Tuesday, February 4, 2014

EVENTS & FINANCIAL NEWS 05-02-2014

Market Comment

US indices rebounded on Tuesday led by shares in the Consumer Services, Automobiles & Components and Consumer Durables & Apparel sectors. The S&P 500 (1755.2) remains below its 20d moving average (1813.8 - negative slope) and its 50d moving average (1811 - negative slope).

European markets are expected to start on a flat note.

Foreign Exchange

US Dollar rose against most of its major counterparts on Tuesday. On the US economic data front, factory orders dropped 1.5% MoM (-1.8% expected) in December after a downwardly revised 1.5% gain the previous month.

The Euro was mixed against its major counterparts. Euro zone PPI Index was up by 0.2% in December, as expected, after a 0.1% decline the month before.

The Australian Dollar jumped against its major counterparts. The Reserve Bank of Australia (RBA) adopted a more neutral stance. Governor Glenn Stevens who previously qualified the AussiE level as uncomfortably high" said Australian dollar's decline "will assist in achieving balanced growth"

Commodities

After the close of Wall Street, WTI Crude Future (MAR 14) was up $0.9 to $97.36. The contract was below its 20D MA (@ $98.29) and above its 50D MA (@ $96.59).

Gold was down $2.8 to $1254.9. The precious metal was above its 20D MA (@ $1249) and above its 50D MA (@ $1235).

Copper Future (MAR 14) on Comex was up 1.1c to 319.4c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). The 14d RSI below 30 (27.54) indicates Copper Future (MAR 14) contract was oversold. In Europe, the London Metal Exchange reported its copper inventories decreased 600 tons to 313275 tons.

UK Market News

Imperial Tobacco Group announced the appointment of Karen Witts, currently group finance director of Kingfisher Plc, as a non-executive director.

Hargreaves Lansdown reported 1H results: "The Group achieved a profit before tax of £104.1M, an 11% increase compared to H1 2013, consequent to increased levels of AUA (Assets Under Administration). (...) A lower rate of corporation tax meant that the diluted EPS increased by comparatively more than the profit before tax measure, with a 13% increase from 15.0p to 17.0p per share. (...) Continued growth with record revenue (up 13% to £158.4M) (...) Total net business inflows for the 6 months of £2.80B, up 70% (H1 2013: £1.65B) (...) Total assets under administration of £43.4B (up 43% on 31 December 2012 and 19% on 30 June 2013) (...) The Board has declared an interim dividend of 7.0p per share (H1 2013: 6.3p).

British Land said it has agreed to purchase £41M of additional units in Hercules Unit Trust (HUT) at £613 per unit (3.8% below latest NAV) as part of a scheduled pre-emption process. The Co added: "British Land has also submitted an application to Schroder Property Managers (Jersey) Ltd, the manager of HUT, to acquire up to £35M of further units in HUT which have been tendered as part of this process."
Homeserve Plc announced: "HomeServe expects its adjusted profit before tax for the year ending 31 March 2014 to be in line with market expectations."

European Markets

BMW is in advanced talks with Mexico's government on building a $1.5B car factory in the country, reported Dow Jones citing unnamed government officials.

Adidas has filed a patent-infringement lawsuit in the US against Under Armour Inc, according to Dow Jones.

Heidelberger Druckmaschinen said 3Q net income plunged to E7M from E14M in the previous year and adjusted EBITDA was down E36M from E38M on sales of E588M, down 14.4%. 9-month net loss narrowed to E40M from E94M a year earlier. On the outlook the Co said: "The outlook for the 2013/2014 financial year and the aim of generating a consolidated net profit remain unchanged. (...) the Co expects sales volumes for the year as a whole to be around 10% lower than in the previous year."

Contact Us:

Direct:04-3841906
Web: www.cfb.ae
Email:info@cfb.ae

For more information please visit our website century financial brokers.
Here are some useful links that you can follow:

Here is a CFB blog that gives useful daily Gold Analysis on dailybasis.
You can also follow CFB on facebook (useful advice on posts regularly)

Here is another blog that provides regular news and information and is very useful for Forex Signals.

No comments:

Post a Comment