ADVFN III Morning Euro Markets Bulletin Daily world financial news Supplied by advfn.com <http://www.advfn.com/p.php?pid=clicktrack&par=MTY3Mjg=> *Tuesday 27 Jul 2010 11:02:12*
------------------------------ London Markets Report : *Banks buoy Footsie* - techMARK 1,670.97 +0.26% - FTSE 100 5,384.74 +0.63% - FTSE 250 10,189.23 +0.50% Banks are helping to keep Footsie in the blue after their Swiss peer UBS beat earnings estimates. *Lloyds*, *Royal Bank of Scotland* and *Barclays* are the top risers in the FTSE 100. Net profit at UBS in the second quarter came to 2bn Swiss francs from a loss of 1.4bn francs last time. That was well above expectations for a 1.26bn francs profit. The oil giant *BP* confirmed Tony Hayward is to step down as chief executive of the group on 1 October to be succeeded by fellow executive director Bob Dudley. The group also unveiled a $32.2bn charge for the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow. As a result the company reported a headline loss of $17bn for the second quarter, the largest ever by a UK company. Shares in ARM are slightly lower, even after revenues and profits continued soaring at the chip-designer in the second quarter as it continued to see strong demand for its technology from makers of mobile ‘phones and other must-have gadgets. It posted a pre-tax profit of £43.5m in the three months to June 30, up from £16.3m over the same period the previous year. Diversified mining group *Xstrata* saw a small decline in copper production in the first half of 2010 but ferrochrome output rebounded strongly. The group, which is a major producer of seven major commodities (copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc) updated the market on first half production levels on Tuesday morning. Also in mining, higher production and a rising gold price sent half-year net income at *African Barrick Gold* up by 217% to $99m, but the shares are slightly lower. Revenue rose by 64% to $424m up 64% as production rose by 23% to 356,208 ounces and realised gold prices jumped by 28% to $1,155 per ounce. Updates in the FTSE 250 have been mostly well received though. Strong numbers from *Croda* have sparked a positive reaction in the speciality chemicals supplier’s share price. Record results at its two main divisions helped double half year pre-tax profit, with strong trading trickling into the first weeks of the second half. Pre-tax profit surged to £96.2m in the six months to 30 June 2010 from £46.3m the year before. Sales on continuing operations rose 27.6% to £516.1m. Software group Misys is wanted after saying it has reduced the number of shares it will sell in the proposed disposal of its healthcare division Allscripts. The size of the planned placing will be reduced from 36m shares to 25m shares as Misys’ board believes the current share price of Allscripts under-values the business. The proceeds of the sale are still expected to be approximately $1bn, which will be returned to shareholders. Engineer Tomkins' board has backed the 325p per share cash offer from Onex and Canada Pension Plan Investment Board, prompting gains in the company’s share price. The offer values Tomkins' existing issued and to be issued share capital at approximately £2.89bn. The independent directors intend unanimously to recommend to Tomkins shareholders to vote in favour of the offer. The top riser in the FTSE 250 is Connaught, which rallies partially after sliding yesterday as it warned of more woe following the emergency Budget, which will hurt the company severely. Shares in PZ Cussons fall back after results. The international consumer products group saw profitable growth last year in all three of its operating regions. Car parts and bicycles retailer *Halfords* drove through a 9.6% rise in group revenue from 3 April to 26 July, helped by its acquisition of Nationwide Autocentres in February, but it issued a cautionary stance on the economic environment. E-learning specialist *Promethean