Hitt og þetta 14. september 2006


US SUMMARY: Stocks Continue Gains Ahead Of Key Data

DJIA 11543.32 gain 45.23 up 0.4%
NASDAQ 2227.67 gain 11.85 up 0.5%
S&P 500 1318.07 gain 4.96 up 0.4%
Dow Future 11533.00 loss 5.00 0.0%
NASDAQ Future 1623.50 loss 0.25 0.0%
S&P Future 1317.25 loss 0.25 0.0%
Euro-USD 1.2692 loss 0.0001 dn 0.01%
10-Yr US Treasury: 4.77% unchanged
(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
Stocks rallied for a second session Wednesday, pushing to four-month highs even as oil prices showed a slight rebound after seven days of losses. The dollar remained in tight ranges and Treasurys clung to slight gains.

STOCKS: Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors, said he was encouraged by a rise in technology stocks as well as small-company stocks in recent days.

"All of those are signs from the stock market that investors are willing to take more risk," he said.

Johnson said that while investors are buying, many are looking to important economic data set to come this week. On Thursday, the Commerce Department is scheduled to release its monthly retail sales report, which many on Wall Street view as an up-to-date snapshot of consumer spending behavior. Then, on Friday, the Labor Department is to release the consumer price index, the key measure of inflation.

"I think to some extent most investors want to wait and see these numbers," Johnson said, noting that investors are still trying to determine whether the economy will have a hard or soft landing.

"They still don't have an answer to that, although it's beginning to look more and more like a soft landing."

FOREX: The dollar opens mixed in very tight ranges, after it was lower Wednesday against the yen but little changed versus its European counterparts following a day of erratic trading.

China will improve its foreign exchange rate mechanism and push forward forex management reform, a senior central bank official said Thursday.

BONDS: U.S. government bond prices clung to very slight gains throughout the session Wednesday, in a brief reprieve ahead of key retail sales and inflation data.

Treasurys "continue to rally and to confound," said Scott Gewirtz, head of Treasurys trading at Lehman Brothers in New York. "There wasn't any data to drive (the gains), but deal pricings are having an effect."

In the absence of market-moving data, prices were driven by hedging activity, as issuers released rate locks on their deals.

Thursday's highlight is retail sales for August, which are expected to show a decline of 0.2% after July's 1.4% jump.

The market could benefit from some buying ahead of the retail-sales figures, as "people are expecting that data to be pretty weak," said Chris Diaz, portfolio manager at ING Investment Management in Atlanta.

OIL: Although oil prices rose 21 cents to $63.97 a barrel on the New York Mercantile Exchange after the Department of Energy reported that crude inventories fell more than expected last week, investors were optimistic that the recent drop in oil would boost consumer spending and corporate profits.

ASIAN SUMMARY: Japan Stocks Higher; Metals Mixed

USD-Yen 117.52 loss 0.15 dn 0.1%
AUD-USD 0.7518 loss 0.0014 dn 0.2%
Nikkei 225 15956.57 gain 206.50 up 1.3%
Hang Seng 17174.05 loss 35.99 dn 0.2%
S&P/ASX 200 5021.30 gain 42.70 up 0.9%
Taiwan Index 6605.75 loss 59.12 dn 0.9%
S.Korea Kospi 1344.94 gain 11.81 up 0.9%
JGB Yield 1.6700% up 0.0050
(All values as of 0450 GMT)
STOCKS: Asian benchmarks are mostly higher Thursday, led by Japan's Nikkei Average, where an upbeat earnings outlook for office equipment maker Canon and a stronger finish on Wall Street lifted sentiment.

Australia's share market is up, with resources stocks recovering after a sharp selloff earlier in the week.

FOREX: The dollar is lower against the yen, as dealers took some profit off recent highs, now on the theory that the G7 conference this weekend will omit any ominous reference to the yuan or yen.

BONDS: Prices of Japanese government debt issues are mixed in light activity. Traders looked for tight ranges to continue near-term.

METALS: Hopes that the dollar will weaken are tempting some buyers to try gold's topside resistance at around $594, with the spot price at around $589.65, little changed.

Copper futures are slightly higher, but technicals presented a mixed near-term picture.

OTHER NEWS: The IMF raised its growth forecast for the world economy, but said expansion could be tempered by inflationary pressures, high oil prices and a likely slowdown in the U.S. caused by the cooling housing market. The global economy is likely to grow by 5.1 percent this year and 4.9 percent in 2007 - both a quarter percentage point higher than the fund had forecast in April.

OIL: The IMF's raising of global economic growth forecasts could help counter the prevailing view that oil demand may weaken. Prices are higher, now up 55 cents to $64.52 a barrel. "We still think demand will be less than expected," says Tetsu Emori at Mitsui Bussan Futures in Tokyo.

