ADVFN III World Daily Markets Bulletin -September 5th, 2012-.

	ADVFN III	World Daily Markets Bulletin
	Daily world financial news

Wednesday, 05 September 2012

US Market Reports

Stocks Showing A Lack Of Direction In Early Trading With traders expressing caution ahead of tomorrow's European Central Bank meeting, stocks are turning in a lackluster performance in early trading on Wednesday. The major averages are lingering near the unchanged line after ending the previous session mixed. The major averages are currently turning in a mixed performance, with the Dow posting a modest gain. While the Dow is up 6.69 points or 0.1 percent at 13,042.63, the Nasdaq is down 1.98 points or 0.1 percent at 3,073.08 and the S&P 500 is down 0.69 points or 0.1 percent at 1,404.25. The choppy trading comes as traders await the outcome of the ECB's latest monetary policy meeting, with the bank expected to announce details of a plan to purchase bonds from troubled eurozone countries such as Italy and Spain in order to reduce borrowing costs. Bloomberg News reported that ECB President Mario Draghi's bond-buying proposal involves unlimited purchases of government debt but will refrain from setting a public cap on yields. Traders are also staying on the sidelines ahead of Friday's monthly U.S. jobs report, which is expected to show an increase of about 125,000 jobs in August. While most of the major sectors are showing only modest moves in early trading, trucking and railroad stocks are seeing notable weakness. The weakness among trucking and railroad stocks may be partly due to news that delivery giant FedEx (FDX) lowered its first quarter earnings guidance due to weakness in the global economy. FedEx said it now expects first quarter earnings in the range of $1.37 to $1.43 per share compared to its original forecast for earnings of $1.45 to $1.60 per share. The company said weakness in the global economy constrained revenue growth at FedEx Express more than expected in the earlier guidance. On the other hand, airline stocks have shown a strong move to the upside, regaining some ground after trending lower in recent sessions. In overseas trading, stock markets across the Asia-Pacific region came under pressure during trading on Wednesday. Japan's Nikkei 225 Index fell by 1.1 percent, while Hong Kong's Hang Seng Index tumbled by 1.5 percent. Meanwhile, the major European markets have turned mixed over the course of the trading session. While the U.K.'s FTSE 100 Index is down by 0.3 percent, the French CAC 40 Index and the German DAX Index and up by 0.4 percent and 0.5 percent, respectively. In the bond market, treasuries are showing a lack of direction ahead of the ECB meeting. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 1.587 percent. Canadian Market Report CADUSD Oil Gold Allbanc Please click on the images to view our interactive charts TSX Edges Up At Open Wednesday Bay Street stocks edged up at open Wednesday as traders were cautious ahead of a key meeting scheduled Thursday. The S&P/TSX Composite Index added 19.02 points or 0.16 percent to 11,960.72. Gold stocks were trading higher as the price of bullion was hovering around its six-month high. Agnico-Eagle Mines  and Detour Gold were up around 1 percent each. Among base-metals stocks, First Quantum Minerals rose above 1 percent. TeraGo Inc.  surged over 8 percent after announcing that its Board of Directors has initiated a review process to identify, examine and consider a range of strategic options available to the company with a view to enhancing shareholder value. Meanwhile, AuRico Gold plummeted 20 percent after providing guidance update and announcing the appointment of Vice President. Power generation company TransAlta Corp. dived over 3 percent after it said that its wholly owned subsidiary would acquire Solomon power station for $318 million. The price of gold was easing from its six-month high Wednesday morning as traders await a key meeting of the European Central Bank this week. Gold for December eased $4.30 to $1,691.70 an ounce. In corporate news from Canada, power generation company TransAlta Corp. said that its wholly owned subsidiary has entered into an agreement with Fortescue Metals Group Ltd. to acquire its 125 megawatt dual-fuel Solomon power station for $318 million. Beachwear products retailer Groupe Bikini Village inc. reported a lower second quarter profit at C$748,000 or C$0.39 per share compared to C$890,000 or C$0.47 per share in the prior year. Ethiopia focused potash miner Allana Potash Corp. announced that it would acquire Nova-Ethio Potash Corporation in exchange of 12,716,667 common shares. In economic news from south of the border, the U.S. Labor Department said productivity increased by an upwardly revised 2.2 percent in the second quarter compared to the preliminary estimate for 1.6 percent growth. Economists had expected the rate of productivity growth to be revised to 1.9 percent. Elsewhere, euro zone's private sector contracted more than initially estimated in August, data from a survey by Matkit Economics showed. The seasonally adjusted composite output index, designed to measure activity in both the manufacturing sector and the service sector, dropped to 46.3 in August from 46.5 in July. The index was initially estimated to rise to 46.6. Meanwhile, data released by Eurostat showed retail sales in euro zone declined 0.2 percent month-on-month in July, in line with economists' forecast. This followed a 0.1 percent increase in June. On an annual basis, sales fell 1.7 percent in July. This was also in line with forecast. European Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts European Markets Mostly Higher Ahead Of ECB Meet The European markets are mostly higher in afternoon trading Wednesday, ahead of Thursday's monthly European Central Bank meeting. The Asian markets sank and the U.S. index futures are lower, after sluggish manufacturing data from the world's largest economy in the previous session. Eurozone's private sector contracted more than initially estimated in August, adding to concerns that the economy is on course to fall back into technical recession in the third quarter, a survey by Markit Economics showed. The seasonally adjusted composite output index, designed to measure activity in both the manufacturing sector and the service sector, dropped to 46.3 in August from 46.5 in July. The index was initially estimated to rise to 46.6. Meanwhile, retail sales in Eurozone declined 0.2 percent month-on-month in July, in line with economists' forecast, data released by Eurostat showed. Germany's services sector contracted in August, marking the weakest level of activity since July 2009, Markit Economics said. The services Purchasing Managers' Index fell to 48.3 from 50.3 in July, matching flash estimate published on August 23. In China, service sector activity slowed to its weakest level in a year in August, mainly due to weak growth in new order volumes. The Euro Stoxx 50 index of eurozone bluechip stocks is advancing 0.28 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is rising 0.04 percent. The German DAX is rising 0.59 percent and Switzerland's SMI is gaining 0.67 percent. The French CAC 40 is rising 0.13 percent. However, the UK's FTSE 100 index is falling 0.18 percent. In Frankfurt, Fresenius is climbing 1.8 percent. Commerzbank raised the stock to "Add" from "Hold." SAP and Henkel are notably higher. Kloeckner is advancing 2 percent after HSBC upgraded the stock. Deutsche Bank is gaining 0.1 percent while Commerzbank is falling 0.3 percent. BMW is losing 1.8 percent after HSBC cut the stock to "Neutral" from "Overweight." Volkswagen and Daimler are notably lower. In Paris, PPR is advancing 1.6 percent and Essilor is gaining 1.3 percent. BNP Paribas is rising 1.1 percent. Credit Agricole and Societe Generale are moderately higher. UBS reduced its rating on STMicroelectronics. The stock is losing 3.8 percent. Alcatel Lucent is dropping 2.1 percent and ArcelorMittal is losing 1.8 percent. Renault and Peugeot are declining around 1 