investment Market (AIM) last year, down from 44 the year before, so this revenue stream for the bourse operator is not particularly vibrant.

The new listings raised an aggregate of £12.2bn in fresh capital, but more worrying for the LSE is that there was only one listing, mining firm Polymetal, in the final quarter of 2012, down from four in the corresponding quarter of 2011.

INTERIMS
Angle

INTERIM DIVIDEND PAYMENT DATE
Cable & Wireless Worldwide, Dairy Crest Group, Tongaat-Hulett Ltd.

QUARTERLY EX-DIVIDEND DATE
Marsh & Mclennan Cos Inc.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Bloomberg Consumer Confidence (US) (14:45)
Continuing Claims (US) (13:30)
Durable Goods Orders (US) (13:30)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
New Homes Sales (US) (15:00)

FINALS
Gem Diamonds Ltd. (DI), Safestore Holdings

IMSS
easyJet, Invensys, London Stock Exchange Group

EGMS
NB Distressed Debt Investment Fund Ltd.

AGMS
Euromoney Institutional Investor, Impax Asset Management Group, ITE Group, Lonmin, Mitchells & Butlers, Ultrasis

TRADING ANNOUNCEMENTS
Petropavlovsk

UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)

FINAL DIVIDEND PAYMENT DATE
Aberdeen Asset Management, Alternative Networks

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European Market Report

FTSE 100	Euronext	Dax perf	CAC 40

European Stocks Slump On Greek Worries

European stocks extended this week's losses on Wednesday, hurt by lingering concerns that Greece may default on its sovereign debt. Greece said it aims to complete a debt swap deal with its private creditors by week's end, but markets remained skeptical.

Meanwhile, markets were focused on German Chancellor Angela Merkel and her counterparts from around the euro zone, as a number of key officials gathered in Davos for the World Economic Forum.

Germany, the region's largest economy, does not have "unlimited resources" to backstop its debt-ridden neighbors, Merkel told Spanish daily El Pais.

Looking across the Atlantic, traders were waiting for the Federal Reserve's latest interest rate decision, due an hour after markets closed in Europe.

Extending a modest decline from recent 6-month highs, the Euro Stoxx 50 index of eurozone bluechip stocks slipped 0.51 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, was down 0.90 percent.

Around Europe, France's CAC 40 eased 0.31 percent, the German DAX lost 0.08 percent, the U.K.'s FTSE 100 declined 0.62 percent and Switzerland's SMI lost 1.10 percent.

Weak earnings from heavyweights Ericsson and Novartis overshadowed forecast-beating Apple's quarterly earnings. Swedish telecom equipment maker Ericsson reported a 66 percent drop in fourth-quarter profit. Shares dropped 13.3 percent.

French plane maker EADS eased 1 percent, after rival Boeing revealed a 20 percent increase in fourth-quarter profit. However, the U.S. defense giant guided 2012 EPS below market expectations.

Swiss pharma giant Roche Holding is making a hostile offer of $44.50 per share to the shareholders of San Diego, California-based genetic diagnostics company Illumina, Inc., representing an all-cash deal of about $5.7 billion. Shares eased 2.1 percent.

Novartis expects flat sales and lower core operating profit margin, as its top-selling anti-hypertensive medication Diovan now faces competition from smaller peers. The stock slipped 2.5 percent.

Software maker SAP reported a surge in profit for the fourth quarter, aided by a 14 percent increase in software and software-related service revenue. SAP was up fractionally.

EON was down 0.5 percent after the German utility announced it is cutting 11,000 jobs worldwide, with most of the staff reductions in Germany, as the utility looks to free up funds for future investment.

Publicis Groupe SA was down 0.7 percent in Paris after the French advertising group lost its global media planning and buying contract with General Motors to British rival Aegis Group.

UniCredit gained 1.3 percent. The Italian lender plans to raise up to €25 billion through the issue of covered bonds to shore up its capital base and fund the group's mortgage loans business, according to a regulatory filing.

Rio Tinto Plc was flat in London after the mining giant announced that it has raised its stake in Canada's Ivanhoe Mines to 51 percent from 49 percent.

On the macroeconomic front, the U.K. economy contracted more than expected in the fourth quarter of 2011, preliminary estimates from the Office for National Statistics showed.

Separately, a report from the statistical office Istat revealed that Italian retail sales declined more than expected in November, with retail sales down 0.3 percent month-over-month in November, reversing a 0.2 percent rise in October.

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US Market Report

Stocks mixed ahead of Fed, Apple lifts Nasdaq

Dow: -58 at 12,618
Nasdaq: +11 at 2,797
S&P 500: -3 at 1,312

US stocks opened mixed on Wednesday morning ahead of an interest rate decision from the Federal Reserve and a press conference with Chairman Ben Bernanke. Both the Dow Jones and the S&P 500 were slightly lower, while some impressive quarterly results from Apple were lifting the tech-heavy Nasdaq index.

