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Thomson Financial Europe AM at a glance share guide: Shares mixed, oil surges
AFX
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LONDON (Thomson Financial) - US SUMMARY: Shares, oil edge up
Index Change Percent change
*DJIA 11382.26 +32.25 +0.28
*Nasdaq 2304.97 +11.99 +0.52
*S&P 500 1284.91 +4.91 +0.38
Nymex crude
for August $140.97 +$0.97
10 year US
Treasury 3.98 percent
*Tuesday's close
STOCKS: Wall Street began the third quarter with an erratic session and modest gain Tuesday after a mix of news made it clear the country is still deep in economic problems but may have some positive trends -- including some better than expected sales for General Motors Corp.
The session brought more discouraging news for investors: Oil rose again toward record high levels, a report showed that U.S. manufacturers are still under duress and Ford Motor Co. said its June sales tumbled.
BONDS: Bond prices finished little changed Tuesday, giving up gains as stocks reversed their losses and after a report showed surprising rebound in manufacturing last month.
Easing some fears about the economy, the Institute for Supply Management said its June index of U.S. manufacturing activity rose to a reading of 50.2. It was the first time in five months that the index surpassed 50 -- a reading above 50 indicates expansion, and a reading below 50 indicates contraction.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, was flat at 3.98 precent same as late Monday.
FOREX: The dollar edged lower against most major currencies Tuesday after a U.S. manufacturing index reported overall disappointing results for June, but also showed strong exports for factories.
The 15-nation euro bought $1.5793 in late New York trading Tuesday, up slightly from $1.5751 late Monday.
The British pound bought $1.9944, up slightly from $1.9936. The dollar fell somewhat against the Japanese yen, buying 106.01 compared with 106.08 Monday.
OIL: Light, sweet crude oil for August delivery rose 97 cents to finish at $140.97 a barrel Tuesday, due to anxiety over squeezed supplies and the possibility of armed conflict between Iran and Israel.
METALS: Precious metals prices finished higher. Gold for August delivery advanced $16.20 to $944.50 an ounce; July silver rose 78 cents to $18.20 an ounce; and July copper rose 2.8 cents to $3.9105 a pound.
Events:
May manufacturing shipments, inventories and orders
Family Dollar Stores Inc. Q3 results
ASIA SUMMARY: Stocks lower, oil near record highs
Index Change Pct change
Nikkei 225 13355.67 -107.53 -0.80 (0402 GMT)
Straits Times 2920.45 +13.66 +0.47 (0402 GMT)
Seoul Composite 1626.02 -40.44 -2.43 (0422 GMT)
Hang Seng 21782.60 -319.41 -1.45 (0407 GMT)
BSE Sensex 12948.05 -13.63 -0.10 (0430 GMT)
usd-yen 106.00 (Intra-day trade)
10-year JGBs 1.655 pct (Intra-day trade)
Brent North Sea crude $141.79 +$1.12 (Intra-day trade)
for August
STOCKS: Asian shares fell on Wednesday as investors remained concerned about the impact of soaring oil prices on earnings even after manufacturing activity in the U.S. economy picked up in June.
BONDS: Japanese government bonds ended the morning session mostly higher on Wednesday after stocks extended losses, but the upside was capped by caution ahead of the European Central Bank's monetary policy decision and key U.S. jobs data due out later this week.
At the midday break, the yield on the benchmark 10-year bond slipped to 1.655 percent from 1.670 percent late Tuesday.
FOREX: The euro firmed against the dollar in Sydney trade on Wednesday, extending the previous day's gains on expectations the European Central Bank will bump up interest rates later this week.
The Australian dollar jumped after surprisingly strong retail sales data showed demand in the economy remained robust, despite surging oil and high interest rates. But activity was subdued in Asian trade as many investors retreated to the sidelines ahead of an ECB policy meeting on Thursday and the ever-important monthly U.S. employment report due the same day.
The Bank of Japan is expected to leave rates at 0.5 percent for a while. The dollar dipped 0.1 percent to 106.00 yen.