percent each. In London, BP is declining 3.8 percent on reports that the U.S. Department of Justice will try to prove gross negligence against the oil giant for the Gulf of Mexico oil spill in April 2010. BG Group is declining 3.3 percent. BT Group is gaining 1.3 percent. JPMorgan raised the stock to "Overweight" from "Neutral." Lloyds Banking Group is rising 1.9 percent and Royal Bank of Scotland Group is adding 1 percent. Sports Direct is climbing 5.5 percent after the sporting goods retailer reported about 25 percent growth in sales for the 13-week period ended July 29, benefited by its pricing measures and Olympics. Theo Fennell shares are climbing over 30 percent. The jewelry and silverware provider confirmed that it is in very preliminary talks with private equity firm EME Capital LLP. Britvic is surging over 13 percent on news that the company and A.G. Barr are in preliminary merger talks. KPN is losing 1.9 percent in Amsterdam. JPMorgan cut the stock to "Underweight" from "Neutral." Richemont is up 1.5 percent in Zurich. The luxury goods group reported a 23 percent increase in sales for the five months ended August, helped by continued positive momentum across its regions. Asia Market Reports Asian Stocks Fall On Growth Concerns Asian stocks fell across the board on Wednesday, as weak U.S. manufacturing data coming on the heels of disappointing manufacturing data for China and the eurozone released earlier this week raised doubts about the strength of the global economic recovery. Apprehensions preceding the ECB's Thursday meeting and Friday's U.S. payroll data, which will provide some insight on downside risks to the U.S. economy, also kept investors on the edge. The euro held steady before extending its losses against the dollar after revised data showed service sector activity in the euro zone contracted at a slightly faster pace than initially estimated in August. Japanese shares fell for a fifth consecutive session, as weaker-than-expected U.S. manufacturing data added to concerns the global economic slowdown is deepening. The Nikkei average fell 1.1 percent to a one-month closing low, while the broader Topix index shed 1.2 percent. Heavyweight Fast Retailing lost a percent as it reported a 2 percent rise in August domestic same-store sales at its Uniqlo casual closing store chain. Economy-sensitive stocks like Hitachi Construction Machinery, Komatsu and Mitsui OSX Lines plunged 3-5 percent after overnight data showed U.S. factory activity shrank for the third straight month in August, with new orders, production and employment indexes all falling as consumers cut back their spending and businesses invested less in machinery and equipment. Among trading companies, Mitsubishi Corp. retreated 2.4 percent and Mitsui & Co. dropped 2 percent. Consumer electronics makers Panasonic and Sony fell 2.4 percent and 3 percent, respectively, while camera maker Canon tumbled 4 percent. Troubled computer services provider NEC declined 2.6 percent following reports the company has sold its 2.7 percent stake in Lenovo of China for 18 billion yen. China's Shanghai Composite index eased 0.3 percent, with financials coming under selling pressure as investors awaited a slew of economic reports on inflation, industrial production, retail sales and trade numbers due out next week. Hong Kong's Hang Seng index fell 1.5 percent, its worst single-day loss since July 23 on concerns China may be facing a hard landing. Australian shares lost ground after official data showed Australia's GDP grew a seasonally adjusted 0.6 percent quarter-over-quarter in the second quarter of 2012, less than the 1.4 percent expansion in the first quarter. On a yearly basis, GDP was up 3.7 percent - matching forecasts, but slowing from 4.3 percent in the previous three months. Another survey report released by the Australian Industry Group and Commonwealth Bank showed that the nation's services sector contracted for the seventh straight month in August. Both the benchmark S&P/ASX 200 and the broader All Ordinaries index ended down about 0.6 percent each. Resource stocks weighed on the market, with Fortescue Metals retreating a whopping 8.5 percent and Sundance Resources tumbling over 13 percent after iron ore prices plunged overnight on mounting concerns over a slowdown in commodity demand from China. BHP Billiton declined 1.6 percent after a guerilla unit has blown up heavy mining equipment at a Columbian mine part owned by the company. Rio Tinto lost about 2 percent on reports its Australian iron-ore expansion plans remain on track. Among banks, Commonwealth, NAB, ANZ and Westpac fell between 0.2 percent and 1.5 percent. Seoul shares tumbled on persistent global growth worries. The benchmark Kospi average fell 1.7 percent to a one-month low, with heavyweight Samsung falling 2.4 percent after Apple Inc invited reporters to a news conference next week in San Francisco, where it is widely expected to launch the iPhone5. Automakers extended the previous session's declines, with Kia Motors and Hyundai Motor tumbling 3-4 percent on posting weak U.S. sales. New Zealand shares eased, mirroring weakness across Asia on concerns about weakening global manufacturing. The benchmark NZX-50 index slid 0.2 percent. Medical property manager Vital Healthcare Property Trust and Wealth manager AMP fell 2-4 percent on going ex-dividend, children's clothing chain Pumpkin Patch lost 2.5 percent after recent steep gains and Fletcher Building, the nation's largest construction company, slipped 0.6 percent. NZX retreated 2.8 percent after the stock exchange operator reported a fall in market trading volume last month. Australian food ingredients manufacturer Goodman Fielder led the gainers on the exchange, climbing 4.7 percent after the company unveiled plans to close at least another 10 factories in Australia and New Zealand as part of a three-year plan to shore up profit growth and returns. Elsewhere, India's benchmark Sensex was last trading down 0.8 percent, Indonesia's Jakarta Composite index was losing 0.7 percent, Malaysia's KLSE Composite fell 0.8 percent, Singapore's Straits Times index lost half a percent and the Taiwan Weighted average retreated 1.1 percent. Commodities USDCAD USDEUR USDGBP USDJPY Please click on the images to view our interactive charts Crude Eases Near $95 The price of crude oil was moving lower Wednesday morning as traders were cautious ahead of the European Central Bank's policy meeting Thursday Light Sweet Crude Oil (WTI) futures for October delivery, slipped $0.16 to $95.14 a barrel. Yesterday, oil ended lower after some weak manufacturing data from the U.S. that showed a third straight month of contraction. This morning, the U.S. dollar was lingering around its two-month low versus the euro and near a two-week low against sterling. The buck was leveling off from a three-week low versus the yen, while trading flat against the Swiss franc. In economic news, euro zone's private sector contracted more than initially estimated in August, data from a survey by Matkit Economics showed. The seasonally adjusted composite output index, designed to measure activity in both the manufacturing sector and the service sector, dropped to 46.3 in August from 46.5 in July. The index was initially estimated to rise to 46.6. Meanwhile, data released by Eurostat showed retail sales in euro zone declined 0.2 percent month-on-month in July, in line with economists' forecast. This followed a 0.1 percent increase in June. On an annual basis, sales fell 1.7 percent in July. This was also in line with forecast. In economic news, the U.S. Labor Department will release its final report on second quarter non-farm productivity and unit labor costs at 8:30 a.m. Economists expect productivity growth to be upwardly revised to 1.9 percent, while unit labor costs are expected to have increased at a downwardly revised rate of 1.4 percent. Today after the market hours, the API will release its crude oil inventories report for the weekended August 31.

RTTNews Forex market Update -September 5, 2012-.