World’s* first half revenues are up 35% with strong sales of both systems and handsets. Fantasy war games group Games Workshop saw sluggish sales in the year to May 30, but managed to lift profits as it cut back on costs. ------------------------------ Goa India investment property with amazing returns! If you’re looking for a great investment property that offers the benefits of a holiday home and great residual, then Mayfair Group offers you a complete hands free ‘armchair’, investment package with yields up to 22% for 180 day occupancy from under $60,000 all in. Click Here <http://www.advfn.com/ct.php?ct=MzY5MzQ=>. ------------------------------ UK Event Calendar for today *INTERIMS * Amino Technologies, ARM Holdings, BG Group, BP, Croda International, Norsk Hydro, Pace, Provident Financial *INTERNATIONAL ECONOMIC ANNOUNCEMENTS * Richmond Fed Manufacturing Index (US) (15.00) ABC Consumer Confidence (US) (22:00) Consumer Confidence (US) (15:00) GFK Consumer Confidence (GER) (07:00) M3 Money Supply (EU) (09:00) Total Jobseekers (FRA) (17:00) *Q2 * ARM Holdings, BG Group, BP, Norsk Hydro *GMS * BlackRock Greater Europe Inv Trust, RCG Holdings *FINALS * DQ Entertainment, Games Workshop Group, Misys, PZ Cussons *IMSS * Daily Mail and General Trust, Halfords Group *EGMS * HaiKe Chemical Group, KazakhGold Group Ltd. GDR (Reg S) *AGMS * Aberdeen All Asia Inv Trust, Accsys Technologies, Argo Real Estate Opportunities Fund Ltd., Ashok Leyland Ltd. GDR (Reg S), CareCapital, Downing Planned Exit VCT 2, Downing Planned Exit VCT 3, Downing Protected VCT VI, Downing Protected VCT VII, HaiKe Chemical Group, Halfords Group, IS Pharma, JPMorgan Fleming Japanese Smaller Companies Inv Trust, Media Square, Metro Baltic Horizons, Ottoman Fund Ltd. (The), Persian Gold, Tongaat-Hulett, TR Property Inv Trust, TR Property Inv Trust Sigma Shares, Vodafone Group, Workspace Group *TRADING ANNOUNCEMENTS * Promethean World, Workspace Group *UK ECONOMIC ANNOUNCEMENTS * CBI Distributive Trends Surveys (11:00) *FINAL DIVIDEND PAYMENT DATE * IBIS Media VCT, Ventus 1 VCT ------------------------------ Dealing, Shares ISA... ...and SIPP Dealing accounts available with Selftrade. Standard flat £12.50 per trade and an annual Management Fee of £35 + VAT. Frequent trader rate £6 per trade. No dealing fee on fund purchases. Extensive market data and news plus advanced charting and technical analysis. Click here<http://www.advfn.com/ct.php?ct=MzAyMjI=> ------------------------------ European Market Reports Banking shares are leading the rise in early dealings Tuesday morning after a number of positive earnings reports. Investors also focus on *BP*. The oil giant confirmed Tony Hayward is to step down as chief executive of the group on 1 October to be succeeded by fellow executive director Bob Dudley. The group also unveiled a $32.2bn charge for the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow. As a result the company reported a headline loss of $17bn for the second quarter, the largest ever by a UK company. Across the markets, the *Dax *in Frankfurt has gained 22 points to 6,216, with the Cac in Paris up 37 points to 3,673. The Swiss market has added 64 points to 6,264. *UBS* has rallied after the Swiss bank swung to a second-quarter net profit of 2bn Swiss francs from a loss of 1.4bn francs last time. That was well above expectations for a 1.26bn francs profit. *Deutsche Bank* advanced after Germany’s biggest lender reported a rise in second quarter net profit of €1.2bn up from €1.1bn a year ago. However, revenues fell to €7.2bn from €7.9bn previously. “In a quarter which was characterised by increased investor uncertainty and higher market volatility, Deutsche Bank’s investment banking business followed the industry-wide trend of weaker profitability,” said chief executive Josef Ackermann. Elsewhere in the sector, *Credit Agricole*, *Societe Generale* and *BNP Paribas* are also in demand. *CAC 40 - Risers* Credit Agricole (ACA) € 10.49 +8.74% Societe