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ADVFN Evening Euro Markets Bulletin for August 30th, 2012 .

	ADVFN III	Evening Euro Markets Bulletin
	Daily world financial news

Thursday, 30 August 2012

London Market Report

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

London close: Stocks slip as stimulus hopes fade Market Movers techMARK 2,090.74 -0.42% FTSE 100 5,719.45 -0.42% FTSE 250 11,325.91 -0.54% - Speculation ramps up ahead of Jackson Hole meeting - Decent US data dampens hopes for extra stimulus - Volatility could increase in coming weeks, says UniCredit The FTSE 100 index experienced its third consecutive day in the red on Thursday as economic stimulus-related optimism began to fade ahead of the Jackson Hole symposium. The meeting of central bankers in Wyoming will undoubtedly be focused on Federal Reserve Chairman Ben Bernanke who was widely expected in the lead up to the event to hint at further quantitative easing, or QE3, at his speech tomorrow. However, market analyst Michael Hewson from CMC Markets thinks that Bernanke is unlikely to announce a new raft of easing measures, especially ahead of next week's key jobs report and manufacturing data. "The likely outcome will probably be a reiteration of the latest minutes of the FOMC [Federal Open Market Committee], just over a week ago, which states that the Fed remains prepared to act and 'that additional action would likely be warranted fairly soon', but without saying when 'soon' would be. As such any imminent action would appear to be unlikely," he said. Today's robust economic data Stateside may have also eased the Fed's concerns about the economy, weighing down hopes of near-term easing. Initial jobless claims were unchanged last week while consumer spending was in line with expectations in July. Economic data elsewhere was a touch gloomier: German unemployment increased for a fifth consecutive month in August, Japanese retail sales came in below expectations and South Korean manufacturers' confidence remained near its post-crisis low. Meanwhile, European Central Bank (ECB) President Mario Draghi is being forced to miss the Jackson Hole conference due to "a heavy workload", increasing speculation that he could be putting the finishing touches to plans for strong action ahead of an ECB meeting on September 6th. According to analysts at UniCredit this afternoon, these meetings, along with the German Constitutional Court ruling on the European Stability Mechanism on September 12th, are the important "risk" events that could potentially lead to significant volatility on markets in the next couple of weeks. "In this environment, investors are likely to adopt a cautious approach and wait for more clarity from central banks and politicians in the near term." FTSE 100: Miners unwanted as risk is scaled back Kazakhmys was the heavy faller in afternoon trade, leading the mining sector lower as investors turned cautious ahead of Jackson Hole. The stock was downgraded this morning by Jefferies from 'buy' to 'hold', who said that it now prefers copper peer Antofagasta. The broker explained that Kazakhmys's first-half results were "much less impressive" than Antofagasta and its 26% stake in ENRC is "not helpful". After an initial stint in the blue, steel group Evraz fell after reporting a tough first half after it was hit by falling steel sales and prices. Sector peers Vedanta, Anglo American, BHP Billiton and Xstrata also finished the day with heavy losses. Global advertising conglomerate WPP dropped after saying that like-for-like revenues would likely grow by 3.5% this year, under previous guidance of a 4% increase. Barclays was under the weather after promoting Antony Jenkins, currently head of Barclays Retail and Banking, to the Chief Exec position to fill Bob Diamond's shoes. Barclays is under pressure after the Serious Fraud Office said it is investigating the lender in relation to payments made in the Middle East. Car insurance group Admiral was also in the red despite reporting a record half-year profit and record interim dividend payment. The company noted a "marked change" in the core UK car insurance market in 2012 "premium rates falling and competitors seeking to add market share". FTSE 250: Cape jumps in spite of "difficult period" Shares in Cape, the provider of non-mechanical support services, rose strongly despite the group reporting a 65% drop in adjusted pre-tax profits in the first half. Nevertheless, revenues improved by 11% and the forward order book increased by £90m. CEO Joe Oatley reassured that "the core of the business is fundamentally strong." Heading the other way was recruitment group Hays after saying that it expects the overall economic backdrop to remains "difficult" in 2013. The firm cuts its full-year dividend by more than a half due to the increasing global economic uncertainty, which slowed the pace of the profit growth. FTSE 100 - Risers Morrison (Wm) Supermarkets (MRW) 281.00p +1.52% British American Tobacco (BATS) 3,325.00p +1.17% Diageo (DGE) 1,742.50p +1.07% Severn Trent (SVT) 1,756.00p +0.80% Land Securities Group (LAND) 788.00p +0.77% Reed Elsevier (REL) 593.50p +0.76% Pennon Group (PNN) 744.00p +0.74% Intertek Group (ITRK) 2,745.00p +0.73% Imperial Tobacco Group (IMT) 2,474.00p +0.73% Capital Shopping Centres Group (CSCG) 335.60p +0.72% FTSE 100 - Fallers Kazakhmys (KAZ) 586.50p -4.94% Anglo American (AAL) 1,753.50p -3.44% BHP Billiton (BLT) 1,842.00p -3.26% Vedanta Resources (VED) 861.00p -3.15% Glencore International (GLEN) 357.45p -3.00% Admiral Group (ADM) 1,162.00p -2.84% GKN (GKN) 212.40p -2.75% Eurasian Natural Resources Corp. (ENRC) 306.50p -2.70% Antofagasta (ANTO) 1,094.00p -2.58% Xstrata (XTA) 901.00p -2.50% FTSE 250 - Risers Cape (CIU) 230.00p +19.42% Bwin.party Digital Entertainment (BPTY) 99.00p +5.94% Kentz Corporation Ltd. (KENZ) 400.00p +4.99% JD Sports Fashion (JD.) 685.50p +4.66% Redrow (RDW) 151.00p +3.78% Daejan Holdings (DJAN) 3,045.00p +2.49% Dixons Retail (DXNS) 17.40p +2.35% Dialight (DIA) 1,164.00p +2.11% Premier Farnell (PFL) 189.90p +1.55% Anite (AIE) 126.30p +1.28% FTSE 250 - Fallers Bumi (BUMI) 291.80p -9.18% Hays (HAS) 69.90p -8.81% Ferrexpo (FXPO) 159.10p -7.82% Gem Diamonds Ltd. (DI) (GEMD) 173.10p -5.67% Petropavlovsk (POG) 350.50p -5.55% Aquarius Platinum Ltd. (AQP) 37.27p -5.17% Fenner (FENR) 350.40p -4.08% Inchcape (INCH) 365.10p -4.07% Melrose (MRO) 233.70p -4.06%  Europe Market Report FTSE 100 Euronext Dax perf CAC 40 European Markets Pulled Back On Weak Economic Data The European markets declined on Thursday, after several weaker than expected economic reports from around the globe. Japanese retails sales fell more than expected overnight, which was followed up by a decline in Eurozone economic sentiment. German unemployment increased and U.S. weekly jobless claims came in higher than expected. Investors continued to be cautious Thursday as they watch for any clues regarding further economic stimulus in the United States. The highly anticipated speech by Federal Reserve Chairman Ben Bernanke will take place tomorrow at the Kansas City Federal Reserve Bank's annual symposium in Jackson Hole, Wyoming. Italy had a successful auction on Thursday as it sold its five- and 10-year debt at lower yields as investors remained hopeful that the European Central Bank may resume its bond-buying to help lower the borrowing costs of troubledeuro area countries. The Italian Treasury raised a total EUR 7.29 billion from today's auction, close to the maximum target set for the sale. The latest auction follows two successful sales yesterday and the day before, which raked in proceeds totaling nearly EUR 13 billion. Today