| | ADVFN III | Morning Euro Markets Bulletin | | | Daily world financial news | Supplied by advfn.com | | | | | | Thursday 17 Jun 2010 09:36:37 | | | | | | | | Sponsored by: Your Trading Room | Learn how to trade
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| | London Markets Report | | BP shares jump
Market Movers
techMARK 1,651.35 -0.16%
FTSE 100 5,246.83 +0.17%
FTSE 250 9,855.44 -0.05% BP is leading London's blue chips higher in early dealings on Thursday following yesterday's meeting with the US president.
BP has cancelled dividends for the rest of the year and agreed to a demand from US president Obama to put $20bn in an escrow account to cover claims resulting from the oil spill in the Gulf of Mexico. The UK company will pay $3bn into the escrow account in the third quarter of 2010 and $2bn in the fourth quarter. This will by followed by payments of $1.25bn a quarter until a total of $20bn has been reached.
Banking shares are reacting positively to Chancellor George Osborne's promise of a "new settlement between our banks and the rest of society" last night.
In his maiden Mansion House speech, Osborne announced he would abolish the Financial Services Authority and give new powers to the Bank of England to help it regulate the UK financial sector.
Royal Bank of Scotland and Lloyds Banking are among the top five risers.
Miners are limiting the rise, with Fresnillo, Xstrata, Vedanta Resources, Kazakhmys, Antofagasta and Rio Tinto all stuck in the red.
Computer gaming retailer Game Group has announced a former Vodafone man as its new chief executive officer, though he will inherit control of a company facing declining sales. The group has appointed Ian Shepherd as its new chief executive. In an update on recent trading the group said in the 19 week period to 12 June total group sales were 11.4% lower than a year earlier.
Design and engineering firm WS Atkins reported a 5.9% drop in full-year pre-tax profits, but the fall was not as steep as feared. Pre-tax profit came to £96.6m for the year to 31 March, down from £102.70m the year before. The group was forecast to announce pre-tax profits of £89.3m.
The Federal Court of Canada has blocked drugs giant AstraZeneca's attempt to delay the launch of a generic version of Astra's gastrointestinal disease treatment, Nexium.
Equipment rental group Ashtead saw underlying full year earnings tumble but has seen some signs of improvement in the fourth quarter, especially in the US, where it makes the bulk of its money.
Hammerson, the UK property giant, is selling a majority stake in a shopping centre near Paris, though it will continue to manage the asset.
Property giant Land Securities has sold an unfinished development in London's West End for £250m plus construction costs.
Kazakhstan focused gold and copper company Frontier Mining said pre-tax losses swelled to $30.3m in 2009 from a loss of $5m the year before.
Luxury handbag maker Mulberry revealed a 22% rise in full year profit as consumers flocked to buy products from its Alexa handbag range.
FTSE 100 - Risers
BP (BP.) 360.00p +6.82%
Man Group (EMG) 244.30p +2.13%
Royal Bank of Scotland Group (RBS) 45.89p +1.59%
Johnson Matthey (JMAT) 1,594.00p +1.40%
Lloyds Banking Group (LLOY) 56.21p +1.04%
National Grid (NG.) 515.00p +0.68%
Severn Trent (SVT) 1,257.00p +0.64%
Royal Dutch Shell 'A' (RDSA) 1,840.50p +0.63%
Aviva (AV.) 347.40p +0.61%
Royal Dutch Shell 'B' (RDSB) 1,767.00p +0.54%
FTSE 100 - Fallers
Fresnillo (FRES) 1,033.00p -2.09%
Petrofac Ltd. (PFC) 1,264.00p -1.79%
Xstrata (XTA) 1,020.50p -1.40%
Vedanta Resources (VED) 2,278.00p -1.39%
Kazakhmys (KAZ) 1,178.00p -1.26%
Associated British Foods (ABF) 1,002.00p -1.18%
Shire Plc (SHP) 1,445.00p -1.16%
Admiral Group (ADM) 1,399.00p -1.13%
Antofagasta (ANTO) 867.50p -1.08%
Rio Tinto (RIO) 3,305.50p -1.00% |
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| | UK Event calendar for today | | INTERIMS
CareTech Holding, Carnival
INTERIM DIVIDEND PAYMENT DATE
Aberdeen Asset Management, Noble Investments
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (US) (13:30)
Consumer Price Index(US) (13:30)
Continuing Claims (US) (13:30)
Current Account (US) (13:30)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Philadelphia Fed Index (US) (15:00)
ECB Report (EU) (09:00)
Construction Output (EC) (10:00)
Q4
Ashtead Group
GMS
Arriva, Ondine Biopharma, TEG Group
FINALS
Ashtead Group, Atkins (WS), Consort Medical
IMSS
Game Group
EGMS
Cazenove Absolute Equity Ltd.
