Monthly Archives: June 2010

Euro zone economic sentiment rises slightly in June

2010-06-29_Besen_Verkauf_ddp BRUSSELS (Dow Jones) – Economic sentiment in the euro zone has unexpectedly brightened in June, slightly. The on Tuesday by the European Commission published composite index to assess the economic development rose to 98.7 points from 98.4 the previous month. ( Reuters photo :)

Economists had expected but fell to 98.0 . For the whole of the European Union ( EU) for the indicator was an almost unchanged level of 100.1 (previous month : 100.2 ) points reported.
The aggregate index of economic sentiment includes the assessment of industrial , construction and service industries and consumer confidence and the development of retail trade in the EU.
For Germany , the index rose in June by 0.4 point to 106.2 points. In Italy, it increased by 1.4 points to 97.2 points. In Spain, pulled the index of economic sentiment up 2.3 points to 90.0 , but he had lain there in May on one of the lowest levels in the euro area. By contrast , the index broke out in France by 2.3 points to 96.6 . Even stronger was the decline in the UK from minus 3.0 points to 99.4 points.
The confidence of the industry in the euro area is declared as having been in June from the previous month to minus 6 points remained unchanged, while economists had expected a slowdown to an average minus 7th The Commission estimated the production expectations in industry remained stable, although the order was viewed more favorably . Across the Union , the industrial confidence clouded to minus 6 from an earlier minus 5, which was based on more pessimistic production expectations .
When consumer confidence for the common currency area , which accounts for 20% of the total index, named after the sharp drop in May for June, reported a slight improvement to minus 17 (previous month : minus 18). This was expected, confirms the preliminary estimate . According to the Commission, the concerns of consumers, weakened on the development from the labor and the general economic situation was assessed more positively. For the whole of the EU stagnated , the index of consumer confidence at minus 15 points.
The sentiment index for retail trade in the euro area remained unchanged in June to minus 6 from the previous month unchanged, while the index for services to plus 4 (plus 3 ) increased . The index for the construction industry fell to minus 30 ( minus 28 ) points.
In the industrial confidence was for Germany to improve to plus 2 ( minus 1 ) reports , while for France reported a decline to minus 16 ( minus 11). While consumer confidence in Germany remained unchanged at minus nine , it clouded over in France to minus 22 ( minus 21).
The confidence in the financial services sector , which is not included in the composite index was , according to the Commission in the euro area fell by one point. Across the EU, they slumped to seven points.

Website: www.epp.eurostat.ec.europa.eu
DJG / sgs / have / dok

Tokyo shares close weak – Strong Yen and China charge

TOKYO ( Dow Jones) – Shares on the Tokyo Stock Exchange in late trading on Tuesday are turned over very well into the red and have closed weak. Dealer justified this by saying that the yen had risen again significantly during the lunch break . The Nikkei -225 fell in low turnover by 1.3 % or 123 points to 9571 and is " only just over 2% above the year low .

The Topix lost 1 % and 9 points on 852nd
But also stressed the strong losses in the Chinese markets , "said one dealer , Instinet . "We are currently relatively immune to the economic problems in Europe, but we are very sensitive to even small signs of a possible slowdown of Chinese economy, because this is where the hopes , "he said.
About noon (local time ) was the yen, the dollar fell below the mark of 89 yen and the euro of 109 yen. Title of companies that depend heavily on exports , gave reason to continue . Here Canon lost 2.7% to ¥ 3,395 , Tokyo Electron 1.6% to ¥ 5,010 , ¥ 1,915 2% to Advantest and Honda Motor 1.3% to ¥ 2,647 .
Elpida Memory went against the trend on high volume by 4.2 % to ¥ 1,363 . Dealer justified this with a recovery , after the title had yielded in the past five meetings by a total of 23%. Supporting it also had a bullish study of the Bank of America- Merrill Lynch, said traders. The analysts maintained their buy recommendation with a target price of 3,200 yen and justified this with the good prospects for the semiconductor sector, an expected increase in profits in the first quarter and the favorable valuation of the stock.
Sony also considered themselves respectable and increased – after previously higher premiums – by 0.2 % to ¥ 2,430 after it had reached the previous day at ¥ 2,414 an annual low . Dealers talked of bargain hunters , but were skeptical whether the gains are long-lived , given the strong yen.

DJG / DJN / reh / dok

Purchases of covered bonds to rise to 60.205

FRANKFURT (Dow Jones) – The European Central Bank ( ECB) and the central banks of the euro zone as of 28 June 2010 their purchases of mortgage bonds and other continued with claims secured bank loans and thereby reach the initially planned volume.

As the ECB announced on Tuesday, was the level of purchases of covered bonds ( covered bonds ) 60.205 (formerly 59.872 ) billion EUR.
The ECB and the central banks of the euro zone wanted as part of its program, announced in May 2009 to 30 June 2010 covered bonds for a total of EUR 60 billion to buy . The ECB is in a position to buy , as part of its securities purchase program (SMP ) will continue private debt securities, which include covered bonds .

