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The Japanese Nikkei 225 (INDEXNIKKEI:NI225) jumped higher for the second straight session overnight, finishing the day up 2.73%. European indices rose on the day as well, with the DAX (INDEXDB:DAX) finishing the day up more than 1%.
This morning the Empire State manufacturing index surprised investors to the upside, coming in at 7.84 against the 0.0 that was expected. However, though the headline number was very positive, the internal readings of manufacturing activity remained weak.
The NAHB housing market index, an index of real-estate broker and builder expectations, also came in much higher than expected at 52, its highest level since 2006. Homebuilder stocks (NYSEARCA:XHB) reacted favorably to the data and finished up more than 1% in today's session.
The 10-year Treasury rose five bps to 2.17%. Crude finished flat on the day, closing just under $98 a barrel.
A deal between Netflix, Inc. (NASDAQ:NFLX) and DreamWorks Animation SKG Inc. (NASDAQ:DWA) was announced today that will bring 300 hours of original DreamWorks content to Netflix over the next several years. Shares of both companies jumped on the released, with Netflix finishing the day up 6.5% and DreamWorks up 4%.
Tomorrow's Financial Outlook
Great Britain’s CPI and PPI will be released at 4:30 a.m. EDT tomorrow morning. The consumer price index is expected to see year-over-year growth of 2.6%, up from 2.4% the month prior. In the PPI report, output is expected to have seen zero growth month-over-month and input is expected to have seen a 0.1% decline.
The US consumer price index and housing starts will both be released at 8:30 a.m. EDT. CPI is expected to see growth of 1.4% year-over-year in May, up from 1.1% the month prior. Housing starts are expected to come in at an annual rate of 955,000 in May, after 853,000 last month.
The FOMC meeting begins tomorrow to discuss the economic climate and monetary policy. Ben Bernanke will address the public on Wednesday in a press conference at 2:30 p.m. EDT following the 2:00 p.m. statement from the committee.
Adobe Systems Incorporated (NASDAQ:ADBE) will release earnings tomorrow after the closing bell. The tech giant is expected to report earnings per share of $0.34. La-Z-Boy Incorporated (NYSE:LZB) will also release its earnings report after market close tomorrow. Earnings per share is expected to come in at $0.28 with revenue $356.9 million.
LONDON -- The FTSE 100 (FTSEINDICES: ^FTSE) has started the week positively, gaining 26 points to close at 6,330 today. Utilities, consumer products, and other shares generally considered safe rose a little, but the picture is still mixed for the mining sector. The U.K.'s top index has been steadily falling since reaching a 13-year high of 6,876 on May 22 -- it's now down 546 points since then -- but the fall may well have bottomed out now.
A number of shares still managed to beat the FTSE today. Here are three of them.
Carillion (LSE: CLLN) Construction firm Carillion today announced another big contract win to add to the £400 million deal it struck last month for the redevelopment of Battersea Power Station. The latest is a £130 million contract to develop part of the Oman Convention and Exhibition Centre Project, which is likely to cost about £1 billion when all is said and done. Carillion, which has been working to expand beyond its home U.K. market, will commence work in July on a project expected to last 18 months.
And the share price? It gained 2.7% today, which is a welcome reversal after the price slump that set in at the beginning of the year.
Quindell Portfolio (LSE: QPP) Quindell Portfolio, whose share price has been hit recently by shorting fears (which the company refuted), got a 1.4% boost to 9 pence today after the firm announced that it has granted warrants to RAC Limited that can be converted into 250 million new shares at an exercise price of 13 pence. This comes after Quindell -- which provides software and services for a number of sectors including insurance -- signed a deal with RAC in April for the use of its product suite.
Based on forecasts for the year to December 2013, Quindell shares are on a forward P/E of only four!
Lamprell (LSE: LAM) Lamprell shares picked up 2.6% after the engineering-services firm revealed a refinancing of its debt facilities. The firm, which offers its services to the oil and gas industry, has sealed a deal with five core lending banks for a new $181 million facility which will replace its existing loans.
