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Europe AM at a glance share guide: Stocks lower; oil mixed

Sunday, January 20, 2008

LONDON (Thomson Financial) - US SUMMARY: Stocks lower; oil rises

Index Change Pct change

*DJIA 12099.30 -59.91 -0.49

*Nasdaq 2340.02 -06.88 -0.29

*S&P 500 1325.19 -08.06 -0.60

eur-usd 1.4622 -0.0051

Nymex crude

for Feb 90.57 usd +44 cents

* Friday's close

STOCKS: Wall Street ended a painful week with another decline Friday as skittish investors unable to hold on to much optimism about the economy drew little comfort from President Bush's stimulus plan. By the time Bush finished announcing a plan for about 145 bln usd worth of tax relief, the indexes were well into negative territory.

Bush said the plan must include tax incentives for business investment and speedy tax relief for individuals, most likely in the form of one-time rebates.

Friday's pullback made it clear that the stock market is in for a protracted period of uncertainty and continued declines.

On Friday, a Bank of America Corp analyst cut its ratings on three bond insurers -- MBIA Inc, Ambac Financial Group and Security Capital Assurance Ltd -- to 'neutral' from 'buy', which further added to the market's decline.

FOREX: The dollar rose against the euro and the pound but fell against the Japanese yen and Swiss franc (sfr) Friday amid news Washington supports an economic stimulus package to avert recession.

The euro fell to 1.4622 usd from 1.4673 usd Thursday. The British pound, meanwhile, slipped to 1.9681 usd from 1.9713 usd, dragged down by disappointing retail sales data in the UK.

At the same time, the dollar fell to 106.67 yen from 107.00 yen and 1.0990 sfr from 1.1003 sfr. The dollar fell to 1.0282 cad from 1.0299 cad.

BONDS: Treasury prices closed mixed Friday as investors expressed doubts about a White House plan to stimulate the ailing economy through 145 bln usd in tax relief. The benchmark 10-year Treasury fell 2/32 to 105 2/32 with a yield of 3.63 pct

OIL: Oil futures rose as energy investors held out hope for the stimulus plan. Light, sweet crude for February delivery climbed 44 cents to settle at 90.57 usd a barrel on the Nymex.

METALS: Gold prices settled slightly higher Friday, after Bush endorsed a stimulus plan designed to fend off a recession, boosting the metal's appeal as a safe investment. An ounce of gold for February delivery climbed 1.20 usd to settle at 881.70 usd on the Nymex.


Martin Luther King Jr Day - public holiday

ASIA SUMMARY: Shares mostly down; crude prices soften

Index Change Pct change

Nikkei 225 13459.91 -401.38 -2.90 (0414 GMT)

S&P/ASX 200 5618 .40 -126.50 -2.25 (0350 GMT)

Hang Seng 24549.53 -652.34 -2.59 (0422 GMT)

Seoul Composite 1704.09 -29.98 -1.73 (0440 GMT)

BSE Sensex 18742.67 -271.03 -1.43 (0426 GMT)

usd-yen 106.81 -0.06 (2255 GMT)

10-year JGBs 1.360 pct -0.030 (Intra-day trade)

Brent North Sea

crude for Sept 89.62 usd +39 cents (Intra-day trade)

STOCKS: Asian shares sank Monday, tracking the gloomy performance in the US Friday after president George Bush's 145 bln usd economic stimulus package failed to convince investors that the US can avoid a recession.

With the US closed Monday for the Martin Luther King holiday and little major economic data due this week, the mood in Asia is expected to remain cautious through today's session.

BONDS: Japanese government bond prices ended the morning session higher Monday on concerns US president George Bush's effort to revive the economy would not be enough to forestall a recession, boosting flows into safe-haven assets.

The Bank of Japan will begin its two-day policy board meeting later in the day and is expected to hold its key rate steady at 0.5 pct. With the US Federal Reserve expected to reduce its funds target rate aggressively next week, there is emerging speculation that Japan's central bank may have to lower rates this year.

Investors were also looking ahead to the BoJ's review of its semi-annual economic outlook report for October on Tuesday.

FOREX: The US dollar was mixed against other major currencies midway through the morning session in Sydney on Monday after a patchy performance on Friday as investors questioned the Bush administration's economic stimulus plan for the US.

Investors have ignored all the positive signs they have received in recent days, including assurances from Fed chairman Ben Bernanke that the Fed is ready to act aggressively -- which likely means a big interest rate cut later this month -- to help support an economy savaged by the crisis in the housing and credit markets.

OIL: World oil prices traded higher in Asia on Monday after US president George Bush called for a multi-billion-dollar stimulus plan to help kick-start his nation's flagging economy.