the agency sold EUR 4 billion of the new benchmark bond due November 2022, matching the top end of its target range. The yield on the 10-year debt dropped to 5.82 percent from 5.96 percent paid on July 30 for a security of similar maturity. The country also placed EUR 2.5 billion of its June 2017 bond to yield 4.73 percent, which was far less than the 5.29 percent paid in the previous sale on July 30. The euro Stoxx 50 index of eurozone bluechip stocks declined by 1.03 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.62 percent. The DAX of Germany dropped by 1.45 percent and the CAC 40 of France fell by 1.02 percent. The FTSE 100 of the U.K. decreased by 0.33 percent and the SMI of Switzerland finished down by 0.68 percent. In Frankfurt, automakers were under pressure. Daimler fell by 5.43 percent, BMW lost 4.90 percent and Volkswagendeclined by 4.04 percent. In Paris, Renault dropped by 3.68 percent and Peugeot decreased by 3.82 percent. Carrefour surged by 7.37 percent, after its loss for the first-half narrowed significantly. Vivendi climbed by 3.11 percent. The media and telecom group reported a lower profit for the second quarter, but confirmed its full year forecast. Pernod-Ricard fell by 2.01 percent. The company reported its best growth since 2007/08, and also announced some appointments, including that of Danièle Ricard as Chairman of the Board of Directors. In London, miners finished notably lower. Anglo American lost 3.44 percent and Antofagasta declined by 2.58 percent. BHP Billiton dropped by 3.26 percent and Rio Tinto finished down by 2.09 percent. Vedanta Resources fell by 2.38 percent and Eurasian Natural Resources lost 2.70 percent. Barclays decreased by 1.53 percent. The lender named Antony Jenkins as its new chief executive, effective immediately. WPP dropped by 1.56 percent, after it announced first-half results. The company also lowered its revenue forecast for 2012. Shares of Admiral Group declined by 2.38 percent, following the company's report for the first half of the year. Eurozone economic sentiment deteriorated further in August reflecting the Sharp weaknesses in confidence among consumers, retailers and construction managers due to concerns over recession and the lingering sovereign debt crisis. The economic sentiment index dropped to 86.1 from 87.9 in July, European Commission's monthly survey revealed Thursday. The reading was the lowest since late 2009 and below the expected level of 87.5. German unemployment increased for the fifth month in August as firms shed jobs fearing a recession in the 17-nation currency bloc. The Federal Labor Agency on Thursday said the number of unemployed increased by adjusted 9,000 from July to 2.9 million. It was forecast to increase by 7,000, following July's monthly rise of 9,000. However, the jobless rate remained unchanged at a seasonally adjusted 6.8 percent in August as economists expected. Spain's harmonized inflation accelerated more than expected on higher fuel costs in August, flash estimate from the statistical office Ine showed Thursday. Inflation, as measured by the harmonized index of consumer prices or HICP, rose to 2.7 percent in August from 2.2 percent a month ago. The rate was forecast to rise to 2.3 percent. Initial claims for U.S. unemployment benefits unexpectedly came in unchanged in the week ended August 25th, according to a report released by the Labor Department on Thursday. The report showed that initial jobless claims came in at 374,000, unchanged compared to the previous week's revised figure. Economists had expected jobless claims to edge down to 370,000 from the 372,000 originally reported for the previous week. Personal income and spending in the U.S. both increased in the month of July, according to a report released by the Commerce Department on Thursday, with the increases both coming in line with economist estimates. The report showed that personal income rose by 0.3 percent in July, matching the increases seen in the two previous months. The increase also came in line with estimates. The Commerce Department also said personal spending increased by 0.4 percent in July after coming in roughly flat in June. The spending growth also matched the expectations of economists. US Market Report US pre-open: Futures down as investors look for a 'Bernanke boost' Stock futures were pointing to a weak start on Wall Street on Thursday as equities tracked their Eurozone counterparts lower with investors cautious ahead of the Jackson Hole symposium which starts today. The main focus of the meeting of central bankers in Wyoming is on Federal Reserve Chairman Ben Bernanke's speech tomorrow. "There has been a lot of build up to this speech by the Fed Chairman all week, raising hopes that he'll drop hints about whether the Fed will announce QE3 next month," said analyst Craig Erlam from Alpari. However, some analysts are speculating whether robust economic figures – jobs, retail sales and other data – in recent months have eased the Fed's concerns about the economy. In economic news today, initial jobless claims were unchanged at 374,000 last week, according to the Labor Department, after claims for the week before were revised up by 2,000. Meanwhile, US consumer spending rose by 0.4% month-on-month in July, the biggest rise since February, according to the Commerce Department. European stocks declined in morning trade after German unemployment increased for a fifth consecutive month in August, Japanese retail sales came in below expectations and South Korean manufacturers' confidence remained near its post-crisis low. In company news, web radio group Pandora Media jumped in pre-market trade after higher ad sales meant that second-quarter revenues beat expectations. Broker Tips Broker tips: Kazakhmys, Antofagasta, Admiral... Jefferies now prefers Antofagasta over copper peer Kazakhmys and has downgraded its rating for the latter from 'buy' to 'hold'. "Our preference this year for shares of Kazakhmys over shares of Antofagasta has been based entirely on relative valuations (Kaz is much cheaper). However, after reviewing 1H12 operating results, we conclude that Anto's valuation premium relative to Kaz is fully justified, and we are downgrading shares of Kazakhmys," Jefferies said on Thursday. The broker has reduced its target for Kazakhmys from 900p to 650p. As for Antofagasta, its target has been hiked from 1,050p to 1,200p, though a 'hold' recommendation has been maintained. Nomura has reiterated its 'buy' rating and 1,300p target for car insurance group Admiral highlighting the firm's strong first-half results and continued claims 'stability'. "We are encouraged by the underlying results coming ahead of expectations, and although UK policy count is somewhat slower than our estimate, it is to be expected given more competitive market conditions in the UK," Nomura said. Investec has placed its 'buy' recommendation and target for Sir Martin Sorrell's media giant WPP under review after the group scaled back its full-year guidance as second-quarter results came in below expectations. Investec said that WPP's shares have re-rated on the back of better macro sentiment recently and so they would need positive sentiment or a catalyst to run further. Charles Stanley reckons that troubled sports retailer JJB Sports will likely follow in the path of High Street shop Blacks Leisure which went into administration and was sold earlier this year. "Having consistently urged investors for the past 2.5 years to avoid the stock, seeing little equity value left in the company, we now put our recommendation under review with a view to suspending or ceasing coverage," said analyst Peter Smedley.

