Tuesday 29 December 2009

GLOBAL MARKETS: European Stocks Rise, Setting Fresh 2009 Highs

GLOBAL MARKETS: European Stocks Rise, Setting Fresh 2009 Highs

By Andrea Tryphonides
Of DOW JONES NEWSWIRES


LONDON (Dow Jones)--European stocks rose Tuesday, hitting fresh highs for 2009 as sentiment remained bullish ahead of the New Year, although activity was sluggish in most asset classes, with volumes low all round.

The focus was firmly on the approach of 2010 as equities jumped higher after the Christmas break.

"When reading the forecasts of the big investment banks, one can only conclude that 2010 will be an easy year for investor," said Ad van Tiggelen, senior strategist at ING Investment Management. "Consensus has rarely been so strong. To summarize, 2010 will be a good year for equities, especially the first half," he said.

By 0840 GMT, the pan-European Stoxx 600 index had gained 0.2% to 253.8. London's FTSE 100 was up 0.4% at 5425.3, returning from an extended week-end break. Frankfurt's DAX had increased 0.1% at 6007.8 and Paris's CAC-40 was up 0.2% at 3953.7.

Among the key sectors, basic resources stocks led Europe higher. On Monday, copper rose to its highest price in more than 15 months in New York on speculation that demand will strengthen and drain stockpiles, although copper futures were subject to some profit taking on Tuesday. Reflecting this, spot gold was at $1105.10 per troy ounce at 0900 GMT, down $2.95 from the New York close.

In London, British Airways declined 0.4%, following its U.S. peers after the terror incident on Christmas Day. Additionally, there were press reports that the airline was looking into the possibility of abandoning its first-class service on a number of routes.

Earlier, Asian stocks were mixed Tuesday in muted holiday trade, with most markets shackled by the absence of investors taking an extended break.

Australia's S&P/ASX 200 outperformed the region with a 1.1% gain as investors there returned from their extended weekend. Japan's Nikkei 225 and Hong Kong's Hang Seng index were flat, South Korea's Kospi Composite fell 0.8% but the Shanghai Composite came off its lows to stand up 0.7%.

On Monday, U.S. stocks rose to new closing highs for the year in a thinly traded session, as gains across a host of companies including International Business Machines and 3M overcame declines in American Express and other financial stocks.

The Dow Jones Industrial Average closed up 0.3% at 10,547.1, its highest close since Oct. 1, 2008. The technology-heavy Nasdaq Composite climbed 0.2% to 2291.1 its highest close since Sept. 3, 2008 and the Standard & Poor's 500 index rose 0.1% to 1127.8, its highest finish since Oct. 1, 2008. Three S&P 500 categories ended the session in the red: financials, industrials and consumer discretionary.

Meanwhile, in the European foreign exchanges Tuesday, the euro was firmer. Indeed, its slide against the dollar in recent weeks may have gone too far, said Brown Brothers Harriman in a note, and a correction higher is looking increasingly likely.

The euro was trading at $1.4435 at 0900 GMT, up from $1.4379 in late New York business Monday. The dollar was little changed at Y91.57, down from Y91.63.

Elsewhere, February Nymex crude oil was down five cents at $78.72 per barrel amid thin volumes. Despite equities' march higher, March bund futures rose 0.08 to 121.50.

-By Andrea Tryphonides, Dow Jones Newswires; +44-20-7842-9281; andrea.tryphonides@dowjones.com

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December 29, 2009 04:05 ET (09:05 GMT)


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DJ Currency Rates Of Coffee Producing, Consuming Countries


DJ Currency Rates Of Coffee Producing, Consuming Countries

Current Prior
Producers
Angola (Readj Kwanza) AOA 89.5 89
Bolivia (Boliviano) BOB 7.02 7.02
Brazil (Real) BRL 1.7406 1.7625
Burundi (Franc) BIF 1240.5 1239.5
Central African States XAF 454.5 455.5
Central Bank of West AfriXOF 454.5 456.065
Colombia (Peso) COP 2036.5 2047.9
Costa Rica (Colon) CRC 564.5 574.3
Cuba (Peso) CUP 1 1
Dominican Rep (Peso) DOP 36.1 36.025
Ecuador (USD) USD 1 1
El Salvador (Colon) SVC 8.7475 8.7475
Ethiopia (Birr) ETB 12.695 12.69
Guatemala (Quetzal) GTQ 8.3165 8.3115
Guinea Rep (Franc) GNF 4995 4995
Haiti (Gourde) HTG 39.75 39.75
Honduras Rep (Lempira) HNL 18.895 18.895
India (Rupee) INR 46.675 46.54
Indonesia (Rupiah) IDR 9434.5 9450
Kenya (Shilling) KES 75.9 75.75
Malawi (Kwacha) MWK 145.9925 145.9864
Mexico (Peso) MXN 12.97545 12.84425
Nicaragua (Cordoba Oro) NIO 20.8322 20.8182
Papua New Guinea (Kina) PGK 0.3789 0.3825
Peru (Nuevo Sol) PEN 2.8815 2.8821
Philippines (Peso) PHP 46.23 46.34
Venezuela (Bolivar) VEB 2147.3 2147.3
Vietnam (Dong) VND 18474 18474
Zambia (Kwacha) ZMK 4650 4655
Zimbabwe (Dollar) ZWD 356.3 354.7

Consumers
Denmark (Krone) DKK 5.1587 5.1714
European Union (Euro) EUR 1.4427 1.4393
Japan (Yen) JPY 91.66 91.51
Norway (Krone) NOK 5.772 5.7995
Sweden (Krona) SEK 7.1743 7.25605
Switzerland (Franc) CHF 1.0301 1.0355


* = The CFA Franc is the common currency of 14 African countries
which are members of the Franc zone:
XOF = Benin, Burkina, Ivory Coast, Guinea Bissau, Mali, Niger,
Senegal and Togo under the Central Bank of the West African States.
XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea,
and Gabon, under the Bank of the Central African States.


All currencies are quoted in units of currency per U.S. dollar.
Source: Thomson Reuters


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December 29, 2009 04:09 ET (09:09 GMT)


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Swedish November Retail Sales -0.6% On Month

Swedish November Retail Sales -0.6% On Month

The following is a press release from Statistiska Centralbyran, or SCB, the Swedish central government authority for official statistics.

STOCKHOLM--Swedish retail trade sales decreased by 0.6% in November compared to October, seasonally adjusted figures. Compared to November 2008, the retail trade sales increased by 3.6%.

Retail trade for mostly food increased by 0.7% compared to November 2008 and retail trade for mostly durables increased by 6.0%.

Statistics Sweden Web site: www.scb.se

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December 29, 2009 03:30 ET (08:30 GMT)


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DATA SNAP: Italy Dec Business Confidence Rises To 18-Mo High

DATA SNAP: Italy Dec Business Confidence Rises To 18-Mo High

By Liam Moloney and Chiara Vasarri

Of DOW JONES NEWSWIRES

ROME (Dow Jones)--Italian business confidence rose more than expected in December to its highest level in 18 months as the country emerged from recession, with expectations of output recovering and the outlook for foreign orders improving, figures showed Tuesday.

The business confidence index in the European Union's fourth-largest economy rose in December to 82.6 from an upwardly revised 79.4 in November, state-funded research center ISAE said.

December's reading was the highest since June 2008, it added.

Three economists polled by Dow Jones Newswires had forecast an increase in the index to 79.5 in December.

The ISAE business sentiment survey was carried out between Dec. 1-18.

Web site: www.isae.it

-By Liam Moloney and Chiara Vasarri; Dow Jones Newswires; +39 06 697 66923; chiara.vasarri@dowjones.com

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December 29, 2009 03:49 ET (08:49 GMT)


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UPDATE: French 3Q GDP Unrevised, Recovery Looks Fragile

UPDATE: French 3Q GDP Unrevised, Recovery Looks Fragile

(Adds background, economist comment.)


By Gabriele Parussini
Of DOW JONES NEWSWIRES


PARIS (Dow Jones)--French gross domestic product expanded 0.3% in the third quarter from the second, the national statistics service said Tuesday, confirming that the euro zone's second-largest economy has emerged from recession.

The quarterly growth was the second in a row, and came after a full year of contraction.

Still, compared with the July-to-September period of last year, the total value of goods and services produced in France shrank 2.3% in the third quarter.

France has weathered the crisis better than other European Union economies, but its recovery appears to be fragile.

The statistics agency Insee, in a forecast earlier this month, said industrial production will slow next year, leaving the burden for economic growth mainly on the service sector.

The main risk for the French economy, Insee said, may come from a weakening in private consumption. Households' purchasing power growth is projected to slow down next year.

Still, Tuesday's data confirmed that household consumption remains the main engine of the French economy. Throughout the year-long recession, consumption dipped only once into negative territory, shrinking 0.2% in the first quarter of 2008. It has been growing ever since.

In the third quarter of this year, household consumption posted a 0.1% increase, after a 0.4% rise in the three months to July.

