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Hitt og þetta 29. september 2006

DJ EUROPEAN MORNING BRIEFING: Stocks To Struggle Higher


(This repeats an item published at 0500 GMT)
US SUMMARY: Dow Closes In On Record; Oil Weaker

DJIA 11718.45 gain 29.21 up 0.3%
NASDAQ 2270.02 gain 6.63 up 0.3%
S&P 500 1339.15 gain 2.56 up 0.2%
Dow Future 11771.00 gain 2.00 0.0%
NASDAQ Future 1677.50 gain 4.00 up 0.1%
S&P Future 1347.55 gain 0.25 0.0%
Euro-USD 1.2708 gain 0.0006 up 0.05%
10-Yr US Treasury: 4.62% up 0.03
(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
The Dow Jones industrial average reached a milestone Thursday in Wall Street's nearly seven-year recovery from corporate upheaval, economic recession and terrorism, briefly trading above its record high close of 11,722.98 set on Jan. 14, 2000. Treasurys and oil fell, while the dollar was firm.

STOCKS: By the end, stocks closed only modestly higher amid a dearth of news that could motivate investors. Still, it was the market's fourth straight advance.

"These numbers sometimes tend to act as magnets and the market is sometimes pulled up toward it," said Russ Koesterich, senior portfolio manager at Barclays Global Investments.

On Thursday, the economic news was mixed. While jobless claims fell, dropping close to economists' expectations, the Commerce Department revised its gross domestic product number for spring to 2.6 percent from 2.9 percent.

In corporate news, RIM's net profit surged 27% and the firm gave an upbeat forecast on gains in BlackBerry subscribers. Shares jumped 20% after hours.

FOREX: The dollar is opening little changed against other major currencies. On Thursday, the dollar and euro both gained against the yen as more Japanese businesses, believing their country's economic comeback is solid, resumed making riskier investments overseas.

BONDS: Treasury prices fell Thursday despite a strong auction of five-year notes and disappointing U.S. growth data, in what traders said was an overdue correction after weeks of hefty gains.

Scott Gewirtz, head of Treasury trading at Lehman Brothers in New York, said the sharp rise in U.S. equities was deepening doubts about how much the bond market should be discounting a possible hard landing for the U.S. economy.

Personal spending and income data highlight Friday's calendar.

OIL: Profit-taking caused crude oil futures to fall. A barrel of light crude settled at $62.76, down 20 cents, on the New York Mercantile Exchange.

ASIAN SUMMARY: Shares Mixed; Commodities Uneven

USD-Yen 117.80 0.00 0.0%
AUD-USD 0.7476 loss 0.0014 dn 0.2%
Nikkei 225 16061.26 gain 36.41 up 0.2%
Hang Seng 17395.63 loss 134.90 dn 0.8%
S&P/ASX 200 5104.40 gain 28.90 up 0.6%
Taiwan Index 6867.21 loss 17.91 dn 0.3%
S.Korea Kospi 1372.95 gain 1.52 up 0.1%
JGB Yield 1.6600% up 0.0150
(All values as of 0450 GMT)
STOCKS: Japanese stocks, along with some other Asian markets, turned slightly higher toward the close Friday, following the release of Japan's industrial production and consumer price data that met expectations.

The overall outlook was tempered, however, by separate figures showing a drop in average Japanese consumption and a report showing that Japan's jobless rate remained unchanged at 4.1 percent in August.

Shares of Sony fell from news of additional recalls of its laptop batteries by Lenovo Group and International Business Machines.

Australian shares edged up with resource stocks and banking issues generally higher.

FOREX: The yen held steady against the dollar and euro, after earlier losses.

Newly-appointed Japanese Finance Minister Koji Omi said Friday that recent yen declines against the euro are a bit rough, backing away from his earlier position of finding it unnecessary to comment.

"We're continuing to see Japanese retail and institutional investors comfortable enough with the economic recovery in Japan to seek ... better yields overseas," said Rebecca Patterson, global currency strategist at JP Morgan in New York, about the recent yen weakness.

Two U.S. senators said Thursday that they will abandon legislation that would have punished Chinese goods with steep tariffs. The lawmakers promised, however, to renew efforts next year meant to spur Beijing to change currency policies they say cost millions of American jobs.

BONDS: Light bargain hunting trimmed losses in Japanese government bond prices. But dealers said investors were playing it safe ahead of the key tankan survey of the Japanese economy, due out Monday. An uptick in U.S. Treasurys in Asia also lent support.

METALS: Spot gold was at $601.12, recovering from lows of around $599.30. The wobbly performance so far comes from the oil influence. Copper recouped some ground lost in London, with the LME 3-month up $45 at $7,515/ton, as ongoing supply threats help ease concerns over the demand outlook.

