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CFD Markets News and Forecasts — 22-11-2012
European stocks advanced for a fourth day, posting the longest winning streak in five weeks, after a report signaled Chinese manufacturing expanded for the first time in 13 months.
SABMiller Plc (SAB), the world’s second-largest brewer, jumped the most in 13 months after reporting first-half profit that beat estimates. Daily Mail & General Trust Plc (DMGO), publisher of Britain’s Daily Mail newspaper, surged the most in three years after announcing a share buyback. Swedbank AB (SWEDA), Sweden’s third- biggest bank, dropped 1.3 percent.
The Stoxx Europe 600 Index rose 0.6 percent to 271.68, a two-week high, at 3:35 p.m. in London.
A PMI released today by HSBC Holdings Plc and Markit Economics showed a preliminary reading of 50.4 for November, adding to signs that growth in the world’s second-largest economy is rebounding after a seven-quarter slowdown. That compared with a final level of 49.5 in October. A reading above 50 indicates expansion.
Euro-area factory output contracted less than economists had estimated, another Markit report showed. The measure of manufacturing climbed to 46.2 this month from 45.4 in October. That beat the average economist estimate of 45.6. Separate manufacturing PMIs for Germany and France, Europe’s two biggest economies, also beat projections.
National benchmark indexes climbed in all of the 18 western-European markets.
FTSE 100 5,788.96 +36.93 +0.64 CAC 40 3,497.74 +20.38 +0.59% DAX 7,243.66 +58.95 +0.82%
SABMiller advanced 6.2 percent to 2,795 pence, for the biggest increase since October 2011. Earnings before interest, taxes and amortization, excluding some items, rose 17 percent to $3.17 billion, the company said. That compared with the $3.1 billion median estimate of analysts.
Daily Mail climbed 11 percent to 525.5 pence, heading toward the biggest rally since September 2009. The company said it will buy back shares for as much as as much as 100 million pounds ($160 million). Daily Mail also said its net debt dropped to 613 million pounds in the year ended Sept. 30, from 719 million pounds 12 months earlier.
Nokia Oyj (NOK1V) climbed 1.6 percent to 2.53 euros, the highest price since Aug. 28, as Danske Bank A/S raised the stock to buy from sell and more than doubled its price estimate to 2.90 euros. Danske said Nokia’s 2013 outlook continues to improve.
EasyJet Plc (EZJ) added 1.8 percent to 694 pence after Barclays Plc raised Europe’s second-biggest discount airline to equal weight, a recommendation similar to hold, from underweight, saying the company improved both “revenue and non-fuel cost fundamentals.”
Air France-KLM (AF) Group advanced 2.6 percent to 6.78 euros and Deutsche Lufthansa AG (LHA) rose 4.3 percent to 12.45 euros. Barclays raised its price estimates for the airlines by 58 percent to 6.30 euros and 12 percent to 11.50 euros, respectively, citing lower restructuring risk.
World oil prices have stabilized today after a ceasefire between Israel and Palestinian militants, which lasted for about a week, and took the lives of at least 160 people. Analysts point out that given the risks of supply from the Middle East, prices will not fall further.
Today as the market got support from the positive Chinese data on industrial production, as well as yesterday's data on oil reserves in the U.S., which unexpectedly fell by 1.5 million barrels. As it became known, the manufacturing purchasing managers' index from Markit / HSBC rose in November to the level of 50.4, up from 49.5 in October, at the same time showing the highest value in 13 months.
Economists say that the price of oil is currently being consolidated and until the places show a definite trend.
Note also that the low volume of trading today as the U.S. markets are closed in observance of Thanksgiving.
January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 87.23 dollars a barrel on the New York Mercantile Exchange.
January futures price of North Sea petroleum mix of mark Brent fell to 110.17 dollars a barrel on the London Stock Exchange ICE Futures Europe.