Economic News September 5, 2012

Thai Central Bank Holds Rate In Split Vote

The Bank of Thailand decided to leave key rate unchanged as expected by economists, but through a split vote. (Sep 5, 2012) Full Article 

Eurozone Private Sector Downturn Points To Recession In Q3: Markit

Eurozone's private sector contracted more than initially estimated in August, adding to concerns that the economy is on course to fall back into technical recession in the third quarter, data from a survey by Matkit Economics showed Wednesday. (Sep 5, 2012) Full Article 

Ireland Live Register Total Declines In August

The number of persons singing-up for job-seekers' allowance in Ireland decreased in August, after rising for three successive months, data from the Central Statistics Office showed Wednesday. (Sep 5, 2012) Full Article 

Medium-Term Risk To Financial Stability Building Up, Says SNB's Danthine

The medium-term risk to financial stability has been building up largely due to strong momentum in the mortgage and real estate markets, Swiss National Bank Vice Chairman Jean-Pierre Danthine said Wednesday. (Sep 5, 2012) Full Article 

U.S. Labor Productivity Rises More Than Expected In Q2

Labor productivity in the U.S. increased by much more than previously estimated in the second quarter, according to a report released by the Labor Department on Wednesday, with the report also showing a smaller than previously estimated increase in labor costs. (Sep 5, 2012) Full Article

Forex Top Story

UK Retail Sales Fall; No Olympic Boost To Non-Food Sector: BRC

Retail sales in the UK declined in August as the Olympics failed to spur spending, particula

Australia GDP Rises 0.6% On Quarter In Q2

The gross domestic product in Australia was up a seasonally adjusted 0.6 percent on quarter in the second quarter of 2012, the Australian Bureau of Statistics said on Wednesday. (Sep 5, 2012) Full Article

UK Shop Price Inflation Rises In August

Shop price inflation in the UK rose marginally in August, while food price inflation remained at its lowest level in nearly two years, a report from the British Retail Consortium (BRC) showed Wednesday. (Sep 5, 2012) Full Article 

China's Service Sector Growth Eases To 1-Year Low

China's service sector activity slowed to its weakest level in a year in August, mainly due to weak growth in new order volumes, a report from Markit Economics revealed Wednesday. (Sep 5, 2012) Full Article

Eurozone Retail Sales Fall As Crisis Cripples Consumer Spending

Retail sales volume in Eurozone declined in July after showing some improvement in the past two months as the debt crisis in the region continued to weigh on consumers' ability to spend. (Sep 5, 2012) Full Article

Bank Of England To Hold Fire On QE, Rates

Bank of England policymakers are set to hold fire on quantitative easing and interest rate as officials continue to assess the impact of bond purchases and the lending facility on economic activity. Given the weak economic condition, the case for more stimulus is seen in the pipeline. (Sep 5, 2012) Full Article

ECB May Unveil Crisis-fighting Measures

The European Central Bank on Thursday is widely expected to announce measures to battle the sovereign debt crisis that has plagued the euro area, which could include buying bonds of peripheral governments as indicated by the bank's President Mario Draghi last month. The central bank of 17 nations may also cut the refinancing rate, which is currently at 0.75 percent, while the deposit rate that is already at zero is likely to be left unchanged. (Sep 5, 2012) Full Article

Commodities

Gold Slips Amid Mixed Dollar

The price of gold was easing from its six-month high Wednesday morning as traders await a key meeting of the European Central Bank this week. (Sep 5, 2012) Full Article 

Crude Eases Near $95

The price of crude oil was moving lower Wednesday morning as traders were cautious ahead of the European Central Bank's policy meeting Thursday. (Sep 5, 2012) Full Article 

Political News

Situation In Syria Deteriorating Steadily, Warns New UN Envoy

U.N.-Arab League new special representative on Syrian crisis Lakhdar Brahimi on Tuesday warned of steadily deteriorating situation in Syria, noting that the destruction and humanitarian suffering caused by the ongoing conflict has reached "staggering" levels. (Sep 5, 2012) Full Article 

Clinton Holds Talks With Chinese Leaders In Beijing

U.S. Secretary of State Hillary Clinton held talks with Chinese President Hu Jintao in Beijing on Wednesday, with the two leaders pledging to improve bilateral relations despite some obvious differences on several issues. (Sep 5, 2012) Full Article 

Colombia Peace Talks To Resume Next Month In Norway

Colombia's President Juan Manuel Santos announced on Tuesday that the currently stalled peace talks between his government and the Leftist FARC rebels would resume after a gap of ten years in Norway next month. (Sep 5, 2012) Full Article

Shooting Mars Quebec Separatists' Election Victory Celebration

One person has been killed and another injured after a gunman opened fire at an election victory rally organized by a separatist party in the Canadian province of Quebec, media reports citing officials said late on Tuesday. (Sep 5, 2012) Full Article

Washington Post Article Criticizing Indian Premier Turns Controversial

An article in the Washington Post describing Indian Prime Minister Manmohan Singh as "a dithering, ineffectual bureaucrat presiding over a deeply corrupt government" evoked protest by the ruling Congress party, which sought an apology from the U.S. daily. (Sep 5, 2012) Full Article 

Currency Alerts

NZ Dollar Strengthens Against Majors

The New Zealand dollar edged higher against its major opponents on Wednesday morning in Asia despite a fall in Asia-pacific equities. (Sep 5, 2012) Full Article

Aussie Weakens As Australia's Economic Growth Slows In Second Quarter

The Australian dollar lost ground on Wednesday morning in Asia following a report showed that the nation's economy grew at a slower than expected rate in the three months to June. (Sep 5, 2012) Full Article 

Yen Rises On Risk Aversion

The Japanese yen climbed against other major currencies in late Asian deals on Wednesday as investors purchased safe-haven assets amid worries about the global economy. (Sep 5, 2012) Full Article 

Euro Down Amid Negative Data; Market Eying ECB, Nonfarm Payrolls

The euro was the clear underperformer among major currencies on Wednesday (Sep 5, 2012) Full Article

General News

Suicide Bomber Kills At Least 25 In Afghanistan

At least 25 civilians have been killed when a suicide-bomber attacked a funeral procession in Afghanistan's eastern Nangarhar province on Tuesday, media reports said citing local officials. (Sep 5, 2012) Full Article

At Least 42 Killed In Morocco Bus Crash

At least 42 people have been killed and more than 24 injured after a passenger bus plunged into a ravine in the Atlas Mountains of southern Morocco, media reports citing local officials said late on Tuesday. (Sep 5, 2012) Full Article 

US Delegation To Visit Cairo To Promote Private Sector Development In Egypt

Following on the recent U.S. government meetings on economic assistance to Cairo, on September 8 Deputy Secretary of State Thomas Nides will join the U.S. Chamber of Commerce and more than 100 U.S. company executives as part of a delegation to promote private-sector development in Egypt. (Sep 5, 2012) Full Article

31 Killed In Massive Fire In Indian Fireworks Factory

At least 31 people were killed and dozens suffered burn injuries in a massive fire that broke out in a fireworks factory in the southern Indian state of Tamil Nadu on Wednesday. (Sep 5, 2012) Full Article

Mexico Captures Alleged Gulf Cartel Leader

Mexican Navy has captured Mario Cardenas Guillen, suspected leader of a faction of the dreaded Gulf Cartel, in a raid carried out in the country's north, it was announced late on Tuesday. (Sep 5, 2012) Full Article

ADVFN III Morning Euro Markets Bulletin -September 5th, 2012-.