AGMS
Alea Group Holdings (Bermuda) Limited, DP Property Europe Limited, Faroe Petroleum, Hampden Underwriting, Henderson Private Equity Inv Trust, Heritage Oil, Highland Gold Mining, Immupharma, Kingfisher, Ondine Biopharma, Slingsby H.C, Summit Corporation, Tawa, Toye and Co, Work Group
UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Cryo-Save Group, Derwent London |
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| | European Markets | | Caution ahead of EU summit European shares are slightly lower on Thursday as investors are cautious ahead of today's European Union summit.
EU leaders are meeting today to discuss the European sovereign debt crisis as pressure grows on Spain over the state of its public finances. Leaders are expected to talk about excessive government borrowing and the progress of Van Rompuy's "task force" on economic rules and surveillance.
The one-day summit comes after European officials were forced to deny a press report out yesterday that the EU, the IMF and the US Treasury were drawing up a liquidity plan for Spain. Fears have been growing that Spain will struggle to tackle banks' losses from the country's collapsed housing boom.
The Spanish government tried to calm markets by announcing austerity measures and, just hours before the summit, unpopular labour reforms. It also said on Wednesday that its central bank will publish stress tests on its lenders.
Across the markets, the Dax in Frankfurt is down 2 points at 6,189, while the Cac in Paris is flat at 3,675. The Swiss market is 16 points lower at 6,474.
BP is leading London's blue chips higher after the firm cancelled dividends for the rest of the year and agreed to a demand from US president Obama to put $20bn in an escrow account to cover claims resulting from the oil spill in the Gulf of Mexico.
The UK company will pay $3bn into the escrow account in the third quarter of 2010 and $2bn in the fourth quarter. This will by followed by payments of $1.25bn a quarter until a total of $20bn has been reached.
CAC 40 - Risers
L'Oreal (OR) € 81.49 +0.79%
ST Microelectronics (STM) € 7.00 +0.76%
Total (FP) € 40.66 +0.76%
France Telecom (FTE) € 15.59 +0.58%
Societe Generale (GLE) € 36.33 +0.48%
LVMH (MC) € 92.52 +0.43%
Veolia Environnement (VIE) € 21.45 +0.40%
Accor (AC) € 42.91 +0.36%
Suez Environnement Company (SEV) € 14.59 +0.34%
Unibail-Rodamco (UL) € 137.15 +0.26%
CAC 40 - Fallers
AXA (CS) € 13.74 -1.58%
Technip (TEC) € 52.08 -1.21%
ArcelorMittal SA (MT) € 24.67 -1.08%
EADS (EAD) € 17.86 -1.05%
BNP Paribas (BNP) € 49.04 -0.61%
Peugeot (UG) € 21.80 -0.55%
Schneider Electric (SU) € 89.77 -0.45%
GDF Suez (GSZ) € 25.83 -0.44%
Lafarge (LG) € 50.10 -0.44%
Dexia (DEXB) € 3.18 -0.34% |
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| | US Markets Report | | Late rally lifts Dow US staged a late rally to close flat on another day dominated by the Gulf of Mexico spill. BP's agreement to establish a $20bn escrow fund and cancel its quarterly dividend boosted sentiment later on with the shares in the UK oil giant closing higher.
Across the markets, Dow Jones added 4 to 10,409. Nasdaq was unchanged at 2,305 while the S&P 500 was a touch lower at 1,114.
It is a busy day on the economic front, housing starts dropped 10% in May to a seasonally adjusted annual rate of 593,000. Economists anticipated a 5.2% drop to a level of 637,000.
Building permits also missed expectations at 574,000 annualised versus estimated of 625,000.
Producer prices fell by 0.3% last month, slightly better than the 0.5% decline analysts had expected. Capacity utilisation rose from 73.7% to 74.7% in May, while US exports have risen in 10 put of the last 12 months.
FedEx swung to a fourth-quarter profit of $696m compared with a loss of $849m but said costs would constrain its 2011 earnings.
Priceline was upgraded to buy by Goldman Sachs but the broker cut International Game Technology from neutral to sell.