ADVFN World Daily Markets Bulletin for August 3oth, 2012 -

	ADVFN III	World Daily Markets Bulletin
	Daily world financial news

Thursday, 30 August 2012

US Market Reports

Stocks Seeing Considerable Weakness In Mid-Day Trading 8/30/2012 12:03 PM ET Stocks have moved sharply lower over the course of the trading day on Thursday after turning in a lackluster performance over the three previous sessions. Uncertainty about a speech by Federal Reserve Chairman Ben Bernanke is contributing to the weakness on Wall Street. The major averages have climbed well off their worst levels of the day but remain firmly in negative territory. The Dow is down 98.33 points or 0.8 percent at 13,009.15, the Nasdaq is down 29.17 points or 1 percent at 3,052.02 and the S&P 500 is down 10.38 points or 0.7 percent at 1,400.11. The weakness on Wall Street comes as traders express caution ahead of Bernanke's speech to the Kansas City Fed's Jackson Hole symposium on Friday, with some traders looking to safe havens ahead of the Fed Chief's remarks. Many traders expect Bernanke to make comments indicating whether the central bank will engage in another round of quantitative easing. A research note from Capital Economics said, "Given the unexpectedly strong signal in the minutes of the latest FOMC meeting that QE3 is coming fairly soon, we expect that Fed Chairman Ben Bernanke will reinforce the case for more action in his speech at Jackson Hole." "Although a few of the non-voting regional Fed Presidents still appear to have reservations, we doubt that the slight uptick in the incoming economic data in the past couple of weeks will have softened Bernanke's resolve," the note added. Further selling pressure was generated by a report from Bloomberg News indicating that Spanish Prime Minister Mariano Rajoy said his government will delay deciding whether to seek a sovereign bailout until the aid conditions are clear. Traders are also digesting the latest batch of U.S. economic data, including a report from the Labor Department showing that jobless claims unexpectedly came in unchanged in the week ended August 25th. The report said initial jobless claims came in at 374,000, unchanged compared to the previous week's revised figure. Economists had expected jobless claims to edge down to 370,000 from the 372,000 originally reported for the previous week. A separate report from the Commerce Department showed that personal income rose by 0.3 percent in July, matching the increases seen in the two previous months. The increase also came in line with economist estimates. The report also showed that personal spending increased by 0.4 percent in July after coming in flat in June. The spending growth also matched the expectations of economists. Sector News Networking stocks are seeing substantial weakness in mid-day trading, with the NYSE Arca Networking Index down by 3.3 percent. The loss by the index comes after it ended the previous session at its best closing level in over two months. 8/30/2012 12:03 PM ET Ciena is leading the networking sector lower after reporting a wider than expected third quarter loss and providing disappointing guidance. Shares of Ciena have tumbled by 17.6 percent on the news. Considerable weakness is also visible among electronic storage stocks, as reflected by the 2.4 percent loss being posted by the NYSE Arca Disk Drive Index. Seagate Technology and Western Digital are turning in two of the sector's worst performances. Steel stocks have also shown a significant move to the downside, dragging the NYSE Arca Steel Index down by 1.9 percent. Oil service, semiconductor, and telecom stocks are also under pressure amid broad based weakness in the markets. Other Markets In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index dropped by 1 percent, while Hong Kong's Hang Seng Index ended the day down by 1.2 percent. The major European markets also moved to the downside on the day. While the German DAX Index tumbled by 1.6 percent, the French CAC 40 Index fell by 1 percent, and the U.K.'s FTSE 100 Index slid by 0.4 percent. In the bond market, treasuries have moved moderately higher amid optimism about further bond purchases by the Fed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.7 basis points at 1.627 percent. Canadian Market Report CADUSD Oil Gold Allbanc Please click on the images to view our interactive charts TSX Extends Losses On Fed Anxiety - Canadian Commentary 8/30/2012 11:12 AM ET Canadian stocks were extending losses for a fourth session Thursday morning as hopes for further quantitative easing from the US diminished amid a recent batch of upbeat economic reports and as commodities struggling to sustain recent gains. The S&P/TSX Composite Index lost 75.24 points or 0.63 percent to 11,934.55, after shedding just over 70 points or 0.60 percent in the past three sessions. The Diversified Materials Index was the major loser, dipping nearly 2 percent. Teck Resources was down over 3 percent, while First Quantum Minerals and Inmet Mining were losing around 1 percent each. The price of Crude oil moved down Thursday morning as the U.S. dollar was trading mixed ahead of a key central bankers' meeting at the weekend. Crude for October lost $1.35 to $94.14 a barrel. In the oil patch, Lundin Petroleum and Niko Resources lost around 4 percent each. Paramount Resources (POU.TO) was down about 3 percent. Financial stocks were mixed. Royal Bank rose over 1 percent after reporting third-quarter net income of C$2.240 billion, up 73 percent from C$1.294 billion the prior year. Excluding certain items, net income from continuing operations was C$1.978 billion or C$1.29 per share. Analysts expected the bank to report earnings of C$1.19 per share for the