Thu, Feb 21 2008, 05:14 GMT
http://www.afxnews.com
LONDON (Thomson Financial) - US SUMMARY: Stocks gain, gold surges
Index Change Pct change
*DJIA 12,427.30 +90.00 +0.73
*Nasdaq 2,327.10 +20.90 +0.91
*S&P 500 1,360.05 +11.25 +0.83
Nymex crude
for March 100.74 usd +0.73 usd
10 yr US
treasury 3.91 pct +0.04
* Yesterday's close
STOCKS: Stocks came off early losses to finish higher Wednesday as investors set aside some concerns about the economy after finding reassurance that the Federal Reserve remains committed to stoking growth before worrying about inflation.
In corporate news, Hewlett-Packard late Tuesday posted a 38 pct surge in its fiscal first-quarter profit following an increase in computer sales. The company, one of the 30 stocks that comprise the Dow Jones industrial average, raised its profit forecast for the year.
BONDS: Treasury prices closed mixed Wednesday after a session made volatile by a worrisome rise in consumer inflation and news that the Federal Reserve cut its growth forecast. Long-term bonds closed higher in price as shorter maturities succumbed to selling.
FOREX: The dollar rose against the euro and the pound Wednesday after a government report showed US consumer prices rose more than economists expected in January and the release of Federal Reserve January meeting minutes hinted at future rate hikes.
The dollar also rose to 108.15 yen from 107.60 yen and to 1.0993 sfr from 1.0943 sfr.
OIL: The contract for March delivery of light sweet crude, which was expiring later Wednesday, rose 73 cents to settle at a record 100.74 usd on the New York Mercantile Exchange after earlier rising as high as 101.32 usd, a new trading record.
METALS: Gold surged to a record in aftermarket trading Wednesday after oil rallied above 100 usd a barrel and investors bet the Federal Reserve will again slash interest rates -- boosting the metal's appeal as a hedge against inflation.
Other precious metals traded mixed, with silver also touching a record-high and platinum retreating from historic levels.
Gold for April delivery jumped as high as 949.20 usd an ounce in electronic trading on the New York Mercantile Exchange -- the highest ever and within striking distance of the psychologically important 1,000 usd barrier.
EVENTS:
Initial weekly jobless claims (1330 GMT)
Jan composite indexes (1500 GMT)
Feb Philadelphia Fed Survey (1500 GMT)
Chesapeake Energy Corp Q4 results. EPS forecast 0.81 usd vs 0.90 (after market closes)
CMS Energy Corp Q4 results. EPS forecast 0.19 usd vs 0.27 (before market opens)
Express Scripts Inc Q4 results. EPS forecast 0.64 usd vs 0.51 (after market closes)
Intuit Inc Q2 results. EPS forecast 0.36 usd vs 0.45 (after market closes)
Newmont Mining Corp Q4 results. EPS forecast 0.40 usd vs 0.47 (1700 GMT)
Patterson Dental Q3 results. EPS forecast 0.45 usd vs 0.43 (before market opens)
JC Penney Inc Q4 results. EPS forecast 1.97 usd vs 1.71
Quest Diagnostics Inc Q4 results. EPS forecast 0.78 usd vs 0.77 (before market opens)
Safeway Inc Q4 results. EPS forecast 0.69 usd vs 0.61 (before market opens)
Williams Cos Inc Q4 results. EPS forecast 0.48 usd vs 0.30 (before market opens)
ASIA SUMMARY: Stock rise; oil hits record-high
Index Change Pct change
Nikkei 225 13,702.02 +391.65 +2.94 (0408 GMT)
S&P/ASX 200 5,545.00 +48.50 +0.88 (0408 GMT)
Straits Times 3,059.08 +32.25 +1.10 (0210 GMT)
Hang Seng 23,900.54 +309.96 +1.31 (0408 GMT)
Seoul Composite 1,706.76 +18.85 +1.12 (0409 GMT)
BSE Sensex 17,844.13 +226.53 +1.29 (0429 GMT)
usd-yen 108.025 -0.145 -0.13 (Intra-day)
10-year JGBs 1.465 pct +0.04 +2.81 (Intra-day)
Brent North Sea 98.46 usd +0.04 +0.05 (Intra-day)
crude for April.
