Market Comment
US indices rose on Monday helped by shares in the Pharmaceuticals, Biotechnology & Life Sciences, Technology Hardware & Equipment and Real Estate sectors. The S&P 500 (1799.84) remains below its 20d moving average (1802.1 - negative slope) and its 50d moving average (1809.3 - flat slope). Watch Fed Chairman Yellen's first testimony in Congress today.
European markets are expected to start on a flat note.
European markets are expected to start on a flat note.
Foreign Exchange
US Dollar was mixed against most of its major counterparts on Monday. On the US economic data front, no major news was released.
The Euro was mixed against its major counterparts. In Europe, Italy's industrial output fell 0.9% from November in seasonally adjusted terms, reversing three months of gains.
The Euro was mixed against its major counterparts. In Europe, Italy's industrial output fell 0.9% from November in seasonally adjusted terms, reversing three months of gains.
Commodities
After the close of Wall Street, WTI Crude Future (MAR 14) was about flat to $99.95. The contract was above its 20D MA (@ $95.67) and above its 50D MA (@ $96.35).
Gold was up $7.4 to $1274.7. The precious metal was above its 20D MA (@ $1255) and above its 50D MA (@ $1237).
Copper Future (MAR 14) on Comex was down 1.8c to 321.8c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 1625 tons to 306400 tons.
Gold was up $7.4 to $1274.7. The precious metal was above its 20D MA (@ $1255) and above its 50D MA (@ $1237).
Copper Future (MAR 14) on Comex was down 1.8c to 321.8c/lb. The contract was below its 20D MA (@ 330.62c) and below its 50D MA (@ 326.76c). In Europe, the London Metal Exchange reported its copper inventories decreased 1625 tons to 306400 tons.
UK Market News
UK: Total retail sales grew 5.4% YoY in January (vs +1.8% in December), the biggest increase since March 2010, while same-store retail sales were up 3.9% YoY (vs +0.4% in December), the strongest gain since April 2011, reported the British Retail Consortium.
Barclays swung to a FY13 net income of £540M from a net loss of £624M in the previous year, saying: "Adjusted profit before tax was down 32% to £5,167M driven by costs to achieve Transform and a reduction in income. Q413 adjusted profit before tax was down £1,194M against Q313 to £191M, including the impact of £331M of charges against litigation and regulatory penalties in the Investment Bank, UK bank levy of £504M (Q313: £nil), and £468M of costs to achieve Transform (Q313: £101M). Statutory profit before tax improved to £2,868M (2012: £797M), reflecting a reduced own credit charge of £220M (2012: £4,579M) (...) Investment Bank income was down 9% to £10,733M driven by a decrease in FICC income of £1,141M, (...) Credit impairment charges improved 8% to £3,071M, with a loan loss rate of 64bps (2012: 70bps) (...) Adjusted return on average shareholders' equity decreased to 4.5% (2012: 9.0%) principally reflecting the decrease in profit before tax, £440M write down of deferred tax assets relating to Spain and the rights issue equity raised of £5.8B. (...) CRD IV CET1 ratio on a fully loaded basis was 9.3% (30 September 2013: 8.4% or 9.6% on a proforma post rights issue basis). (...) A final dividend for 2013 of 3.5p per share will be paid on 28 March 2014 resulting in a total 6.5p dividend per share for the year."
Barclays swung to a FY13 net income of £540M from a net loss of £624M in the previous year, saying: "Adjusted profit before tax was down 32% to £5,167M driven by costs to achieve Transform and a reduction in income. Q413 adjusted profit before tax was down £1,194M against Q313 to £191M, including the impact of £331M of charges against litigation and regulatory penalties in the Investment Bank, UK bank levy of £504M (Q313: £nil), and £468M of costs to achieve Transform (Q313: £101M). Statutory profit before tax improved to £2,868M (2012: £797M), reflecting a reduced own credit charge of £220M (2012: £4,579M) (...) Investment Bank income was down 9% to £10,733M driven by a decrease in FICC income of £1,141M, (...) Credit impairment charges improved 8% to £3,071M, with a loan loss rate of 64bps (2012: 70bps) (...) Adjusted return on average shareholders' equity decreased to 4.5% (2012: 9.0%) principally reflecting the decrease in profit before tax, £440M write down of deferred tax assets relating to Spain and the rights issue equity raised of £5.8B. (...) CRD IV CET1 ratio on a fully loaded basis was 9.3% (30 September 2013: 8.4% or 9.6% on a proforma post rights issue basis). (...) A final dividend for 2013 of 3.5p per share will be paid on 28 March 2014 resulting in a total 6.5p dividend per share for the year."
European Markets
ECB: Publication of the Consolidated Financial Statement of the Eurosystem (3pm CET)
Conference: Chemical Control and Hazard Communication Regulations
Metro reported 1Q net income down 6.7% YoY to E440M and EBIT before special items down 15.7% to E1.1B on sales of E18.7B, down 3.3% (-1.4% in local currency). On the outlook for the full year the Co said: "The METRO GROUP expects to see a slight rise in overall sales in local currency (...) In like-for-like sales, the METRO GROUP expects to see a trend improvement following the previous year’s level of -1.3% and a level of sales that will roughly equal the previous year’s level. (...) The announced changes in the real estate strategy will impact earnings. (...) METRO GROUP expects an EBIT before special items of around E1,750M in the financial year 2013/14."
Bilfinger Berger posted 4Q adjusted net income from continuing operations up 38% YoY to E98M and adjusted EBITA up 32% to E156M on output volume of E2.3B, down 1%. FY13 adjusted net income grew 3% to E249M and adjusted EBITA was up 6% to E409M. Looking into 2014 the Co said: "Overall, the Co expects positive development in all business segments in 2014. (...) Output volume for the Group will increase to at least E9B in 2014 (reporting year: E8.5B). (...) Adjusted EBITA (reporting year: E409M) and adjusted net profit (reporting year: E249M) will increase significantly."
Conference: Chemical Control and Hazard Communication Regulations
Metro reported 1Q net income down 6.7% YoY to E440M and EBIT before special items down 15.7% to E1.1B on sales of E18.7B, down 3.3% (-1.4% in local currency). On the outlook for the full year the Co said: "The METRO GROUP expects to see a slight rise in overall sales in local currency (...) In like-for-like sales, the METRO GROUP expects to see a trend improvement following the previous year’s level of -1.3% and a level of sales that will roughly equal the previous year’s level. (...) The announced changes in the real estate strategy will impact earnings. (...) METRO GROUP expects an EBIT before special items of around E1,750M in the financial year 2013/14."
Bilfinger Berger posted 4Q adjusted net income from continuing operations up 38% YoY to E98M and adjusted EBITA up 32% to E156M on output volume of E2.3B, down 1%. FY13 adjusted net income grew 3% to E249M and adjusted EBITA was up 6% to E409M. Looking into 2014 the Co said: "Overall, the Co expects positive development in all business segments in 2014. (...) Output volume for the Group will increase to at least E9B in 2014 (reporting year: E8.5B). (...) Adjusted EBITA (reporting year: E409M) and adjusted net profit (reporting year: E249M) will increase significantly."
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