0618 HEADLINES
Daily FXThe Pound Traded Firmly Against The Majors With The Exception Of The EURO
Friday June 17, 6:02 pm ET
GBP NEWS
The pound traded firmly against the majors with the exception of the EUR where it suffered a major correction today. The pound accelerated its gains against the dollar on Friday, trading just below the 1.8300 price level. Heavy selling of sterling against the euro limited the U.K. currency's gains against the dollar. The dollar fell against the GBP and most other major currencies following news that the U.S. current account deficit widened to a record $195.1 billion in the first quarter. The deficit, running at a record 6.4 percent of gross domestic product, was wider than the $190 billion forecast by economists. The data draw attention to the extent to which the U.S. needs to attract large inflows of foreign capital to fund the deficit and are a reminder to traders of the dollar's structural weaknesses. The dollar couldn't get much traction from the University of Michigan's preliminary June consumer sentiment index, which rose to 94.8 from 86.9 in May. Economists had expected a reading of 89.0.Despite a recent mixed bag of U.S. economic data, the dollar has been supported this month by a steady chorus of Fed officials suggesting that U.S. interest rates still have room to rise, even after a series of eight straight rate increases.
Gilts managed to bounce well, after being down to 111.81 yesterday morning. Among the attractions of the pound aside from yield is the fact the UK has its election season behind it while the Eurozone leaders are pitching into a bruising battle over the bloc's long-term future. They decided to allow more time to ratify the new EU constitution, rejected by French and Dutch voters and triggering the euro's decline. Additionally, a treasury's report earlier this week showed foreign investors purchased U.S. assets at a slower-than-expected pace in April. International investors bought a net $47.4 billion in Treasury notes, corporate bonds, stocks and other financial assets that month, compared with the median forecast of $70 billion in a Bloomberg News survey. Both hourly and daily indicators look a bit depressed at the moment. Market needs to hold above the figure now.
Indexes advanced in all 17 major Western European markets except Sweden, Belgium and Greece. Germany's DAX Index gained 0.5 percent and the U.K.'s FTSE 100 Index increased 0.7 percent. France's CAC 40 Index added 0.9 percent. Greece's ASE General Index lost 0.4 percent as Cosmote SA fell. The FTSE 100 blue-chip index closed up 32.6 points, or 0.7 percent, at 5,077.6 points, having earlier hit 5,098.5. The index, which has risen 3.75 percent so far this quarter as the half-year mark looms, gained traction during the expiry of FTSE options and futures during mid-morning trade, which investors used as an opportunity to close out of short positions. Strength in the energy sector accounted for the bulk of the rise, with gains of near 1.5 percent for BP and BG and 2 percent for Shell adding 13 points to the leading index as oil rose as much as 2.7 percent to $58.10 on the New York Mercantile Exchange, for a three-day gain of 5.5 percent. Prices, up 49 percent from a year ago, reached a record $58.28 on April 4. BHP, the world's biggest miner, rose 1.3 percent to 725 pence. Total, Europe's largest oil refiner increased 1.5 percent to 194 euros. Crude prices may rise next week as producers including OPEC struggle to meet surging demand from refiners, a Bloomberg survey shows. Thirty-five of 68 analysts and strategists surveyed by Bloomberg, or 51 percent, said oil prices will rise next week. Eighteen, or 26 percent, said they will fall, and 15 forecast little change. In U.K. initial public offerings, satellite services group Inmarsat PLC said it has priced its IPO at 245 pence a share, the top of the range, which will give the company a market capitalization of 1.12 billion pounds and raise net proceeds of 355 million pounds. AP
EU Talks on Its Future Budget Collapse
Friday June 17, 6:27 pm ET
By Beth Gardiner, Associated Press Writer
EU Talks on Its Future Budget Collapse After Britain Refuses to Surrender Annual Rebate
BRUSSELS, Belgium (AP) -- Talks on the European Union's budget collapsed in acrimony Friday after Britain refused to relinquish its annual rebate, diplomats said.
British Prime Minister Tony Blair had said he would only consider changes to the rebate -- worth about $5.5 billion annually -- if the European Union agreed to overhaul agricultural spending, which accounts for more than 40 percent of the EU's budget.
Diplomats said the Netherlands and Sweden also demanded relief, complaining their annual payments to the bloc were too high.
The failure to agree on a budget for 2007-2013 deepens the sense of crisis triggered by the French and Dutch referendums in which voters rejected a proposed EU constitution, and reinforces impressions that the 50-year process of EU integration has lost direction.
Blair argued it is necessary to balance the outsized agricultural subsidies that flow far more generously to France and other continental countries than to Britain. France in particular insisted that Britain's rebate -- won two decades ago by Margaret Thatcher -- should be eliminated.
The budget dispute soured the second day of summit negotiations, pitting Britain against France. It came a day after EU leaders worked to salvage the proposed EU constitution by extending a November 2006 deadline for ratifying the charter.
Blair rejected a plan floated by Luxembourg Prime Minister Jean-Claude Juncker, the summit host, calling it too ambiguous regarding reforms of farm spending.
A British diplomat told The Associated Press that five nations -- Britain, Finland, Sweden, the Netherlands and Spain -- voted against Juncker's proposal for different reasons. Italy and Denmark abstained, said the diplomat who asked not to be named.
Juncker had suggested raising the rebate to $6.7 billion, then freezing it until 2013, but Blair's spokesman said he did not offer enough in exchange.