Gold prices rose, as market participants with optimistic about China released data that showed that the manufacturing PMI rose above the level of 50 (up to 50.4), which was the first time in 13 months. Economists say that such positive data may serve as a good omen of increasing demand on the part of countries that competed with India as the largest consumer of gold in the world this year, but whose buying gold dropped amid slowing economic growth.
At the same time, many are hoping that a deal to rescue Greece may eventually be agreed that immediately display the on the euro, which had a three-week high against the dollar.
Analysts note that the gold market is likely to trade sideways, if not provided with clear comments on the problem of "financial cliff" in the United States. Recall that Federal Reserve Chairman Ben Bernanke on Wednesday reiterated a warning that it is not possible to prevent this situation will have irreparable damage to economic growth.
Meanwhile, we note that prices today vary in a narrow range, as the main U.S. stock markets are closed today in observance of the Thanksgiving holiday in the U.S.
December futures price of gold on the COMEX is now 1731 an ounce.
EUR/USD $1.2700, $1.2765, $1.2840, $1.2925, $1.2980
GBP/USD $1.5985, $1.6000
EUR/GBP stg0.8000
AUD/USD $1.0335, $1.0400Data
01:45 China HSBC Manufacturing PMI (preliminary) November 49.5 50.4
08:00 France Manufacturing PMI (preliminary) November 43.7 44.1 44.7
08:00 France Services PMI (preliminary) November 44.6 45.3 46.1
08:30 Germany Manufacturing PMI (preliminary) November 46.0 45.9 46.8
08:30 Germany Services PMI (preliminary) November 48.4 48.5 48
09:00 Eurozone Manufacturing PMI (preliminary) November 45.4 45.6 46.2
09:00 Eurozone Services PMI (preliminary) November 46.0 46.1 45.7
09:00 Eurozone EU Economic Summit -
11:00 United Kingdom CBI industrial order books balance November -23 -19 -21
The euro rose to a two-week high against the dollar after a report showed that China's manufacturing index rose this month, adding evidence that the second-largest economy is gaining momentum. According to preliminary data, this index increased in November to the level of 50.4, compared with the final value at the level of 49.5 in October.
The single currency rose against all but two of its 16 major counterparts as the data showed that business activity in the manufacturing rose in November more than economists forecast. At the same time, the composite index of purchasing managers in the euro area in the services sector and in the manufacturing industry amounted to 45.8, up from 45.7 in October, while analysts had expected no change.
The yen fell on speculation that the Japanese elections next month will go to the power of the opposition party, which advocates a more aggressive monetary easing.
EUR / USD: during the European session, the pair demonstrated steady growth, and is now trading at $ 1.2890, which is the maximum value
GBP / USD: during the European session, the pair set a high at $ 1.5980, then dropped, and is now at around $ 1.5955
USD / JPY: during the European session, the pair rose to a maximum of Y82.85, but then dropped to Y82.54
At 13:30 GMT in Canada will change in the volume of retail sales, the change in retail sales excluding auto sales for September. At 15:00 GMT Eurozone publish indicator of consumer confidence for November.
U.S. celebrates Thanksgiving
Japan celebrate rewarding work
EUR/USD
Offers $1.2980/85, $1.2940/50, $1.2920/25, $1.2895/900, $1.2885/95
Bids $1.2810/00, $1.2785/80, $1.2765/60, $1.2740/30
GBP/USD
Offers $1.6125, $1.6080, $1.6060, $1.6000/20, $1.5980
Bids $1.5945/35, $1.5925/20, $1.5900, $1.5880
AUD/USD
Offers $1.0450
Bids $1.0355/50, $1.0320, $1.0305/00, $1.0280
EUR/JPY
Offers Y108.00, Y107.50, Y107.00
Bids Y106.10/00, Y105.50, Y105.20, Y105.05/00
USD/JPY
Offers Y83.50, Y83.00
Bids Y82.50, Y82.35/30, Y82.00, Y81.50
EUR/GBP
Offers stg0.8100, stg0.8075/80
Bids stg0.8025/20, stg0.8005/00, stg0.7970/60, stg0.7945/40
European stocks advanced for a fourth day, for the longest rally in five weeks, after a report signaled Chinese manufacturing expanded for the first time in 13 months.