	ADVFN III	Morning Euro Markets Bulletin
	Daily world financial news

Wednesday, 05 September

London Market Report

FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts

BP and ex-div stocks provide a drag early on Market Movers techMARK 2,086.13 +0.23% FTSE 100 5,646.70 -0.45% FTSE 250 11,413.57 -0.13% Following a 1.5 per cent fall for the Footsie the day before, UK stocks opened lower once again on Wednesday morning with investors likely to remain cautious ahead of tomorrow's eagerly anticipated European Central Bank (ECB) monetary policy decision tomorrow. ECB President Mario Draghi is widely expected to unveil plans on Thursday for buying sovereign debt in order to bring down bond yields in peripheral nations. "Whatever the decision however, there is still a long way to go before we go back to any sense of normality," said trader Simon Furlong from Spreadex this morning. Weighing on estimates were gross domestic product (GDP) growth figures from Australia this morning. According to the Australian Bureau of Statistics, second-quarter GDP rose by 0.6%, below the 0.8% growth expected. Meanwhile, the HSBC China service sector purchasing managers’ index for the month of August revealed a small slowdown, retreating to 52 points from 53.1 in the month before. Bank of Japan (BoJ) board member Ryuzo Miyao has said that the odds of an extended world economic slowdown have increased and that the monetary authority must remain ready to take decisive action if necessary. FTSE 100: BP leads fallers on DoJ news Oil titan BP was falling heavily this morning on press reports that the US Department of Justice is intent on throwing the book at the company for its part in the 2010 Deepwater Horizon disaster in the Gulf of Mexico, as it seeks to have the maximum possible penalties imposed on the British firm. Financial services provider and asset management group Hargreaves Lansdown was in demand after saying total assets under administration rose 7% in the year ended 30th June 2012 while profit jumped 21% despite continued market volatility. Insurance group Prudential gained after completing the acquisition of SRLC American Holdings Corp from Swiss Re after receiving all necessary regulatory approvals. Telecoms group BT Group was benefitting from a broker upgrade from JPMorgan Cazenove, who lifted its rating from 'neutral' to 'overweight'. Several stocks were lower after going ex-dividend today, meaning that investors will not be able to access the firm's latest payout. These include: Aggreko, ARM Holdings, BHP Billiton, Diageo, Evraz, IMI, Kazakhmys, Resolution, Serco, Shire and Tullow Oil. FTSE 250: Sports Direct sees boost from London 2012 Sporting goods retailer Sports Direct gained after saying total sales for the 13 weeks ending July 29th were up 25.3% after sales were "boosted by the tremendous performance of Team GB at the London Olympics." House builder Berkeley Group gained after saying that this year's earnings are likely to be towards the top-end of brokers' forecasts. Tons of FTSE 250 stocks went ex-div today, such as Amlin, AZ Electronic Materials, Betfair, Cape, Carillion, Elementis, Greggs, International Personal Finance, Jardine Lloyd Thompson, Michael Page, National Express, New World Resources, Phoenix Group, Regus, SEGRO and TUI Travel. FTSE 100 - Risers Wolseley (WOS) 2,608.00p +1.80% Experian (EXPN) 1,003.00p +1.42% Petrofac Ltd. (PFC) 1,539.00p +1.38% Whitbread (WTB) 2,129.00p +1.38% Burberry Group (BRBY) 1,330.00p +1.14% BT Group (BT.A) 223.80p +1.13% Babcock International Group (BAB) 938.00p +1.08% InterContinental Hotels Group (IHG) 1,612.00p +1.00% Carnival (CCL) 2,146.00p +0.89% GlaxoSmithKline (GSK) 1,426.00p +0.88% FTSE 100 - Fallers Resolution Ltd. (RSL) 205.90p -3.79% BP (BP.) 420.30p -3.73% BHP Billiton (BLT) 1,766.50p -3.31% Kazakhmys (KAZ) 582.00p -2.51% Evraz (EVR) 212.70p -2.43% Vedanta Resources (VED) 860.00p -1.83% Imperial Tobacco Group (IMT) 2,407.00p -1.71% Weir Group (WEIR) 1,554.00p -1.65% Antofagasta (ANTO) 1,081.00p -1.46% Diageo (DGE) 1,730.50p -1.34% FTSE 250 - Risers Britvic (BVIC) 353.00p +7.43% Sports Direct International (SPD) 328.00p +4.46% St. Modwen Properties (SMP) 200.00p +3.04% Barr (A.G.) (BAG) 427.10p +2.77% COLT Group SA (COLT) 120.20p +2.73% Daejan Holdings (DJAN) 3,035.20p +2.37% easyJet (EZJ) 541.50p +2.17% Big Yellow Group (BYG) 310.00p +1.97% Home Retail Group (HOME) 97.35p +1.94% Taylor Wimpey (TW.) 53.15p +1.92% FTSE 250 - Fallers Bumi (BUMI) 268.30p -6.84% Phoenix Group Holdings (DI) (PHNX) 487.00p -4.23% Ferrexpo (FXPO) 145.00p -3.97% Gem Diamonds Ltd. (DI) (GEMD) 152.80p -3.29% John Laing Infrastructure Fund Ltd (JLIF) 108.30p -2.70% Millennium & Copthorne Hotels (MLC) 475.60p -2.36% SEGRO (SGRO) 225.40p -2.25% British Assets Trust (BSET) 118.30p -2.23% Cape (CIU) 232.70p -1.90% Hansteen Holdings (HSTN) 75.25p -1.70% European broker round-up FTSE 100 Euronext Dax perf CAC 40 Gamesa: Alphavalue downgrades to ADD from buy and raises price target to €1.90 from €1.80. Inditex: Barclays maintains NEUTRAL rating and raises price target to €80 from €75. Berstein raises price target to €100 from €94. Repsol: Jefferies & Co reiterates HOLD rating and lowers price target to €16 from €17. UBS: Exane upgrades to OVERWEIGHT. Vestas: DNB downgrades to SELL from buy. Volkswagen: Baader Bank maintains BUY rating with a price target of €165. UK Event Calendar INTERIMS Advanced Medical Solutions Group, Concurrent Technologies INTERIM DIVIDEND PAYMENT DATE Fenner INTERIM EX-DIVIDEND DATE Aggreko, Amlin, Arbuthnot Banking Group, ARM Holdings, AZ Electronic Materials SA (DI), Baronsmead VCT 3, Baronsmead VCT 4, Baronsmead VCT 5, Bilfinger Berger Global Infrastructure Sicav S.A.(DI), Camellia, Cape, Carillion, Churchill China, Cineworld Group, Communisis, Delcam, Elementis, Evraz, FBD Holdings, Glanbia, Grafton Group Units, Greggs, Holders Technology, IMI, International Personal Finance, Jardine Lloyd Thompson Group, John Laing Infrastructure Fund Ltd, JPMorgan American Inv Trust, Jupiter European Opportunities Trust, Kazakhmys, London Capital Group Holdings, Maven Income & Growth 4 VCT, Maven Income & Growth 4 VCT 'S' Shares, Michael Page International, National Express Group, New World Resources A Shares, North Midland Construction, Novae Group, Ocean Wilsons Holdings Ltd., Paddy Power, Phoenix Group Holdings (DI), Portmeirion Group, Regus, Resolution Ltd., Robert Walters, SEGRO, Serco Group, Shaft Sinkers Holdings, Shire Plc, TP70 VCT, TUI Travel, Tullow Oil, UK Select Trust Ltd. QUARTERLY EX-DIVIDEND DATE British Assets Trust, Duet Real Estate Finance Ltd, XP Power Ltd. (DI) INTERNATIONAL ECONOMIC ANNOUNCEMENTS Auto Sales (US) (15:00) MBA Mortgage Applications (US) (12:00) PMI