EUROPEAN OUTLOOK: Stocks, Debt Prices To Nudge Higher

Euro-USD 1.2692 loss 0.0001 dn 0.01%
Stlg-USD 1.8765 loss 0.0004 dn 0.02%
USD-Franc 1.2502 loss 0.0007 dn 0.06%
(All values as of 0450 GMT)
Prices of European shares and government debt are likely to edge higher, with the euro stuck in narrow ranges.

STOCKS: Early momentum in the European markets will be assisted by a broadly positive performance in Asia overnight, which in turn followed another good session in the U.S. However, investors may remain on the sidelines ahead of the all-important U.S retail sales data at 1230 GMT.

U.K. spreadbettor GFT Global Markets is calling the FTSE up 8 points at 5900, the DAX up 4 at 5910 and the CAC up 7 at 5145.

European markets closed broadly higher on Wednesday, supported by deal-talk in the truck-making sector, though gains were capped by a mixed-bag of earnings from BAE Systems, Alitalia and smart-card maker Gemalto.

FOREX: The euro has a pivotal level at around $1.2665, dealers say. Buy orders stand against stop loss sell orders there.

The market is also awaiting interest rate decisions from the Swiss National Bank. The SNB is widely expected to hike rates 25 basis points, which could provide some support to the Swiss franc, which has weakened lately against the euro.

BONDS: Government debt prices may again open slightly higher, with technical support adding underpinning from U.S. Treasury gains.

"Gains have been U.S.-led and stateside events are set to dominate into the weekend," said one dealer with a U.K. brokerage.

The tone in fixed-income markets should remain firm in the very near term, he added, but some caution is likely to "creep in" as forthcoming U.S. data pose an "event-risk."

The bullish tone helped European participants look beyond a disappointing German auction of two-year bonds.

While U.K. fixed-income markets remain technically firm, U.K. investors face retail sales data at 0830 GMT Thursday, forecast to rise 0.3% on the month in August and 4% on the year, according to a Dow Jones Newswires survey.

European government bond prices were up late Wednesday on strength in U.S. Treasurys, with U.S. data releases set to dictate market direction over the next few sessions.

CALENDAR: Thursday, Sep 14: UK Retail; Euro Labor Costs

GMT Expected Previous
0700 GER ECB Governing Council & General Council
meeting; no interest rate decision
0800 ITA Aug CPI, final +0.2%MM +0.3%MM
+2.2%YY +2.2%YY
0830 UK Aug Retail Sales +0.3%MM -0.3%MM
+4.0%YY +4.0%YY
0900 EU 2Q Euro Zone Labor Cost Index +2.3%YY +2.2%YY
0900 EU 2Q Euro Zone Employment
0900 GER 2006/7 IfW's econonomic prognosis
1230 US Sep 9 Jobless Claims +5K -9K
1230 US Aug Retail & Food Sales -0.2% +1.4%
1230 US Aug Retail & Food Sales, ex-autos +0.3% +1.0%
1230 US Aug Import Prices -0.2% +0.9%
1400 US Sep 2 DJ-BTMU Business Barometer +0.3%
1400 US Jul Business Inventories +0.5% +0.8%
1430 US Sep 8 US Energy Dept Natural Gas Stocks +71
1500 US Pres Bush, S Korea Pres Roh meet, Washington
1830 UK Chief Economic Adviser Ian McCafferty
speech at University of Lincoln dinner
1950 US Tsy Undersecy Quarles speaks on hedge
funds at City University, New York
2030 US Sep 8 Money Supply

-By Dennis Baker; Dow Jones Newswires; dennis.baker@dowjones.com

(MORE TO FOLLOW) Dow Jones Newswires

September 14, 2006 01:45 ET (05:45 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.

14 Sep 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events

888 Holdings (888.LN): 1H Earnings
Average profit before tax and share option charges (DJ, 3 analysts): $45.4M
Note: Results likely to be boosted by new players following increased marketing spend. Numis analyst Richard Carter will be closely watching the marketing costs of the new players, noting the group's 2Q KPIs were published in July. 888 has a "very good operational model" and "quite a bit of geographic diversity", with around half of its revenue coming from outside the US. Davies has a target of 267p on 888.

Aggreko (AGK.LN): 1H Earnings
Average pretax pre-item profit (DJ, 4 analysts): GBP29.3M (GBP16.6M)
Average EPS: 7.1p (4.2p)
Note: Increased profits are being attributed to strong international trading and contract wins across Africa and Latin America. Analysts will focus on the visibility of improvements in Europe and the sustainability of the North American business.

Kingfisher (KGF.LN): 1H Earnings
Average profit before tax and one-off items (Co, 16 analysts): GBP164M
Note: Kingfisher's core B&Q business in the UK remains under pressure in the wake of a pullback in consumer spending and margin pressure.