A PMI released today by HSBC Holdings Plc and Markit Economics showed a preliminary reading of 50.4 for November, adding to signs that growth in the world’s second-largest economy is rebounding after a seven-quarter slowdown. That compared with a final level of 49.5 in October. A reading above 50 indicates expansion.
Euro-area factory output contracted less than economists had estimated, another Markit report showed. The measure of manufacturing climbed to 46.2 this month from 45.4 in October. That beat the average economist estimate of 45.6 in a Bloomberg survey. Separate manufacturing PMIs for Germany and France, Europe’s two biggest economies, also beat projections.
Spain’s 10-year government bonds rose for a third day as the nation’s borrowing costs declined when it sold 3.88 billion euros of securities, exceeding its maximum target, for debt due in 2015, 2017 and 2021.
SABMiller advanced 5.8 percent to 2,785.5 pence, for the biggest increase since October 2011. Earnings before interest, taxes and amortization, excluding some items, rose 17 percent to $3.17 billion, the company said. That compared with the $3.1 billion median estimate of 10 analysts surveyed by Bloomberg.
Daily Mail climbed 9.7 percent to 520 pence, the biggest rally since September 2009. The company said it will buy back shares for as much as as much as 100 million pounds ($160 million). Daily Mail also said its net debt dropped to 613 million pounds in the year ended Sept. 30, from 719 million pounds 12 months earlier.
Swedbank AB, Sweden’s third- biggest bank, dropped 2.6 percent to 118 kronor.
Sold E3.88bln vs target E2.5bln-E3.5bln
- E1.712bln of 3.75% Oct 2015 Bono, cover 2.09 vs 2.83 previous
- E645mln of 5.50% July 2017 Obligaciones, cover 2.61 vs 2.47 previous
- E1.523bln of 5.50% Apr 2021 Obligaciones, cover 1.77
EUR/USD $1.2700, $1.2765, $1.2840, $1.2925, $1.2980
GBP/USD $1.5985, $1.6000
EUR/GBP stg0.8000
AUD/USD $1.0335, $1.0400
Asian stocks gained, with the regional benchmark index headed for its highest close in two weeks, on signs the U.S. jobs markets is stabilizing and Chinese manufacturing is recovering.
Companies that do business with China gained. The nation’s manufacturing may expand for the first time in 13 months in November, according to a preliminary survey released today by HSBC Holdings Plc and Markit Economics.
Nikkei 225 9,366.8 +144.28 +1.56%
S&P/ASX 200 4,413.07 +43.57 +1.00%
Shanghai Composite 2,015.61 -14.71 -0.72%
BHP Billiton Ltd., a mining company that counts China as its biggest market, gained 1 percent in Sydney.
Honda Motor Co., a Japanese carmaker that gets about 44 percent of sales from North America, climbed 3.5 percent as the weakened yen and U.S. claims for jobless benefits fell.
Sharp Corp. advanced 4.3 percent after Japan’s largest maker of liquid-crystal displays said it has found customers for panels used in smartphones.
The single currency started to gain momentum after the publication of positive growth indicators PMI Germany - the euro area rose to $ 1.2868 highs night on German data and after the euro zone PMI retreated to $ 1.2855.
According to the study Markit, in November PMI index of manufacturing activity in Germany rose unexpectedly to 46.8, although it was expected that he would remain in the flat at around 46.0. However, similar to the index of activity in the service sector eased from 48.4 to 48.0. Thus, the German economy still continues to remain in the reduction, indicating a weakening of the national economy.