Lamprell's share price had been falling since a mid-May peak of 183 pence, but after today's movement it is still up more than 40% over the past 12 months.
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LONDON -- The FTSE 100 (FTSEINDICES: ^FTSE) may be well off its 13-year high of 6,876 points set on May 22 -- it finished today at 6,330, down 546 points from that level -- but at least the index of top U.K. shares is still a long way above its 52-week low of 5,436 and is up 15% over the past year, and that would usually be considered an impressive result.
But which individual shares are managing to set new records? Here are three from the various indexes that are soaring to new heights.
Kingfisher (LSE: KGF) Kingfisher, the owner of the U.K.'s B&Q and Screwfix brands, as well as a number of other European outlets, saw its share price regain a 52-week high of 355 pence today. The shares closed at 354 pence today and are up nearly 30% over the past 12 months -- and the price has just about tripled since the lowest point of 2009.
After the price rise, Kingfisher shares now trade on a P/E multiple of 15 based on forecasts for the year to January 2104, dropping to 13 for the following year -- and there's a dividend yield of about 3% expected.
Sports Direct (LSE: SPD) Shares in Sports Direct International have soared more than 75% over the past year, hitting a new 12-month high of 539 pence today and finishing the day at 527 pence.
The firm's announcement last month of two major acquisitions in Europe lent support to current forecasts of good growth in the coming years. City analysts are expecting a 35% rise in earnings per share for the year ended April 2013, and the company's pre-close update released in April gave us every reason to think that should be pretty close.
Daily Mail and General Trust (LSE: DMGT) The biggest riser of today's three is Daily Mail and General Trust, whose price has more than doubled in the past year -- and it's been bouncing around between 750 pence and 780 pence for a few weeks, reaching 778 pence again today before closing at 770 pence. MailOnline has given the company a solid boost over the past year, ranking as the world's most visited news website -- and online advertising is in the midst of a resurgence right now.
Forecasts for the year to September suggest a modest 4% rise in earnings, but even after the doubling of the price, the shares are still only on a forward P/E of 15, which is only slightly ahead of the FTSE's long-term average of about 14.
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PARIS, June 17 (Reuters) - France Telecom (Other OTC: FNCTF - news) 's
executive board agreed on Monday to keep chief executive
Stephane Richard in his job after he was put under investigation
for fraud allegedly committed during his time as a top
government aide.
The board said after an emergency meeting in Paris to decide
his future that it had "full confidence" in Richard to pursue
his leadership of the 27 percent state-owned group, which also
goes by the Orange brand.
"The Board considers that the legal measures affecting
Stephane Richard do not impede his ability to fully and
effectively lead Orange as its Chairman and Chief Executive
Officer," the board said in a statement.
Richard was a top aide in the finance ministry under former
president Nicolas Sarkozy when his government in 2008 awarded
tycoon Bernard Tapie 285 million euros ($373 million) in damages
in a legal dispute with defunct bank Credit Lyonnais.
His future at France Telecom has been in doubt since
magistrates last week opened a formal investigation into his
role in the award. Richard denied wrongdoing and is appealing
against the decision to put him under investigation.
The company's shares closed 3.08 percent on the day, making
it the biggest gainer on France's blue-chip CAC 40 (Paris: ^FCHI - news) index
, with investors relieved that Europe's fourth-biggest
telecom group by sales would not face a leadership vacuum.
"If Richard had been forced out, the group could have
suffered during the transition phase to a new boss," said a
Paris-based trader who declined to be named.
Richard, 51, is a product of one of France's elite "grandes
ecoles". His contract is up in May 2014, so it still remains to
be seen whether the investigation will affect his chances of
being retained for a second term as CEO.
France Telecom has seen business in its key home market get
slammed by an 18-month old price war sparked by the arrival of
low-cost mobile competitor Iliad (Paris: FR0004035913 - news) .
The board said it had appointed an independent board member
to follow the situation.