STOCKS: Markets across Asia rose today, tracking gains on Wall Street overnight as investors focused on the Federal Reserve's apparent commitment to further interest rate cuts in the minutes from its latest meeting and shrugged off, for now at least, its warning about high inflation.
BONDS: Japanese government bond prices plunged in the morning as improved outlooks for stocks reduced investor appetite for bonds against a background of renewed hopes for further rate cuts in the US.
FOREX: The US dollar was weaker against major currencies midway through the morning session in Sydney, after the Federal Reserve reduced its growth forecast for the world's largest economy, raising expectations for further interest rate cuts.
OIL: World oil prices hit a new record of 101.32 usd a barrel on renewed concerns over global crude supplies. New York's main oil futures contract, light sweet crude for delivery in March, touched the all-time peak in electronic trading before it lapsed. In Asian morning trade, the contract for April delivery, which took over, was trading at 99.90 dollars a barrel, up 20 cents from the previous day.
METALS: Gold remained under pressure yesterday on broad dollar strength and profit-taking following strong gains yesterday, while platinum was also hit by markets cashing in on the white metal's storming run of the past three weeks while platinum remained weak on profit-taking after setting a series of record highs in the past three weeks. Palladium and silver also edged lower. Copper declined as Tuesday's run to four-month highs sparked further profit taking, and as players were reminded that US economic risks remain very real. Most of the other base metals also declined yesterday.
EVENTS:
Japan Dec all-industries index
Japan weekly capital inflows
Qantas Airways H1 results
Telstra H1 results
Brambles H1 results
OCBC FY results
COSCO FY results
EUROPE SUMMARY: London shares close lower; oil down
Index Change Pct change
*FTSE 5893.57 -73.36 -1.22
*DAX 6899.68 -102.61 -1.46
*CAC 4812.81 -73.02 -1.49
UK 10-year
Bond 102.59 -0.22
UK 30-year 103.18 -0.30
Bond
stg-usd 1.9424 -0.0086 (Intra-day)
eur-usd 1.4645 -0.0005 (Intra-day)
Brent Crude
ICE (April) 97.20 usd -1.36 usd (1611 GMT)
* Yesterday's close
STOCKS: UK blue chips closed lower as Wall Street remained weaker after disappointing inflation data with Alliance & Leicester
down after reporting a fall in core operating profit, held back by large scale write-downs.
Meanwhile, Defence group BAE Systems PLC should report higher full-year profits today, thanks to strong growth in its land & armaments and programmes divisions.
Kingfisher PLC, the global home improvement retailer, is expected to reveal a slowdown in underlying sales growth in its key UK and French markets when it updates on fourth-quarter trading today.
Reed Elsevier, the Anglo-Dutch publishing giant, will report its annual results today. With analysts cutting forecasts for media companies in response to an increasingly gloomy economic outlook, investors will pay particularly close attention to Reed's outlook for the year ahead.
BONDS: European government bonds remained lower as concerns over inflation came to the fore and as market players awaited the
release of the US Federal Reserve minutes to the last policy meeting.
Over in the UK, gilts were also lower, tracking their European counterparts.
FOREX: The pound came under renewed pressure after the Bank of England's latest interest rate deliberations, revealed yesterday, suggested more rate cuts ahead. The currency has been on the back foot all week, with the nationalisation of ailing mortgage lender Northern Rock adding a new sense of uncertainty at a time when the overall economy is predicted to slow rapidly.
The euro was also down amid fresh worries that German regional banks may be in trouble, with markets speculating more write-downs. Yesterday, German finance minister Peer Steinbrueck called for consolidation of Germany's state-owned Landesbanks that were hit by fallout from the US sub-prime mortgage loan crisis.
OIL: Oil continued down on the day after closing above 100 usd for the first time ever Tuesday, with profit taking and concerns
crude's latest rally could be overdone knocking the top off prices.
METALS: Gold remained under pressure on broad dollar strength and profit-taking, while platinum was also hit by markets cashing in on the white metal's storming run of the past three weeks. At 1442 GMT spot gold was at 919.70 usd per ounce from 926.60 usd in late New York trade Tuesday.
Palladium was also lower at 469 usd per ounce against 493 usd, while silver was down at 17.29 usd per ounce against 17.49 usd.