Composite (EU) (09:00) PMI Composite (GER) (08:55) PMI Services (EU) (09:00) PMI Services (GER) (08:55) Productivity (US) (13:30) Retail Sales (EU) (10:00) GMS Black Mountain Resources Ltd FINALS A&J Mucklow Group, Hargreaves Lansdown IMSS Berkeley Group Holdings (The), Sports Direct International SPECIAL EX-DIVIDEND PAYMENT DATE Dunedin Enterprise Investment Trust AGMS Berkeley Group Holdings (The), Conexion Media Group, Daejan Holdings, Endace Ltd, Gail (India) Ltd GDR (Reg S), Sports Direct International UK ECONOMIC ANNOUNCEMENTS BRC Shop Price Index (00:01) Official Reserves (09:30) PMI Services (09:30) FINAL DIVIDEND PAYMENT DATE Iomart Group, Vedanta Resources FINAL EX-DIVIDEND DATE ACM Shipping Group, Betfair Group, BHP Billiton, Diageo, Downing Structured Opportunities VCT 1, Downing Structured Opportunities VCT 1 'B' Shares, Downing Structured Opportunities VCT 1 'D' Shares, Immunodiagnostic Systems Holdings, Mattioli Woods, Mid Wynd International Inv Trust, Swan (John) & Son US Market Report US close: Stocks mixed as data offsets Eurozone hopes Market movers Dow Jones: 13,036 (-0.42%) Nasdaq: 3,075 (+0.25%) S&P 500: 1,405 (-0.12%) Following a national holiday the day before, US stocks finished largely mixed on Tuesday as disappointing manufacturing data was met with increased hopes that European policy-makers will act this week. European Central Bank (ECB) President Mario Draghi is widely expected to unveil plans on Thursday for buying sovereign debt in order to bring down bond yields in peripheral nations. However, the ISM's US manufacturing purchasing managers' index (PMI) came in at 49.6 points in August, down from a reading of 49.8 in July. Consensus expectations were for a 50.0 level, indicating neither contraction or expansion. Meanwhile, US construction spending fell 0.9% month-on-month in July, in line with consensus expectations. Apple lifts Nasdaq on iPhone 5 hopes While the Dow Jones and S&P 500 finished slightly in the red, a strong gain for tech giant Apple helped the Nasdaq push into positive territory. The group sent out an invitation to journalists today which sparked speculation that it is close to launching its eagerly awaited iPhone 5. Car-makers were in focus today after the Autodata Corporation reported that August's annualised light vehicle sales were at their highest levels since 2009 at 14.5m, above consensus estimates of 14.2m. Ford finished slightly higher though General Motors was flat. Online DVD rental group Netflix dropped on competition concerns after the news that it would no longer have exclusive rights to films made by movie studio joint venture EPIX (made of Paramount Pictures, Metro-Goldwyn-Mayer and Lionsgate). Rival Amazon.com signed a deal with EPIX that would add thousands of title to its Prime Instant Video service. Graphics processor Nvidia was a heavy faller after Evercore Partners said that 2013 will be "challenging" as it downgraded its rating on the stock from 'equalweight' to 'underweight'. Investment banking giant Morgan Stanley gained after JPMorgan upgraded its view of the shares from 'hold' to 'overweight' and raised its target from $27 to $28. Gamestop jumped after Goldman Sachs upgraded the video game retailer from 'neutral' to 'buy', lifting the target from $20 to $25. S&P 500 - Risers GameStop Corp. (GME) $20.41 +6.97% TripAdvisor Inc. (TRIP) $34.65 +3.62% Morgan Stanley (MS) $15.51 +3.40% Gannett Co. Inc. (GCI) $15.69 +2.82% D. R. Horton Inc. (DHI) $19.49 +2.63% Apollo Group Inc. (APOL) $27.52 +2.50% AutoNation Inc. (AN) $41.16 +2.39% Tenet Healthcare Corp. (THC) $5.31 +2.31% ConAgra Foods Inc. (CAG) $25.65 +2.15% Watson Pharmaceuticals Inc. (WPI) $83.06 +2.10% S&P 500 - Fallers Alpha Natural Res (ANR) $5.53 -6.90% Netflix Inc. (NFLX) $55.93 -6.35% Cliffs Natural Resources Inc. (CLF) $33.68 -6.03% Jabil Circuit Inc. (JBL) $21.46 -5.79% Nvidia Corp. (NVDA) $13.27 -5.38% First Solar Inc. (FSLR) $18.92 -5.35% Avery Dennison Corp. (AVY) $29.60 -5.22% CONSOL Energy Inc. (CNX) $28.83 -4.54% United States Steel Corp. (X) $18.78 -3.44% Peabody Energy Corp. (BTU) $20.90 -3.37% Dow Jones I.A - Risers Verizon Communications Inc. (VZ) $43.70 +1.77% Wal-Mart Stores Inc. (WMT) $73.51 +1.25% Kraft Foods Inc. (KFT) $41.83 +0.78% Hewlett-Packard Co. (HPQ) $16.99 +0.65% American Express Co. (AXP) $58.61 +0.53% Merck & Co. Inc. (MRK) $43.25 +0.46% AT&T Inc. (T) $36.81 +0.46% Walt Disney Co. (DIS) $49.66 +0.38% Procter & Gamble Co. (PG) $67.40 +0.31% Bank of America Corp. (BAC) $8.00 +0.13% Dow Jones I.A - Fallers Caterpillar Inc. (CAT) $82.66 -3.13% United Technologies Corp. (UTX) $78.35 -1.88% E.I. du Pont de Nemours and Co. (DD) $48.83 -1.85% Intel Corp. (INTC) $24.42 -1.67% Alcoa Inc. (AA) $8.42 -1.64% Microsoft Corp. (MSFT) $30.39 -1.41% 3M Co. (MMM) $91.68 -0.99% General Electric Co. (GE) $20.51 -0.97% Chevron Corp. (CVX) $111.22 -0.84% Boeing Co. (BA) $70.87 -0.74% Nasdaq 100 - Risers Warner Chilcott Plc (WCRX) $14.09 +3.45% Baidu Inc. (BIDU) $114.53 +2.77% Apollo Group Inc. (APOL) $27.52 +2.50% Vertex Pharmaceuticals Inc. (VRTX) $54.49 +2.18% Liberty Interactive Corp (LINTA) $18.56 +1.73% Yahoo! Inc. (YHOO) $14.89 +1.64% KLA-Tencor Corp. (KLAC) $52.11 +1.56% BMC Software Inc. (BMC) $42.01 +1.47% Apple Inc. (AAPL) $674.97 +1.46% Seagate Technology Plc (STX) $32.40 +1.22% Nasdaq 100 - Fallers Netflix Inc. (NFLX) $55.93 -6.35% Nvidia Corp. (NVDA) $13.27 -5.38% F5 Networks Inc. (FFIV) $94.47 -3.10% Monster Beverage Corp (MNST) $57.25 -2.87% Wynn Resorts Ltd. (WYNN) $100.71 -2.38% Electronic Arts Inc. (EA) $13.03 -2.25% Micron Technology Inc. (MU) $6.09 -1.93% PACCAR Inc. (PCAR) $39.15 -1.90% Avago Technologies Ltd. (AVGO) $35.91 -1.80% Wednesday newspaper round-up BoE, BP, Lloyds The Bank of England should keep its monetary powder dry tomorrow as global markets focus on a potentially game-changing policy decision by the European Central Bank, according to The Times’ Shadow Monetary Policy Committee. Sir Steve Robson, the former second permanent secretary to the Treasury, said that the Bank’s policymakers should refrain from cutting rates or pumping more money into the economy and instead monitor events in Frankfurt. The ECB’s policy meeting “has the potential to be either a game-changer or a big disappointment”, he said. “The odds seem to be moving in the direction of disappointment and the Bank’s firepower should be kept in reserve in case it is.” Signs of more stubborn inflation in the UK add to arguments for the Bank’s Monetary Policy Committee to sit on its hands, Geoffrey Dicks, chief economist at Novus Capital Markets, said. He warned: “Unless they deliver on inflation, they won’t deliver on the real economy, either,” the newspaper reports. The US Department of Justice