OIL: World oil traded near record highs around $142 Wednesday after the president of OPEC talked of uncertainty surrounding future investment in energy facilities that could boost crude output.
New York's main oil futures contract, light sweet crude for August delivery, was $1.06 higher at $142.03 a barrel from a record close of $140.97 on Tuesday at the New York Mercantile Exchange.
METALS: Gold steadied in London trade on Tuesday after hitting its highest price in over two months the day before, while dollar weakness, high oil prices, increased fund money into commodities and some threat to supply lifted copper prices, with most base metals following suit.
EVENTS:
Australia May retail sales data
Australia May building approvals data
EUROPE SUMMARY: Shares plunge, oil surges
Index Change Pct change
*FTSE 5479.90 -146.00 -2.60
*DAX 6315.94 -102.38 -1.60
*CAC 4341.21 -93.64 -2.11
UK 10-year
Bond 98.88
UK 30-year
Bond 100.35
stg-usd 1.9932 (Intra-day)
eur-usd 1.5748 (Intra-day)
Brent crude (Aug) $141.98 (Intra-day)
*Tuesday's close
STOCKS: UK blue chips closed lower Tuesday, dragged down by banks amid fears of profit warnings, with the Dow Jones Industrial Average (DJIA) dipping on the back of ongoing concerns over rising oil prices.
German shares closed lower, with financial issues leading the way down as a sector, while Infineon was the biggest loser as worries mounted over its memory unit Qimonda.
Paris shares ended sharply lower, as gloom about the economy and the financial sector took over again, sparking a major sell-off that put an end to Monday's modest rally.
BONDS: European government bonds remained higher, supported by a downturn in global equity markets,
particularly financial stocks, as well as rising oil prices.
In the United Kingdom, gilts tracked the wider market higher, as investors focused on a high prices component in the manufacturing PMI indicator -- as in the euro zone.
FOREX: The dollar got a modest lift from a forecast beating snapshot of the manufacturing sector in the
world's biggest economy, although gains were limited by a worrying fall off in the employment component of the same data.
The ISM manufacturing index improved to 50.2 in June from 49.6 in May, beating predictions of a drop to 48.5. However, worryingly, the ISM employment sub-index fell to 43.7 from 45.5,
well below the 50.0 level for the eighth consecutive month.
Elsewhere, the pound survived a welter of grim economic news from just about every sector of the economy to come back from day lows.
OIL: Oil prices rose on Tuesday after the president of OPEC said there was uncertainty surrounding future investment in facilities to boost crude output.
London Brent North Sea oil for August delivery climbed $2.15 dollars to $141.98 a barrel.
METALS: Gold steadied Tuesday after hitting its highest price in over two months the day before, benefiting from near record oil prices which stoked inflation jitters, and as the dollar remained weak. On Monday gold struck $935.25, its highest price since April 18.
At 9:27 a.m., spot gold was trading at $929.10 per ounce against $926.50 Monday.
Among other precious metals, platinum was up at $2,071 per ounce against $2,065, while sister metal palladium slipped to $460 per ounce from $462.
EVENTS:
UNITED KINGDOM
BoE Q1 housing equity withdrawal
Wood Group trading statement
Taylor Wimpey trading statement
FRANCE
Sodexo Q3 sales
GERMANY
Annual press conference of retailers' association HDE in Berlin
Bundesbank's Boehmler to speak at IHK general meeting, Stuttgart
ITALY
Q1 public budget
PORTUGAL
Portugal Telecom CEO Zeinal Bava to speak at telecoms and media forum
Sonaecom EGM
EUROPEAN UNION/EURO ZONE
Euro zone May PPI
Trichet speech in Paris
EU's Reding speaks on reforming telecoms laws
EU rules on acquisition by Bilfinger Berger of M&W Zander management ops
ECB's Tumpel-Gugerell speech in London
EU's Amunia at dinner debate with Financial Forum, East Flanders
EU's Kroes speech on private enforcement
EU's McCreevy receives committee of European securities regulators
EU's Reding receives CEO Vivendi
TFN.newsdesk@thomson.com
pvi/jro
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