US & World Daily Markets Financial Briefing 02-04-2009

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Major Averages Rise To Best Intraday Levels In Over A Month

After moving sharply higher at the open, stocks have seen some further upside over the course of the first half-hour of trading on Thursday. The major averages have moved more firmly into positive territory, rising to their best intraday levels in well over a month.

Steel stocks are posting particularly strong gains, more than offsetting the steep losses that were posted on Monday. While significant strength is also visible among transportation, oil service, and banking stocks, gold stocks continue to buck the uptrend.

The major averages have continued higher in recent trading, rising to new highs for the young session. The Dow is currently up 188.21 at 7,949.81, the Nasdaq is up 41.07 at 1,592.67 and the S&P 500 is up 21.87 at 832.95.

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Dollar little changed on G20 nerves

The dollar was little changed against major currencies with trading thin on the ground as the G20 meeting got underway.

The market is nervously awaiting the results of the meeting, with hopes running high that a co-ordinated response to the economic crisis can be reached.

Concern about the outcome of US car giants General Motors and Chrysler continued.

The dollar index, which measures the currency against six others edged up to 85.623 in late US trading from 85.567 Tuesday.

Caution ahead of the European Central Bank’s rate decision on Thursday weighed on the euro, which edged lower against the dollar and yen on Wednesday.

Sterling rose to $1.4419 from $1.4321 late Tuesday after good demand for the most recent auction of government bonds, analysts said.

Economic from the UK was mixed with data showing the manufacturing sector slowed less than expected while the Office for National Statistics showed British companies saw profits dwindle to their lowest in two years during the final three months of 2008.

The yen remained firm against other major currencies as the Nikkei advanced, despite gloomy economic data. The Bank of Japan's tankan survey of business sentiment fell to its lowest level on record during the last quarter.

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Europe’s top stocks are posting stellar gains in midday trade as investors focus on the ECB’s rate decision and the G20 leaders’ meeting.

The European Central Bank (ECB) has slashed interest rates in the 16-country eurozone to an all time low of 1.25%, surprising analysts who had expected an even larger cut. The majority of economists were looking for a 50 point drop, while only some predicted today's 25 points decrease.

Meanwhile, the G20 leaders are meeting in the ExCeL Centre in London's docklands as they seek to agree on a global plan for economic reform.

Divisions within the G20 have already appeared, with the UK and US favouring further fiscal stimuli to breathe life back into the global economy and countries such as France and Germany demanding tighter banking regulations.

Banks are among the top risers across Europe, with France’s BNP Paribas, Credit Agricole, Societe Generale and Swiss bank UBS all going well.

Carmakers are also on the rise, with German sector giants Daimler and BMW and French peers Renault and Peugeot leading the way.

Across the markets, the German DAX gained 163 points to 4,294, the French CAC is up 99 points at 2,939, while the Swiss market rose 125 points to 5,140.

In corporate news, insurance giant Swiss Re is to slash its global workforce by 10% over the next year in an effort to help it save 400m Swiss francs, about £240m, by 2010.

The Zurich-based firm, one of the world’s biggest reinsurers, currently employs 11,560 people worldwide.

“Swiss Re will accelerate efforts to simplify the organisation and improve operational effectiveness,” according to a statement released today.


CAC 40 - Risers

1. Michelin (ML) € 31.76 +13.55%
2. Saint Gobain (SGO) € 23.94 +10.45%
3. AXA (CS) € 10.52 +10.28%
4. Renault (RNO) € 18.49 +10.13%
5. ArcelorMittal SA (MT) € 17.42 +8.81%
6. Peugeot (UG) € 16.24 +7.95%
7. BNP Paribas (BNP) € 35.36 +7.48%
8. Cap Gemini (CAP) € 26.30 +5.96%
9. Vinci (DG) € 30.52 +5.72%
10. Societe Generale (GLE) € 31.47 +5.60%

CAC 40 - Fallers

1. Lafarge (LG) € 30.56 -4.23%
2. Carrefour (CA) € 30.19 -1.32%
3. Essilor International (EI) € 29.52 -0.10%

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Nikkei, Hang Seng surge

The Nikkei advanced on Thursday as comments from US Treasury Secretary Timothy Geithner lifted sentiment about a global economic recovery while traders also cheered a better than expected US car sales report.

Shares in Nissan Motor jumped 15% following the report which showed car sales last month recovered from a 27-year low. Shares in Toyota and Honda also motored higher.

Financials also powered ahead after Geithner said world economies were starting to show "traction" as governments implement stimulus plans. Mitsubishi UFJ Financial rose almost 6% to 525 yen while Sumitomo Mitsui Financial rose 7.1% to 3,760 yen.

The benchmark Nikkei 225 closed up 367 points at 8,719 in Tokyo, it highest close in three months.

Exporters such as Canon and Sony also moved higher.

Hong Kong’s Hang Seng soared over 5% on Thursday as banks shot ahead. HSBC rallied after good gains on Wall Street overnight, boosting by better than expected US house sale data.

Elsewhere oil refiner China Petroleum & Chemical advanced over 8% after Goldman Sachs raised its recommendation on the stock to “buy” from “neutral”, citing hopes that Chinese fuel price reforms will bolster earnings.

The Hang Seng surged 819 points to 14,339 in late afternoon trading.

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Oil falls as stockpiles rise

Oil prices fell on Wednesday after a weekly government report showed an increase in crude supplies.

Gloomy economic data also dented appetite for oil. According to the latest ADP employment index US private-sector firms slashed 742,000 jobs in March.

Meanwhile the Energy Department said crude supplies rose by 2.8m barrels over the last week bringing crude inventories to their highest level in 16 years although analysts had pencilled in an even bigger increase of around 3.2m barrels.

Supplies of gasoline rose by 2.2m barrels while distillates, used in domestic heating oil and diesel, rose by 300,000 barrels.

Oil prices fell by over $2 to a session low of $47.26 following the report but a rally on Wall Street stemmed bigger losses. US light crude oil for May delivery settled down $1.27 at $48.39 a barrel on the New York Mercantile Exchange.

Among precious metals gold for June delivery rose $2.70 to settle at $927.10 an ounce amid nerves about the outcome of the G20 meeting.

Silver for May delivery fell 1 cent to $12.98 an ounce while July platinum rose $15 to $1,143.80 an ounce.

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