Hitt og þetta 15. september 2006


US SUMMARY: Stocks Mixed; Investors Cautious Before CPI

DJIA 11527.39 loss 15.93 dn 0.1%
NASDAQ 2228.73 gain 1.06 up 0.1%
S&P 500 1316.28 loss 1.79 dn 0.1%
Dow Future 11623.00 loss 4.00 0.0%
NASDAQ Future 1625.75 0.00 0.0%
S&P Future 1317.75 loss 0.25 0.0%
Euro-USD 1.2728 gain 0.0002 up 0.02%
10-Yr US Treasury: 4.79% up 0.03
(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
Wall Street closed mixed Thursday, with blue chips falling and technology stocks managing a slight gain while investors tussled with their concerns about inflation and the overall health of the economy.

STOCKS: Lower oil prices that have helped drive stock rallies in recent days remained a bright spot, but another drop in crude Thursday failed to offset investor concerns about inflation ahead of next week's Federal Reserve meeting. Investors grew uneasy Thursday after the Labor Department reported import prices rose a larger than expected 0.8 percent in August.

The Commerce Department said retail sales rose an anemic 0.2 percent last month, and although Wall Street expected a decline, some investors worried that consumer spending was losing momentum. The modest increase in retail sales followed a 1.4 percent rise in July.

Richard E. Cripps, chief market strategist with Stifel Nicolaus, said that while many investors seem to think the Fed will leave rates alone, Wall Street might be feeling somewhat uneasy as the meeting approaches.

"You have a lot of uncomfortable sideliners at the moment," he said. If the Fed leaves rates unchanged, investors who have been biding their time until the meeting could reenter the market, potentially prompting another rally, he said.

FOREX: The dollar opens in narrow ranges Friday.

On Thursday, the greenback finished down versus its European counterparts but little changed against the yen after another day of lackluster trading.

The market remains noncommittal ahead of this weekend's G7 and IMF gatherings in Singapore, as speculation regarding the outcome of the meetings continues to mount.

The market is now awaiting a slew of fresh U.S. data set for release Friday, including an August consumer price index report, industrial production data, a New York manufacturing report and the University of Michigan's consumer sentiment survey.

With the market currently pricing in no chance of a Fed rate hike in September, an unexpected spike in inflation could cause investors to rethink their positions, even if only moderately.

BONDS: Treasurys capped an uneasy day's trade with a late selloff Thursday as investors booked profits ahead of Friday's keenly awaited inflation data.

The consumer price index for August is expected to show inflation up 0.2% on the month in both the headline and core readings. But even a market-friendly reading below this forecast may have trouble putting fire back into Treasurys trade, according to Andrew Richman, managing director in SunTrust's Personal Asset Management Division. "It's going to be hard for the 10-year to move down in yield without data that shows a significant slowdown in growth or a Fed easing move," he said.

OIL: Prices fell even after the U.S. reported a drop in crude inventories on Wednesday. A barrel of crude fell 75 cents to settle at $63.22 a barrel Thursday in New York. Natural gas futures for October fell to their lowest level in two years after the Energy Department released figures showing stores of natural gas were much larger than expected.

ASIAN SUMMARY: Shares Mostly Lower; Commodities Stabilize

USD-Yen 117.46 loss 0.10 dn 0.1%
AUD-USD 0.7556 gain 0.0006 up 0.08%
Nikkei 225 15788.05 loss 154.30 dn 1.0%
Hang Seng 17178.17 loss 5.28 0.0%
S&P/ASX 200 4990.50 loss 38.50 dn 0.8%
Taiwan Index 6652.58 gain 53.71 up 0.8%
S.Korea Kospi 1354.52 loss 4.23 dn 0.3%
JGB Yield 1.6600% down 0.0100
(All values as of 0450 GMT)
STOCKS: Asian stocks were mostly lower Friday, with Japan's Nikkei Average down on a round of profit-taking in Sony and Honda Motor.

FOREX: Traders look for little movement in the yen against the dollar, before the G7 meeting this weekend. They are anticipating guidance from officials on exchange rates.

BONDS: Prices of Japanese government bonds traded narrowly mixed, ahead of the U.S. CPI data and a 3-day weekend in Japan. Range trading was expected to continue until the close.