Old Mutual (OML.LN): 1H Earnings
Average IFRS adjusted operating profit (Co, 7 analysts): GBP756M (GBP554M)
Note: Keefe, Bruyette & Woods says investor focus will be on group life and asset management business, as life sales, mutual fund flows, assets under management and South African banking products have already been released.

Portugal Telecom (PT): 1H Earnings
Average net profit (DJ, 3 analysts): EUR297.4M (EUR259.1M)
Average EBITDA: EUR1.11B (EUR1.15B)
Average sales: EUR3.11B (EUR3.02B)
Note: Profit rise capped by weak economic environment in Portugal and higher competition in both domestic and Brazilian mobile communications markets. Focus will be on the outcome of a EUR11.1B unsolicited bid from smaller rival SonaeCom (SNC.LB). Report due premarket.

Richemont (CFR.VX): 5-Mo Revenue
Note: Richemont will report a 14% increase in five months sales, according to the average estimate of three analysts polled by DJN. That's down a tad from the 16% increase seen a year earlier. No absolute figures will be released, Richemont traditionally only gives the percentage change of sales. At constant currencies, analysts expect a 16% increase, compared with a rise of 17% in the prior-year period. Analysts will watch out for comments on the trend in luxury goods, and confirmation that strong revenue growth will continue. Report is due before market opens. Richemont will also hold its annual general meeting Thursday.


Agefi Groupe (AGEN.EB): 1H Earnings

Alain Afflelou (18418.FR): 1Q Sales

Amberley Group (AMB.LN): 1H Earnings

ANT (ANTP.LN): 1H Earnings

Banca Profilo (PRO.MI): 1H Earnings

BATM Advanced Communications (BVC.LN): 1H Earnings

Bigben Interactive (7407.FR): AGM

Casino (12558.FR): 1H Earnings

Cattles (CTT.LN): 1H Earnings

Coburg Group (CGG.LN): AGM

Communisis (CMS.LN): 1H Earnings

Compagnie Financiere Tradition (CFT.EB): 1H Earnings

Dassault Aviation (12172.FR): 1H Earnings

Deutsche Beteiligungs (DBA.XE): 3Q Earnings

Dignity (DTY.LN): 1H Earnings

Edinburgh US Tracker Trust (EUS.LN): 1H Earnings

Edipresse (EDIN.EB): 1H Earnings

Electric & General Investment Trust (ENG.LN): AGM

Entelos (ENTL.LN): 1H Earnings

Flughafen Wien (VIEV.VI): August Passenger Data

Gaming Corp (GMC.LN): Trading Update

Generale de Sante (4447.FR): 1H Earnings

Group NBT (NBT.LN): FY Earnings

Groupe Steria (7291.FR): 1H Press Conference

GUS (GUS.LN): Trading Update

Hermes International (5229.FR): 1H Earnings

Horizon Technology (HV6.DB): 1H Earnings

Hubwoo.com (405256.FR): 1H Earnings

Infranor Inter (INI.EB): AGM

Inter Parfums (IPAR): 1H Earnings

Intershop Holding (IS.EB): 1H Earnings

Investec (INVP.LN): Trading Update

John Lewis Partnership (LEJ.YY): 1H Earnings

Kewill Systems (KWL.LN): AGM

Kier Group (KIE.LN): FY Earnings

Luxo (LUX.OS): EGM

Medical House (MLH.LN): Trading Update

Mirato (MRT.MI): 1H Earnings

Mondo TV (MTV.MI): 1H Earnings

nCipher (NCH.LN): 1H Earnings

Oberthur Card Systems (12413.FR): 1H Earnings

PC-WARE Information (PCW.XE): AGM

Quayle Munro (QYM.LN): FY Earnings

Sirdar (SRDR.LN): FY Earnings

Speedy Hire (SDY.LN): Trading Update

Stanley Leisure (SLY.LN): AGM

STEF-TFE (6427.FR): 1H Analyst Meeting

Tableros De Fibras (TFI.MC): EGM

Unite Group (UTG.LN): 1H Earnings

Vebnet Holdings (VBT.LN): FY Earnings

Viel & Cie (5004.FR): 1H Earnings

Viking Line (VIK1V.HE): 3Q Earnings

Xansa (XAN.LN): AGM

(MORE TO FOLLOW) Dow Jones Newswires

September 14, 2006 01:45 ET (05:45 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.

14 Sep 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Div Payment & Ex-Div Dates

Carclo (CAR.LN): FY 2005 Dividend Payment Date

Halladale Group (HDG.LN): FY 2005 Dividend Payment Date

Marchpole Holdings (MPH.LN): FY 2005 Dividend Payment Date

(END) Dow Jones Newswires

September 14, 2006 01:45 ET (05:45 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.