ADVFN III Morning Euro Markets Bulletin
Daily world financial news from Thomson Financial News Supplied by advfn.com
13 Jun 2008 09:51:51
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London
London shares lower in early trade after U.S. gains scaled back
At 9:02 a.m., The FTSE 100 index was 53.6 points lower at 5,736.9, while the FTSE 250 was down 75.1 points at 9,479.1. On Thursday, the FTSE 100 rose 67.2 points to close at 5,790.5.
In the U.S., stocks wobbled as another rise in oil prices - to more than $136 a barrel - sapped a big rebound that followed upbeat retail sales data and a buyout bid for Anheuser-Busch Cos.
By the close, the Dow was up 57.81 points, or 0.48 percent, at 12,141.58. The Dow had been up by as much as 185 points earlier in the session. The Standard & Poor's 500 index closed up 4.35 points at 1,339.85, while the Nasdaq composite index rose 10.34 points at 2,404.35.
In Asia today, Hong Kong's Hang Seng index finished the morning down 172.80 points or 0.75 percent at 22,851.06. But Japan's Nikkei 225 ended the day up 85.13 points, or 0.6 percent, at 13,973.73.
Back in London, British Airways was the biggest FTSE 100 faller, down 9 pence at 231, a victim of the higher oil price.
Brewer SABMiller was down 30 at 1,170, on fading hopes of attracting an offer, in the wake of InBev's bid for Anheuser-Busch Cos. Miners were generally lower, despite metals prices holding up reasonably well. Lonmin was down 83 at 135.8; Kazakhmys was 33 lower at 1,654.
On the upside, Carphone Warehouse recovered a little of the ground lost yesterday after its full-year results. Citigroup has upgraded the shares to 'hold' from 'sell', while cutting the target to 235 pence, from 290. Carphone edged up 1-1/4 to 203-3/4.
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Banks continued to rebound from recent weakness. HBOS was the biggest gainer, up 16 at 299, building on Thursday's 25 pence gain. The company is raising 4 billion pounds, with a rights issue at 275 pence.
Alliance & Leicester, which will be relegated to the FTSE 250 at the end of next week, was up 11-1/2 at 317. Barclays was up 4-1/4 at 319.
Royal Bank of Scotland rose 2 to 231 after announcing the 3.6 billion pounds sale of train-leasing business Angel Trains to a consortium led by Australian infrastructure group Babcock & Brown.
Among the midcaps, auto products retailer Halfords was down 5-1/4 at 263-3/4 after HSBC downgraded it to 'neutral' from 'overweight' and cut its price target to 285, from 380.
Budget airline easyJet was 4 lower at 291-1/4. As well as higher oil prices, it suffered a downgrade to 'sell' from 'buy' at Goldman Sachs, which slashed its target to 223, from 420.
Recruiter Michael Page International was 4 lower at 262, after small cap rival Hydrogen warned on profits due to a weaker market in investment banking. Altium reiterated its 'sell' on Michael Page with a 200 pence target.
On the upside, Johnston Press rose 14-3/4 to 72-1/2, after recent weakness. Housebuilders also continued to bounce from recent falls. Taylor Wimpey was up 6-3/4 at 67-3/4; Barratt Developments was up 6-3/4 at 83.
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UK Diary of Events:
For a diary of key financial and corporate events in the UK today, Click here
US Summary:
For a summary of US stocks at yesterday's close of trade, Click here
Milan
Milan shares TFN market data at 9.21 a.m.: l'Espresso, Tenaris lead fall
Main indices:
Mibtel at 23,783 points, down 0.56 percent
S&P/Mib at 30,685 points, down 0.66 percent
Main S&P/Mib losers
Gruppo Editoriale l'Espresso down 2.36 percent at 1.699 points
Tenaris down 2.03 percent at 20.27 euros
Mondadori down 1.82 percent at 4.21 euros
Pirelli down 1.54 percent at 0.4785 euros
Enel down 1.49 percent at 6.745 euros
Main S&P/Mib gainers
Fastweb up 2.81 percent at 20.25 euros as Goldman Sachs upgraded the stock to 'buy' from 'neutral' but cut the target to 25.5 euros from 28.8 euros Seat Pagine Gialle up 2.21 percent at 0.088 euros
Snam Rete Gas up 1.35 percent at 4.3025 euros as Morgan Stanley upgraded the stock to 'overweight' from 'equal-weight' and raised the target to 4.75 euros from 4.60 euros
Fiat up 1.01 percent at 12.82 euros as Goldman Sachs raised its price objective to 21 euros from 19 euros while keeping its 'buy' stance on the stock. European car registration figures for May earlier showed a 7.8 percent drop while for the Fiat group the contraction was limited to 4.5 percent
Other stocks in the news
Terna off 0.14 percent at 2.82 euros as Morgan Stanley raised its price objective to 3.2 euros from 3.0 euros saying that it prefers Italian utilities over their Spanish peers.