OIL: Prices dropped 33 cents to $62.43 Friday, giving back more of its recent gains, but $60 provides strong support.

OTHER NEWS: Thailand's military rulers have chosen Surayud Chulanont, a highly regarded former army commander and close adviser to the country's powerful monarch, as interim prime minister following their coup, the auditor general said.

EUROPEAN OUTLOOK: Markets Seen In Narrow Ranges

Euro-USD 1.2708 gain 0.0006 up 0.05%
Stlg-USD 1.8772 gain 0.0005 up 0.03%
USD-Franc 1.2464 loss 0.0010 dn 0.08%
(All values as of 0450 GMT)
European shares are likely to open slightly higher, with government debt and the euro little changed.

STOCKS: With the potential for funds to push for a close above 6000 on the last day of the quarter for both the FTSE and DAX, most European markets will be on hold at the open ahead of key U.S. inflation data.

U.K. spreadbettor GFT Global Markets is calling the FTSE up 2 points at 5973, the DAX up 5 at 5994 and the CAC up 2 at 5252.

In corporate news, Board members of Airbus's main parent company were expected to gather Friday to grapple with the aircraft maker's problems, according to people familiar with the matter. And talks with its unions suggest they will discuss shifting more work to other nations and other restructuring efforts.

Commodities-related stocks moved higher in Europe on Thursday, and early gains on Wall Street helped offset a retreat in utility shares and a weakness in shares of chipmaker Infineon Technologies.

FOREX: The euro, opening little changed, has some support in the form of modest buy orders at $1.2690, traders said.

The U.K. pound is steady, having earlier declined steadily against the dollar after the U.K. Office for National Statistics said it had overstated its estimates of the cash value of national income last month. This was seen as reducing pressure on the Bank of England to raise rates. It has support at $1.8744.

BONDS: Prices of European government bonds may open mixed to slightly higher, as the market discounts more monetary tightening expected in the euro zone and the U.K.

Financial market players expect the ECB to deliver two more quarter of a percentage point hikes this year, one in October and one in December, bringing the key refinancing rate to 3.5% by the end of the year.

At this stage, however, uncertainty among market players is high with regard to next year. "If the ECB continues holding onto its baseline scenario, this would mean they have to raise rates to 4% next year," said Lothar Hessler, fixed-income strategist at HSBC Trinkhaus & Burkhardt. But, "We think the ECB will stop at 3.5%," he said.

Looking ahead, the market is now bracing itself for consumer price inflation from the euro zone which is due Friday at 0900 GMT. Economists polled by Dow Jones Newswires forecast an annual rate of inflation of 1.9%, down from last month's 2.3%. But market players think that even a decline below the ECB's 2% price stability ceiling is unlikely to deter the central bank from raising rates further.

Prices of European government bonds fell on the U.S. data, stock market gains and hawkish comments by ECB officials.



(MORE TO FOLLOW) Dow Jones Newswires

September 29, 2006 01:45 ET (05:45 GMT)

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


29 Sep 2006 05:45 GMT =DJ EUROPEAN MORNING BRIEFING: Stocks To Struggle Higher -2-

CALENDAR: Friday, Sep 29: Euro-Zone Inflation

GMT Expected Previous
0600 GER Aug Retail Sales +1.0%MM -1.5%MM
0640 FRA Sep Consumer Confidence -24 -25
0645 FRA Aug Unemployment 8.8% 8.9%
0650 FRA Aug PPI +0.1%MM
+3.6%YY
0650 FRA Jul PPI +0.5%MM +0.1%MM
+3.8%YY +3.9%YY
0800 ITA Aug PPI +0.2%MM +0.9%MM
+6.7%YY +6.9%YY
0830 UK Aug Mtge Approvals 120K 120K
0830 UK Aug Mtge Lending +GBP10B +GBP9.8B
0830 UK Sep GfK Consumer Credit +GBP0.9B +GBP1.1B
0900 EU Sep Euro-Zone Econ Sentiment 106.2 106.7
0900 EU Sep Euro-Zone Indus Confidence +1 +2
0900 EU Sep Euro-Zone Consumer Confidence -8 -8
0900 EU Sep Euro-Zone CPI, flash +1.9%YY +2.3%YY
0900 EU Sep Euro-Zone Business Climate +1.28
0900 ITA Sep CPI, prelim -0.1%MM +0.2%MM
+2.2%YY +2.2%YY
0930 UK Sep GfK Consumer Confidence -7 -8
1140 EU ECB Member Stark speaks on econ education
and monetary policy at the Ctrl Bk of Poland/
NY Federal Reserve conference in Warsaw
1230 US Aug Personal Income +0.3% +0.5%
1230 US Aug Personal Spending +0.2% +0.8%
1330 GER ECB calls for main refi ops bids
1400 US Sept Chicago PMI 55.1 57.1
1400 US Sept University Of Michigan Consumer 85.5 82.0
Sentiment Index, final (mid-Sept 84.4)
1400 US St. Louis Fed Pres Poole speaks on
"Data Dependence" in Murfreesboro, Tennesse
N/A GER ECB, CFS and Bundesbank "Fin System Modernization
& Econ Growth in Europe" conference in Berlin