Other components of GDP showed marked weakness.

Investment fell 1.4%, a faster pace of decline than the -1% posted in the previous quarter. And exports, while outpacing imports with growth of 1.7% on the quarter, were revised down from the first estimate of 2.3% growth.

"The investment outlook remains bleak and net exports are unlikely to continue to provide a positive contribution to GDP growth," said Dominique Barbet, an economist at BNP Paribas SA in Paris.

Barbet also noted that the household saving rate rose to its highest level since 1982, and that while corporate profitability recovered in the third quarter, it still remains way below the pre-crisis levels.

-By Gabriele Parussini, Dow Jones Newswires; +33 1 4017 1766; gabriele.parussini@dowjones.com

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December 29, 2009 05:08 ET (10:08 GMT)


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UK 3Q Housing Equity Withdrawal -GBP4.9B Vs -GBP6.9B 2Q


UK 3Q Housing Equity Withdrawal -GBP4.9B Vs -GBP6.9B 2Q

LONDON (Dow Jones)--U.K. households injected a net GBP4.9 billion in equity back into their homes in the third quarter of 2009, the sixth quarter that there has been a net injection, the Bank of England said Tuesday.

That was a smaller repayment than the GBP6.9 billion repayment in the second quarter of this year, a figure that was revised lower from an originally reported GBP7.0 billion. Between July and September last year, homeowners repaid a total of GBP5.8 billion of equity into from their homes.

The level of repayment was less than expected. Economists surveyed by Dow Jones Newswires last week had forecast home-owners repaid GBP5.8 billion in the third quarter.

The data measure the portion of borrowing secured on residential property that isn't invested in the U.K. housing market, but used to finance consumption or invest in financial assets.

Although the outlook for the U.K. economy is improving, consumer confidence remains below average, suggesting the trend of putting money back into your house rather than taking it out, is likely to continue for some time.

Housing equity withdrawal now represents -2.0% of take-home pay, indicating a net repayment rather than a positive contribution to consumer spending as seen during the housing market boom in previous years.

In the second quarter of 2009, housing equity withdrawal represented -2.8% of take-home pay while in the third quarter of 2008 it accounted for -2.5%, the BOE data show.

Web site: www.bankofengland.co.uk

-By Ilona Billington; Dow Jones Newswires; +44 (0) 207 842 9452; ilona.billington@dowjones.com

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December 29, 2009 04:57 ET (09:57 GMT)


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Italy Receives EUR95 Billion In Tax Amnesty Funds - Econ Ministry

Italy Receives EUR95 Billion In Tax Amnesty Funds - Econ Ministry

MILAN -(Dow Jones)- Under the Italian government's tax amnesty plan, assets worth EUR95 billion have been declared, of which 98% will be repatriated in Italy, the Italian Economy Ministry said Tuesday, citing data as of Dec. 15.

In an emailed statement, the ministry also said that the extension of the tax amnesty to April 2010 would be the "last one and definitive."

In December, Italian Economy Minister Giulio Tremonti announced the extension of the plan but with higher fees. Italians who repatriate assets by Feb. 28 will have to pay a 6% fee on those assets, while assets declared by April 30 will have a 7% fee.

In October, the Italian government started a tax amnesty plan that allowed Italians with undeclared assets outside the country to repatriate them by paying a 5% fee.

-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 99906; sabrina.cohen@dowjones.com

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December 29, 2009 05:28 ET (10:28 GMT)


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UPDATE: Spain Retail Sales Steepen Decline In Nov, Down 5.5%


UPDATE: Spain Retail Sales Steepen Decline In Nov, Down 5.5%

(Adds background.)


By Christopher Bjork
Of DOW JONES NEWSWIRES


MADRID (Dow Jones)--Spanish retail sales fell at a sharper rate in November than in recent months, Spain's National Statistics Institute said Tuesday, as high unemployment put a dent in consumer spending.

Spanish retail sales fell 5.5% on the year in calendar-adjusted terms, the INE said, after falling by 2.7% in October and by 3.4% in September.

Unadjusted retail sales fell 4.3%.

The weakness in spending is largely a consequence of Spain's rising tide of unemployment. Although government stimulus measures managed to stem the rise in joblessness during a few months in the summer, job losses resumed their upwards trend from August.

Spanish consumer spending, a key pillar of Spain's formerly buoyant economy, has plummeted following the collapse last year of the labor-intensive Spanish construction industry.

The unemployment rate was 19.3% in October, the second highest in the European Union behind Latvia, according to data from EU statistics agency Eurostat.

INE Web site: www.ine.es

-By Christopher Bjork, Dow Jones Newswires; +34 91 395 8123; christopher.bjork@dowjones.com

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December 29, 2009 05:27 ET (10:27 GMT)


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UK Economy To Grow Slowly In 2010 As Job Concerns Stay-Survey

UK Economy To Grow Slowly In 2010 As Job Concerns Stay-Survey

LONDON (Dow Jones)--The U.K. economy is set to grow only slowly in 2010, while concerns over job security persist among financial professionals based in the U.K., a survey showed Tuesday.

The survey by eFinancialCareers.com showed just 41% of U.K.-based financial professionals are expecting some economic growth next year, while over a third said the economy will be flat in 2010. Of the remaining number of professionals surveyed, 19% said they think the economy will contract again next year and just 4% said they expect strong growth.

The U.K. economy has now contracted for six straight quarters after falling 0.2% on the quarter in the third quarter of the year. That is the longest contraction on record in the U.K., although economists are confident that gross domestic product expanded in the final three months of 2009.

-By Ilona Billington, Dow Jones Newswires; 44 207 842 9452; ilona.billington@dowjones.com

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December 29, 2009 06:26 ET (11:26 GMT)


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Asian Shares End Mixed; Australia At Highest Close In 2 Months


Asian Shares End Mixed; Australia At Highest Close In 2 Months

By Myra P. Saefong and Colin Ng


Asian markets were mixed Tuesday, with Australia closing at its highest level in more than two months supported by gains in Nufarm on news of a strategic investment from Japan's Sumitomo Chemical.

"The bigger catalyst to get Asian stocks really moving big in one-day moves would probably not occur until after New Year's Day," said Richard Hastings, a consumer strategist at Global Hunter Securities. That's "when more data and then the critical Q4 earnings in industrial and global stocks tells us how global companies want to invest their capital; where do they see growth; and whether they seem eager to merge."

Australia's S&P/ASX 200 outperformed the region, gaining 1.1% to finish at 4845.10. Japan's Nikkei 225 closed flat, South Korea's Kospi Composite fell 0.8%, Hong Kong's Hang Seng Index added 0.1%, and the Shanghai Composite tacked on 0.7%.

Among Australian banks, Commonwealth Bank closed up 1.2% and National Australia Bank gained 1.8%. Miner BHP Billiton was up 1.1%, and Rio Tinto rose 1.3%.

Nufarm advanced 2.8% to 10.86 Australian dollars ($9.68) after earlier hitting A$11.10 on news of a strategic investment by Sumitomo Chemical. The Japanese company has the Australian foreign investment review board's approval to buy 20% of Nufarm for A$14 a share. Nufarm rejected a lower offer from China's Sinochem and is planning a A$250 million entitlement offer, fully underwritten by UBS.

"Sumitomo turned out to be the white knight waiting in the wings, happy to give shareholders the opportunity to sell out part of their stake (up to 20%)...while retaining a decent percentage to benefit from a turnaround in performance," said Cameron Peacock, a market analyst at IG Markets, in a note to clients. "Christmas certainly came twice this year for Nufarm shareholders."

In Tokyo, Sumitomo Chemical ended flat for the day. But financial stocks fell, tracking their U.S. counterparts, with Sumitomo Mitsui Financial Group down 2.8% and Mizuho Financial Group off 0.6%.

The Hong Kong stock market was lifted by gains in property stocks, which were rebounding after declines on Monday in the wake of weaker-than-expected land auction results. Sino Land rose 0.5% and Henderson Land rose 0.9%.

New Zealand's exchange operator NZX continued its pre-Christmas run and rose 3.1% due to its share split and its decision to pay out a higher proportion of profits. "Mathematics would suggest it (the split) should make no difference, but it does because it actually gives you greater leverage," said Goldman Sachs JBWere broker Humphrey Sherratt.

Korea's Kospi Composite posted the biggest decline in the region, with selling in financial stocks fed by lingering concerns over 2010 earnings. Shares of Korea Exchange Bank dropped 4.5% and Shinhan Financial Group lost 2.6%.

In China, locomotive maker China CNR Corp.'s debut was weaker than expected. Interest in large Shanghai initial public offerings was waning after two recent large IPOs dropped below their public offering prices, said Li Nian at Shenyin Wanguo Securities. "CNR's weak debut will pressure other Shanghai IPOs as its IPO price was too high." CNR's IPO price was at 5.56 Chinese yuan (81 U.S. cents), and the stock opened up 4.3%, well below expectations for a 16.5% surge. It closed 2.3% higher.