intends to prove at trial that gross negligence or wilful misconduct by BP caused the 2010 Deepwater Horizon disaster in the Gulf of Mexico, government lawyers have said, in the clearest statement yet that they are seeking the maximum possible penalties from the British oil group. In a ferociously worded memo, filed with the New Orleans court that is hearing the civil case over the spill, DoJ lawyers accused BP of a “culture of corporate recklessness,” as revealed by email exchanges among BP staff before the explosion on the rig. “The behaviour, words and actions of these BP executives would not be tolerated in a middling size company manufacturing dry goods for sale in a suburban mall,” the government lawyers wrote, The Financial Times says. Lloyds is to put €2bn (£1.6bn) of Irish property loans on the market as it continues to retreat from Ireland. The loans are a legacy of Lloyds' 2008 takeover of Halifax Bank of Scotland, which included a vast amount of bad debts run up during the boom. The €2bn portfolio is likely to sell for less than face value. A spokesman for Lloyds declined to comment. The sale is the latest in a number of similar, though mostly smaller, portfolios that have been put on the market by banks including AIB and Bank of Ireland. Lloyds is 40 per cent owned by the taxpayer after the 2008 rescue by the UK government, The Independent explains. Airline bosses have welcomed the arrival of Patrick Mc.Loughlin as Transport Secretary as a signal that plans for Heathrow expansion could finally be cleared for take-off. In David Cameron’s first Cabinet reshuffle, Mr Mc. Loughlin replaced Justine Greening, MP for Putney, who was staunchly opposed to plans for a third runway. Mr McLoughlin, former chief whip who served in Margaret Thatcher’s transport ministry, once admitted he was afraid of flying. He is the sixth Transport Secretary in five years. A spokesman for IAG, the owner of British Airways, said: “We welcome [Mr McLoughlin’s] appointment and hope it signals that the Government is now serious about tackling urgently the hub airport capacity issues facing the UK,” The Telegraph writes. Surging demand from emerging markets will see orders for 28,000 new aircraft over the next 20 years, Airbus predicted today. The Asia Pacific region will account for the biggest tranche of the $3.9trn (£2.45trn) worth of new planes, according to the European manufacturer’s projections. The company expects the overall global passenger plane fleet to more than double from 15,500 to 32,550 by 2031. The freight fleet will grow at a slightly slower rate to about 3,000. Over the same period, passenger traffic should grow by about 4.7% a year. Airbus’ order projections were more optimistic than last year, with the company now expecting 1.3% more production than originally predicted. The Asia Pacific region will account for 35% of new aircraft deliveries, more than any other region. Europe and North America will take 21% each, The Telegraph says. Marks and Spencer has reshuffled its general merchandise team, poaching Stephanie Chen, director of womenswear at House of Fraser, and elevating M&S director Scott Fyfe to head of menswear. M&S confirmed Ms Chen would become a director, responsible for M&S’s homewares and childrenswear, by March 2013. The changes are the first to be made by John Dixon, previously head of food at M&S, who was appointed as executive director of M&S’s general merchandise business in July, succeeding Kate Bostock, The Financial Times reports. Consumers could face more spikes in food prices as extreme weather caused by climate change affects major crops worldwide, according to a new Oxfam report. The charity claims that the full impact of climate change on future food prices is being underestimated and warns that consumers will become more vulnerable to events like the current US drought as dependence on exports of wheat and maize increases. The report, titled Extreme Weather, Extreme Prices, says a US drought in 2030 could raise the price of maize by as much as 140% over and above the average price of food, which is already likely to be double today’s prices. Drought and flooding in southern Africa could increase the consumer price of maize and other coarse grains by as much as 120% by 2030, the report says, according to The Scotsman. Five years after forming a mobile phone books venture over a drink in a Battersea Park pub, the bestselling author Andy McNab has made his first million as an entrepreneur. The former SAS operative, who has already made a small fortune writing of his derring-do in the first Gulf War, agreed yesterday to sell Mobcast to Tesco for £4.5m as Britain’s biggest grocer continues its expansion in the digital sector. The acquisition marks Tesco’s latest foray into digital. In June it paid £10.7m for a 91% stake in We7, a music-streaming business whose founding members included the musician Peter Gabriel. Last year Tesco bought an 80% stake in Blinkbox, a film-streaming business, The Times reports. Activity among the UK’s banks, hauliers, accountants and other services industries that make up three-quarters of the UK economy, increased by more than expected in August and produced the strongest performance in five months. The closely-watched Purchasing Managers’ Index (PMI), on which a reading above 50 implies expansion, rose from 51 in July to 53.7, against forecasts of just 51.2. The surprising strength of services countered declines in both manufacturing and construction in August, delivering a welcome boost to confidence and reducing the prospect of an interest-rate cut or more money-printing by the Bank of England tomorrow . Vicky Redwood, at Capital Economics, said: “A weighted average of the surveys is consistent with quarterly GDP growth of 0.1pc or so, suggesting the economy may just about be clawing its way out of recession,” The Telegraph says. In an escalating game of brinkmanship, Spanish finance minister Luis de Guindos said his country is not yet willing to sign a Memorandum giving up fiscal sovereignty to EU inspectors. “First of all, one must clarify the conditions,” he told German newspaper Handelsblatt. Mr de Guindos said the crisis engulfing the region is larger than any one country and warned north Europe not to scapegoat Spain. “My colleagues are aware that the battle for the euro will be fought in Spain. Spain is right now the breakwater for the Eurozone,” he said, adding that “solidarity” would be well-advised. The warning comes as German Chancellor Angela Merkel leaves for Madrid for talks with premier Mariano Rajoy to thrash out the conditions of a full sovereign rescue of up €300bn (£238bn), beyond the €100bn bank rescue already agreed, according to The Telegraph.