METALS: Gold bounced back above 880 usd Friday afternoon in London, after an earlier week low saw investors bargain hunting on expectations the precious metal will rally again, with economic concerns still dominating.


Japan Nov revised business leading index

Bank of Japan starts two-day policy board meeting

Australia Q4 2007 producer price index data

Australia Nov lending finance data

Oil & Natural Gas Corp Ltd Q3 results. Net profit forecast 50.94 bln rupees vs 46.68 bln; net sales 158.94 bln rupees, up 2.1 pct

Satyam Computer Services Q3 results

HDFC Bank Q3 results

Kotak Mahindra Q3 results

EUROPE SUMMARY: Stocks lower, oil gains

Index Change Pct change

*FTSE 5901.70 -0.70 -0.01

*DAX 7314.17 -99.36 -1.34

*CAC 5092.40 -64.69 -1.25


Bond 97.02

UK 30-year

Bond 98.75

stg-usd 1.9552 -0.0172 (Intra-day)

eur-usd 1.4630 -0.0063 (Intra-day)

ICE (march) 89.52 usd +0.77 usd (1628 GMT)

*Friday's close

STOCKS: Leading UK shares closed mixed Friday, following three days of declines, and were well off highs, after a rally on Wall Street faded. Europe's leading exchanges ended sharply lower, with the Dow Jones STOXX 50 Index at its worst level in 18 months, as insurers tumbled on concern over their exposure to the ailing US subprime mortgage market.

BONDS: European government bonds were higher following Thursday night's slump on Wall Street and a survey showing a sharp tightening in euro zone banks' credit standards. Meanwhile in the UK gilts were lower despite weaker than expected UK retail sales.

FOREX: The dollar gained across the board after strong confidence data, despite treading water for some time after the release, with focus due to shift later to a speech from US President George Bush on tax relief to stimulate the US economy. The pound remained in the doldrums against the euro on Friday, although has steadied off earlier lows, as markets became convinced UK interest rates will fall in February following a weak set of retail sales figures.

OIL: Oil held near 90 usd ahead of a three-day US weekend and contract expiry, supported by the idea OPEC will not increase production at its Feb 1 meeting. Gloomy global economic prospects and the negative impact such financial weakness could have on oil demand still weighed, however.

METALS: Gold rebounded back above 880 usd Friday afternoon in London, after an earlier week low saw investors bargain hunting on expectations the precious metal will rally again, with economic concerns still dominating. Copper extended gained in the midafternoon trade, having earlier made up some of Thursday's losses amid short-covering and falling stockpiles, after US consumer sentiment data came in firmer than expected.



Rightmove Jan UK house price survey (0001 GMT)

UK Dec public finances (0930 GMT)

UK Dec M4 growth, M4 lending (0930 GMT)

CML UK Dec mortgage lending (0930 GMT)

BSA UK Dec mortgage lending (0930 GMT)

Wolseley trading statement

Alfred McAlpine EGM


Austrian Airlines Dec passenger figures

Schoeller Bleckmann Oilfield preliminary FY results (0700 GMT)


Royal Philips Electronics NV Q4 results

Spyker Cars EGM (1300 GMT)


Hungary central bank meets to set interest rates

Hungary finance minister Janos Veres addresses meeting of tax authority APEH

Bank Millennium FY results (0900 GMT)

Prague news conference on euro adoption (1200 GMT)


Vivendi unit Maroc Telecom FY sales

Thales new year press reception

Soitec Q3 sales (after market closes)


PPI (0700 GMT). Forecast mth-on-mth +0.2 pct vs +0.8; yr-on-yr +2.7 pct vs +2.5

Cheuvreux German Corporate Conference in Frankfurt (day 1 of 3); SAP CFO Werner Brandt, BASF CEO Juergen Hambrecht, Bayer CFO Klaus Kuehn, Adidas CFO Robin Stalker, Deutsche Telekom CEO Rene Obermann, Lufthansa CFO Stephan Gemkow, E.ON CFO Marcus Schenck et al to speak

Berlin conference BDI and IW@ Politics forum with Deutsche Bank CEO Ackermann and BMW's CEO Reithofer (1500 GMT)

Deadline for Cartel Office decision on whether A-TEC can hike stake in Norddeutsche Affinerie


Economist conference first day (open to press), speakers include Portuguese Prime Minister Jose Socrates and PT Multimedia CEO Rodrigo Costa (1545 GMT)


Elisa EGM (1200 GMT)


Dec 2007, FY PPI


Euro group meeting

Posted by MOHAMED SAID at 9:51 PM  


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