In other markets, Singapore's Straits Times Index closed up 0.5%, Indonesia's headline stock index climbed 0.4%, and India's Sensex rose 0.2%. Taiwan shares closed down 0.1%, Philippine shares rose 0.7%, and New Zealand's NZX-50 added 0.6%.

Foreign exchange majors were in very tight ranges, with trading volumes thinned by the holidays. The dollar was at 91.65 yen from 91.62 yen in late New York trade Monday, while the euro was at $1.4415 from $1.4384 and 131.15 yen from 131.78 yen.

"The decline of the yen against the U.S. dollar since early December has been a high quality move, built on improving fundamentals that were given more substance from [Monday's] retail sales data from the U.S.," said Hastings, of Global Hunter Securities.

"If things go well, then we could get a move in the yen similar to the March to August 2008 decline," he said. "This time perhaps giving us a 97.50 level on the yen by mid-January."

The Euro's recent slide against the dollar may have gone too far, and a correction higher was looking increasingly likely, said Brown Brothers Harriman in a note.

Japanese government bonds ended higher on the back of solid dip-buying demand. The lead JGB futures contract rose 0.15 to 139.53 while the 10-year cash JGB yield fell 0.5 basis point at 1.295%.

Spot gold was at $1,104.10 per troy ounce, down $2.80 from the New York close. February crude oil was up 3 cents at $78.80 per barrel on Globex.

"Crude is hovering around the $79 level while the news from Shanghai Electric Power confirmed very high demand for electric power, with the same effect building up this week in the Northern and Eastern U.S. Canada," said Hastings. "So the week's fundamental demand news remains very supportive for pricing power in major industrial commodities."

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(END) Dow Jones Newswires

December 29, 2009 06:18 ET (11:18 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Tuesday 6 October 2009

Forex: GBP/USD: Pound weakens further; below 1.5930 session high

Tue, Oct 6 2009, 11:06 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Pound continues trading lower after its reversal from 1.6050, and the pair has dipped below intra-day low at 1.5930 to levels right above 1.5900 at the time of writing.

Support levels, at the moment, lie at 1.5880 and below there 1.5770 (Sept 28 low) and 1.5755. On the upside, resistance levels remain at 1.6005/20, and above here 1.6050 intra-day high and 1.6125 (Sept 30 high), and 1.6200.

According to Stoyan Mihaylov, technical analyst at Deltastock.com, a clear break below 1.5900 could kick up a sell off towards 1.5766: "A clear break below 1.5901 is to be expected and it will initiate a massive sell-off for 1.5766, en route to 1.5352. The intraday bias is already negative with the recent break below 1.5961, so expect current rebound above 1.5937 to be corrective in nature and to give an entry point for the next leg downwards, to 1.5834."


EU Sets Rules For Electronic Payment Of Road Tolls Across EU

EU Sets Rules For Electronic Payment Of Road Tolls Across EU

BRUSSELS -(Dow Jones)- The European Commission Tuesday established rules to encourage a single system for electronic toll payments on European Union roads.

Several E.U. countries use electronic payments on toll roads, but these systems generally aren't useable across the bloc's borders, according to the commission, the E.U.'s executive arm.

A road trip to Denmark from Portugal requires five or more on-board units on a vehicle's dashboard, the commission said.

In the U.S., by contrast, E-ZPass, an electronic toll-payments system designed to link New York, New Jersey and Pennsylvania, now works with toll roads in 11 other states.

The commission wants a single E.U. system in place for heavy trucks and passenger buses within three years, with wider availability for passenger cars within five years.

"The European Electronic Toll Service will enable road users to easily pay tolls throughout the whole European Union thanks to one subscription contract with one service provider and one single on-board unit," European Commissioner for Transport Antonio Tajani said in a statement.

-By Adam Cohen, Dow Jones Newswires; +322 741 1486; adam.cohen@dowjones.com

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October 06, 2009 07:12 ET (11:12 GMT)

IMF:ECB Weber:Only Seeing Green Shoots, Downside Risks Remain

Tue, Oct 6 2009, 11:01 GMT
http://www.djnewswires.com/eu

IMF:ECB Weber:Only Seeing Green Shoots, Downside Risks Remain

ISTANBUL -(Dow Jones)- Recent positive signs in the global economy are too fragile for policy makers to assume growth has resumed, European Central Bank governing council member Axel Weber said Tuesday.

"We're only seeing green shoots...downside risks remain," Weber, who is also German Bundesbank president, said in a speech to the International Monetary Fund's board of governors at the IMF/World Bank annual meetings in Istanbul.

Fiscal and monetary stimulus measures adopted to combat the sharpest global recession in decades shouldn't be unwound at this point, said Weber.

Existing stimulus measures should remain in place until a recovery is clearly in sight, he added.

-By Christopher Emsden, Dow Jones Newswires; +39-02-58-21-99-05; chris.emsden@dowjones.com

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October 06, 2009 07:01 ET (11:01 GMT)


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Bank Of Spain Gov: Spain Economy Could Suffer A Long Slump


Tue, Oct 6 2009, 11:01 GMT
http://www.djnewswires.com/eu

Bank Of Spain Gov: Spain Economy Could Suffer A Long Slump

MADRID -(Dow Jones)- Spain's economy will likely recover later than others in Europe and could suffer a prolonged slump unless there are ambitious reforms, Bank of Spain Governor Miguel Angel Fernandez Ordonez said Tuesday.

In annual parliamentary testimony on the government's budget proposal for the following year, Fernandez Ordonez said tax and spending reforms are needed to rein in Spain's spiraling budget deficit.

-By Jonathan House, Dow Jones Newswires; +34 619 93 39 52; jonathan.house@dowjones.com

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October 06, 2009 07:01 ET (11:01 GMT)


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EU Clears Extension Of Italian Government Bank Support Plan

Tue, Oct 6 2009, 10:33 GMT
http://www.djnewswires.com/eu

EU Clears Extension Of Italian Government Bank Support Plan

BRUSSELS -(Dow Jones)- The European Commission Tuesday approved extending the Italian government's scheme for supporting banks until the end of 2009.

The plan, which was modified in February, complies with E.U. rules, the commission said.

-By Matthew Dalton, Dow Jones Newswires; +32 2 741 1487; matthew.dalton@dowjones.com

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October 06, 2009 06:33 ET (10:33 GMT)


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ECB Ordonez: Euro-Zone Econ Stabilizing, Rates Appropriate


Tue, Oct 6 2009, 10:34 GMT
http://www.djnewswires.com/eu

ECB Ordonez: Euro-Zone Econ Stabilizing, Rates Appropriate

MADRID -(Dow Jones)- The euro-zone economy is stabilizing after its worst recession in decades and interest rates are at an "appropriate" level, European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said Tuesday.

Speaking in the Spanish parliament, Fernandez Ordonez said the recovery of the euro-zone economy will be slow and "not without difficulty."

-By Jonathan House, Dow Jones Newswires; +34 619 93 39 52; jonathan.house@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ayP1X7kVnr7MWhQ1SnmXpA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

October 06, 2009 06:34 ET (10:34 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Asian Shares End Up; RBA First G-20 Ctrl Bank To Hike Rates

Tue, Oct 6 2009, 10:07 GMT
http://www.djnewswires.com/eu

Asian Shares End Up; RBA First G-20 Ctrl Bank To Hike Rates

SINGAPORE (Dow Jones)--Asian equity markets overcame another choppy session Tuesday to end mostly higher, with Australian stocks snapping a four-session losing streak despite a surprise rate increase by the central bank.

The S&P/ASX 200 ended 0.4% higher at 4591.60, well off the day's high, after the Reserve Bank of Australia became the first central bank in the Group of 20 nations to begin withdrawing monetary stimulus, by raising its key policy rate by a quarter point to 3.25%.

"I think it's good news if they're increasing rates because it shows growth is coming through domestically but the market, in its fragile state at the moment, would probably see that as a negative," said Justin Gallagher, head of Sydney sales trading at RBS.

Elsewhere, Japan's Nikkei 225 Average climbed 0.2% to 9691.80 after flirting with losses, South Korea's Kospi slipped 0.5%, New Zealand's NZX 50 gained 0.4% and Taiwan's Taiex advanced 1.3%.

Hong Kong's Hang Seng Index rallied 1.9%, while India's Sensex rose 0.5% and Singapore's Straits Times Index gained 1.1%.

U.S. stocks were pointing toward a higher opening, with Dow Jones Industrial Average futures recently up 64 points in screen trade. The DJIA rose more than 110 points overnight after falling in the previous four sessions.

Most Australian banking plays traded off early highs after the RBA rate decision. Commonwealth Bank of Australia ended down 0.4% and National Australia Bank fell 0.4%, while Australia & New Zealand Banking Group finished up 0.9%.

The Australian dollar surged to $0.8875 from about $0.8770 after the RBA decision. The New Zealand dollar also rose, climbing as high as $0.7362, from $0.7309 earlier. Among other major currencies, the euro was recently at $1.4734 from $1.4651 in late New York trade on Monday, and at 131.24 yen from 131.19 yen. The U.S. dollar was at 89.06 yen from 89.54 yen.