European Commission President Jose Manuel Barroso warned earlier this week that the European Union would face "paralysis" if it failed to restore momentum to its bid to adopt a constitution. ????????????.:) ????°?
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Stocks rise on jump in oil
Friday June 17, 7:29 pm ET
By Mark McSherry
NEW YORK (Reuters) - U.S. stocks ended higher on Friday, helped by a jump in energy and mining companies' shares as oil and metals prices soared to record highs, while an index of consumer confidence rose for the first time this year.
Stock investors jumped on the commodities bandwagon, snapping up Exxon Mobil Corp. (NYSE:XOM - News) and rival oil company ConocoPhillips (NYSE:COP - News), which helped push the broad S&P 500 into positive territory for the year.
Exxon Mobil, the world's biggest publicly traded oil company, rose 1.3 percent to $60.89 and ConocoPhillips (NYSE:COP - News) gained 3.6 percent to $60.68, after U.S. oil futures hit a fresh intraday record at $58.60 a barrel.
Caterpillar Inc.(NYSE:CAT - News), which gave the biggest lift to the blue-chip Dow, rose almost 2 percent to $100.20, as the heavy equipment maker benefited from the boom in mining and metals prices. Copper futures hit a record in London and repeatedly set 16-year highs in New York.
"Oil up a buck-and-a-half is helping the energy stocks," said Peter Boockvar, equity strategist at Miller Tabak & Co., in an interview before the oil futures trading session ended.
The Dow Jones industrial average (^DJI - News) ended up 44.42 points, or 0.42 percent, at 10,623.07. The Standard & Poor's 500 Index (CBOE:^SPX - News) closed higher by 6.00 points, or 0.50 percent, at 1,216.96. The tech-laced Nasdaq Composite Index (NasdaqSC:^IXIC - News) edged up 0.96 of a point, or 0.05 percent, to 2,090.11.
For the week, the Dow was up 1.05 percent, the S&P 500 rose 1.57 percent and the Nasdaq climbed 1.31 percent.
After the bell, shares of Johnson & Johnson (NYSE:JNJ - News) slipped to $65.76 on the Inet electronic brokerage network after the health-care products company said it was continuing talks with Guidant regarding a recall of some of the implantable heart defibrillators that Guidant makes. Johnson & Johnson, a Dow component, ended the regular session up 0.4 percent at $66.56.
CONSUMERS SPEND, OIL RISES
"The consumer has a bit more confidence and is out there spending money," said Joseph Battipaglia, chief investment officer for brokerage and research firm Ryan, Beck & Co.
On Friday morning, Wall Street got good news when the University of Michigan's early reading on consumer confidence for June rose to 94.8 for its first gain this year, market sources said, well ahead of May's reading of 86.9 and higher than analysts had expected.
"The only impediment that's still up there is, of course, the price of oil," Battipaglia said.
While high oil prices are generally negative for stocks -- and indeed trimmed the market's gains in afternoon trading -- they help energy companies' profits.
Oil prices set a new record of $58.60 a barrel during the NYMEX session after the United States and other Western nations shut consulates in oil-producing Nigeria following a terrorist threat.
U.S. crude for July delivery settled at a record $58.47, up $1.89.
Alcoa Inc. (NYSE:AA - News), the world's largest aluminum producer and another Dow component, rose 1.2 percent, or 32 cents, to $28.25 as aluminum prices stayed at lofty levels.
On the Nasdaq, Millennium Pharmaceuticals Inc. (NasdaqNM:MLNM - News) jumped nearly 14 percent, or $1.14, to $9.40 against a backdrop of speculation that the company could be a takeover candidate, analysts said.
On Thursday, Millennium said the New England Journal of Medicine published positive reports on two of its products, an oncology drug, Velcade, and MLN02, an investigative treatment for inflammatory bowel diseases.
INVESTORS IGNORE DEFICIT
Home builders' shares also gained. Smith Barney raised its ratings on six home builders, including KB Home (NYSE:KBH - News), which posted a 78 percent rise in quarterly earnings on Thursday.
KB rose 6.9 percent, or $5, to $77.25 and Pulte Homes Inc. (NYSE:PHM - News) gained 4.6 percent, or $3.75, to $86.
Among decliners, Adobe Systems Inc. (NasdaqNM:ADBE - News) weighed on the Nasdaq, sliding 3.3 percent, or $1.07, to $31.34, a day after the company provided an outlook that was not as aggressive as investors had hoped.
Stock markets shrugged off news that the U.S. current account deficit -- the broadest measure of U.S. trade with the rest of the world -- hit a record $195.1 billion in the first quarter.
Volume was high as Friday marked quadruple witching -- the quarterly expiration of four different types of June futures and options contracts. Expiration can lead to greater volume and volatility as investors adjust or exercise their derivative positions.
The New York Stock Exchange said first-hour volume reached an all-time high of 704,370,000 shares.
By the close, about 1.94 billion shares had been traded on the New York Stock Exchange, well above the 1.46 billion daily average for last year.
On Nasdaq, about 2.11 billion shares were traded, above the 1.81 billion daily average last year.
Advancers outnumbered decliners on the New York Stock Exchange by about 5 to 3.
But on Nasdaq, decliners edged out advancers by about 16 to 15. ?????? yifan ?? 2005-6-18 14:28 ·?±í
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