Wed, Mar 5 2008, 05:08 GMT
http://www.afxnews.com
LONDON (Thomson Financial) - US SUMMARY: Stocks mixed on bargain hunting; oil slips
Index Change Pct change
*DJIA 12213.80 -45.10 -0.37
*Nasdaq 2260.28 +1.68 +0.07
*S&P 500 1326.75 -4.59 -0.34
eur-usd 1.5208 +0.0016
Nymex crude
for April 99.52 usd -2.93 usd
10 yr US
treasury 3.58 pct
*Yesterday's close
STOCKS: Wall Street closed mixed Tuesday, recuperating from a sharp plunge as investors snapped up bargain stocks on rumours that a bond insurer rescue plan is progressing and upbeat comments from Cisco Systems Inc.
Earlier in the session, the market sank after Merrill Lynch lowered its full-year earnings prediction for Citigroup Inc, which a Dubai fund executive said will need to raise more cash to stay in business. Intel Corp, which lowered its forecast for first-quarter profit margins, also dampened trading.
But in afternoon trading, the financial sector regained some steam after CNBC reported that a plan to save the bond insurer Ambac Financial is advancing nicely.
Technology stocks also rebounded after a report that Cisco CEO John Chambers said he is "even more comfortable" with the long-term growth targets the company has outlined.
Wall Street is jittery, however, and as the volatility of the past several months has proved, the market's optimism can quickly turn to pessimism from one day to the next. While some investors search for bargains when stocks sink, the overall market is plagued by persistent worries about the bad debt held by the world's banks.
FOREX: The dollar fell Tuesday, hovering near its all-time low against the euro, after the Bank of Canada cut its interest rate by half a percentage point to 3.5 pct and indicated that more trims will be needed to deal with a deteriorating US economy.
The dollar fell to 1.0042 cad in late New York trading, from 1.0074 Canadian cents on Monday.
The euro bought 1.5208 usd, up from 1.5192 usd on Monday after touching a record high of 1.5266 usd. The British pound edged up to 1.9859 usd from 1.9847 usd, while the dollar fell to 103.14 yen from 103.96.
BONDS: Long-term Treasury prices fell Tuesday after an inflation warning from a US Federal Reserve official intensified the nervousness about commodities prices.
The Treasury market along with the Fed is now concerned that the economy is facing a worst-case scenario of inflation rising at the same time that the economy is fumbling.
OIL: Crude oil fell below 100 usd Tuesday on the possibility that OPEC will boost production and on expectations that crude inventories are continuing to rise. It was crude's first move below the 100 usd mark this week and its lowest settlement price since Feb 25.
Prices rose as high as 103.95 usd Monday, climbing past the 103.76 usd price many analysts consider to be the true record high for oil.
Other energy futures also fell Tuesday. April heating oil futures fell 4.9 cents to 2.7918 usd a gallon on the Nymex, while April gasoline futures dropped 14.29 cents to 2.5291 usd a gallon.
METALS: Gold fell sharply Tuesday after crude oil retreated and traders cashed in profits following the metal's flirtation with the historic 1,000 usd mark. Silver and copper also declined.
Gold's failure to breach the 1,000 usd mark triggered a sell-off, sending the metal 17.90 usd lower to 966.30 usd an ounce Tuesday on the Nymex.
Other precious metals also fell. Silver for March delivery fell from a 27-year high to 19.738 usd an ounce, down 33.5 cents. Copper for March delivery slipped 110.4 cents to 3.8270 usd a pound.
EVENTS:
Feb ADP national employment report
Q4 productivity and costs
Feb ISM services
Energy Department, American Petroleum Institute weekly petroleum stocks
Jan manufacturing shipments, inventories and orders
Fed Beige Book
Big Lots Inc Q4 results. EPS forecast 0.70 usd vs 0.33 (before market opens)
Costco Wholesale Corp Q2 results. EPS forecast 0.74 usd vs 0.66
H&R Block Inc Q3 results. EPS forecast 0.06 usd vs 0.08 (after market closes)
ASIA SUMMARY: Stock mixed; oil edges higher
Index Change Pct change
Nikkei 225 12949.14 -43.14 -0.33 (0416 GMT)
S&P/ASX 200 5348.40 -31.90 -0.59 (0416 GMT)
Straits Times 2921.06 +1.38 +0.05 (0155 GMT)
Hang Seng 22955.77 -164.10 -0.71 (0417 GMT)
Seoul Composite 1670.55 -5.63 -0.34 (0417 GMT)
BSE Sensex 16354.71 +14.82 +0.09 (0428 GMT)
usd-yen 103.37 -0.05 -0.05 (0049 GMT)
10-year JGBs 1.385 pct -0.01 -0.72 (Intra-day)
Brent North Sea 97.80 usd +0.28 +0.28 (Intra-day)
crude for April
STOCKS: Asian stocks were trading mixed as investors grappled with fears that the US is headed for a recession with Japan
slipping after weaker-than-expected investment data reinforced concerns about a global economic slowdown.
BONDS: Japanese government bond prices mostly edged higher this morning, as weaker-than-expected capital spending data
overshadowed the country's economic outlook, prompting investors to shift funds in favour of fixed-income instruments from riskier investments such as stocks.
The combined capital investment by Japanese non-financial companies dropped 7.7 pct in the fourth quarter of 2007 from a year before, falling for the third straight quarter, as companies feared downside risks to profits as the cost of basic materials surged, according to government data released early Wednesday.
The results of a quarterly survey by the ministry of finance also showed that the combined pretax profit before extraordinary items of non-financial companies at the parent level fell 4.5 percent, declining for the second straight quarter.