Asian currencies were also broadly higher against the U.S. dollar, with suspected central bank intervention to support the greenback from South Korea, Taiwan and Thailand authorities.

In Tokyo, Mazda Motor jumped 7.6% after its shares tumbled for seven sessions. Investors also cheered news from Monday that the company expected a lower net loss for the fiscal year than it had originally forecast. The company also announced plans to raise about $1 billion, partly to develop technologies that will improve the fuel-efficiency of its cars.

Other exporters also staged a rebound after heavy losses recently, despite the yen's continued strength against major currencies. Panasonic rose 1.3% and Nikon rose 3.7%.

Gains in Indian stocks were limited by mobile operators' steep falls on concerns about intensified price wars, after Reliance Communications Monday announced a low-tariff plan that effectively allows subscribers to make local and domestic long-distance calls for 0.5 rupees (one cent) a minute. Reliance Communications plunged 10.7%, its bigger rival Bharti Airtel skidded 10.7% and Idea Cellular sank 8.0% in heavy trading volumes.

"The strategic reason for (Reliance's) move is clear - to make it uneconomical for new (telecom companies) to operate in the Indian market. We believe that this is a positive move from a medium-term view despite its near-term impact on revenue/earnings per share," J.P. Morgan analysts wrote in a note.

Korean shares declined for a fourth straight session, reversing early gains after the Australian central bank's rate increase on concerns that the Bank of Korea may follow suit to contain rising inflationary pressures and prevent asset bubbles in an environment of low interest rates.

Shares of Samsung Electronics fell 0.3%, although the company said it now expects stronger third-quarter sales of 36 trillion won.

In Hong Kong, shares of China Resources Cement ended flat on their trading debut at their initial public offering price of 3.90 Hong Kong dollars (50 U.S. cents), after opening at HK$3.75. The performance, which comes after a string of weak listings in recent weeks in Hong Kong, was unlikely to lift investor sentiment toward coming IPOs, said analysts.

Financial stocks in South Korea were weak, with Shinhan Financial Group dropping 0.7% and Woori Financial dropping 3%, while Hana Financial Group slipped a further 0.1%. Hana shares had plunged 14.4% Monday following a report it planned a share sale to boost capital.

But financial shares were higher in some other markets after Goldman Sachs upgraded its view on large U.S. banks to "attractive" from "neutral" ahead of quarterly earnings. Japan's Nomura Holdings added 4.4% and Mizuho Financial Group climbed 2.8%. In Singapore, DBS Group Holdings rose 1.8% and in Hong Kong, Bank of China added 2.7% and HSBC Holdings gained 1.2%, while HDFC Bank shares were up 1.8% in Mumbai afternoon trading.

Strength in commodities prices helped regional resource plays. Australia's BHP Billiton gained 0.9% and Rio Tinto added 1.6%, while Newcrest Mining rose 2.4%. In Tokyo, Sumitomo Metal Mining surged 6.1% and in Hong Kong, Jiangxi Copper gained 4.1% and Zijin Mining Group jumped 6.3%.

Japanese government bonds advanced after a stronger-than-expected auction of 10-year JGBs. The result suggested that demand for long-term bonds was very firm, said Mizuho Securities market analyst Masashi Shimominami. "Many investors expect long-term yields to extend their declines as the economic outlook remains gloomy, and they are eager to buy JGBs in a liquidity-driven market."

The lead December JGB futures contract rose 0.09 to 139.59 points. The 10-year cash JGB yield fell 2 basis points to 1.24%.

The November Nymex crude oil futures contract was up 93 cents at $70.34 per barrel. Spot gold was at $1,023.10 per troy ounce, up $5.90 from the New York close.

-Dow Jones Newswires; +65-6415-4140; markettalk@dowjones.com

TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAsia@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.

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(END) Dow Jones Newswires

October 06, 2009 06:07 ET (10:07 GMT)


Copyright 2009 Dow Jones & Company, Inc.

UPDATE: Hungary's Aug Output Keeps Falling On Drop In Cars


Tue, Oct 6 2009, 10:18 GMT
http://www.djnewswires.com/eu

UPDATE: Hungary's Aug Output Keeps Falling On Drop In Cars

(Adds comments from statistician, analysts.)


By Margit Feher
Of DOW JONES NEWSWIRES


BUDAPEST (Dow Jones)--Hungary's industrial output failed to recover in August despite expectations of some improvement, firming the market view that the central bank will continue to cut interest rates to boost the economy.

Industrial output fell 0.7% in August from the previous month and was down 19.9% on the year, following a 0.7% monthly fall and a 19.4% annual decline in July, the Central Statistics Office, or KSH, said Tuesday.

"The data confirmed that the economy remains very weak, with August preliminary industrial output worse than consensus, showing close to a 20% contraction. There is no doubt that the central bank will deliver further rate cuts," said BNP Paribas in a note.

Output remained in August at a depressed level due, to a large extent, to a fall in car manufacturing.

"The trends of the past months continued; output has been stagnating at about 80% of the previous year's level as all sectors of industry and both exports and domestic sales are depressed. Car manufacturing, which has a large weight in the overall numbers, accounted for 40% of the decline, as in previous months," KSH statistician Miklos Schiendele told reporters.

Output fell in the first eight months of the year by 21.8% from a year earlier.

"Hungarian industry doesn't seem to be able to follow the rebounding confidence indicators, PMI and the regional recovery due to the sharp collapse in domestic demand, which prolongs the recession," said economist Gergely Suppan at Takarekbank.

There could be a rise in the monthly reading in October, but that would be misleading as the rise would come against a very low base a year earlier, KSH statistician Schiendele said. Hungarian industrial output started to decline sharply from October 2008 onwards, when the country was hit hard by the global economic crisis. As a result, the full-year decline could be somewhat less than the fall recorded for the January-August period, the statistician added.

As about 80% of the country's exports go western Europe, Hungary's output is consistent with the sluggish recovery expected in the euro zone, MKB economist Zsolt Kondrat said.

"We expect a very slow and gradual pickup in domestic industrial activity, 1.5% quarterly growth [both] this quarter and the last quarter [of 2009] and a roughly 18% drop for the whole year. However, due to a very strong base effect, even this would bring positive growth figures from December," Kondrat added.

The monthly reading is adjusted seasonally as well as for the number of working days. The annual number is adjusted for the number of working days. Output also fell 19.9% under unadjusted data in August versus a year earlier.

Statistics office Web site: www.ksh.hu

-By Margit Feher, Dow Jones Newswires; +36-20-925-2364; margit.feher@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ayP1X7kVnr7MWhQ1SnmXpA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

October 06, 2009 06:18 ET (10:18 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Czech 9-Mo New Car Registrations Up 8% On Yr At 117,748 Units

Tue, Oct 6 2009, 09:52 GMT
http://www.djnewswires.com/eu

Czech 9-Mo New Car Registrations Up 8% On Yr At 117,748 Units

PRAGUE (Dow Jones)--Czech new passenger car registrations rose 8% on the year in the nine months through Sept. 30, to 117,748 units from 109,000 in the year-earlier period, Czech Car Importers' Association, or SDA, said Tuesday.

Sales of light utility vehicles, or LUVs, dropped 66% on the year to 15,829 units, in part reflecting the economic downturn and recent changes to tax laws allowing companies to deduct VAT on standard passenger cars, including saloons.

Under previous regulations, companies could only deduct VAT on cars that had installed special metal mesh barriers separating the passenger from cargo sections, disqualifying many car models.

As in previous months, the leading car makers by sales on the Czech market are Czech Skoda Auto AS and its German parent Volkswagen AG (VOW.XE), Ford Motor Co. (F), and Renault SA (RNO.FR).

SDA Web site: www.sda-cia.cz

   Go to http://blogs.wsj.com/new-europe for the new Dow Jones blog on Central and Eastern Europe, covering business, politics, society and more, written by our correspondents across the region.


-By Leos Rousek, Dow Jones Newswires; +420 222 315 290, leos.rousek@dowjones.com

(MORE TO FOLLOW) Dow Jones Newswires

October 06, 2009 05:52 ET (09:52 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Iraqi Fin Min: IMF Granted $5 Billion To Iraq For Budget

Iraqi Fin Min: IMF Granted $5 Billion To Iraq For Budget

ISTANBUL (Zawya Dow Jones)--Iraq has been granted $5 billion by the International Monetary Fund to support the government's budget, Iraqi Finance Minister Baker al-Zubaidy said Tuesday.

"We reached an agreement on an IMF loan for about $5 billion," he told reporters in Istanbul, speaking on the sidelines of the IMF's annual meeting.

The funds will be disbursed between 2010 and 2011, he said.

"We will not spend on the oil or electricity sector [any more]," he said, adding that such projects will be financed through the private sector.

Al-Zubaidy also said he has been meeting with French Finance Minister Christine Lagarde to discuss the country's investments in Iraq's oil sector.

