FTSE 100 Shares: Chinese Demand Concerns Weigh on Kazakhmys
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The regular trading review of the main UK, US and European markets, plus a quick look at the commodities and forex markets.
For today's report see Financial Trading Review.
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Financial Trading Review - 15 March 2012
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UK Trading Review
UK markets closed mostly lower yesterday, with the FTSE 100 index snapping its five-day winning streak, led by a decline in mining sector stocks, overshadowing upbeat comments from the US Federal Reserve.
Kazakhmys, the biggest decliner on the FTSE 100 index, slumped 4.3%, while BHP Billiton, Antofagasta and Vedanta Resources lost between 2.3% and 2.7%, as base metal prices lost ground, amid demand concerns from China.
Vodafone Group shed 2.4%, as Exane BNP Paribas downgraded its rating on the stock to “Underperform” from “Neutral”.
Security firm, G4S slid 1.9%, after Deutsche Bank issued a bearish note on the stock.
Engineering sector stock, Smiths Group fell 1.1%, after the company reported a drop in its first-half earnings.
Home Retail Group jumped 4.6%, after JP Morgan Cazenove lifted its rating on the firm to “Overweight” from “Underweight”.
FTSE 100 slipped 0.2% to 5,945.4, while FTSE 250 closed flat at 11,750.3.
European Trading Review
European markets closed higher yesterday, after the US Federal Reserve raised its assessment of the US economy, and following largely positive report on the US banks stress tests and a fall in borrowing costs at an Italian debt auction.
Utility stock, E.On, rallied 7.0%, after the company reported 2011 full-year earnings that surpassed market expectations.
Financial stocks, Credit Suisse Group, Natixis and Deutsche Bank surged between 3.9% and 5.2%, as risk aversion decreased among investors.
Alcatel-Lucent rose 3.4%, after a broker upgraded the stock to “Outperform” from “Market perform”, citing improving fundamentals and an attractive valuation.
Retailer, Dufry added 1.5%, after the company reported better-than-expected full-year earnings.
Salvatore Ferragamo rose 3.3%, after CA Cheuvreux reported that the company might be a takeover target.
FTSEurofirst 300 index advanced 0.3% to 1,098.4. German DAX Xetra 30 rose 1.2% to 7,079.4. French CAC-40 finished 0.4% higher to 3,564.5.
US Trading Review
US markets closed mostly higher yesterday, following US Federal Reserve’s recent comments on the domestic economy and as investors focussed on the largely positive stress test report of the biggest US banks.
Financial stocks, Bank of America, Zions Bancorporation and Regions Financial Corporation, surged between 4.1% and 10.5%, after 15 of 19 US banks passed the Federal Reserves’ bank stress tests.
Technology stock, Apple climbed 3.8%, after Morgan Stanley raised its price target on the stock.
Iron-ore producer, Cliffs Natural Resources rallied 7.1%, after the company doubled its dividend.
Precious metal stocks, Newmont Mining and Freeport-McMoRan Copper & Gold lost 1.0% and 2.5%, respectively, tracking lower gold and base metal prices.
Reynolds American lost 1.3%, after the company announced that it would cut its US work force by about 10% by the end of 2014.
DJIA closed 0.1% higher to settle at 13,194.1. NASDAQ ended marginally higher at 3,040.7. S&P 500 closed 0.1% lower to settle at 1,394.3.
Forex Trading Review
At 0400 BST today, the GBP is trading marginally lower against the USD at $1.5648, 0.1% lower against the EUR at €1.2011, and 0.3% higher against the JPY at ¥131.65.
The EUR is trading 0.1% higher against the USD at $1.3028. The EUR is trading 0.4% higher against the JPY at ¥109.60.
The USD is trading higher against the JPY and the GBP, amid speculation that data might show an index of regional manufacturing activity in the US expanded in March, and US initial jobless claims fell by 5,000 to 357,000 in the week ended 10 March.
The NZD is trading higher against the USD, after the BNZ-BusinessNZ reported that its performance of manufacturing index rose to 57.7 in February from a revised 50.8 in January.
Yesterday, the EUR ended lower against the USD, amid speculation that the US Federal Reserve would refrain from third round of bond purchases, after it raised its outlook for the country’s growth, citing positive jobs market and lower inflation in future. The EUR also lost value, after report showed that Eurozone industrial output increased less-than-expected in January.
The AUD and NZD closed higher against the USD, after China highlighted that it would keep property-market restrictions, dimming the outlook for the country’s economic growth.
The GBP ended lower against the USD, as UK jobless claims increased more-than-expected in February, and after Fitch Ratings lowered its outlook on the UK's sovereign credit rating to ‘Negative’ from ‘Stable. The USD closed higher against the JPY, after Japan machine tool orders declined in February.
Commodities Trading Review
In Asia, crude oil for April delivery is trading 0.24% or $0.25 higher at $105.68 per barrel.
Yesterday, crude oil for April delivery declined 1.2% or $1.28 to settle at $105.43 a barrel. This came after the US Energy Department report showed US crude oil inventories increased 1.75 million barrels to a six-month high of 347.5 million in the week ended 9 March. In addition, Saudi Arabia sought to make up for any shortfall, perceived or real, in crude oil supply following tensions between Iran and the Western countries. Crude oil also retreated, as the dollar gained against the euro, decreasing the demand for the commodities as an alternative investment.
Gold for immediate delivery is trading 0.1% higher today, at $1645.85 per ounce.
Gold for April delivery fell 3.0% or $51.30 to settle at $1,642.90 per ounce yesterday. This came as the dollar strengthened against the euro, after the US Federal Reserve issued a modest, yet upbeat, assessment of the US economy and kept interest rates unchanged at record low.
Financial Trading News
For more daily views, news and analysis of the markets also see:
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The above comments do not constitute investment advice and neither ETX Capital nor Clean Financial accept any responsibility for any use that may be made of them. Any prices or data are indicative and subject to change without notice; its accuracy is not guaranteed and should not be relied on.
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'FTSE 100 Shares: Chinese Demand Concerns Weigh on Kazakhmys' edited by ETX Capital, updated 15-Mar-12
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