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Thomson Financial Europe AM at a glance share
Thursday, January 24, 2008
LONDON (Thomson Financial) - US SUMMARY: Stocks higher on jobs data, oil up
Index Change Pct change
*DJIA 12378.61 +108.44 +0.88
*Nasdaq 2360.92 +44.51 +1.92
*S&P 500 1352.07 +13.47 +1.01
eur-usd 1.4760 +0.0167
Nymex crude
for Feb 89.41 usd +2.42 usd
*Yesterday's close
STOCKS: Wall Street scored its second straight big advance Thursday after economic figures suggested the job market is holding up and as lawmakers agreed on measures that could ease concerns about consumer spending. The Dow Jones industrials rose more than 100 points, bringing its two-day gain to more than 400.
FOREX: The dollar was mixed against other major currencies. The euro was worth 1.4760 usd in late New York trading, up from 1.4593 usd the previous day. The British pound rose to 1.9745 usd from 1.9526 usd.
BONDS: Bond prices fell as stocks rose. The yield on the benchmark 10-year Treasury note rose to 3.71 pct from 3.55 pct Wednesday.
OIL: Oil futures jumped more than 2 usd a barrel Thursday after the Bush administration and Congressional leaders agreed to an economic stimulus plan that will give most Americans tax rebates of 600 usd to 1,200 usd, or even more if they have kids.
Also, a government report of a drop in heating oil supplies and a proposed economic stimulus plan outweighed investors' concerns about the economy.
Light, sweet crude oil for March delivery rose 2.42 usd to 89.41 usd a barrel on the Nymex.
METALS: Precious metals got a boost from the stunning recovery on Wall Street, which extended its gains Thursday on positive US jobs data and an agreement between congressional leaders and the White House on an economic stimulus package.
Gold for February delivery jumped 22.70 usd to settle at 905.80 usd an ounce on the Nymex.
March silver climbed 36.3 cents to 16.333 usd an ounce, while copper added 9.95 cents to 3.1715 usd a pound.
EVENTS:
Honeywell Q4 2007 results. EPS forecast 0.91 usd vs 0.72 (before market opens)
Caterpillar Inc Q4 results. EPS forecast 1.50 usd vs 1.32 (before market opens)
ASIA SUMMARY: Shares continue rally; oil rises
Index Change Pct change
Nikkei 225 13517.78 +425.00 +3.25 (0342 GMT)
S&P/ASX 200 5763.40 +183.00 +3.28 (0445 GMT)
Hang Seng 24724.96 1185.69 +5.04 (0347 GMT)
Seoul Composite 1680.53 +17.53 +1.05 (0402 GMT)
BSE Sensex 17798.42 +576.68 +3.35 (0426 GMT)
usd-yen 107.18 -- (2240 GMT)
10-year JGBs 1.445 pct +0.060 (Intra-day trade)
Brent North Sea
crude for March 89.41 usd +34 cents (Intra-day trade)
STOCKS: Asian stocks extended gains into a third session Friday, buoyed by Wall Street's gains overnight as investors welcomed confirmation of the US government's stimulus package.
The Nikkei was higher in a continued recovery from the sharp losses suffered early this week as a weaker yen buoyed exporters. India's Sensex opened up 1.6 pct at 17,504.
The Hang Seng rallied around 5 pct, recouping Thursday's losses which came after Societe Generale announced a 4.9 bln eur fraud by a rogue trader and unveiled another 2 bln eur in subprime-related writedowns.
But the Shanghai Composite bucked the early trend, shedding 0.7 pct to 4,682, as retail subscriptions for China Coal Energy's initial public offering in Shanghai diverted funds from the secondary market.
BONDS: Japanese government bond prices ended Friday morning sharply lower as a bigger-than-expected rise in consumer prices in December, along with a solid rise in share prices, boosted expectations that domestic demand is recovering.
The Ministry of Internal Affairs and Communications said early Friday that Japan's core consumer price index rose 0.8 pct in December from a year earlier, making the biggest increase since March 1998.
FOREX: The US dollar was trading mixed against major currencies on Friday morning in Sydney, caught between strong European data and increased risk appetite which has seen the greenback rise against the yen as carry traders return to the market.
The possibility of a further rate cut by the US Federal Reserve on January 30 on top of this week's surprise three-quarter percentage point cut is giving support to the euro, along with a stronger than expected German IFO survey and hawkish comments from European Central Bank (ECB) officials.
At 2245 GMT, the dollar was up at 107.18 yen from 106.85 in late New York trade while the euro had risen to 1.4756 dollars from 1.4745 in late New York trade.
OIL: World oil prices continued higher in Asian trade Friday as global stock markets firmed but underlying worries about the US economy remained.
In late morning trade, New York's main contract, light sweet crude for delivery in March, rose 44 cents to 89.85 usd per barrel.