-By Maria Abi-Habib, Dow Jones Newswires; +9714 364 4962; maria.habib@dowjones.com

Copyright (c) 2009 Dow Jones & Co.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ayP1X7kVnr7MWhQ1SnmXpA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

October 06, 2009 06:03 ET (10:03 GMT)


Copyright 2009 Dow Jones & Company, Inc.

European markets advance led by financials; Euro, higher, Pound slumps

FXstreet.com (Barcelona) - European markets are going through gains on Tuesday buoyed by advances in the banking sector. In the FX markets, the Dollar has dipped against Euro and Yen, while the Pound plunged on disappointing UK industrial production.

Eurostoxx 50 Index adds 0.9%, while German DAX Index rises 0.7%, and the french CAC Index advances 0.5%. In the UK, the FTSE Index trades 0.7% up in the first hours of trading.

The banking sectors is going though a strong session while Societe Generale announced its plan to raise EUR4.8 billions in a rights offer in order to re-pay state funds.

In the macroeconomic front, UK Industrial production has declined 2.5% month on month and 11.2% year on year in August, against experts expectations of a 0.3% monthly gain and a 10.2 year on year decline. Manufacturing output has dropped 0.9% on the month and 11.3% year on year; the market consensus was a 0.4% monthly advance and a 9.1% year on year decline.

Euro at higher levels, Pound plunges


GBP/USD, which rose to 1.6048 session high, has plunged about 100 pips after worse than expected Industrial production figures, returning well below 1.6000, and giving away all the ground taken during the day. At the moment of writing, the Pound trades at 1.5950.

EUR/USD has extended its rebound from 1.4480 low on Friday to 1.4750 high on Tuesday's early European session, and the Euro remains moving between 1.4700 and 1.4750.

USD/JPY decline from 90.00 high on Monday has found support at 88.85, and the pair has remained moving sideway's between the mentioned level and Monday's low at 89.40 on the upside.

Forex: EUR/USD: Extension to the psychological 1.5000 cannot be ruled out - Mizuho


Tue, Oct 6 2009, 09:52 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Euro has shrugged off last weeks' weakness and, after bottoming at 1.4480 on Friday, the pair has rallied almost 300 pips to reach 1.4750 on Monday, and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, it could reach 1.5000 area during the current month.

On its monthly outlook, Elliott expect a brief period of consolidation before rallying higher: "Last month the Euro squeezed higher, as expected, and is now due a short period of consolidation in the 1.4600/1.4800 area, though an extension to the psychological 1.5000 level cannot be ruled out."

On the downside, Elliott considers declines should be limited to 1.4443 area: "Declines are seen as medium and long term buying opportunities for an even weaker US dollar later this year. Dips might be limited to the nine-week moving average at 1.4443 which also happens to be the first Fibonacci support."

Forex: GBP/USD: Pound plunges below 1.6000 on weak industrial production

Tue, Oct 6 2009, 08:44 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Sterling has plunged about 100 pips from session high at 1.6048, after worse than expected Industrial production figures, back well below 1.6000, and giving away all the ground taken during the day.

UK Industrial production has declined 2.5% month on month and 11.2% year on year in August, against experts expectations of a 0.3% monthly gain and a 10.2 year on year decline. Manufacturing output has dropped 0.9% on the month and 11.3% year on year; the market consensus was a 0.4% monthly advance and a 9.1% year on year decline.

At the moment of writing, the Pound trades at 1.5940, with next support levels at 1.5925 session low and below here, 1.5880 and 1.5770 (Sept 28 low). On the upside, resistance levels lie at 1.6005/20, and above here 1.6050 intra-day high and 1.6125 (Sept 30 high), and 1.6200.


DATA SNAP: UK Mfg Output Slumps Unexpectedly In August


Tue, Oct 6 2009, 08:44 GMT
http://www.djnewswires.com/eu

DATA SNAP: UK Mfg Output Slumps Unexpectedly In August

By Ilona Billington
Of DOW JONES NEWSWIRES


LONDON (Dow Jones)--The U.K.'s manufacturing sector slumped unexpectedly by 1.9% in August from July as output in all thirteen sub-sectors reported a poor result, the Office for National Statistics said Tuesday.

On the year, manufacturing output declined 11.3%.

The data for August compare with a revised 0.7% rise on the month and a 10.2% fall on the year in July.

The drop came as a surprise. Economists surveyed by Dow Jones Newswires last week had expected that manufacturing output rose 0.4% on the month and fell 9.1% on the year in August.

The July data were originally reported as rising 0.9% on the month and declining 10.1% in year-on-year terms.

The monthly fall was the first drop since May this year although an ONS spokesperson did say that anecdotal evidence showed that there were various planned shutdowns in August which accounted for some of the decline, and possibly the larger-than-expected rise in July.

The seasonal adjustment would typically account for some of these seasonal shut downs but may not capture all of them, the ONS said.

The wider measure of industrial production also posted a disappointing performance in August, falling 2.5% on the month and 11.2% when compared with August 2008.

In July, industrial production rose 0.5% from June and was 9.3% lower in annual terms.

Economists had forecast this measure would rise 0.3% on the month and drop 8.6% in annual terms.

-By Ilona Billington and Adam Bradbery, Dow Jones Newswires; +44 20 7842 9452; ilona.billington@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ayP1X7kVnr7MWhQ1SnmXpA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

October 06, 2009 04:44 ET (08:44 GMT)


Copyright 2009 Dow Jones & Company, Inc.

GLOBAL MARKETS: European Stocks Up; Banks Offer A Timely Lift

GLOBAL MARKETS: European Stocks Up; Banks Offer A Timely Lift

Tue, Oct 6 2009, 08:19 GMT
http://www.djnewswires.com/eu

GLOBAL MARKETS: European Stocks Up; Banks Offer A Timely Lift

By Andrea Tryphonides
Of DOW JONES NEWSWIRES


DATA SNAP: UK Halifax House Prices Rise Again In September


Tue, Oct 6 2009, 08:25 GMT
http://www.djnewswires.com/eu

DATA SNAP: UK Halifax House Prices Rise Again In September

By Nicholas Winning
OF DOW JONES NEWSWIRES


LONDON (Dow Jones)--U.K. house prices rose for a third consecutive month in September and posted their first quarterly rise for two years in the third quarter, HBOS, a unit of the Lloyds Banking Group, said Tuesday.

The company's Halifax house price index rose 1.6% in September from August, following a 0.8% monthly increase in August. The average price in the three months to the end of September was 7.4% lower than in the corresponding period of last year, down from an annual 10.1% drop in August.

The data are stronger than the market consensus estimate of a 1.0% gain on the month and a 7.7% drop on the year from a Dow Jones Newswires survey of economists last week.

The global credit crisis and ensuing recession throttled activity on the U.K.'s house market and dragged prices lower last year. Although the market still faces headwinds from rising unemployment and a shortage of mortgages, prices have started to recover in recent months with support from a combination of pent-up demand and a shortage of property for sale.

Company Web site: www.halifax.co.uk

-Nicholas Winning, Dow Jones Newswires; +44 207 842 9498; nick.winning@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ayP1X7kVnr7MWhQ1SnmXpA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

October 06, 2009 04:25 ET (08:25 GMT)


Copyright 2009 Dow Jones & Company, Inc.





LONDON (Dow Jones)--European stocks climbed higher Tuesday, supported by a strong performance in the banking sector, while news of Societe Generale's EUR4.8 billion rights issue helped boost confidence in the recovery of fortunes for Europe's blue-chips.

Additionally, the U.K.'s largest retailer, Tesco, reported better than expected profit growth, which supported those who think that economic recovery in the U.K. and beyond is more than just a pipe dream.

"Earnings momentum is starting to pick up, valuations are reasonable and it can hardly be said that investor sentiment is too positive," said Bob Doll, chief investment officer of equities at BlackRock.

"Together, all of these factors support our view that the current cyclical bull market remains intact," he said.

By 0800 GMT, the pan-European Stoxx 600 index was up 0.8% at 238.0. London's FTSE 100 was up 0.7% at 5059.8, Frankfurt's DAX gained 0.7% to 5545.2 and Paris's CAC-40 was 0.6% higher at 3695.4.

Much of the morning's focus was on the banking sector after Societe Generale launched a rights issue, partly to repay state funds and using the remainder to buy out a 20% stake in Credit du Nord and boost capital ratios. It fell 0.8% to EUR51.8, although it soon came off its lows.

"New confidence in the banking sector and the desperate desire to rid themselves of the shackles of government ownership is driving these decisions," said Manoj Ladwa, senior trader at ETX Capital.

Additionally, BofA-Merrill Lynch upgraded the European bank sector to overweight. It said that with further EPS upgrades ahead, reasonable valuations offer the potential for re-rating, building on strong core profitability and positive trends in key wholesale and property markets. The Stoxx Europe banks sub-sector was up 1.4% at 229.6.