quarter. CIBC shed 1 percent despite reporting improved third-quarter net income of C$841 million or C$2.00 per share, compared to C$591 million or C$1.33 per share a year earlier. Adjusted net income was C$835 million, or C$2.06 per share, higher than C$767 million or C$1.93 per share a year ago. Analysts were expecting the bank to report earnings of C$1.96 per share for the quarter. Separately, CIBC said it would acquire Griffis & Small LLC, a Houston-based energy advisory firm specializing in acquisitions and divestitures in the exploration and production sector. Additionally, CIBC plans to seek Toronto Stock Exchange approval to commence a normal course issuer bid to buy back for cancellation up to 8.1 million shares, representing nearly 2 percent of CIBC's 405.75 million issued and outstanding shares. TD Bank Group was down nearly 1 percent even after posting third-quarter adjusted net income of C$1.82 billion or C$1.91 per share compared to C$1.64 billion or C$ 1.75 in the comparable quarter last year. Analysts were expecting the bank to report earnings per share of C$1.84 for the quarter. Scotiabank dived over 2 percent after it said it would buy ING Bank of Canada, or ING DIRECT, from Netherlands-based parent ING Group for C$3.126 billion in cash. 8/30/2012 11:12 AM ET Ladies' apparel specialty chain Reitmans Canada Ltd. (RET.TO) slipped 0.40 percent after reporting a lower second quarter profit of C$27.7 million or C$0.42 per share compared to C$31.7 million or C$0.48 per share in the same period last year. The price of gold was extending losses for a third session Thursday morning as hopes for further quantitative stimulus measures from the world's largest economy weakened following the recent batch of encouraging economic data from the U.S. gold for December edged down $6.90 to 1,656.10 an ounce. Royal gold moved up nearly 1 percent. Goldcorp. and Barrick gold added around 050 percent each, while Kinross gold and Agnico-Eagle Mines shed about 0.50 percent each. In economic news, Statistics Canada said current account deficit, on a seasonally adjusted basis, expanded $5.9 billion to $16.0 billion in the second quarter, mainly on lower exports and higher imports of goods. From the U.S., the Labor Department said that initial jobless claims came in at 374,000, unchanged in the week ended August 25, compared to the previous week's revised figure. Economists had expected jobless claims to edge down to 370,000 from the 372,000 originally reported for the previous week. Elsewhere, euro zone economic sentiment weakened further in August due to strong loss in confidence among consumers, retailers and construction managers. The economic sentiment index dropped to 86.1 from 87.9 in July, European Commission said. The reading was below consensus forecast of 87.5., Meanwhile, Germany's unemployment increased by 9,000 in August from July, the Federal Labor Agency reported. The number of unemployed was forecast to rise by 7,000 after increasing 9,000 in July. At the same time, the jobless rate remained unchanged at 6.8 percent. The rate also matched economists' expectations. According to labor force survey, the adjusted jobless rate held steady at 5.5 percent in July. European Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts European Markets Pulled Back On Weak Economic Data 8/30/2012 11:58 AM ET The European markets declined on Thursday, after several weaker than expected economic reports from around the globe. Japanese retails sales fell more than expected overnight, which was followed up by a decline in Eurozone economic sentiment. German unemployment increased and U.S. weekly jobless claims came in higher than expected. Investors continued to be cautious Thursday as they watch for any clues regarding further economic stimulus in the United States. The highly anticipated speech by Federal Reserve Chairman Ben Bernanke will take place tomorrow at the Kansas City Federal Reserve Bank's annual symposium in Jackson Hole, Wyoming. Italy had a successful auction on Thursday as it sold its five- and 10-year debt at lower yields as investors remained hopeful that the European Central Bank may resume its bond-buying to help lower the borrowing costs of troubled euro area countries. The Italian Treasury raised a total EUR 7.29 billion from today's auction, close to the maximum target set for the sale. The latest auction follows two successful sales yesterday and the day before, which raked in proceeds totaling nearly EUR 13 billion. Today the agency sold EUR 4 billion of the new benchmark bond due November 2022, matching the top end of its target range. The yield on the 10-year debt dropped to 5.82 percent from 5.96 percent paid on July 30 for a security of similar maturity. The country also placed EUR 2.5 billion of its June 2017 bond to yield 4.73 percent, which was far less than the 5.29 percent paid in the previous sale on July 30. The euro Stoxx 50 index of eurozone bluechip stocks declined by 1.03 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.62 percent. The DAX of Germany dropped by 1.45 percent and the CAC 40 of France fell by 1.02 percent. The FTSE 100 of the U.K. decreased by 0.33 percent and the SMI of Switzerland finished down by 0.68 percent. In Frankfurt, automakers were under pressure. Daimler fell by 5.43 percent, BMW lost 4.90 percent and Volkswagen declined by 4.04 percent. In Paris, Renault dropped by 3.68 percent and Peugeot decreased by 3.82 percent. Carrefour surged by 7.37 percent, after its loss for the first-half narrowed significantly. Vivendi climbed by 3.11 percent. The media and telecom group reported a lower profit for the second quarter, but confirmed its full year forecast. Pernod-Ricard fell by 2.01 percent. The company reported its best growth since 2007/08, and also announced some appointments, including that of Danièle Ricard as Chairman of the Board of Directors. 