FOREX: The US dollar was rangebound against other major currencies in early Asian trading Wednesday as investors awaited key economic data for new clues about the state of the US economy.
OIL: Prices surged higher in Asian trading today, with OPEC expected to stick to its production levels despite pressure from US president George Bush to pump more crude. In Asian early morning trade, New York's main contract, light sweet crude for April delivery, rose 19 cents to 99.71 usd a barrel from 99.52 usd in late US trades overnight.
METALS: Gold edged up Tuesday. Platinum, after hitting a series of record peaks, retreated slightly on profit-taking and as dollar weakness faded slightly.
Copper steadied, while tin, hit a series of new all-time record peaks, still supported by declines in LME inventories reported earlier, and by a host of supply side worries in key tin producing countries.
EVENTS:
Japan MoF quarterly survey on corporate capex and activities for Oct-Dec
EUROPE SUMMARY: Stocks, oil lower
Index Change Pct change
*FTSE 5767.70 -50.90 -0.87
*DAX 6545.04 -144.91 -2.17
*CAC 4675.91 -66.75 -1.41
UK10-year
Bond 104.76 +0.28
UK 30-year
Bond 106.92 +0.44
stg-usd 1.9846 +0.0013 (Intra-day)
eur-usd 1.5223 +0.0042 (Intra-day)
ICE (April) 99.81 usd -0.63 usd (1557 GMT)
*Yesterday's close
STOCKS: UK blue chips closed lower Tuesday, as Wall Street fell early on, with Admiral the biggest casualty after a weak profits outlook prompted Citigroup to downgrade its rating on the stock.
Europe's leading exchanges ended just above intraday lows as a warning from Intel and a cautious note on Citigroup's prospects stopped Monday's US rally in its tracks, with many investors wary of taking positions ahead of data and rate setting meetings at the end of the week.
Audience share and advertising trends will be in focus when ITV PLC reports full year results today amid falling revenue and profits at the UK's largest commercial broadcaster.
BONDS: European government bonds were mixed but recovered some ground alongside their US counterparts after US Federal Reserve chairman Ben Bernanke warned that the US housing market downturn is likely to continue for some time to come.
In the UK, gilts tracked the wider market higher with only second-tier indicators released domestically.
FOREX: The dollar headed lower after Bernanke called for vigorous action by mortgage lenders to avoid foreclosures. The euro was also firmer, shrugging off overnight falls after European officials expressed concern about the surge in the euro above the 1.50 usd mark.
OIL: Oil was lower in cautious trade Tuesday, ahead of today's OPEC meeting where ministers are widely expected to leave production quotas unchanged.
METALS: Gold edged up as the dollar turned back towards Monday's record lows against the euro, and as fund interest remained strong amid rising global inflation risk.
Platinum hit a series of record peaks before retreating slightly on profit-taking and as dollar weakness faded slightly.
Copper steadied as a midday attempt to regain the upside failed to gain traction, with players sticking to the sidelines after betting the metal up near its all time record Monday.
EVENTS:
UNITED KINGDOM
CIPS Feb services PMI
BRC Feb shop price index
Balfour Beatty FY results. Pretax profit before exceptionals forecast 199.6 mln stg vs 151 mln
Carillion FY results. Adjusted pretax profit forecast 102.1 mln stg vs 82.9 mln
ITV FY results. Operating EBITA forecast 297-316 mln stg vs 375 mln; Revenue 2.066-2.119 bln stg vs 2.181 bln
Johnston Press FY results. Pretax profit forecast 127.1 mln stg vs 146.7 mln; revenue 605.4 mln stg vs 602.2 mln
PartyGaming FY results
Restaurant Group FY results. Pretax profit forecast 44 mln stg
RPS FY results
British Airways Feb traffic figures
BENELUX
Court cases against Dutch state over flight tax
Umicore board talks on rail industry
Super de Boer FY results
EASTERN EUROPE
Hungary Final Nov foreign trade data
Czech 10-yr T-bond auction
FRANCE
Feb services PMI
Credit Agricole Q4/FY results (before market opens).Net loss forecast 200 mln-1.5 bln eur
Arkema FY results
Sperian Protection FY results
Eurofins Scientific FY results
GERMANY
Feb services PMI
CEBIT IT trade fair, Hanover (final day)
Adidas Q4/FY results, news conference. Net profit forecast 23.8 mln eur vs 11 mln
Symrise FY results, news conference, analyst conference
ITB tourism trade fair, Berlin (day 1 of 3)
Handelsblatt conference on retail banking, Mainz (final day)
Handelsblatt conference steel market 2008, Duesseldorf (final day)
Deutsche Postbank publication of annual report 2007
Munich Management Colloquium (day 2 of 2); Deutsche Telekom management board member Thomas Sattelberger, Infineon CEO Wolfgang Ziebart, TUI CEO Michael Frenzel et al to speak
INTERNATIONAL
OPEC production meeting
ITALY
Feb service PMI
Feb preliminary mutual fund data
Iveco press conference
PORTUGAL
Sonae Industria FY results (after market closes); press conference
Galp Q4 results (after market closes). Adjusted net profit forecast 29-59 mln eur vs 94 mln
Sonae Distribuicao FY results
SCANDINAVIA
Amer Sports AGM
ALK-Abello FY results
NKT Holding FY results
SPAIN
Jan Industrial Production
Feb services PMI
SWITZERLAND
Geneva car show (final day)
Swiss FY results
Kaba H1 results
EUROPEAN UNION/EURO ZONE
Euro zone final Feb services, composite PMIs
Euro zone Jan retail sales
ECB main refi result
EU rules on acquisition by Philips of Respironics
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