Elsewhere, Tesco, the world's third-largest retailer by sales, reported better than expected profit growth, with pretax profit before exceptional items up 8.6% to GBP1.57 billion. However, it fell 0.8% to 388 pence, with analysts still noting an air of caution, particular with regards to the U.S. business.

Earlier, Asian equity markets mostly advanced Tuesday, inspired by solid gains for U.S. stocks, although some markets slipped off earlier highs or were trading lower.

Japan's Nikkei 225 finished up 0.2% but South Korea's Kospi Composite failed to turn its fortunes around and ended 0.5% lower. Hong Kong's Hang Seng index gained 1.9%.

Australia's S&P/ASX 200 ended 0.4% higher, although the index dipped a little after the Reserve Bank of Australia hiked its key cash rate by 25 basis points to 3.25%, becoming the first central bank among the Group of 20 nations to begin monetary tightening.

In the U.S., an analyst upgrade of the banking sector and earnings-driven speculation drove a rallying stock market Monday, with Wells Fargo, Alcoa and Caterpillar leading the tape.

For the session, the DJIA gained 1.2% to 9599.8, snapping a four-day losing streak.

Goldman Sachs raised its rating on large banks to attractive Monday morning. Improved earnings, stronger balance sheets and bigger assets following a year's worth of acquisitions at several large banks have raised some analysts' views of the sector going into the quarterly reports.

Among other indexes, the Standard & Poor's 500 rose 1.5% to 1040.5 and the Nasdaq Composite increased 1.0% to 2068.2.

In the foreign exchanges, the dollar fell against the euro and the yen as risk appetite increased and Australia raised interest rates. Market participants noted that a report that Gulf countries are planning to stop using the dollar for oil dealing was swiftly denied by various parties.

The euro was trading at $1.4720 at 0815 GMT, up from $1.4648 in late New York trade on Monday. The dollar was quoted at Y89.20, down from Y89.55.

Meanwhile, the November Nymex crude oil futures contract was up 55 cents at $70.96 per barrel. Spot gold surged, jumping to $1018.40 per troy ounce, up $7.80 from the New York close.

European government bonds were lower and, at 0815 GMT, December bund futures were down 0.15 at 122.55.

-By Andrea Tryphonides, Dow Jones Newswires; +44-20-7842-9281; andrea.tryphonides@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ayP1X7kVnr7MWhQ1SnmXpA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

October 06, 2009 04:19 ET (08:19 GMT)


Copyright 2009 Dow Jones & Company, Inc.

DJ Currency Rates Of Coffee Producing, Consuming Countries

DJ Currency Rates Of Coffee Producing, Consuming Countries

Current Prior
Producers
Angola (Readj Kwanza) AOA 77.805 77.806
Bolivia (Boliviano) BOB 7.02 7.02
Brazil (Real) BRL 1.7598 1.7818
Burundi (Franc) BIF 1240 1240
Central African States XAF 445.755 448.285
Central Bank of West AfriXOF 445.755 448.285
Colombia (Peso) COP 1928.4 1918
Costa Rica (Colon) CRC 582.7 585.5
Cuba (Peso) CUP 1 1
Dominican Rep (Peso) DOP 36.2 36.15
Ecuador (USD) USD 1 1
El Salvador (Colon) SVC 8.7475 8.7475
Ethiopia (Birr) ETB 12.605 12.605
Guatemala (Quetzal) GTQ 8.3235 8.3115
Guinea Rep (Franc) GNF 5025 5025
Haiti (Gourde) HTG 39.75 39.75
Honduras Rep (Lempira) HNL 18.895 18.895
India (Rupee) INR 47.12 47.53125
Indonesia (Rupiah) IDR 9435 9552.5
Kenya (Shilling) KES 75.325 75.65
Malawi (Kwacha) MWK 140.605 140.6058
Mexico (Peso) MXN 13.5688 13.6281
Nicaragua (Cordoba Oro) NIO 19.9713 19.9713
Papua New Guinea (Kina) PGK 0.37535 0.3755
Peru (Nuevo Sol) PEN 2.8765 2.8765
Philippines (Peso) PHP 46.5675 46.71
Venezuela (Bolivar) VEB 2147.3 2147.3
Vietnam (Dong) VND 17842 17844.5
Zambia (Kwacha) ZMK 4680 4730
Zimbabwe (Dollar) ZWD 363.4 363.4

Consumers
Denmark (Krone) DKK 5.05835 5.0876
European Union (Euro) EUR 1.47155 1.46325
Japan (Yen) JPY 89.21 89.835
Norway (Krone) NOK 5.7108 5.7737
Sweden (Krona) SEK 6.9749 7.0373
Switzerland (Franc) CHF 1.02715 1.03265


* = The CFA Franc is the common currency of 14 African countries
which are members of the Franc zone:
XOF = Benin, Burkina, Ivory Coast, Guinea Bissau, Mali, Niger,
Senegal and Togo under the Central Bank of the West African States.
XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea,
and Gabon, under the Bank of the Central African States.


All currencies are quoted in units of currency per U.S. dollar.
Source: Thomson Reuters

Forex: GBP/USD: Pound stretches to 1.6048 session high on housing prices


FXstreet.com (Barcelona) - Pound's rally from 1.5800 low on Friday has extended to a fresh session high at 1.6048 high on Tuesday after better than expected UK Halifax housing prices index, to ease later to current levels around 1.6020.

Resistance levels, above 1.6025, lie at 1.6125 (Sept 30 high), and above here, 1.6200 and 1.6350. On the downside, support levels remain at 1.5925 session low and below here, 1.5880 and 1.5770 (Sept 28 low).

UK Halifax housing Prices Index have advanced 1.6% in September while they fell 7.4% year on year, beating experts expectations of a 1.0% monthly advance and a 7.7% year on year decline.




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(END) Dow Jones Newswires

October 06, 2009 04:09 ET (08:09 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Saturday 3 October 2009

WORLD FOREX: Euro Climbs Above $1.46, Extending Recovery

WORLD FOREX: Euro Climbs Above $1.46, Extending Recovery

By Riva Froymovich
Of DOW JONES NEWSWIRES


NEW YORK (Dow Jones)--The euro recently climbed above $1.46, extending its recovery from an early morning selloff against the dollar.

The euro advanced to an intraday high of $1.4619, after earlier declining to more than a three-week low of $1.4480 on the release of a disappointing U.S. payrolls report.

Trading is often volatile following this highly anticipated monthly jobs data.

"It would be a mistake to take a logical look" on these moves, said Tom Fitzpatrick, global head of currency strategy at Citigroup.

"It's classic post-non-farm payrolls trading," he said. After the initial reaction, "people tend to say, 'Let's jump away to the sidelines,'" Fitzpatrick said.

The report also may add to skepticism on the dollar's prospects.

It recently fell to an intraday low against the yen, Y88.62.

Fitzpatrick added that this currency pair has been trading more closely with fixed-income markets lately, and long-end yields are down, putting pressure on the buck.

Separately, currency analysts cited a CNBC interview with Bill Gross, Pimco's co-chief investment officer. He said he thinks policymakers actually want a weak dollar, according to Reuters.

In recent trade Friday morning in New York, the euro was at $1.4611 from $1.4526 late Thursday, according to EBS via CQG. The dollar was at Y88.65 from Y89.77. The euro was at Y129.56 from Y130.39. The U.K. pound was at $1.5924 from $1.5940, while the dollar was at CHF1.0333 from CHF1.0420.

Employers eliminated 263,000 jobs in September, more than expected, as the unemployment rate climbed to 9.8%, the Labor Department said.

Economists surveyed by Dow Jones Newswires expected a 175,000 decrease.

-By Riva Froymovich, Dow Jones Newswires; 212-416-2217; riva.froymovich@dowjones.com

(Bradley Davis in New York contributed to this report.)

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(END) Dow Jones Newswires

October 02, 2009 10:06 ET (14:06 GMT)

Tuesday 29 September 2009

DATA SNAP:UK Corporate M4 Aug YY Rise Strongest Since Mar 08

LONDON (Dow Jones)--Holdings of M4 by U.K. companies posted the strongest annual rate of increase in more than a year in August, but growth in overall holdings of M4 weakened, painting a mixed picture of economic health.

Data from the Bank of England, released Tuesday, showed that corporate holdings of M4 broad money slipped 0.1% on the month, but rose 0.7% on the year, while household holdings lifted 0.6% on the month and 2.9% on the year.

The BOE's new series of overall M4, excluding intermediate other financial corporations whose practices distort the data, posted a 0.2% on the month rise, weaker than a downwardly revised 0.4% increase in July.

-By Natasha Brereton, Dow Jones Newswires, +44-20-7842-9254, natasha.brereton@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:50 ET (08:50 GMT)

DATA SNAP: UK 2Q GDP Revised Up, Record Annual Fall Stands

DATA SNAP: UK 2Q GDP Revised Up, Record Annual Fall Stands

By Nicholas Winning and Joe Parkinson
OF DOW JONES NEWSWIRES


LONDON (Dow Jones)--The U.K. economy shrank slightly less than previously estimated in the second quarter, but still posted its steepest fall in annual terms since records began in 1955, the Office for National Statistics said Tuesday.