Website: www.ecb.int
DJG / have / dok

XETRA-START/Schwach burden – Templates

2010-06-29_Morgen FRANKFURT (Dow Jones) – With prices weak start in German stocks on Tuesday. The DAX falls to 9.20 clock by 1.5% or 93 points to 6064 . Dealers point to weak Templates: In Asia, prices fall , under the leadership of Shanghai fell sharply, and the U.S. have the indices made gains on the early trade and are easily slipped into the red . (Photo : DT. Börse)

For more eruptions , according to dealers and the thin turnover ensure the market. Already on Monday genuine buyers were hardly observed that the business of roofing are attributable primarily to hedge funds . " A little more life will only move back to the ISM index for manufacturing industry on Thursday and the U.S. employment report on Friday , "added a dealer. From a technical perspective , the DAX is at 6030 points as a support , a resistor can see players in the field by 6160 points.
On Tuesday afternoon, could move next to the Case-Shiller home price index , the U.S. consumer confidence in the courses. It is expected a decline to 62.5 from 63.3 . HSBC Trinkaus says that the index could drop more towards 60th Should deteriorate , the mood , consumer spending should also "lose momentum , "said analysts at HSBC Trinkaus .
Cited are the losers in the early business of Infineon, falling to 3.1% to 4.93 EUR . Thyssen Krupp give from 2.5 % to 20.93 EUR . RWE lost 1.8% to 54.11 EUR , after analysts at Morgan Stanley shares have graduated to Underweight .
Fresenius Medical Care to give 0.9% to 44.32 EUR . Dealers refer to a warning from the British Medicines and Healthcare products Regulatory Agency ( MHRA ). The agency that can turn the displays of dialysis machines. The producers are aware of the problems he had already begun to replace the affected parts. This will extend to September this year, says the MHRA announcement . "This can be quite expensive, since the affected machines have the series 5008 and 5008S are sold very well, " says one dealer.
In the second row loses 1.4% of the MDAX , TecDAX and emits 0.8%. The TecDAX Q -Cells move by 2.3 % to 5.68 EUR at once JP Morgan raised price target to 6.25 EUR 5.50 EUR has . Also Conergy and SolarWorld to lay .

By Herbert – Rude, Dow Jones Newswires , +49 ( 0 ) 69 29 725 217
herbert.rude @ dowjones.com

DJG / hru / jej / gei / dok

European shares at midday very weak

FRANKFURT (Dow Jones) – Risk reduction is once again the driving factor in Europe’s financial markets. The Euro Stoxx 50 is 2.6% according to clock 13.08 , or 70 to 2598 points, the Stoxx -50 drops by 1.9 % or 46 to 2385 points. Dealers point to weak Templates: In Asia, the courses are lagging considerably , a sharp revision of an early indicator for China has taken care of there duties.

The Conference Board has revised the leading indicator for China in April to an increase of 0.3 % from 1.7% previously . As a reason the board called an error in calculating the indicator. " The revision is made of lush , so the reaction rate significantly , especially in China , "says one dealer. In March, the indicator was still up by 1.2 %.
On Tuesday afternoon, could move next to the Case-Shiller home price index , the U.S. consumer confidence in the courses. It is expected a decline to 62.5 from 63.3 . HSBC Trinkaus states , the index could fall more towards the 60th Should deteriorate , the mood , consumer spending should also "lose momentum , "said analysts at HSBC Trinkaus .
Industrial sector is losing – Happy customer of Siemens does not help
The industrial sector is with a discount line with market prices of around 2 %. " Better than expected of us, but obviously the market already priced in , " one dealer said with regard to the statements of the Siemens business in the third quarter. That the company for that period, a result close to that sector of the previous quarter of 2.14 billion EUR expect come as a surprise to him.
Apparently Siemens benefit more than expected from the weakness of the euro against the dollar. "The fact that the stock down to these statements but not exploded, shows that the market has already priced in a sector earnings of more than EUR 2 billion , "said the dealer. Siemens lose 2 % to 74.95 EUR .
ABB have fallen to a Dreiwochentief . " The concern about a bidding war with Emerson Electric for Chloride expresses the activity based course , "says a trader . Although they had expected an increase in the offer from Emerson Electric. However, we have been expecting a price of only 350 p per share Chloride , had at this level , the stock leveled off recently . Emerson Electric has increased the bid to 375 p 275 p previously . Hydrochloride then rise by 10.5 % to 385 p, what the dealer that the expectation of renewed counter offer of ABB implied.
Now, ABB and chlorides were on the course , notes Scott Cagehin of Numis . Although the bid was good for the chlorides from Emerson ‘s shareholders ; the management of chlorides , however, have already accepted the offer of ABB . However, ABB is in a good position , because the Swiss had already made a due diligence investigation and review, a large cash position passes . ABB decline by 3.2% to 19.39 CHF .
Banks and oil stocks lose – U.S. Federal Reserve harbors illusions
Of " completely illusory ‘ holds a dealer ‘s statements of the New York Fed, indicating that should emanate from a possible collapse of BP no systemic risk to the financial industry in the U.S.. " That makes the Fed stressed this at all, I already skeptical . I suspect , however , a collapse of BP would be at least as bad as did the failure of Enron , "says the dealer.
BP should have completed the dealer , according to a large scale contracts with suppliers that could not be transferred directly from other oil companies. In addition , the current liabilities of BP came from banks. " The financing would need one of the largest oil companies in the world to be gigantic , " supposed by merchants.
Finally , the Group also agiere in the commodities futures markets as a " Big Player ". "With a total failure as a likely counterpart financial players on Wall Street have to make huge adjustments , "says the dealer. BP lost 1.8% to 308 p, the oil sector 2.2%. The bank values are 2.4 % discount is also under pressure.

DJG / mif / jej / cln / dok