In French law a formal investigation means there is "serious
or consistent evidence" pointing to likely implication of a
suspect in a crime. It is one step closer to a trial, but some
such investigations have been dropped without going to court.
The result of the executive board meeting was largely
expected after President Francois Hollande said on Sunday that
Richard would stay as long as the investigation did not impede
his ability to do his job.
In the M6 TV interview on Sunday, Hollande also ruled out
the government selling down its stake in France Telecom because
current valuations were too low to make such a sale interesting.
France Telecom shares were the third-worst performing
telecom stock in Europe in the past 12 months, largely because
of the erosion of mobile profitability it its home market.
(Additional reporting by Ingrid Melander; Editing by David
Holmes and Mark John)
* U.S. data boosts Weir, Wolseley (LSE: WOS.L - news)
By Toni Vorobyova
LONDON, June 17 (Reuters) - Britain's top share index gained
on Monday, with some investors seeing value in the market after
a four-week sell-off, and with stronger U.S. housing data
boosting sentiment on construction and engineering stocks.
The FTSE 100 index closed up 22.23 points, or 0.4 percent
, at 6,330.49 points.
The slight rebound came after four straight weeks of losses
- the British benchmark's longest down run 14 months - driven by
concern that the U.S. Federal Reserve could become the first
major central bank to scale back the plentiful stimulus that has
supported global equities over the past year.
Markets were expected to remain jittery through the Fed's
policy meeting on Tuesday and Wednesday, but with the FTSE 100
down over 5 percent in the past month, some were starting to see
attractive opportunities among individual stocks.
Resolution added 3.1 percent after JPMorgan raised
its price target on the insurer and highlighted its attractive
dividend yield, while consumer health and hygiene group Reckitt
Benckiser gained 2.0 percent following an upgrade from
Citi saying the stock was undervalued.
Investors also took some comfort from U.S. data showing an
improvement in home builder sentiment in June and a pick up in a
regional survey of the manufacturing sector.
"You've got economies in North America showing increases in
GDP estimates, the UK is turning definitely ... so I would tend
to be quite bullish," said Tim Steer, fund manager at Artemis.
"UK companies are in good nick, a little bit cheaper over
the last month ... and many of them are very international. They
have been through a tough time over the last five years, so much
of the competition has gone by the way side and balance sheets
are very strong."
Steer's top picks included British retailers, travel stocks
like Easyjet (Other OTC: EJTTF - news) , as well as companies focused on the U.S.
construction sector such as Weir and Wolseley.
Weir and Wolseley added 2.2 and 1.0 percent, respectively,
extending gains after the data on the U.S. housing market
Heavyweight Vodafone was another top gainer, up 1.6
percent amid talk of possible merger and acquisition activity in
the European telecoms sector.
The broad rebound in British stocks was also supported by
technicals, with charts pointing to a brighter outlook for the
FTSE 100 after it tested support around five-month lows on
Thursday before rebounding to close much higher that day.
"From here I wouldn't be surprised if we reach 6,550 at
least - it could take a few days or at most a couple of weeks,"
said Fawad Razaqzada, technical analyst at GFT.
(Editing by Hugh Lawson)
LONDON (MarketWatch) — European stock markets rose on Monday, tracking Asia stocks higher and with investors focusing on whether the U.S. Federal Reserve will make any changes to its monetary policy when it meets later this week.
The Stoxx Europe 600 index /quotes/zigman/2380150XX:SXXP+1.16%
gained 1.1% to 294.46, after posting a fourth straight week of losses on Friday.
The Fed and the taper
Paul Vigna and Steven Russolillo discuss what effects the Fed is having on markets, and David Benoit runs down the week's winners and losers. Photo: AP.
Shares of Royal Philips NV /quotes/zigman/264418/quotes/nls/phgPHG-1.36%/quotes/zigman/264262NL:PHIA+4.41%
added 4.3% after Deutsche Bank lifted the electronics firm to buy from hold.