The final reading of gross domestic product showed it shrank 0.6% between April and June from the first quarter, a narrower fall than the previous estimate of a 0.7% contraction.

"The revision is almost entirely due to stronger estimates of construction output than previously forecast," the ONS said in a statement.

But the data also showed GDP was 5.5% lower than in the second quarter of 2008 - unchanged from the previous reading.

Economists were expecting revised declines of 0.6% on the quarter and 5.4% on the year, according to a Dow Jones Newswires survey last week.

The ONS said the quarterly fall in GDP in the first three months of the year was also revised wider to 2.5% from 2.4% - the sharpest drop since the second quarter of 1958 - as a result of weaker data on the output of services.

The GDP growth rate for last year as a whole was also revised down to 0.6% from 0.7%.

Web site: www.ons.gov.uk

-By Nicholas Winning, Dow Jones Newswires; +44 207 842 9498; nick.winning@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:40 ET (08:40 GMT)


Copyright 2009 Dow Jones & Company, Inc.

DATA SNAP: UK Aug Net Consumer Lending +GBP699 Mln Vs July


DATA SNAP: UK Aug Net Consumer Lending +GBP699 Mln Vs July

LONDON (Dow Jones)--U.K. net consumer lending rose more sharply than expected in August, driven by a large increase in mortgage lending, data from the Bank of England showed Tuesday.

The robust figures will dampen concerns that consumers are unable to access funds to buy homes because financial institutions are unwilling to lend amid the harsh economic climate.

Total consumer lending rose GBP699 million in August, its largest rise since April, following a downwardly-revised drop of GBP462 million in July.

Economists had expected net consumer lending to increase by GBP300 million, according to a Dow Jones Newswires survey last week.

The rise in consumer lending was driven by an increase of GBP1.009 billion in mortgage lending, which was partially offset by a fall of GBP309 million in consumer credit.

This rise in mortgage lending was the biggest since February.

Mortgage approvals eased back slightly in August to 52,317, down from 52,404 in July.

Web site: http://www.bankofengland.co.uk/

-By Adam Bradbery, Dow Jones Newswires; 44 20 7842 9305; adam.bradbery@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:41 ET (08:41 GMT)


Copyright 2009 Dow Jones & Company, Inc.

DATA SNAP: UK 2Q Current Account Deficit Widens Sharply

Tue, Sep 29 2009, 08:33 GMT
http://www.djnewswires.com/eu

DATA SNAP: UK 2Q Current Account Deficit Widens Sharply

By Joe Parkinson and Nicholas Winning

OF DOW JONES NEWSWIRES

LONDON (Dow Jones)--The U.K.'s current account deficit widened in the second quarter to its largest level for nearly two years, as investment income narrowed and trade in services weakened, data from the Office for National Statistics showed Tuesday.

The current account deficit for the April-to-June period totaled GBP11.4 billion, compared with a revised deficit of GBP4.1 billion in the first three months of the year.

The first-quarter deficit was originally reported as GBP8.5 billion.

The deficit was larger than the market consensus estimate of a GBP8.0 billion deficit from a Dow Jones Newswires survey of economists last week.

As a share of economic output, the deficit rose to 3.3% of gross domestic product from a downwardly revised 1.2% in the first quarter.

The surplus on investment income shrank to GBP1.4 billion from an upwardly revised GBP7.0 billion in the first quarter, while the deficit on the trade in goods fell to GBP19.9 billion from GBP20.8 billion.

However, the surplus on the trade in services fell to GBP11.3 billion from GBP13.4 billion.

Web site: www.ons.gov.uk

-By Joe Parkinson and Nicholas Winning, Dow Jones Newswires; +44 207 842 9291; joe.parkinson@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:33 ET (08:33 GMT)


Copyright 2009 Dow Jones & Company, Inc.

UPDATE: Spain Sep Flash HCPI -1% On Year Vs -0.8% In Aug


UPDATE: Spain Sep Flash HCPI -1% On Year Vs -0.8% In Aug

(Adds analyst comment.)


By Jonathan House
Of DOW JONES NEWSWIRES


MADRID (Dow Jones)--The pace of decline of Spanish consumer prices accelerated again in September, preliminary data from Spain's National Statistics Institute showed Tuesday.

In a statement, the INE said Spain's European Union-harmonized consumer price index fell 1% on the year earlier in September after falling 0.8% on the year in August.

A Dow Jones Newswires survey of five analysts had forecast an 0.8% annual decline in September.

BNP Paribas said in a research note that the fall was more than expected and the weaker data was a surprise.

However, BNP said the downward tick in September should be temporary, noting that strong food and energy price base effects should help push overall inflation higher in the coming months. Core inflation, on the other hand, should continue to move lower as Spain is going through a price adjustment to regain competitiveness, BNP said.

In March, Spain became the first country in the euro zone to report an annual decline in consumer prices during the global economic recession. Weak economic conditions continued to hurt domestic consumption amid rising unemployment during recent months.

Inflation has eased sharply across the euro-zone trading area, allowing the European Central Bank to slash interest rates to support the economy.

-By Jonathan House and Jason Sinclair, Dow Jones Newswires; +34-91-3958121; jonathan.house@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:35 ET (08:35 GMT)


ECB's Noyer: Financial Globalization Not Cause Of Crisis

ECB's Noyer: Financial Globalization Not Cause Of Crisis

PARIS -(Dow Jones)- Financial globalization isn't "in itself" the cause of the economic crisis, European Central Bank governing council member and governor of the Bank of France, Christian Noyer, said Tuesday.

But it has highlighted failures in the regulatory framework, Noyer said at a conference in Paris.

Noyer added the crisis has revealed the need to supervise the financial system as a whole and not just individual financial institutions.

-By Ruth Bender, Dow Jones Newswires; +33 1 4017 1740; ruth.bender@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:18 ET (08:18 GMT)


Polish Central Bank Base Scenario Sees Econ Rebound In 2010

Polish Central Bank Base Scenario Sees Econ Rebound In 2010

WARSAW (Dow Jones)--The Polish central bank said Tuesday its base scenario for the country assumes that the economy will gradually rebound in 2010 and reach 2% growth in 2011.

In a report called "Poland and the Global Economic Crisis," the bank said the public sector deficit will rise to over 7% of gross domestic product growth in 2010 from the projected 5.9% of GDP this year.

The higher deficit will fuel a rise in public debt to close to 60% in 2010, breaching the 55% threshold, which under the constitution triggers austerity measures, the bank said.


National Bank of Poland website: http://www.nbp.pl


-By Malgorzata Halaba; Dow Jones Newswires; +4822 447 2433; malgorzata.halaba@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:30 ET (08:30 GMT)

Forex: GBP/USD: Pound continues to target 1.5690/10 - Commerzbank

Tue, Sep 29 2009, 08:05 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Pound has turned down from session high at 1.5955 and dropped about 100 pips on early European session to hit day lows at 1.5845, targeting levels around 1.5690/10, according to Karen Jones, technical analyst at Commerzbank.

Pound's rebounds will, most likely be corrective and capped by 1.6110/50, says Jones: "Yesterdays rebound filled the weekend gap (to 1.5920) and we look for near term corrective rebounds to main capped by 1.6110/50 (break down point for the top pattern) and we continue to target initially 1.5690/10 (Fibonacci retracement and the 55 week ma) and then 1.5270."

Support levels, according to Jones lie at 1.5800/0, and below there, 1.5770 and 1.5690. On the upside, resistance levels are 1.6000, 1.6045 and 1.6110/48.


DJ Currency Rates Of Coffee Producing, Consuming Countries


DJ Currency Rates Of Coffee Producing, Consuming Countries

Current Prior
Producers
Angola (Readj Kwanza) AOA 77.805 78
Bolivia (Boliviano) BOB 7.02 7.02
Brazil (Real) BRL 1.791 1.791
Burundi (Franc) BIF 1240 1241
Central African States XAF 449.5 448.5
Central Bank of West AfriXOF 449.5 448.5
Colombia (Peso) COP 1923.5 1917.6
Costa Rica (Colon) CRC 582.7 582.7
Cuba (Peso) CUP 1 1
Dominican Rep (Peso) DOP 36.1 36.1
Ecuador (USD) USD 1 1
El Salvador (Colon) SVC 8.7475 8.7475
Ethiopia (Birr) ETB 12.59 12.59
Guatemala (Quetzal) GTQ 8.3065 8.3065
Guinea Rep (Franc) GNF 5025 5020
Haiti (Gourde) HTG 39.75 39.75
Honduras Rep (Lempira) HNL 18.895 18.895
India (Rupee) INR 48.07 47.87
Indonesia (Rupiah) IDR 9715 9720
Kenya (Shilling) KES 75.35 75.78
Malawi (Kwacha) MWK 140.6057 140.6069
Mexico (Peso) MXN 13.5575 13.5865
Nicaragua (Cordoba Oro) NIO 19.9603 19.972
Papua New Guinea (Kina) PGK 0.37375 0.37175
Peru (Nuevo Sol) PEN 2.88 2.88
Philippines (Peso) PHP 47.6 47.63
Venezuela (Bolivar) VEB 2147.3 2147.3
Vietnam (Dong) VND 17841.5 17842
Zambia (Kwacha) ZMK 4740 4750
Zimbabwe (Dollar) ZWD 364.6 362.7

Consumers
Denmark (Krone) DKK 5.1059 5.0954
European Union (Euro) EUR 1.45755 1.46065
Japan (Yen) JPY 89.77 89.605
Norway (Krone) NOK 5.84185 5.8595
Sweden (Krona) SEK 7.02825 7.0285
Switzerland (Franc) CHF 1.0363 1.034


* = The CFA Franc is the common currency of 14 African countries
which are members of the Franc zone:
XOF = Benin, Burkina, Ivory Coast, Guinea Bissau, Mali, Niger,
Senegal and Togo under the Central Bank of the West African States.
XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea,
and Gabon, under the Bank of the Central African States.