ADVFN III Evening Euro Markets Bulletin -Tuesday, September 4th, 2012-.

	ADVFN III	Evening Euro Markets Bulletin
	Daily world financial news

Tuesday, 04 September 2012

London Market Report

FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts

London close: Footsie drops 1.5 per cent as nerves take over Market Movers techMARK 2,081.36 -1.23% FTSE 100 5,672.01 -1.50% FTSE 250 11,428.84 -0.65% - US manufacturing data disappoints - Markets nervous ahead of ECB meeting - Broker downgrades take down ARM, Vodafone, Land Secs... Disappointing manufacturing data from the US and skittishness ahead of a European Central Bank (ECB) monetary policy decision on Thursday sparked a sell-off on global stock markets on Tuesday. "Today's market price action in Europe highlights perfectly the uncertainty gripping investors ahead of this week's key ECB rate meeting and press conference. Having seen fairly good gains yesterday in fairly light volume, these have been pretty much wiped out today as nervousness returns in the wake of continued bickering amongst policymakers in Europe," said market analyst Michael Hewson from CMC Markets this afternoon. ECB President Mario Draghi is widely expected to unveil plans on Thursday for buying sovereign debt in order to bring down bond yields in peripheral nations. Stocks fell early on as investors reacted to the news that credit ratings agency Moody's last night lowered its outlook for the European Union from 'stable' to 'negative' to reflect "the negative outlooks now assigned to the Aaa sovereign ratings of key contributors to the EU budget." Losses were extended after the ISM's US manufacturing purchasing managers' index (PMI) came in at 49.6 points in August, down from a reading of 49.8 in July. Consensus expectations were for a 50.0 level, indicating neither contraction or expansion. Meanwhile, domestic economic data came in mixed: the UK's services PMI rose from 51 to 53.7, above the 51.1 expected by analysts; however the construction PMI fell from 50.9 to 49 in the same month, below the 50 forecast. FTSE 100: Petrofac bucks the trend; ARM leads the decline Just a handful of stocks on the Footsie finished the day in the blue, one being oilfield service firm Petrofac after Credit Suisse upgraded its rating on the shares from 'neutral' to 'outperform'. "We believe the stock has performed poorly on a lack of project awards over the summer period and elevated expectations for the IES business. We believe the next few months will be better," the broker said. Chip designer ARM Holdings was the heaviest faller of the day after Deutsche Bank downgraded the stock from 'hold' to 'sell', saying "Despite secular EPS growth drivers, we believe ARM's high valuation will come under pressure as falling smartphone chip prices impact royalty growth, Intel's odds to gradually gain market share in mobile are improving and the Windows-on-ARM ramp could be below expectations." Steel giant Evraz was among the worst performers of the day after Credit Suisse said that downward trend in iron ore and coal prices last week "goes in line with our view that risk for profitability of integrated producers and bulk miners [including Evraz] is on the downside." The broker maintained a 'neutral' stance on the stock today. Telecoms group Vodafone declined after being downgraded by Bernstein from 'outperform' to 'market perform' on the back of "an increasing number of negative risks". Real estate investment trust (REIT) Land Securities was a heavy faller after both JP Morgan Cazenove and UBS downgraded their ratings on the stock to 'neutral' this morning. UBS also cut its recommendation for REIT peers British Land and SEGRO today. Banking group Royal Bank of Scotland (RBS) was lower as the threat of a bruising legal battle with angry shareholders continues to hang over the company. Investec this morning lowered its recommendation on the shares from 'buy' to 'hold', saying that "after another modest rally, we throw in the towel". FTSE 250: Ashtead leads risers after upping guidance High-flying plant hire firm Ashtead jumped after raising profits guidance again as its new financial year got off to a strong start. "Given this early stage of the recovery, we see further outperformance from re-rating as well as scope for further positive earnings surprises," said analyst Andrew Nussey from Peel Hunt. Recycled packing company DS Smith was in demand after saying it was trading in line with market expectations and expected substantial year-on-year growth in earnings per share. FTSE 100 - Risers Morrison (Wm) Supermarkets (MRW) 279.10p +0.32% Diageo (DGE) 1,754.00p +0.17% Petrofac Ltd. (PFC) 1,518.00p +0.13% FTSE 100 - Fallers ARM Holdings (ARM) 528.00p -5.63% Evraz (EVR) 218.00p -3.92% Weir Group (WEIR) 1,580.00p -3.60% Admiral Group (ADM) 1,110.00p -3.48% Xstrata (XTA) 917.50p -3.14% Burberry Group (BRBY) 1,315.00p -2.95% Antofagasta (ANTO) 1,097.00p -2.75% British Land Co (BLND) 527.00p -2.68% Rio Tinto (RIO) 2,722.00p -2.63% Vodafone Group (VOD) 178.45p -2.59% FTSE 250 - Risers Ashtead Group (AHT) 315.90p +11.82% Dixons Retail (DXNS) 18.83p +4.03% Smith (DS) (SMDS) 167.60p +3.46% Ophir Energy (OPHR) 601.50p +2.65% Brown (N.) Group (BWNG) 278.80p +2.46% SDL (SDL) 652.50p +2.19% Heritage Oil (HOIL) 194.00p +2.05% Britvic (BVIC) 328.60p +1.95% Menzies(John) (MNZS) 625.00p +1.87% Homeserve (HSV) 229.50p +1.86% FTSE 250 - Fallers Talvivaara Mining Company (TALV) 130.70p -6.64% Ferrexpo (FXPO) 151.00p -5.45% Bumi (BUMI) 288.00p -5.01% Centamin (DI) (CEY) 79.25p -4.80% Gem Diamonds Ltd. (DI) (GEMD) 158.00p -4.30% Premier Farnell (PFL) 186.30p -3.47% New World Resources A Shares (NWR) 270.00p -3.23% Essar Energy (ESSR) 100.20p -3.19% Ruspetro (RPO) 122.00p -3.17% Hikma Pharmaceuticals (HIK) 712.00p -3.13% Europe Market Report FTSE 100 Euronext Dax perf CAC 40 The Swiss Stock Market Pulled Back Ahead Of ECB Meeting The Swiss stock market finished Tuesday's session with a pretty significant loss. The losses piled up gradually over the course of the trading day, after a slightly positive open. Uncertainty was running high among investors, ahead of the upcoming meeting of the European Central Bank. The negativity was further compounded by the weak economic data from the U.S. in the afternoon. Investors seem to be positioning themselves for a possible disappointment from the upcoming ECB meeting, in case no concrete steps toward buying bonds are announced. However, according to reports, during a closed-door meeting of the lawmakers, Mario Draghi defended a number of measures introduced by the ECB, including the controversial