Preliminary index of manufacturing activity in the euro zone PMI Markit rose in November from 45.4 to 46.2 vs. 45.5. Meanwhile, in the services PMI eased from 46.0 to 45.7 (forecast 46.0). As a result, the composite PMI strengthened slightly from 45.7 to 45.8, according to the forecast.
The euro rose against most of the 16 most traded currencies on speculation that European finance ministers are close to finalizing a bailout package for Greece.
The yen fell to a six-month low against the euro after the volume of Japanese exports recorded a fifth monthly fall, undermining demand for assets in the country. According to data from the Ministry of Finance, the level of exports fell by 6.5% in October, compared with the previous year, resulting in a trade deficit amounted to 549 billion yen. Note that many analysts had expected a deficit of 360 billion yen.
The single currency rose to its highest level in almost two weeks against the dollar after falling earlier in deficiency of Ministers to complete the transaction on the Greek question. But later the currency regained its losses as the finance ministers said that the next meeting to discuss the aid package for Greece will be held on November 26.
At the same time, German Chancellor Angela Merkel told lawmakers this morning that there is a chance for a deal on the Greek question at a meeting next week.
Note that the dollar index rose this morning after Federal Reserve Chairman Ben Bernanke said yesterday that the U.S. economy is at risk of falling into a recession, if lawmakers can not escape the so-called "financial cliff", stimulating demand for safe U.S. currency.
The pound rose to its highest level in a week against the euro after European finance ministers failed to agree on debt reduction for Greece and, in light of the fact that the policy of the Bank of England signaled that it will not cut interest rates.
Sterling captures fourth session rise against the dollar, as the Bank of England minutes showed that policymakers voted (8 in favor, 1 against), to leave a program of quantitative easing this month at the same level. Most politicians have said that the uncertainty among consumers and companies could adversely affect the economy.
Also published data showed that the UK's budget deficit widened unexpectedly in October, and was 8.6 billion pounds, compared with 5.9 billion pounds a year earlier.
Asian stocks outside Japan fell, with a regional gauge heading for its first decline in three days, after policy makers meeting in Brussels failed to reach a decision on assisting debt-laden Greece.
Nikkei 225 9,222.52 +79.88 +0.87%
S&P/ASX 200 4,369.5 -16.18 -0.37%
Shanghai Composite 2,030.32 +21.40 +1.07%
Esprit Holdings Ltd., which gets almost 80 percent of its sales from Europe, fell 2.1 percent in Hong Kong.
Harvey Norman Holdings Ltd. slid 1.9 percent after an Australian regulator initiated legal proceedings against 11 franchisees of the nation’s largest electrical-goods retailer.
Honda Motor Co. advanced 3.2 percent, pacing gains among Japan’s carmakers as the yen weakened, boosting the earnings outlook for the nation’s exporters.
European stocks advanced for a third day, as gains by Veolia Environnement SA, SAP AG and carmakers, as well as a decline in applications for U.S. jobless benefits offset the failure of euro-region policy makers to reach a decision on assisting debt-laden Greece.
Veolia Environnement rose 1.3 percent after getting approval for the sale of its U.S. waste-management business. SAP AG climbed 2 percent. Fiat SpA climbed 1.6 percent. Johnson Matthey (JMAT) Plc slumped 5.8 percent after it reported a drop in first-half profit. Imagination Technologies Group Plc slipped 3.9 percent as it said that it will monitor mobile chip designer CEVA Inc.’s counter bid for MIPS Technologies Inc.
The Stoxx Europe 600 Index (SXXP) rose 0.2 percent to 270.11 at the close of trading.
FTSE 100 5,752.03 +3.93 +0.07% CAC 40 3,477.36 +15.30 +0.44% DAX 7,184.71 +11.72 +0.16%
Fewer Americans filed applications for unemployment benefits last week as damage to the labor market caused by superstorm Sandy began to subside.