All currencies are quoted in units of currency per U.S. dollar.
Source: Thomson Reuters


Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 29, 2009 04:09 ET (08:09 GMT)

DATA SNAP: Italian August Hourly Wages +2.4% On Year

Tue, Sep 29 2009, 08:04 GMT
http://www.djnewswires.com/eu

DATA SNAP: Italian August Hourly Wages +2.4% On Year

By Luca Di Leo
Of DOW JONES NEWSWIRES




ROME (Dow Jones)--Italian hourly wage growth in August rose significantly more than inflation as salaries of public sector workers increased, statistics office Istat said Tuesday.

Hourly wages in August rose by 2.4% on the year, accelerating from a 2.1% increase in July, Istat said. By comparison, the annual inflation rate in Italy stood at 0.1% in August.

Wages in the public administration rose by 3.1% on the year in August, while they were up an annual 2.1% in the private sector.

Public sector wages in Italy have risen twice as fast as the private sector in recent years despite lower productivity gains.


Statistics office web site: www.istat.it




-By Luca Di Leo, Dow Jones Newswires; +39 06 6976 6921; luca.dileo@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 29, 2009 04:04 ET (08:04 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Forex: EUR/USD: Euro drops below 1.4600, pares gains

Tue, Sep 29 2009, 07:41 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Euro has lost about 50 pips at the European opening, and from 1.4635 area, the pair has dipped to levels below 1.4600, trading at 1.4595 at the moment of writing.

On a wider perspective, the Pair remains, moving within the range seen during the last 12 hours from 1.4585 to 1.4635, although range floor at 1.4585 has been tested recently. Below here, next support levels lie at 1.4560 (Sept 15 low) and 1.4530/35 projection. On teh upside, resistance levels lie at 1.4650, and above here, 1.4675/80 and 1.4720/25 (Sept 25/28 high).

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair will continue consolidating at current levels: "Correcting and consolidating, clearly above the most recent Fibonacci retracement, between the nine-day and twenty-six day averages. Allow for more sideways work today and maybe for a fortnight."

DATA SNAP:Italy Business Confidence Falls To 74 In September


Tue, Sep 29 2009, 07:45 GMT
http://www.djnewswires.com/eu

DATA SNAP:Italy Business Confidence Falls To 74 In September

By Chiara Vasarri and Giada Zampano
Of DOW JONES NEWSWIRES


ROME (Dow Jones)--Italian business confidence dropped in September as the outlook for international orders worsened markedly, with the data surprising markets by reversing the past five months' upward trend, figures showed Tuesday.

The business confidence index in the European Union's fourth-largest economy fell to 74 from a downwardly revised 74.4 in August, as sentiment about current demand and output perspectives deteriorated, state-funded research center ISAE said.

The reading was well below a Dow Jones Newswires poll of nine economists, which forecast business confidence to rise to 75.8 in September.

The ISAE business sentiment survey was conducted Sept. 1-17.

Web site: www.isae.it

-By Chiara Vasarri and Giada Zampano; Dow Jones Newswires; +39 06 697 66920; chiara.vasarri@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 29, 2009 03:45 ET (07:45 GMT)


Copyright 2009 Dow Jones & Company, Inc.

DATA SNAP: Spain August Retail Sales -4% Vs -4.6% In July

Tue, Sep 29 2009, 07:14 GMT
http://www.djnewswires.com/eu

DATA SNAP: Spain August Retail Sales -4% Vs -4.6% In July

By Jonathan House
Of DOW JONES NEWSWIRES


MADRID (Dow Jones)--Spanish retail sales continued to fall in August, Spain's National Statistics Institute said Tuesday, as high unemployment weighs on consumption.

Retail sales fell 4% on the year in August, after falling 4.6% in July and 3% in June.

In calendar-adjusted terms, retail sales also fell by 4% in August.

Spanish consumption has been undermined by rapidly rising unemployment and declining consumer confidence as the country's ailing construction industry sheds hundreds of thousands of jobs.

INE Web site: www.ine.es

-By Jonathan House, Dow Jones Newswires; +34 91 395 8121; jonathan.house@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 03:14 ET (07:14 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Swedish August Retail Sales -2.1% On Month


Tue, Sep 29 2009, 07:30 GMT
http://www.djnewswires.com/eu

Swedish August Retail Sales -2.1% On Month

The following is a press release from Statistiska Centralbyran, or SCB, the Swedish central government authority for official statistics.

STOCKHOLM--Retail trade sales decreased by 2.1% in August compared to July, seasonally adjusted figures. Compared to August 2008 the retail trade sales increased by 1.2%.

Retail trade for mostly food increased 3.3% compared to August 2008 and retail trade for mostly durables decreased by 0.3%.

Statistics Sweden Web site: www.scb.se

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(END) Dow Jones Newswires

September 29, 2009 03:30 ET (07:30 GMT)

DATA SNAP: Spain Sep Flash HCPI -1% On Yr Vs -0.8% In Aug

Tue, Sep 29 2009, 07:00 GMT
http://www.djnewswires.com/eu

DATA SNAP: Spain Sep Flash HCPI -1% On Yr Vs -0.8% In Aug

By Jonathan House
Of DOW JONES NEWSWIRES




MADRID (Dow Jones)--The pace of decline of Spanish consumer prices accelerated again in September, preliminary data from Spain's National Statistics Institute showed Tuesday.

In a statement, the INE said Spain's European Union-harmonized consumer price index fell 1% on the year earlier in September after falling 0.8% on the year in August.

A Dow Jones Newswires survey of five analysts had forecast an 0.8% annual decline in September. In March, Spain became the first country in the euro zone to report an annual decline in consumer prices during the global economic recession. Weak economic conditions continued to hurt domestic consumption amid rising unemployment during recent months.

Inflation has eased sharply across the euro-zone trading area, allowing the European Central Bank to slash interest rates to support the economy.

-By Jonathan House, Dow Jones Newswires; +34-91-3958121; jonathan.house@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 29, 2009 03:00 ET (07:00 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Forex: USD/JPY: Prices will hold above 88.23 today, and probably all week - Mizuho


Tue, Sep 29 2009, 07:14 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Dollar sank on Monday to a fresh 7-month low at 88.20 to recover later towards levels right below 90.00, and according To Nicole Elliott, senior technical analyst at Mizuho Corporate Bank the pair will hover around here during the day.

Yesterda's low at 88.20, thus, will remain intact today and possibly, all week, says Elliott: " massive ‘hammer’ candle yesterday suggests prices will hold above its low at 88.23 today and probably all week. This morning the corrective bounce has been capped by the 9-day moving average at 90.39 and we may hover around here for much of today."

Furthermore, Elliott sees rallies to 91.50 as good selling opportunities: "Rallies towards 91.50 are seen as medium term selling opportunities for an eventual test of January’s low at 87.10. The US dollar is hardly oversold any more and at-the-money implied volatility should increase as prices thrash around between 87.00 and 92.00 this month."





Monday 28 September 2009

USD buying sees USDJPY back up towards 89.20

Mon, Sep 28 2009, 01:43 GMT
http://www.forexlive.com

Bargain hunters, profit takers and Importer bids has seen USDJPY trade back up towards 89.20. There are sellers here, looking to re-establish shorts for another look lower. If we can get above 89.30 convincingly then its back up to 89.70 we go.

Sterling keeps printing lower lows

Mon, Sep 28 2009, 02:02 GMT
http://www.fxstreet.com

FXstreet.com (Buenos Aires) – GBP/USD Current Price: 1.5820. Pair keeps printing lower lows in the hourly charts, accelerating the fall with the risk aversion dollar rally triggered by local shares. Rally seems over extended both in 1 and 4 hours charts, yet no signs of reversal or upside corrections yet.

“Break under 1.5800 level, will find next supports at 1.5754, past May 22th daily low, followed by the 1.5710 area,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.5800 1.5754 1.5710. Resistance levels: 1.5860 1.5920 1.5990.