On a more downbeat note, shares of Saipem SpA /quotes/zigman/173003IT:SPM-25.46%
sank 25% after the oilfield-services firm late Friday cut its 2013 guidance because of escalating difficulties in Algeria. The Italian company now expects a full-year loss between 300 million euros ($400 million) and €350 million, down from an earlier forecast of profit of around €450 million.
For the broader stock markets, investors were mainly concerned about the U.S. Fed and whether it will start tapering its aggressive bond-buying program or raise rates at its two-day meeting ending Wednesday. Most analysts expect the central bank to keep interest rates low and maintain its $85-billion-a-month asset purchases, but don’t rule out the possibility of a reduction in the program later in the year.
“The economy isn’t strong enough yet [to start tapering QE]. The data has been very mixed. We had okay payrolls, but unemployment rising. You have manufacturing PMIs that are still weak. Looking at all these factors, this is not the time you want to pull the rug away too early, but we’re getting there, and the economy does look stronger,” said Peter Dixon, strategist at Commerzbank in London.
Global stock markets climbed to multiyear highs in May, boosted by central-bank liquidity, but comments from Fed Chairman Ben Bernanke about potentially tapering off in coming months sparked a selloff.
Stocks in Asia closed mostly higher with the Japanese Nikkei 225 index /quotes/zigman/5986735JP:NIK+2.73%rallying 2.7% on the back of a weaker yen.
Back in Europe, shares of Compagnie Financière Richemont SA /quotes/zigman/521735CH:CFR+2.35%/quotes/zigman/529266/quotes/nls/cfruyCFRUY+1.36%
put on 2.4% after HSBC lifted the luxury goods firm to overweight from neutral.
Among country-specific indexes, Germany’s DAX 30 index /quotes/zigman/2380246DX:DAX+1.46%
added 1.4% to 8,245.82 and France’s CAC 40 index /quotes/zigman/3173214FR:PX1+1.81%
gained 1.8% to 3,874.57.
The U.K.’s FTSE 100 index /quotes/zigman/3173262UK:UKX+0.89%
picked up 0.9% to 6,362.95.
* Technical charts show scope for gains after support level
held
By Toni Vorobyova
LONDON, June 17 (Reuters) - Britain's top share index edged
higher on Monday, with some investors seeing value in the market
after a four-week sell off, and with technical charts suggesting
a brightening outlook.
The rebound came after four straight weeks of losses - the
FTSE 100's longest down run 14 months - driven by concern that
the U.S. Federal Reserve could become the first major central
bank to scale back the plentiful stimulus that has supported
global equities over the past year.
Analysts said that markets were likely to remain jittery
through the Fed's policy meeting on Tuesday and Wednesday
, but with the British blue chip index down over 5
percent in the past month, they pointed to attractively valued
investment opportunities among individual stocks.
Resolution added 3.5 percent after JPMorgan raised
its price target on the stock and highlighted its attractive
dividend yield, while consumer health and hygiene group Reckitt
Benckiser gained 2.6 percent following an upgrade from
Citi saying the stock was undervalued.
"We see scope for buying on weakness ... and look to re-test
recent highs as we seem to have found support close to current
levels," said Atif Latif, director of equities and derivatives
trading at Guardian Stockbrokers.
"We see value in banks, telecoms and miners as the most to
gain from a push back up."
The FTSE 100 was up 54.79 points, or 0.9 percent, at
6,393.05 points by 1038 GMT, extending its recovery from a
five-month intra-day low of 6,205.71 points set last Thursday.
"It closed significantly above that level - that to me looks
like a rejection at that level. So in the near term we should be
going up. From here I wouldn't be surprised if we reach 6,550 at
least - it could take a few days or at most a couple of weeks,"
said Fawad Razaqzada, technical analyst at GFT.
Analysts said the possibility of a pick up in mergers and
acquisitions was another reason to buy equities.
Heavyweight Vodafone added 2.7 percent, mirroring
a buoyant European telecoms sector, following a media report of
a bid for Telefonica from AT&T (NYSE: T - news) , even though the
Spanish company said it had not been approached.
(Editing by Louise Heavens)
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