EVENTS:
UNITED KINGDOM
INTERIMS
Antisoma
Galliford Try
Premium Bars & Restaurants
FINALS
Aricom
BAE Systems
BATM Advanced Communications
Centrica
Colt Telecom (Q4)
Delta
Electric Word
IBS OPENSystems
Invista Real Estate
Orpak Systems (Q4)
Reed Elsevier
Shire
Telephonetics
Tomkins
Zetex
AGMs
Crystalband
easyJet
Sunrise Diamonds
EGMs
Tertiary Minerals
Ukrproduct Group
TRADING STATEMENTS
Kingfisher
ECONOMICS
UK Jan retail sales
UK govt Oct-Dec housebuilding figures
BoE's Barker speaking at ABI Research Conference
BoE's Sentance speech in Exeter
BENELUX
Dutch Nov-Jan unemployment
Heijmans FY results. Net profit forecast 55-58 mln eur vs 82 mln; sales 3.65-3.747 bln eur vs 2.942 bln
EVS FY results
GIMV trading statement
TomTom FY results. Net profit forecast 88.4-108 mln eur vs 80 mln; sales 600.9-683 mln eur vs 478 mln
Reed Elsevier FY results. EPS forecast 35 pence vs 33.6
SNS Reaal FY results. Net profit forecast 208 mln eur vs 185 mln; EPS 0.79 eur vs 0.78
EASTERN EUROPE
Czech 26-wk T-bill auction
Czech central bank governing board meeting (non interest-rate setting)
Polish central bank publishes minutes from Jan policy meeting
Polish treasury minister Aleksander Grad news conference
Telefonica O2 Czech Republic FY results. Q4 net profit forecast 2.11 bln crowns vs 1.17 bln
EUROPEAN UNION/EURO ZONE
EU Commission forecasts
ECB governing council meeting; no decision on interest rates
European Business Summit
Euro zone Dec current account. Forecast -3.0 bln eur vs +0.7 bln
EU's Almunia gives press conference on EU interim forecasts
EU rules on acquisition by Sacyr Vallehermoso of Eiffage
UK Prime minister Gordon Brown, Foreign Secretary David Milliband visit EU's Barroso followed by lunch with commissioners
UK Prime minister Gordon Brown meets Belgian acting PM Guy Verhofstadt
FRANCE
Jan CPI. Forecast mth-on-mth -0.1 pct vs +0.4; yr-on-yr +2.8 pct vs +2.6
Jan HICP. Forecast mth-on-mth -0.2 pct vs +0.4; yr-on-yr +3.0 pct vs +2.8
Groupama FY results
Dassault Aviation FY results
CIC FY results
Societe Generale Q4/FY results. Net profit forecast 947 mln eur vs 5.2 bln
Eramet Q4 results. Net profit forecast 574.6 mln eur vs 327.4 mln; EBIT 1.197 bln vs 607 mln
Technip FY results
Eurodisney AGM
GERMANY
Ministry of Finance monthly report for Jan
Allianz FY results. Operating profit forecast 10.8 bln eur vs 10.4 bln
BASF FY results. Pretax profit forecast 1.604 bln eur vs 1.532 bln
Continental FY results. Net income forecast 1.18 bln eur vs 981 mln; sales 16.09 bln eur vs 14.89 bln
ITALY
Adj Feb consumer confidence. Forecast 102.2 vs 102.2
Benetton preliminary FY results. EBITDA forecast 320.5-326.0 mln eur vs 276.0 mln; sales 2.074-2.084 bln eur vs 1.911 bln
PORTUGAL
Vivo FY results
SCANDINAVIA
Swedish Riksbank governor Stefan Ingves speech "Monetary policy with an inflation target"
Petroleum Geo-Services Q4 results. EBITDA forecast 165 mln usd vs 173 mln; sales 360 mln usd vs 361 mln
GN Store Nord FY results. EBITA forecast 300 mln dkr
TDC FY results
SPAIN
Indra FY results. Net profit forecast 148 mln eur; revenue 2.165 bln
Antena 3 FY results. Net profit forecast 188-211 mln eur vs 289.7 mln; revenue 943 mln-1.019 bln eur vs 1.001 bln
Endesa FY results. Net profit forecast 2.358-2.683 bln eur vs 2.969 bln
SWITZERLAND
Nestle FY results. Net profit forecast 10.339 bln sfr vs 9.197 bln
Actelion FY results
Jan exports
Jan watch exports
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