METALS: Gold broke back above the 900 usd an ounce mark in midday trade Thursday as the precious metal continued to benefit from safe haven buying fuelled by a stormy global economic outlook and volatility in the equity markets.
Copper continued above the 7,000 usd mark, buoyed above the key psychological level by higher equities and strong buying interest out of China.
Among precious metals, platinum was up at 1,588 usd per ounce against 1,552 usd. Silver tracked gold higher at 16.30 usd per ounce against 15.89 usd. Palladium was steady at 365 usd per ounce.
Among base metals, tin rose to 16,575 usd from 16,450 usd. The metal is benefiting from continued tightness of supply.
Aluminium rose to 2,472 usd per tonne, basis three months, from 2,415 usd, while lead rose to 2,615 usd from 2,505 usd. Nickel rose to 27,350 usd per tonne from 26,905 usd, and zinc was at 2,279 usd against 2,210 usd.
EVENTS:
Japan's Dec CPI, Tokyo Jan CPI
Bank of Japan releases minutes of monetary policy meeting held on December 19, 20
SKorea's Q4 GDP release
Singapore Dec manufacturing output
Taiwan Dec money supply
Taiwan's Taishin Financial Q4 results
India's Wholesale price index for week to Jan 12
India's Ashok Leyland Q3 results
India's TVS Motors Q3 results
India's Dr Reddy's Q3 results
India's BHEL Q3 results
EUROPE SUMMARY: Stocks higher, oil rises
Index Change Pct change
*FTSE 5875.80 +266.50 +4.75
*DAX 6821.07 +381.86 +5.93
*CAC 4916.98 +280.22 +6.04
UK10-year
Bond 96.36 -0.77
UK 30-year
Bond 97.19 -1.27
stg-usd 1.9728 +0.0227 (Intra-day)
eur-usd 1.4735 +0.0179 (Intra-day)
ICE (Dec) 88.97 usd +35 cents (1608 GMT)
* yesterday's close
STOCKS: UK blue chips closed higher, boosted by banks and insurers, with Wall Street gaining in early trade.
Europe's leading exchanges also ended higher amid evidence out of Germany and China that the global economy could ride out a US recession, with a raft of solid earnings reports led by Nokia and Siemens underpinning gains.
BONDS: European government bonds remained sharply lower, pressured by a reversal in safe haven flows as equity markets continued to rally higher.
In the UK, gilts were tracking the negative trend on the rest of the bonds market, and were also pressured by expectations that though interest rates are likely to fall next month, they will not tumble as quickly or as far as in the US.
FOREX: The dollar fell to a one-week low against the euro as risk appetite picked up again, boosting equity markets and
reversing some of the recent trends which have benefited the dollar.
Meanwhile, the pound gained further, hitting a seven-day high against the dollar as it continued to benefit from Wednesday's hawkish Bank of England minutes and recent comments from governor Mervyn King.
OIL: Oil prices held firm as US crude stocks rose in line with expectations last week. Prices were some way off their day highs, however, as gasoline inventory rose higher than expectations and as oil remained vulnerable to wider financial
market weakness.
METALS: Gold broke back above the 900 usd an ounce mark as the yellow metal continued to benefit from safe haven buying fuelled by a stormy global economic outlook and volatility in the equity markets.
At 12.36 pm, spot gold was trading at 902.00 usd an ounce, against 881.00 usd Wednesday. Elsewhere, platinum was up at 1,588 usd per ounce against 1,552.
Copper continued above the 7,000 usd mark, buoyed above the psychological level by higher equities and strong buying interest out of China.
EVENTS:
UNITED KINGDOM
Emap EGM
Scottish & Newcastle/Carlsberg/Heineken bid deadline at noon (extended from Thursday)
AUSTRIA
OMV Q4 trading statement
BENELUX
Ahold Q4 sales trading statement
Spyker Cars Q4 trading statement
FRANCE
Jan business climate. Forecast 109 vs 110
Eiffage unit APRR FY sales, after markets close
GERMANY
GfK Jan consumer climate index. Forecast +4.5 vs +4.5
Dec import prices. Forecast mth-on-mth flat vs +0.7 pct; yr-on-yr +3.9 pct vs +3.5
Porsche AGM
Deutsche Bank press conference on commodity markets
GREECE
Nov merchandise trade
ITALY
Nov retail sales. Forecast mth-on-mth flat vs +0.4 pct
Dec non-EU trade
Investimenti e Sviluppo Mediterraneo IPO ends
SCANDINAVIA
Sweden Dec net trade of goods
Tandberg Storage Q4 results
Novozymes FY results. Pretax profit forecast 1.392 bln dkr, up 14 pct
Kone Q4 results
SPAIN
Q4 unemployment. Forecast 8.3 pct vs 8.0
SWITZERLAND
World Economic Forum (day 1 of 3)
EUROPEAN UNION/EURO ZONE
Slovenian ambassador outlines priorities of EU presidency at CEPS event
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