bond-purchase plan, and indicated that the central bank is not averse to buying government bonds of up to 3-year maturities on the secondary market. The Swiss Market Index fell by 1.16 percent Tuesday and closed at 6,362.82. The Swiss Leader Index declined by 1.14 percent and the Swiss Performance Index lost 1.09 percent. The defensive heavyweights all finished in negative territory on Tuesday. Shares of Nestle dropped by 1.3 percent, while Roche and Novartis both lost 1.0 percent each. The financial stocks were also under pressure Tuesday. Credit Suisse declined by 1.8 percent, while UBS lost 1.6 percent. Julius Baer also decreased by 1.1 percent. Zurich Insurance fell by 0.6 percent, Swiss Re dipped by 0.3 percent and Baloise lost 0.4 percent. US Market Report US open: ISM input prices shoot higher on drought -Moody's says outlook for US banking system remains negative -Ford says Q3 production slightly below guidance -GM US vehicle sales rose 10.1% in August; Forecast: 3% Dow Jones: -0.76% Nasdaq Comp.: -0.60% S&P 500: -0.56% The main New York equity benchmarks are now registering moderate falls following the release of a slightly weaker than expected ISM manufacturing survey. Meantime, and on the corporate front, Campbell Soup is moving higher following the release of better than expected quarterly results. Smithfields, on the other hand, has come in with worse than expected quarterly profit and revenue figures. The packaged meats business failed to bring home the bacon with earnings per share of 40 cents, down from 49 cents last year and below the 44 cents expected by the market. Wal Mart is moving lower after a positive mention in the latest edition of Barron's. On the M&A front, Valeant Pharmaceuticals has acquired Medicis for approximately $2.6bn. IBM has failed to get a lift from Barclays's decision to upgrade its stock to outperform. Morgan Stanley has also drawn positive comment, but from analysts at JP Morgan. Drought conditions push prices higher The ISM's manufacturing sector purchasing managers' index for the month of August has come in at 49.6 points, versus last month's reading of 49.8 (Consensus: 50). The prices paid sub-index has shot up to 54 from 39.5, with the drought conditions said to be severely impacting raw materials' prices in the food, beverage and tobacco sector. US construction spending has fallen 0.9% month-on-month in July (Consensus: -0.9%). Crude falls back Front month West Texas crude futures are now falling by 1.87 dollars, to the 95.36 dollar level on the NYMEX. 10 year Treasury bonds are up by 2/32 dollars, with yields at 1.56%. S&P 500 - Risers GameStop Corp. (GME) $20.00 +4.84% AutoNation Inc. (AN) $41.34 +2.84% Dean Foods Co. (DF) $16.74 +1.95% ConAgra Foods Inc. (CAG) $25.58 +1.89% Juniper Networks Inc. (JNPR) $17.75 +1.78% Morgan Stanley (MS) $15.22 +1.47% American International Group Inc. (AIG) $34.79 +1.35% Varian Medical Systems Inc. (VAR) $59.55 +1.29% Zimmer Holdings Inc. (ZMH) $62.50 +1.16% Tenet Healthcare Corp. (THC) $5.25 +1.16% S&P 500 - Fallers Netflix Inc. (NFLX) $54.79 -8.26% First Solar Inc. (FSLR) $18.34 -8.25% Alpha Natural Res (ANR) $5.51 -7.26% CONSOL Energy Inc. (CNX) $28.69 -5.00% Nvidia Corp. (NVDA) $13.36 -4.78% Cliffs Natural Resources Inc. (CLF) $34.22 -4.52% Peabody Energy Corp. (BTU) $20.75 -4.07% Electronic Arts Inc. (EA) $12.79 -4.04% Eaton Corp. (ETN) $43.09 -3.65% United States Steel Corp. (X) $18.76 -3.52% Dow Jones I.A - Risers Wal-Mart Stores Inc. (WMT) $72.98 +0.52% Hewlett-Packard Co. (HPQ) $16.95 +0.41% Verizon Communications Inc. (VZ) $43.06 +0.28% Bank of America Corp. (BAC) $8.01 +0.19% Dow Jones I.A - Fallers Caterpillar Inc. (CAT) $82.80 -2.96% Intel Corp. (INTC) $24.36 -1.87% United Technologies Corp. (UTX) $78.36 -1.87% Microsoft Corp. (MSFT) $30.26 -1.82% E.I. du Pont de Nemours and Co. (DD) $48.91 -1.69% 3M Co. (MMM) $91.22 -1.49% Alcoa Inc. (AA) $8.44 -1.46% Cisco Systems Inc. (CSCO) $18.89 -1.02% General Electric Co. (GE) $20.50 -1.01% Boeing Co. (BA) $70.73 -0.94% Nasdaq 100 - Risers Baidu Inc. (BIDU) $113.32 +1.69% Warner Chilcott Plc (WCRX) $13.75 +0.95% Liberty Interactive Corp (LINTA) $18.37 +0.71% Autodesk Inc. (ADSK) $31.26 +0.68% VeriSign Inc. (VRSN) $47.99 +0.65% Apollo Group Inc. (APOL) $26.95 +0.37% Virgin Media Inc. (VMED) $27.64 +0.25% DIRECTV (DTV) $52.22 +0.25% Apple Inc. (AAPL) $666.70 +0.22% Ross Stores Inc. (ROST) $69.26 +0.10% Nasdaq 100 - Fallers Netflix Inc. (NFLX) $54.79 -8.26% Nvidia Corp. (NVDA) $13.36 -4.78% Electronic Arts Inc. (EA) $12.79 -4.04% F5 Networks Inc. (FFIV) $94.61 -2.95% Avago Technologies Ltd. (AVGO) $35.54 -2.82% Linear Technology Corp. (LLTC) $32.23 -2.41% Lam Research Corp. (LRCX) $33.31 -2.40% Flextronics International Ltd. (FLEX) $6.57 -2.30% Altera Corp. (ALTR) $36.48 -2.28% Wynn Resorts Ltd. (WYNN) $100.94 -2.16% Broker Tips Broker tips: Petrofac, REITs, Ashtead Following a period of weakness, Credit Suisse has upgraded its rating on the shares of oilfield services group Petrofac from 'neutral' to 'outperform' and raised its target from 1,750p to 1,800p. "We believe the stock has performed poorly on a lack of project awards over the summer period and elevated expectations for the IES business. We believe the next few months will be better: awards should step up, thanks to less instability in the Middle East, and the payoff of extensive marketing efforts in southeast Asia and amongst oil majors," the broker said on Tuesday morning. UBS says that investors should hold an 'equal-weight' position in the European real estate market, but has recommended to 'underweight the UK'. The broker has upgraded both Hammerson and Capital Shopping Centres to 'buy', saying that both stocks are "pricing in lower returns, but missing the lower risk profile." "We downgrade Land Securities and British Land to 'neutral' (valuation appropriate for their risk-return profiles). We downgrade SEGRO to 'neutral' (we like the dividend yield, but are cautious on net asset value)." Shares in plant hire firm Ashtead surged on Tuesday morning after the firm raised its full-year guidance, leading broker Peel Hunt to upgrade its forecasts for the group. On Peel Hunt's revised estimates, Ashtead trades at 12.1 times prospective earnings per share, equal to 4.8 times earnings before interest, tax, depreciation and amortisation (EBITDA), compared with a historical mid-cycle range of 5-6x. "Given this early stage of the recovery, we see further outperformance from re-rating as well as scope for further positive earnings surprises," Nussey said.

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