8/30/2012 11:58 AM ET In London, miners finished notably lower. Anglo American lost 3.44 percent and Antofagasta declined by 2.58 percent. BHP Billiton dropped by 3.26 percent and Rio Tinto finished down by 2.09 percent. Vedanta Resources fell by 2.38 percent and Eurasian Natural Resources lost 2.70 percent. Barclays decreased by 1.53 percent. The lender named Antony Jenkins as its new chief executive, effective immediately. WPP dropped by 1.56 percent, after it announced first-half results. The company also lowered its revenue forecast for 2012. Shares of Admiral Group declined by 2.38 percent, following the company's report for the first half of the year. Eurozone economic sentiment deteriorated further in August reflecting the Sharp weaknesses in confidence among consumers, retailers and construction managers due to concerns over recession and the lingering sovereign debt crisis. The economic sentiment index dropped to 86.1 from 87.9 in July, European Commission's monthly survey revealed Thursday. The reading was the lowest since late 2009 and below the expected level of 87.5. German unemployment increased for the fifth month in August as firms shed jobs fearing a recession in the 17-nation currency bloc. The Federal Labor Agency on Thursday said the number of unemployed increased by adjusted 9,000 from July to 2.9 million. It was forecast to increase by 7,000, following July's monthly rise of 9,000. However, the jobless rate remained unchanged at a seasonally adjusted 6.8 percent in August as economists expected. Spain's harmonized inflation accelerated more than expected on higher fuel costs in August, flash estimate from the statistical office Ine showed Thursday. Inflation, as measured by the harmonized index of consumer prices or HICP, rose to 2.7 percent in August from 2.2 percent a month ago. The rate was forecast to rise to 2.3 percent. Initial claims for U.S. unemployment benefits unexpectedly came in unchanged in the week ended August 25th, according to a report released by the Labor Department on Thursday. The report showed that initial jobless claims came in at 374,000, unchanged compared to the previous week's revised figure. Economists had expected jobless claims to edge down to 370,000 from the 372,000 originally reported for the previous week. Personal income and spending in the U.S. both increased in the month of July, according to a report released by the Commerce Department on Thursday, with the increases both coming in line with economist estimates. The report showed that personal income rose by 0.3 percent in July, matching the increases seen in the two previous months. The increase also came in line with estimates. The Commerce Department also said personal spending increased by 0.4 percent in July after coming in roughly flat in June. The spending growth also matched the expectations of economists. Asia Market Reports Asian Markets Trade Weak 8/29/2012 11:30 PM ET Asian markets are mostly trading notably lower on Thursday with a weak lead from the U.S. and European markets triggering a sell-off in key stocks. The mood is a bit bearish in the region amid waning hopes of a fresh round of stimulus from the U.S. Federal Reserve following some upbeat economic data. A lack of positive triggers from the region is also contributing to the weakness. The Australian market is trading notably lower with investors pressing heavy sales in the mining space following a significant fall in iron ore prices. Apart from several key stocks in the mining space, some front line energy stocks too are trading sharply lower. Consumer discretionary, industrial and information technology stocks are the other prominent losers. Financial and healthcare stocks are trading mixed. The benchmark S&P/ASX 200 index, which declined to 4,302.5, is currently trading at 4,312, down 44.4 points or 1 percent from its previous close. The broader All Ordinaries index is down 45.5 points or 1 percent at 4,336. Among top miners, BHP Billiton (BHP, BBL) is down 2.5 percent, Rio Tinto (RIO, RIO.L) is losing more than 3.5 percent, Fortescue Metals is trading lower by 3 percent and Newcrest Mining is losing about 4.5 percent. In the energy sector, Santos is down 3 percent and Caltex Australia is trading lower by over 1.5 percent, while Oil Search, Origin Energy and Woodside Petroleum are down 0.3 to 0.6 percent. Boart Longyear is down almost 33 percent after the company provided a negative outlook for the year. The company reported a 32 percent jump in net profit at A$95.11 million for the first half, but revised down its outlook for full-year revenue to A$1.94 billion. ALS Ltd. shares are down nearly 8 percent. Lynas Corp., Arrium, Sims Metal Management and Atlas Iron are down 5 to 6.5 percent. Bluescope Steel, Tatts Group, Boral, Iluka Resources, Aurora Oil & Gas, Monadelphous Group, Leighton Holdings, Oz Minerals, Beach Energy and SP Ausnetare trading lower by 3 to 4.5 percent. Lend Lease is trading higher by over 2 percent after it forecast higher earnings after unveiling a near two percent rise in net profit for its 2012-13 financial year. Lend Lease posted a net profit of A$501.4 million for the year to June 30, up from A$492.8 million in the previous year. On the economic front, new private capital expenditure rose a seasonally adjusted 3.4 percent in real terms, in the June quarter, the Australian Bureau of Statistics said on Thursday. According to another report from the bureau, Australian residential building approvals fell 17.3 percent to 11,306 units in July, as compared to an upwardly revised 13,662 units in June, seasonally adjusted. In the year to July, building approvals were down 10.6 percent, the data showed. 