Generale (GLE) € 42.69 +6.75% Dexia (DEXB) € 3.84 +6.38% BNP Paribas (BNP) € 53.82 +5.53% AXA (CS) € 13.80 +3.37% Alcatel-Lucent (ALU) € 2.17 +1.54% Bouygues (EN) € 33.12 +1.21% Peugeot (UG) € 24.88 +1.14% Lagardere SCA (MMB) € 28.44 +0.96% Veolia Environnement (VIE) € 20.25 +0.82% *CAC 40 - Fallers* Danone (BN) € 45.01 -2.82% Accor (AC) € 25.44 -1.30% EADS (EAD) € 17.73 -1.25% L'Oreal (OR) € 82.71 -0.87% Pernod Ricard (RI) € 62.43 -0.59% Vallourec (VK) € 79.89 -0.58% LVMH (MC) € 94.51 -0.55% Schneider Electric (SU) € 89.79 -0.51% Total (FP) € 38.25 -0.13% Alstom (ALO) € 38.63 -0.13% ------------------------------ Make 150+ points profit in one day Trendsignal clients made 153 points trading Sterling/US Dollar in one day. You could have done the same. Come to a free online seminar and learn how. Click Here <http://www.advfn.com/ct.php?ct=MzY1NDU=>. ------------------------------ US Markets Report Wall Street closed higher after better than expected home sales data and strong corporate figures. Across the markets, the Dow added 100 points to 10,525, with the Nasdaq up 26 points to 2,296. The S&P 500 is up 12 points to 1,115. US new home sales rose faster than expected in June. Analysts expected a sales increase of 310,000 last month but the outcome was 330,000. This may signal that the worst is over in the housing market. *FedEx* also gave the market a boost as it raised its first quarter and full year profit forecast, citing better than expected growth in FedEx Express and Ground volumes. The group expects earnings to be in the range of $1.05 to $1.25 per diluted share for the first quarter ending 31 August, up 81% to 116% from $0.58 per diluted share a year ago. The company’s previous guidance for the quarter was $0.85 to $1.05 per diluted share. For the full year, FedEx expects now anticipates earnings per diluted share of $4.60 to $5.20, up from $4.40 to $5.00, which reflects the current market outlook for fuel prices and a continued moderate recovery in the global economy. “Our revenue and earnings growth are exceeding original expectations, primarily due to better-than-expected growth in FedEx Express and FedEx Ground volumes,” said Alan B. Graf Jr, executive vice president and chief financial officer. *Genzyme* is up on rumours that UK drug firm GlaxoSmithKline may be interested in buying its US rival. Sanofi-Aventis has also shown interest in Genzyme. *Biogen*and *Celgene* rose in sympathy. *BP*’s US shares claimed after the oil firm confirmed it will hold a board meeting today to decide the fate of chief executive Tony Hayward, but said no final decision has been made. BP said its board will decide this evening on his future and also on the size of any provisions for the Gulf of Mexico disaster. Second quarter figures will be released tomorrow. *Boeing*, *DuPont*, *Exxon Mobil*, *Chevron* and *Merck* are among the Dow components reporting this week. *S&P 500 - Risers* Biogen Idec Inc. (BIIB) $57.89 +8.27% Genzyme Corp. (GENZ) $67.38 +7.77% Office Depot Inc. (ODP) $4.73 +7.74% Sprint Nxtel Corp. (S) $5.05 +7.68% *S&P 500 - Fallers* DeVry Inc. (DV) $55.49 -6.41% FMC Technologies Inc. (FTI) $61.82 -3.01% CF Industries Holdings Inc. (CF) $77.90 -2.78% Apollo Group Inc. (APOL) $48.32 -1.93% *Dow Jones I.A - Risers* Pfizer Inc. (PFE) $15.03 +3.09% Bank of America Corp. (BAC) $14.13 +2.84% General Electric Co. (GE) $16.14 +2.74% Home Depot Inc. (HD) $28.99 +2.62% *Dow Jones I.A - Fallers* Wal-Mart Stores Inc. (WMT) $51.13 -1.05% Intel Corp. (INTC) $21.67 -0.09% International Business Machines Corp. (IBM) $128.33 -0.04% ------------------------------ 100% Bonus with CMS Forex. That's 100%! Open an account with CMS Forex with at least $500 and you will receive a 100% deposit bonus. Every time you trade 10 lots you will get $50 until you have received all 100% of your deposit. There is no maximum - deposit $100,000 and you can earn up to $100,000. Already have a CMS account? You can still get the 100% bonus