German Shares: Delay to Emissions-Trading System Lifts Deutsche Lufthansa
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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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ETX Capital
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Financial Trading Review - 30 September 2011
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UK Trading Review
UK markets closed lower yesterday, as a drop in commodity sector stocks overshadowed German support for a bigger Eurozone bailout fund and upbeat US economic data.
Mining stocks, Rio Tinto, Vedanta Resource, Antofagasta, Xstrata and Fresnillo declined between 3.0% and 4.5%, as metal prices lost ground. Furthermore, a downgrade to “Neutral” from “Buy” at Goldman Sachs also weighed on Antofagasta.
Hedge fund manager, Man Group lost 2.2%, as RBS and Macquarie, both cut their ratings on the stock.
Retailer, Burberry, the top loser on the FTSE 100 index, slipped 8.3%, as Citigroup trimmed 2012 growth forecast of the Chinese economy.
UK banking stocks bucked the negative trend, with Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered rising between 1.0% and 2.7%, amid improvement in market sentiment.
Tate & Lyle rose 2.9%, after it issued upbeat guidance for the rest of the year.
FTSE 100 lost 0.4% or 20.8 points to close at 5,196.8. FTSE 250 shed 0.5% or 53.2 points to settle at 9,985.5.
European Trading Review
European markets closed in positive territory yesterday, as European leaders’ agreement on an expansion of the bailout fund, coupled with better-than-expected US GDP and a drop in US jobless benefits bolstered optimism about the economic recovery.
Banking stocks, BNP Paribas, Societe Generale and Deutsche Bank soared between 3.9% and 5.8%, as risk appetite increased among investors.
Clothing retailer, H&M, rallied 6.8%, after the company reported that its third-quarter operating profit fell less-than-expected.
Deutsche Lufthansa rose 2.5%, after the German government announced that the introduction of an emissions-trading system might be delayed if a “competitively neutral” solution could not be found for European airlines.
FTSEurofirst 300 index advanced 0.6% or 6.0 points to 933.3. German DAX Xetra 30 rose 1.1% or 61.2 points to end at 5,639.6. French CAC-40 edged up 1.1% or 32.0 points to settle at 3,027.7.
US Trading Review
US markets ended mostly higher yesterday, as upbeat US economic data and German support for expansion of Eurozone’s expansion fund boosted market sentiment.
Hartford Financial Services Group, the top gainer on the S&P 500 index, surged 8.2%, while JPMorgan Chase, Bank of America and Genworth Financial advanced between 3.0% and 7.8%, amid easing worries over the European debt crisis.
Advanced Micro Devices plunged 13.7%, after it slashed its revenue and profit forecast for the third quarter.
Manufacturer of recreational vehicles, Thor Industries surged 21.1%, after its fourth-quarter and full fiscal-year earnings surpassed market expectations.
BioDelivery Sciences, the top laggard on the NASDAQ, plunged 59.5%, after it stated that it failed to improve its pain drug.
DJIA gained 1.3% 11,154.0. NASDAQ slipped 0.4% to 2,480.8. S&P 500 advanced 0.8% to end at 1,160.4.
Forex Trading Review
At 0400 BST today, the GBP is trading 0.1% lower against the USD at $1.5592, 0.3% higher against the EUR at €1.1513, and 0.3% lower against the JPY at ¥119.43.
The EUR is trading 0.4% lower against the USD at $1.3543. The currency is trading 0.6% lower against the JPY at ¥103.73.
The JPY and USD are trading higher against the EUR, ahead of release of reports that might indicate US consumer spending slowed in August and retail sales in Germany decreased, boosting demand for safe haven currencies.
The NZD is trading lower against the USD, after the Standard & Poor's Ratings Services and the Fitch rating both downgraded the New Zealand government’s debt rating.
Yesterday, the EUR ended higher against the USD, as positive US economic data and the German parliament’s approval of a bigger European bailout fund for sovereign debt crisis, increased the demand for high yielding assets.
Commodities Trading Review
In Asia, crude oil for November delivery is trading 0.6% or 51 cents higher at $82.65 per barrel.
Yesterday, crude oil for November delivery added 1.2% or 93 cents higher to finish at $82.14 per barrel, amid expectation of an increase in energy demand. This came as US weekly jobless claims dropped and GDP data came in better-than-expected, and after the German parliament voted in favour of increasing the size and flexibility of the Eurozone rescue fund.
Gold for immediate delivery is trading 0.3% higher today, at $1,629.16 per ounce.
Gold for December delivery settled 0.1% or 80 cents lower to end at $1,617.30 per ounce yesterday. This came as demand for the safe haven asset waned amid speculation that the global economy was recovering, following a drop in US initial jobless claims and better-than-expected GDP data. However, a fall in the dollar kept the losses in check.
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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Article provided / approved by ETX Capital which is the trading name of Monecor (London) Limited, company number 00851820. Monecor (London) Ltd is authorised and regulated by the Financial Services Authority, registration number 124721.
'German Shares: Delay to Emissions-Trading System Lifts Deutsche Lufthansa' edited by ETX Capital, updated 30-Sep-11
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