8/29/2012 11:30 PM ET The Japanese market opened on a weak note with investors indulging in some heavy selling amid speculation the U.S. Federal Reserve may not announce another round of stimulus. A report revealing a bigger-than-expected drop in Japanese retail sales also contributed to the weakness in the market. The benchmark Nikkei 225 index, which drifted down to around 8,990, was down 67.1 points or 0.7 percent at 9,002.7 at the end of the morning session. Insurance, electric power, financial, automobile, steel and non-ferrous metals stocks were mostly trading weak. Land transport, real estate and chemicals stocks exhibited a mixed trend. Nippon Paper Group, MS&AD Insurance Group Holdings, JFE Holdings, Sumitomo Metal Industries, Hino Motors, Nippon Steel Corp and Nipon Yusen KK lost 3 to 4 percent. Japan Steel Works, Pacific Metals and Aozora Bank drifted down nearly 3 percent. Alps Electric, Nippon Light Metal, Mitsui Mining & Smelting, Nomura Holdings, Komatsu and Sumitomo Metal Mining lost 2 to 2.6 percent. Showa Shell KK, Toho Zinc, Chubu Electric Power, Mitsumi Electric, NEC Corp, Resona Holdings and Kobe Steel also declined sharply. Meanwhile, Nippon Sheet Glass, Daikin Industries, Furukawa Electric, Softbank Corp, Mitsubishi Paper Mills, Asahi Group Holdings, Japan Tobacco and Nippon Express moved higher and recorded notable gains. According to the data released by the Ministry of Economy, Trade and Industry, retail sales in Japan were down a seasonally adjusted 1.5 percent in July at 11.70 trillion yen. That missed forecasts for a fall of 0.5 percent following the 1.2 percent contraction in June. On a yearly basis, retail sales were down 0.8 percent - missing forecasts for a decline of 0.1 percent after adding 0.2 percent in the previous month. Sales from large retailers were down 4.4 percent on year, short of forecasts for a decline of 3.2 percent after easing 2.6 percent a month earlier. In the currency market, the U.S. dollar traded in the upper 78 yen range in early deals in Tokyo. The yen is currently trading at 78.70 to the dollar. Among other markets in the Asia-Pacific region, Hong Kong, Indonesia, Singapore and South Korea are trading notably lower. Malaysia and Taiwan are down marginally, while Shanghai and New Zealand are up slightly. On Wall Street, stocks ended flat on Wednesday, showing a lack of direction and extended the lackluster performance seen in the two previous sessions. The choppy trading came despite the release of a batch of relatively upbeat economic data. The major averages eventually ended the session slightly higher. The Dow inched up 4.5 points or less than a tenth of a percent to 13,107.5, the Nasdaq rose 4.1 points or 0.1 percent to 3,081.2 and the S&P 500 edged up 1.2 points or 0.1 percent to 1,410.5.       8/29/2012 11:30 PM ET Major European markets turned in a mixed performance on Wednesday. The German DAX index ended up by 0.1 percent, while the French CAC 40 Index and the U.K.'s FTSE 100 index ended lower by 0.5 percent and 0.6 percent, respectively. U.S. oil futures drifted lower on expectations that damage from Hurricane Isaac to oil production in the U.S. Gulf Coast will be limited. A surged in Crude oil stockpile too contributed to the decline. Light sweet Crude for October delivery ended down 1.4 percent at $95.01 a barrel on the New York Mercantile Exchange. Commodities USDCAD USDEUR USDGBP USDJPY Please click on the images to view our interactive charts Eurozone Economic Confidence Weakens In August 8/30/2012 8:38 AM ET Eurozone economic sentiment deteriorated further in August reflecting the Sharp weaknesses in confidence among consumers, retailers and construction managers due to concerns over recession and the lingering sovereign debt crisis. The economic sentiment index dropped to 86.1 from 87.9 in July, European Commission's monthly survey revealed Thursday. The reading was the lowest since late 2009 and below the expected level of 87.5. Today's figures are a further wake-up call to Eurozone policymakers to speed up their efforts in resolving the crisis, said ING Bank NV's economist Martin van Vliet. Led by deterioration in managers' production expectations and their assessment of the current level of overall order books, industrial confidence slid to -15.3 from -15.1 a month ago. In the construction sector, confidence declined to -33.1 from -28.5 in July. The retailers' confidence index fell to -17.3 from -15 a month ago. Amid higher unemployment fears and worsened consumer expectations about the future general economic situation, consumer confidence weakened to -24.6 from -21.5. Confidence in services fell for a fifth month with the index sliding to -10.8 from -8.5 a month ago. A separate survey from the European Commission showed that the business confidence rose by 0.06 points to -1.21 in August and better than the forecast of -1.3 points. The slight increase was largely due to an improvement in managers' assessment of past production, export order books and the adequacy of stocks of finished products. By contrast, managers' production expectations and their assessment of overall order books deteriorated in August. The 17-nation euro area shrank 0.2 percent in the second quarter. Given the current sluggish economic environment, it is most likely that the region slid into recession in the third quarter. With countries reluctant to meaningfully slow the pace of fiscal tightening, more unconventional monetary stimulus and a much weaker euro are likely to be needed to put the economy back on a path of sustained growth, said ING Bank economist.