Refinery firm Sunoco says it will spin off SunCoke Energy in the first half of 2011.
Creditors of the European arm of bust investment bank Lehman Brothers are to be offered a quick settlement option over $22bn of assets by administrator PricewaterhouseCoopers.
S&P 500 - Risers
Sunoco Inc. (SUN) $34.27 +6.30%
Priceline.Com Inc. (PCLN) $196.70 +5.88%
Newmont Min Corp. (NEM) $58.33 +3.55%
M&T Bank Corp. (MTB) $81.93 +3.24%
Halliburton Co (HAL) $26.25 +3.10%
S&P 500 - Fallers
Fedex Corp. (FDX) $78.07 -5.95%
International Game Tech (IGT) $18.54 -5.36%
Gamestop Corp. (GME) $19.64 -5.17%
Genworth Financial (GNW) $15.32 -3.77%
Anadarko Petroleum (APC) $43.06 -3.69%
Dow Jones I.A - Risers
American Express Inc. (AXP) $42.34 +1.85%
Caterpillar Inc. (CAT) $64.39 +1.47%
3M Co. (MMM) $80.88 +1.39%
JP Morgan Chase & Co. (JPM) $38.52 +0.73%
International Business Machines Corp. (IBM) $130.35 +0.43%
Dow Jones I.A - Fallers
Alcoa Inc. (AA) $11.41 -1.64%
Wal-Mart Stores Inc. (WMT) $50.98 -1.28%
Procter & Gamble Co. (PG) $61.19 -1.16%
Microsoft Corp. (MSFT) $26.30 -1.06%
Travelers Company Inc. (TRV) $50.83 -0.78% |
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| | Thursday newspaper round-up: | | BP, Mansion House speech, banks BP has suspended dividend payments for the rest of this year and moved to slash its capital expenditure bill after agreeing to finance a $20bn (£13.5bn) clean-up and compensation fund for the Gulf of Mexico oil spill, says the Telegraph.
The decision, which comes after weeks of speculation over the fate of the annual $10.5bn payment, will hurt major pension funds as BP's payout accounts for roughly one sixth of their blue chip dividend flows in the UK. Investors had been expecting the first quarter dividend to be paid on June 21.
The FT adds that BP's five investment banking advisers were on standby Wednesday night to assess the oil group's options to finance the $20bn escrow fund to pay claims from the Gulf of Mexico oil spill. Until now, Goldman Sachs, Morgan Stanley, Credit Suisse, UBS and Blackstone have been restricted in the scope of their advice because it has been impossible for them to know the extent of the liabilities.
Mervyn King became the most powerful governor of the Bank of England in living memory today after George Osborne gave him sweeping powers to curb City excesses and prevent another financial crash. King emerged as the big winner from the chancellor's shakeup of supervision that will abolish the Financial Services Authority and do away with the tripartite system of regulation introduced by Gordon Brown in 1997, writes the Guardian.
The Telegraph adds that Hector Sants, the City watchdog who quit amid proposals to abolish the Financial Services Authority, is to stay on to effect the biggest shake-up of financial regulation since 1997.
US banks will foot a total bill of about $2bn (£1.35bn) in their second-quarter results to pay for the UK tax on bankers' bonuses - a charge that could significantly reduce earnings at financial groups such as Citigroup, JPMorgan Chase and Bank of America, reports the FT.
Shareholder discontent over the Prudential's aborted bid for AIA is increasingly focusing on Harvey McGrath, chairman, as a rising number of investors think that he should quit the UK life assurer, according to the FT.
European leaders meet in Brussels today amid growing fears that Spain, Europe's fifth-largest economy, is preparing to ask for a bailout which would dwarf the €110bn (£90bn) rescue plan for Greece, says the Independent.
Sir Stelios Haji-Ioannou gave evidence at the High Court yesterday against easyJet, the airline he founded in the 1990s, accusing it of breaching branding rights over the use of the "Easy" name and of making poor management decisions, reports the Independent.
The single price specialist 99p Stores has launched a new retail chain to capitalise on the flight to value among consumers and soft out-of-town property market. The team behind the retailer, where everything is sold for 99p, opened its first Family Bargains shop in Carmarthen, Wales, last Thursday. Faisal Lalani, the buying director at 99p Stores, said that Family Bargains sells a greater range of general merchandise, including toys and soft furnishings, and is not constrained by the 99p price tag, although most products will be under £10, says the Independent. | | | | ADVFN Services |
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