OIL: Nymex October crude was little changed at around $63.25, as the market debated oil's next move. "In the end, our bias still has to remain with the upside. It is only for the moment that psychology has shifted more to an economic track, an even there, we don't see the global economy breaking down, only a softening at the margins," writes John Kilduff at Fimat USA.

METALS: Spot gold was little changed at around $574 an ounce, as the market split its view on the near-term outlook. Copper futures were lower.

OTHER NEWS: Chief Cabinet Secretary Shinzo Abe said Friday that Japan's economy has the potential to grow by 3% to 4% if innovation is encouraged. Japanese economy minister Kaoru Yosano said Friday deflation harmful to the nation's economic growth is over, but stopped short of saying that deflation is entirely defeated.

EUROPEAN OUTLOOK: Stocks Back On Track; Government Debt Seen Lower

Euro-USD 1.2728 gain 0.0002 up 0.02%
Stlg-USD 1.8872 gain 0.0008 up 0.04%
USD-Franc 1.2520 gain 0.0003 up 0.02%
(All values as of 0450 GMT)
Prices of European shares are poised for a positive start, with government debt and the euro under pressure.

STOCKS: European markets are set to open slightly higher despite the weak performances overnight in Asia and North America.

U.K. spreadbettor Cantor Index is calling the FTSE up 8 points at 5885, the DAX up 10 at 5917 and the CAC up 6 at 5129.

European shares closed lower Thursday after Wall Street stocks sagged in early trading, although declines were offset by positive earnings from retailers such as Swiss luxury-goods group Richemont and home-improvement chain Kingfisher, along with gains in the mining sector.

FOREX: The euro is little changed against the dollar, as traders start to doubt the determination of the European Central Bank to match tough words with action. Strategists call for shorting the euro against the dollar, because a lot of bad economic news is already priced into the dollar.

BONDS: Prices of European government bonds may open slightly lower as the market braces for more U.S. inflation data on Friday.

With core U.S. inflation possibly set to accelerate to 2.9% on the year in August from July's 2.7%, it's moving further away from the Federal Reserve's 1%-2% comfort zone, noted David Brown, chief European economist at Bear Stearns.

"The specter of higher-than-expected core inflation data could definitely put a heavy broadside across the market's (own) comfort zone over the Fed," he said.

Taken together with a likely new cyclical high in U.S. capacity utilization, the directional bias for bonds will probably be lower after Friday's CPI numbers, he added.

European government bond prices were mixed Thursday with the market's upside capped by strong U.S. import price data and caution ahead of looming inflation figures.

CALENDAR: Friday, Sep 15: Central Bankers; Euro, US CPI

GMT Expected Previous
0530 EU ECB Member Paramo holds press
conference at University of Valencia, Spain
0600 EU Jul/Aug Acea's new car registrations
0800 ITA Jul Industrial Output +0.6%MM +0.1%MM
+2.0%YY +3.6%YY
0900 EU Aug Euro Zone CPI +0.1%MM -0.1%MM
+2.3%YY +2.4%YY
0900 EU Jul Euro Zone Trade Balance +2.0B
1230 US Aug CPI +0.2% +0.4%
1230 US Aug CPI, ex-food and energy +0.2% +0.2%
1230 US Sep NY Fed Manufacturing Index 14.0 10.34
1315 US Aug Indus Production +0.3% +0.4%
1315 US Aug Capacity Utilization 82.5% 82.4%
1345 US Sep University Of Michigan Consumer 84.0 82.0
Sentiment Index, preliminary
1400 EU ECB Member Paramo speaks on fiscal
policy and macroeconomics at University
of Valencia, Spain
1545 US Kansas City Fed Pres Hoenig speaks on
"Twelve Banks: The Strength of the
Federal Reserve" in Copper Mountain, Colorado
N/A JPN Sep Economic Monthly Report
N/A JPN Bank of Japan Gov Toshihiko Fukui to
attend G7 finance ministers and central
bankers, IMF/World Bank meeting in

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

(MORE TO FOLLOW) Dow Jones Newswires

September 15, 2006 01:46 ET (05:46 GMT)

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

15 Sep 2006 05:46 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events

Veolia Environnement (VE): 1H Earnings
Average net profit (DJ, 4 analysts): EUR376.3M (EUR319M)
Average EBIT: EUR1.09B (EUR948M)
Average EBITDA: EUR1.99B (EUR1.71B)
Note: EBIT seen up 15% from a year ago, on dynamic activities in the waste and water concessions business, analysts say. EBITDA seen +17% from a year ago. Analysts expect comments on future strategy after the failed tentative approach on Vinci.