How big is gold's QE premium?: Gold Mineweb Daily News - August 30, 2012 -

$1,656.30 $30.72

TOP STORIES | Thursday , 30 Aug 2012                                                      How big is gold's QE premium? What will happen to gold post Jackson Hole is the question on many commentators' lips at the moment, here are a few scenarios.    Thursday , 30 Aug 2012 Gold prices hold steady ahead of Jackson Hole symposium Prices were kept in a narrow range on Thursday by uncertainty over how far the central bankers' symposium will provide clues on another round of QE.    Thursday , 30 Aug 2012 David Morgan bullish on gold and silver - saw ‘bottom' in May David Morgan expects gold to top $1,800/oz and silver $35 to $40/oz by the end of the year and both to take off from there. Interview with The Gold Report.    Thursday , 30 Aug 2012 Recent commodity downturn just a blip - Jim Rogers Jim Rogers says that until significant amounts of new supply come on stream, the commodities super cycle will continue.    Wednesday , 29 Aug 2012 Analysts praise Aurcana's 115 million ounces silver Aurcana got kudos from analysts on a new resource that shatters its old 4.2 million ounce silver resource at the La Negra mine in Mexico; but will it expand throughput?    Thursday , 30 Aug 2012 Mexican police breach picket line at Excellon silver mine The incident occurred Wednesday at Excellon's La Platosa mine in the northern state of Durango, where striking miners vowed to continue their near two-month work stoppage.    Thursday , 30 Aug 2012 La Mancha Resources names new CEO Gold miner La Mancha has named Sébastien de Montessus the new chief executive to replace Dominique Delorme who resigned from both the position of president and CEO.    Thursday , 30 Aug 2012 African Barrick Gold sale would attract capital gains tax - Tanzania Should a sale go through, African Barrick Gold will be required to submit all the details of the transaction to determine the amount of capital gains to be paid, says the Tanzania Revenue Authority.    Thursday , 30 Aug 2012

COMPANY RELEASES                                                      Renaissance Reports Ongoing Step-Out Drill Results at Okvau Deposit Prodigy Gold Announces Grant of Incentive Stock Options Evolution Delivers Strong Maiden Net Profit Solid Gold Resources Corp. Mobile at Lake Abitibi Excellon Provides Update Information Regarding La Platosa Illegal Action Changes to La Mancha Board and Management Team Andover Completes $1.5m USD Convertible Note Financing with Sentient Deer Horn Metals Inc. Arranges Financing Energold Drilling Reports Second Quarter 2012 Results Q-Gold Revises Private Placement Terms SEMAFO Discovers High Grade Siou Zone at Mana Andover Reports Assay Results from 2012 Drill Program at Sun Property Melkior Reports Drill Results from Carscallen Pan African to Dispose of Manica Gold Project Harmony is Positioned to Measure, Measure Up & Deliver Against its Stated Strategy Alliance Resources Limited Publishes Appendix 3B Golpu Gold Equivalent Reserve Significantly Enhances Value of Harmony's Asset Portfolio Ramelius Provides Angel Wing Gold Project Update in Nevada Norton Gold Fields Publishes 2012 Appendix 4E Strickland to Acquire Brazilian Gold Projects TVI Announces Signing of Subscription Agreements and JV Agreements with Foyson

RTTNews Forex Market Update - August 30, 2012 -

Economic News August 30, 2012

S. Korean Manufacturers' Sentiment Rises

South Korean manufacturers' outlook on business conditions for September improved after easing for three consecutive months. (Aug 30, 2012) Full Article 

Poland Economy Grows Less Than Expected In Q2

Poland's economic growth slowed for the second straight quarter and at a faster-than-expected pace, preliminary data from the statistical office indicated Thursday. Gross domestic product grew a non-seasonally adjusted 2.4 percent year-on-year, following 3.5 percent expansion in the first quarter. Economists had forecast 2.9 percent growth. The latest pace of growth is the weakest in more than two years. (Aug 30, 2012) Full Article 