Jobless claims decreased by 41,000 to 410,000 in the week ended Nov. 17, the Labor Department reported today in Washington.
The Thomson Reuters/University of Michigan final index of U.S. consumer sentiment for November rose to 82.7 from 82.6 at the end of last month.
Veolia Environnement (VIE) advanced 1.3 percent to 7.90 euros. The world’s largest water company said it obtained approval from the Department of Justice for the sale of its U.S. waste- management business for $1.91 billion, which will cut its debt by $1.84 billion.
SAP, the largest maker of enterprise-management software, added 2 percent to 58.82 euros, its highest price since Sept. 5, as Salesforce.com Inc. reported third quarter earnings per share in line with analysts’ estimates and raised forecasts for 2013 and 2014.
BG Group Plc, the U.K.’s third-largest natural gas provider, rose 2.8 percent to 1,060 pence amid takeover speculation reported in The Independent newspaper.
Swiss Life Holding AG (SLHN) gained 6.1 percent to 124.20 Swiss francs. Switzerland’s biggest life insurer may write down almost half the value of its German broker unit AWD Holding AG, an analyst survey showed.
Royal KPN NV (KPN), the former Dutch phone monopoly, added 6.8 percent to 4.26 euros. Moody’s Investors Service Inc. said European cable operators’ revenues will grow by between 5 percent and 6 percent in 2013.
Johnson Matthey, which makes a third of all auto-catalysts, tumbled 5.8 percent to 2,190 pence, its lowest in almost four months, after it reported a 2.2 percent drop in first-half profit as platinum prices slid, and forecast “similar” results in the second six months of its fiscal year. Net income was 145.7 million pounds ($232 million) in the six months ended Sept. 30, compared with 149 million pounds a year earlier, the London-based company said.
Siemens AG fell 1.3 percent to 77.60 euros after Deutsche Bank AG cut its rating on Europe’s largest engineering company to sell from hold, and reduced its price target on the shares to 65 euros from 75 euros, citing threats to its 2014 margin target, including low growth prospects.
Paragon Group Cos (PAG), the lender to British landlords, lost 1 percent to 238.3 pence after RBC Capital Markets downgraded the stock to sector perform from outperform. A 12-month target price of 260 pence per share was forecast for the stock. The company fell the most in nine weeks after analysts said its plan to increase dividends is too modest.Major U.S. stock indexes finished the fourth session of gains, while showing moderate growth.
Major U.S. stock indexes show moderate growth. Support indices have reported that between Israel and Hamas agreed on a truce, which comes in situ at 19:00 GMT.
Growth index is still hampered by the lack of progress in addressing the other two questions, which, besides deteriorating situation in the Middle East, focused the attention of the market, namely, the "fiscal cliff" in the U.S. and the allocation of the next tranche of Greece finpomoschi.
U.S. financial markets will be closed in observance of Thanksgiving, in connection with which market participants are not in a hurry to occupy the position and prefer to stay out of the market.
Salesforce shares rose 8.89% to $ 158.875 after CEO Marc Benioff has signed an agreement with a large company that provides customers access to software Salesforce. This helps to prevent competition from corporations Oracle (ORCL), SAP AG and Microsoft, which buy companies that offer business management tools via the Internet and is growing in the area for the first time Salesforce.
Cost Deere (DELL) fell by 3.71% to $ 82.80. The company said that the sale of equipment in Europe will be the same, or lower than 5% in the 2013 financial year. At the same time in Asia, sales will drop even more due to the "soft" economic conditions in India and China. This could undermine the company's efforts to increase the share of sales made outside the U.S. and Canada and 50% in 2018.
Shares St. Jude Medical Inc. decreased by 12.49% to $ 31.25 after the manufacturer to maintain the heart rate, said that inspectors from the U.S. government criticized the methods of testing their cables used for defibrillators.