Impregilo down 0.30 percent at 3.4625 euros. According to reports the construction group is in pole position to win a project to carry out infrastructure in Tripoli, Libya
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Paris
Paris shares TFN market data at 10.40 am; EDF leads shares lower
Major indices:
CAC-40 down 42.76 points or 0.92 percent at 4,629.54
SBF-80 down 54.38 or 0.99 percent at 5,426.38
SBF-120 down 34.23 or 1.01 percent at 3,361.52
5 CAC-40 stocks up
35 CAC-40 stocks down
Major gainers:
Michelin, up 1.61 euros or 3.35 percent at 49.62. Peugeot, up 0.51 or 1.42 percent at 36.42. Goldman Sachs upgraded Michelin to 'buy' from 'sell' and Peugeot to 'buy' from 'neutral', and added both groups to its 'conviction buy' list
Veolia Environnement, up 0.78 or 2.00 percent at 39.80. Cheuvreux raised its recommendation on the water and waste group to 'outperform' from 'underperform' after the recent fall in the share price
Club Med, 0.21 or 0.62 percent ahead at 33.86, off earlier highs. First half results were more or less in line, but analysts are sceptical the group can keep up the trend
Eiffage, 1.31 or 2.57 percent higher at 52.26. SG Securities raised its recommendation to 'buy' from 'hold'
Major losers:
EDF, down 1.95 or 3.00 percent at 63.05, amid ongoing concerns that electricity tariffs may be liberalised later than expected, weighing on profits. The Financial Times also claimed Friday that EDF is prepared to raise its bid for British Energy Group but only if the board of the UK nuclear group moves quickly to recommend the offer
Credit Agricole, down 0.34 2.40 at 13.83; Societe Generale, down 1.08 or 1.85 percent at 57.22; BNP Paribas, down 1.10 or 1.79 percent at 60.19. Bank stocks are shedding Thursday's gains. In a note Friday, Citigroup analysts said the capital deficit for European banks has now increased by a further 20 percent and stands at over 250 billion euros
Most active stocks:
Credit Agrciole, 4.35 million shares traded Alcatel-Lucent, down 0.07 or 1.66 percent at 4.15. 2.44 million shares traded
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Frankfurt
German shares TFN market data at 9:38 a.m.
DAX down 26.54 points, or 0.40 percent, at 6,687.98
MDAX down 31.90 points, or 0.33 percent, at 9,493.68
TecDAX down 3.58 points, or 0.44 percent, at 808.50
DAX futures flat at 6,692.50
MAJOR DECLINERS:
BMW, down 0.72 euros or 2.14 percent at 32.95, as Goldman Sachs cut the stock to 'neutral' from 'buy' and reduced its 12-months price target to 44 euros versus 49 previously. The brokerage also downgraded its coverage view of the European automobiles sector to 'neutral' from 'attractive' as it believes the auto sector will trade within a 'fat and flat' range, with near-term consumer-driven risks and input cost risks balanced by fundamental value upside.
ThyssenKrupp, down 0.83 euros or 1.99 percent at 40.87. Deutsche Lufthansa, down 0.28 euros or 1.79 percent at 15.35, weighed down by persistent caution about high crude oil prices. Daimler, down 0.64 euros or 1.46 percent at 43.09, following Goldman's European automobiles sector review
TUI, down 0.20 euros or 1.26 percent at 15.69
MAJOR ADVANCERS
Infineon, up 0.095 or 1.51 percent at 6.38.
Continental, up 0.93 euros or 1.45 percent to 64.95.
Siemens, up 1.00 euros or 1.38 percent to 73.52, after Goldman Sachs added the stock to its 'conviction buy' list as it sees it offering "an attractive opportunity-risk profile" to investors.
Allianz, up 0.26 euros or 0.23 percent at 112.94, following reports that said it is currently granting several potential bidders for its Dresdner Bank detailed insight into the institute's financial accounts.
MAN, up 0.13 euros or 0.15 percent to 88.04.
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Forex
London 0745 GMT Hong Kong 0500 GMT
U.S. dollar
yen 108.00 up from 107.80
Swiss franc 1.0448 up from 1.0420
Euro
U.S. dollar 1.5409 down from 1.5435
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Pound
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yen 210.04 up from 209.87
Swiss franc 2.0325 up from 2.0292
Australian dollar
U.S. dollar 0.9373 down from 0.9394
pound 0.4819 down from 0.4825
yen 101.27 up from 101.26