U.K. July Mortgage Approvals Rise In Line With Forecast

Approvals of loans for house purchase in the United Kingdom rose in line with expectations in July, data released by the Bank of England showed Thursday. Mortgage approvals for house purchases rose to 47,312 from a revised 44,124 in June. Economists had forecast a figure of 47,000. The increase came after a steep decline in the previous month. (Aug 30, 2012) Full Article 

Portugal Consumer Confidence At 1-year High

Portugal's consumer confidence improved for the seventh consecutive month in August to its highest level in a year, data from Statistics Portugal revealed Thursday. The consumer confidence index rose to -49.2 from July's -50.4. The latest reading is the best since August last year, when the score was -49.1. (Aug 30, 2012) Full Article 

U.S. Weekly Jobless Claims Unchanged At 374,000

Initial claims for U.S. unemployment benefits unexpectedly came in unchanged in the week ended August 25th, according to a report released by the Labor Department on Thursday. (Aug 30, 2012) Full Article 

Forex Top Story

Australia Business Investment Expands On Mining

Australia's business investment expanded more than expected in the second quarter as investment growth in mining offset declines in the manufacturing and other sectors. (Aug 30, 2012) Full Article 

Philippine GDP Growth Slows Less Than Expected In Q2

Philippine economic growth eased in the second quarter, but at a slower than expected pace, as spending and exports underpinned activity. (Aug 30, 2012) Full Article 

German Unemployment Rises For Fifth Month

German unemployment increased for the fifth month in August as firms shed jobs fearing a recession in the 17-nation currency bloc. (Aug 30, 2012) Full Article 

Italy Yields Drop Further On Hope Of ECB Bond Buying

Italy had a successful auction on Thursday as it sold its five- and 10-year debt at lower yields as investors remained hopeful that the European Central Bank may resume its bond-buying to help lower the borrowing costs of troubled euro area countries. The Italian Treasury raised a total EUR 7.29 billion from today's auction, close to the maximum target set for the sale. The latest auction follows two successful sales yesterday and the day before. (Aug 30, 2012) Full Article 

Eurozone Economic Confidence Weakens In August

Eurozone economic sentiment deteriorated further in August reflecting the sharp weaknesses in confidence among consumers, retailers and construction managers due to concerns over recession and the lingering sovereign debt crisis. (Aug 30, 2012) Full Article 

Commodities

Gold Slips Amid Mixed Dollar

Gold was extending losses for a third session Thursday morning as hopes for further quantitative stimulus measures from the world's largest economy weakened following the recent batch of encouraging economic data from the U.S. (Aug 30, 2012) Full Article 

Crude Steady Above $95

The price of crude oil was little changed Thursday morning as the U.S. dollar was trading mixed ahead of a key central bankers' meeting at the weekend. (Aug 30, 2012) Full Article 

Political News

German Firms Called To Invest In Renewable Energy Projects In Fukushima

The Governor of Japan's Fukushima prefecture has called upon German firms specializing in renewable energy to invest in his tsunami-devastated prefecture. (Aug 30, 2012) Full Article 

N. Korea Asked To Discuss Abduction Of Japanese Citizens

Japan has urged North Korea to address its abductions of Japanese citizens during World War II in future governmental talks. (Aug 30, 2012) Full Article

Egypt Seeks Ex-Premier's Detention Over Graft

Egypt's Mubarak-era last Prime Minister Ahmed Shafiq will be detained for questioning over an alleged corruption case on his return from abroad, said an investigating judge on Wednesday. (Aug 30, 2012) Full Article 

Japan To Take Up Island Dispute With ICJ

Japan plans to take up with the International Court of Justice (ICJ) unilaterally its territorial dispute with South Korea after the latter rejected a joint move on the issue. (Aug 30, 2012) Full Article 

ASEAN Plus Six To Set Up Free Trade Zone In 2015

A meeting of officials of Asia-Pacific economies agreed on Thursday to try to conclude a pact in 2015 to set up a free trade zone. (Aug 30, 2012) Full Article

Currency Alerts

Australian Dollar Drops Against Majors

The Australian dollar slipped against other major currencies in the early Asian session on Thursday as regional stocks declined. (Aug 30, 2012) Full Article 

Dollar Down Ahead Of Key Data And Jackson Hole Symposium

The US dollar was trading mostly lower in early deals Thursday (Aug 30, 2012) Full Article 

Pound Trades At 1-week High Against US Dollar

The pound erased much of its Asian session losses against other major currencies (Aug 30, 2012) Full Article 

General News

3 Australian Soldiers Killed In Afghan 'Insider Attack'

Three Australian soldiers were killed and two others injured when a man in an Afghan Army uniform opened fire on them on Wednesday night in the latest of "insider attack" in the war-torn country. (Aug 30, 2012) Full Article 

China Colliery Blast Kills 19

A gas explosion at a coal mine in south-west China on Wednesday killed 19 people and left 28 trapped underground, state media reported. (Aug 30, 2012) Full Article 

Typhoon Tembin Approaches S. Korean Island

Strong winds accompanied by heavy rains were expected to lash South Korea as Typhoon Tembin neared the southern island of Jeju on Thursday morning, the state weather agency said. (Aug 30, 2012) Full Article

China To Buy 50 Airbus A320 Planes Costing $3.5 Bln.

China on Thursday signed a deal with Airbus to buy 50 A320 aircraft worth $3.5 billion from the European manufacturer. (Aug 30, 2012) Full Article 

Concert Features Violin Made Of Tsunami Debris

A French musician played a violin made of tsunami de