Alliance Trust (ATST.LN): 1H Earnings

Anglo & Overseas (AOT.LN): FY Earnings

Austrian Airlines (AUA.VI): Passenger Data

Autologic Holdings (ALG.LN): 1H Earnings

Biocompatibles International (BII.LN): 1H Earnings

Bonheur (BON.OS): EGM

Cleardebt (CLEA.LN): 1H Earnings

Couach (7576.FR): 3Q Revenue


Ganger Rolf (GRO.OS): EGM

Graphite Enterprise Trust (GPE.LN): 1H Earnings

Groupe Diffusion Plus (5344.FR): 1Q Revenue

Havas (12188.FR): 1H Earnings

Imperial Tobacco Group (IMT.LN): Trading Update

InnoConcepts (36114.AE): 1H Earnings

Intelek (ITK.LN): AGM & EGM

Interactive Prospect (IPH.LN): 1H Earnings

ISIS Property Trust 2 (IRP.LN): FY Earnings

Isotron (ISO.LN): FY Earnings

Jacques Vert (JQV.LN): AGM

JPMorgan Fleming Income & Growth (JGIX.LN): 1H Earnings

Jupiter Primadona (JPG.LN): FY Earnings

Kardex (KAR.EB): 1H Earnings

Mediobanca (MB.MI): 4Q Earnings

NAPO Pharmaceuticals (NAPL.LN): 1H Earnings

Negri Bossi (NGB.MI): EGM

Novae Group (NVA.LN): 1H Earnings

Papeles & Cartones Europa (PAC.MC): Analyst/Investors Presentation

Pittards (PTD.LN): 1H Earnings

Provalis (PRO.LN): EGM

Pubs 'N' Bars (PNB.LN): 1H Earnings

Stem Cell Sciences (STEM.LN): 1H Earnings

Stocks Convertible Trust PLC (SKV.LN): FY Earnings

Umanis (6677.FR): 1H Earnings

William Ransom & Son (RNSM.LN): AGM

Zodiac (12568.FR): FY Earnings

(MORE TO FOLLOW) Dow Jones Newswires

September 15, 2006 01:46 ET (05:46 GMT)

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

15 Sep 2006 05:46 GMT =DJ EUROPEAN MORNING BRIEFING: Div Payment & Ex-Div Dates

August Equity (AGE.LN): 1H 2006 Dividend Payment Date

AWG (AWG.LN): FY 2005 Dividend Payment Date

BG Group (BG.LN): 1H 2006 Dividend Payment Date

Bonheur (BON.OS): Special Dividend Payment Date

CryptoLogic (CRY.T): 2Q 2006 Dividend Payment Date

DTZ Holdings (DTZ.LN): FY 2005 Dividend Payment Date

Dunedin Enterprise IT (DNE.LN): FY 2005 Dividend Payment Date

Dunedin Enterprise IT (DNE.LN): Special Dividend Payment Date

e2v technologies (E2V.LN): FY 2005 Dividend Payment Date

Ganger Rolf (GRO.OS): Special Dividend Payment Date

Groupe Crit (3667.FR): FY 2005 Dividend Payment Date

Hanson (HNS.LN): 1H 2006 Dividend Payment Date

Hartest Holding (HTH.LN): FY 2005 Dividend Payment Date

Mittal Steel Company N.V. (36194.AE): 2Q 2006 Dividend Payment Date

Nichols (NICL.LN): 1H 2006 Dividend Payment Date

Northumbrian Water (NWG.LN): FY 2005 Dividend Payment Date

Porvair (PRV.LN): 1H 2006 Dividend Payment Date

Warner Estate Holdings (WNER.LN): FY 2005 Dividend Payment Date

Zetex (ZTX.LN): 1H 2006 Dividend Payment Date

(END) Dow Jones Newswires

September 15, 2006 01:46 ET (05:46 GMT)

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

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