on your next deposit. Click Here <http://clk.atdmt.com/GAN/go/246226345/direct/01/> ------------------------------ Press round-up: BP, Equitable Life, UKFI *Tony Hayward* is to be offered a non-executive role on the board of BP’s highly profitable Russian joint venture as part of an exit package that includes early entitlement to a £600,000-a-year pension. A meeting of the oil giant’s board broke up last night after discussions about the future of the company, as the group prepared to approve the appointment of Robert Dudley to replace Mr Hayward as chief executive. Hayward, 53, who is expected to qualify for payments from his £10.8M pension pot when he leaves in November, will also be offered a lucrative role at TNK-BP, Russia’s third-biggest oil producer, the Times reports. *BP's billionaire* partners in Russia indicated they are willing to back their old adversary Bob Dudley as its new chief executive, as the oil giant's board met on Monday night to finalise a radical shake-up. The endorsement will be a boost to BP, as it attempts to draw a line under itsGulf of Mexico oil spill by on Tuesday announcing the departure of chief executive Tony Hayward and revealing hefty impairment charges of up to $25bn (£16bn), the Telegraph reports. The Parliamentary Ombudsman weighed into the row about compensation for victims of the *Equitable Life* scandal yesterday, saying she could not support the findings of a Government-backed inquiry published last week. Ann Abraham said that proposals in Sir John Chadwick's report, to which the Government has lent its support, "seem to me to be an unsafe and unsound basis on which to proceed", the Independent reports. The National Audit Office has called for a project-by-project review of future*Private Finance Initiative* contracts amid concerns about a rise in bank lending rates. An NAO report said that higher rates charged by private sector lenders meant that the PFI was less likely to represent value for money in future. Deals entered into during the credit crunch locked in an extra £500m to £1bn of financing costs because of higher bank charges, the NAO report found, the Times reports. *Europe's stress tests* for banks have greatly reduced pressure on Spanish lenders but have so far done little to ease broader strains in the interbank credit markets. Three-month Euribor rates have crept up to a one-year high of 0.889pc. The "Libor-OIS spread", watched as a key gauge of stress in the system, also nudged up to 26 basis points, the Telegraph reports. The directors of the agency set up to manage the Government's stakes in*Britain's part-nationalised banks* have agreed to take a 5% pay cut as public-sector spending is slashed. Sir David Cooksey, the chairman of UK Financial Investments (UKFI), said it was focusing hard on cutting its costs, which would be "substantially below" the targets in its business plan, the Independent reports. *EU regulators* have begun two investigations into IBM, the world's largest computer services firm, following accusations the American company has been abusing its dominant position in the market for mainframe computers. The European market for mainframe computers and softwarewas worth €3bn (£2.5bn) last year, the Guardian reports. ------------------------------ Learn how to trade Our "Value Packed" online trading seminar will show you how you can Click Here <http://www.yourtradingroom.com/mkf_02a/> To Find Out More *ADVFN Services* Free Annual Reports<http://www.advfn.com/p.php?pid=clicktrack&par=MjA3MjM=> Free Brochure Service <http://www.advfn.com/p.php?pid=clicktrack&par=MTY3Mzc=> Advfn Bookshop <http://www.advfn.com/p.php?pid=clicktrack&par=MTU3Mjk=> ------------------------------ To unsubscribe from this news bulletin or edit your mailing list settings click here<http://www.advfn.com/p.php?pid=unsubscribe&[email protected]&mrd=13585> . Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 000 961. 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