Most of the components of the index surged DOW (23 of 30). More than the others fell in the share price E. I. du Pont de Nemours and Company (DD, -0.98%). Shares rose more than other Hewlett-Packard (HPQ, +2.48%), which are now corrected after 12% of the fall.
All major sectors of the index S & P, with the exception of public utilities sector (-0.4%), strengthened. Maximum growth demonstrates the technology sector (+0.6%).
At the close:
Dow +48.38 12,836.89 +0.38%
Nasdaq +9.87 2,926.55 +0.34%
S & P +3.21 1,391.02 +0.23%
01:45 China HSBC Manufacturing PMI (preliminary) November 49.5 50.4
The euro rose versus most of its 16 major counterparts before finance ministers from the 17-nation currency bloc resume talks on aid for Greece next week. Euro-area finance ministers said a further meeting on Greece had been arranged for Nov. 26 and that only technical problems are holding up a deal. “We have a series of options on the table on how to close the financing gap,” German Finance Minister Wolfgang Schaeuble told reporters in Brussels yesterday. “We discussed the issue very intensively, but since the questions are so complicated we didn’t come to a final agreement.”
The Japanese currency touched a seven-month low amid speculation the nation’s opposition party advocating “unlimited” monetary stimulus will win power in elections next month and as gains in Asian equities curbed demand for haven assets. The LDP pledged yesterday to achieve nominal economic growth of 3 percent and set an inflation target with the Bank of Japan (8301) should it win next month’s vote.
Australia’s currency climbed after a private report signaled China’s manufacturing may expand this month. HSBC Holdings Plc and Markit Economics said today that their purchasing managers’ index for China’s manufacturing was at 50.4 in November on a preliminary reading, compared with a final level of 49.5 in October. The 50 level divides expansion from contraction.
EUR / USD: during the Asian session, the pair rose to $ 1.2870.
GBP / USD: during the Asian session, the pair rose to $ 1.5970.
USD / JPY: during the Asian session the pair fell, retreating from the previous day's high.
Change % Change Last
Oil$ 87.67 +0.29 +0.33%
Gold $1,729.20 +1.00 +0.06%Change % Change Last
Nikkei 225 9,222.52 +79.88 +0.87%
S&P/ASX 200 4,369.5 -16.18 -0.37%
Shanghai Composite 2,030.32 +21.40 +1.07%
FTSE 100 5,752.03 +3.93 +0.07%
CAC 40 3,477.36 +15.30 +0.44%
DAX 7,184.71 +11.72 +0.16%
Dow +48.38 12,836.89 +0.38%
Nasdaq +9.87 2,926.55 +0.34%
S&P +3.21 1,391.02 +0.23%
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2816 0,00%
GBP/USD $1,5952 +0,18%
USD/CHF Chf0,9358 -0,43%
USD/JPY Y82,51 +2,76%
EUR/JPY Y105,89 +1,13%
GBP/JPY Y131,62 +1,19%
AUD/USD $1,0369 -0,17%
NZD/USD $0,8146 -0,31%
USD/CAD C$0,9962 -0,05%
01:45 China HSBC Manufacturing PMI (preliminary) November 49.5 50.4
08:00 France Manufacturing PMI (preliminary) November 43.7 44.1
08:00 France Services PMI (preliminary) November 44.6 45.3
08:30 Germany Manufacturing PMI (preliminary) November 46.0 45.9
08:30 Germany Services PMI (preliminary) November 48.4 48.5
09:00 Eurozone Manufacturing PMI (preliminary) November 45.4 45.6
09:00 Eurozone Services PMI (preliminary) November 46.0 46.1
09:00 Eurozone EU Economic Summit -
11:00 United Kingdom CBI industrial order books balance November -23 -19
13:30 Canada Retail Sales, m/m September +0.3% +0.6%
13:30 Canada Retail Sales ex Autos, m/m September +0.4% +0.5%
13:30 U.S. Bank holiday -
15:00 Eurozone Consumer Confidence November -25.7 -25.8
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