As the World Economic Forum’s annual meeting begins today in Switzerland and Federal Reserve policy makers convene in Washington, 48% of respondents predict the US will be among the world’s best-performing markets this year, according to the quarterly poll of 1,209 investors, analysts and traders who are Bloomberg subscribers that was conducted Jan. 23-24. That’s the highest rating for the US since the poll began in 2009 and it’s more than twice that of Brazil and China, the second-ranked markets.

Much commented, in his State of the Union address last night, President Obama called on Congress to raise taxes on those making $1m or more to at least 30%.

APPLE IMPRESSES EVERYONE IN Q1

The big news on the Street today was tech giant Apple whose first quarter earnings smashed expectations on both the revenue and profit levels. Apple was helped higher in mid-morning trade after Goldman Sachs labelled the stock as under-priced.

Goldman observed, "revenues of $46.33bn and EPS [earnings per share] of $13.87 were well above both our estimates of $38.18bn and $9.94 and consensus of $38.86bn and $10.08." The US investment bank noted that Apple, normally a company inclined to under-promise and over-deliver, has raised earnings guidance for the second quarter to a level above the consensus view of analysts covering the stock.

Goldman reiterated its "buy" recommendation and raised its 12-month target price to $600 from $550. Apple shares currently trade at around $445.

Elsewhere, Illumina surged over 40% after Swiss pharmaceutical giant Roche Holding made a $5.7bn offer for US company, an 18% premium over its closing price on Tuesday. The offer is unsolicited after several failed attempts to negotiate the deal, reports The Wall Street Journal

Shares in oil firm ConocoPhillips fell in spite of its fourth quarter earnings topping analysts’ estimates. Earnings per share came in at $2.02, easily topping the consensus estimate of $1.79.

Investors in industrial technology firm United Technologies also seemed underwhelmed after the group reported a better-than-expected 10.5% earnings growth for the fourth quarter due to greater sales for its Otis elevators and at its airplane unit Hamilton Sundstrand.

MACROECONOMY

Pending home sales data for December is expected to be released at 3pm.

FOMC announcement expected at 19:15pm.

S&P 500 - Risers
Textron Inc. (TXT) $24.80 +14.76%
CA Inc. (CA) $25.14 +10.17%
Apple Inc. (AAPL) $447.46 +6.43%
Bemis Co. Inc. (BMS) $31.86 +6.25%
Life Technologies Corp. (LIFE) $49.59 +4.82%
Total System Services Inc. (TSS) $21.94 +4.78%
St Jude Medical Inc. (STJ) $39.88 +3.42%
Waters Corp. (WAT) $87.81 +3.26%
Regions Financial Corp. (RF) $5.39 +3.06%
Southwest Airlines Co. (LUV) $9.44 +3.06%

S&P 500 - Fallers
TE Connectivity Ltd (TEL) $31.92 -10.60%
Corning Inc. (GLW) $13.11 -10.33%
Molex Inc. (MOLX) $25.01 -8.82%
Xerox Corp. (XRX) $8.10 -6.57%
Allegheny Technologies Inc. (ATI) $47.73 -6.04%
WellPoint Inc. (WLP) $65.45 -5.69%
Nvidia Corp. (NVDA) $14.23 -4.75%
Praxair Inc. (PX) $104.21 -4.48%
Rockwell Automation Inc. (ROK) $78.33 -4.18%
W.W. Grainger Inc. (GWW) $195.16 -4.10%

Selftrade

Wednesday broker round-up

Ashmore: Barclays upgrades to overweight from neutral.

Glencore: UBS cuts target from 530p to 490p, buy rating unchanged.

Vodafone: Nomura reiterates buy rating and 230p target.

Britvic: Nomura keeps buy recommendation and 425p target; Collins Stewart gives sell rating and 290p target.

WH Smith: Peel Hunt keeps hold stance and 525p target; Prime Markets confirms buy rating and 568p target.

Aegis: Peel Hunt maintains hold rating but raises target from 140p to 160p; UBS raises target from 180p to 190p, keeps buy rating.

Colefax: Peel Hunt cuts target from 275p to 225p, hold rating kept.

BTG: Peel Hunt reiterates buy recommendation and 340p target.

Carphone Warehouse: UBS cuts target from 400p to 380p, buy rating unchanged.

Chemring: UBS cuts target from 500p to 450p, buy rating unchanged.

IQE: Peel Hunt raises target from 23p to 26p, hold rating unchanged.

CareTech: Collins Stewart reiterates buy stance and 166p target.

Charles Stanley: Peel Hunt remains a buyer with a 350p target.

Thomas Cook: AlphaValue upgrades from add to buy, target cut from 19p to 18.9p.

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