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

(MORE TO FOLLOW) Dow Jones Newswires

September 29, 2006 01:45 ET (05:45 GMT)

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


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

SCHEDULED EVENTS:

Abacus Group (ABU.LN): Trading Update

Acorn Income Fund (AIF.LN): 1H Earnings

Acotel Group (ACO.MI): 1H Earnings

ADA (5307.FR): 1H Earnings

AES Chemunex (404293.FR): AGM

Algoriel (7223.FR): AGM

AMGA (0037.KU): 1H Earnings

Andrews Sykes Group (ASY.LN): 1H Earnings

Apace Media (APA.LN): 1H Earnings

AS Roma (ASR.MI): FY Earnings

Automa-Tech (7427.FR): AGM & EGM

AWG (AWG.LN): Trading Update

Banca IFIS (IF.MI): 1H Earnings

Biesse (BSS.MI): 1H Earnings

Biolitec (BIB.XE): FY Earnings

BNB Recruitment Solutions (BNB.LN): 1H Earnings

Boizel Chanoine Champagne (402706.FR): 1H Earnings

Bollore Investissement (3929.FR): 1H Earnings

Braemar Seascope Group (BMS.LN): Trading Update

Britvic (BVIC.LN): Trading Update

Buffalo Grill (7352.FR): 1H Earnings

Business Post Group (BPG.LN): Trading Update

Cegid (12470.FR): Analyst Meeting

Centaur Media (CAU.LN): FY Earnings

Cerep (404223.FR): 1H Earnings

Clinical Computing (CLC.LN): 1H Earnings

Compact Power Holdings (CPO.LN): FY Earnings

Coral Products (CRU.LN): AGM

CRC Group (CCG.LN): 1H Earnings

DIC Entertainment (DEKE.LN): 1H Earnings

Digital Bros (DIB.MI): FY Earnings

El.En Group (ELN.MI): 1H Earnings

Emak (EM.MI): 1H Earnings

EMAP (EMA.LN): Trading Update

Etam Developement (3574.FR): 1H Earnings

Filtronic (FTC.LN): AGM & EGM

Fiske (FKE.LN): AGM

FKI (FKI.LN): Trading Update

Floreane Medical Implants (6482.FR): AGM

Freeport (FPR.LN): FY Earnings

GameLoft (7960.FR): 1H Earnings

Guillemot Corp. (6672.FR): 1H Earnings

Havas (12188.FR): 1H Earnings

H.C. Slingsby (SLNG.LN): 1H Earnings

Henderson Smaller Cos (HSL.LN): AGM

Hotels De Paris (416580.FR): 1H Earnings

Immofinanz Immobilien (IIA.VI): 1Q Earnings

Infogrames Entertainment (5257.FR): AGM

International Biotechnology (IBT.LN): FY Earnings

Jessops (JSP.LN): Trading Update

Kingston Communications (KCOM.LN): Trading Update

La Doria (LD.MI): 1H Earnings

LDLC.com (7544.FR): AGM

Man Group (EMG.LN): Trading Update

Mariella Burani (MBFG.MI): 1H Earnings

Monsoon (MSN.LN): AGM

Monstermob (MOB.LN): 1H Earnings

Northern Racing (NOR.LN): 1H Earnings

Paris Orleans (3168.FR): AGM

Parken Sport & Entertainment (PARKEN.KO): FY Earnings

Parmalat (PLT.MI): 1H Earnings

Pelikan Holding (PEL.EB): 1H Earnings

Portucel (PTI.LB): 2Q Earnings

Pragmatica Holding (PRG.EB): 1H Earnings

Private Equity Investor (PEQ.LN): AGM

Radiall (5032.FR): 1H Earnings

Risc Group (7806.FR): AGM

Ryanair (RYA.LN): Investor Day

Secure Design K.K. (SDKK.LN): 1H Earnings

SIS International (SIS.KO): FY Earnings

SkiStar (SKIS-B.SK): FY Earnings

Small Co's Div Trust (SDV.LN): AGM

Socotherm (SCT.MI): 1H Earnings

Solucom (403603.FR): AGM

Sound Oil (SOU.LN): 1H Earnings

Targetti Sankey (TS.MI): 1H Earnings

Telecom Reseaux Services (7176.FR): AGM

Tenon Group (TNO.LN): FY Earnings

Touax (3300.FR): 1H Earnings

Trader Classified Media (5729.FR): 1H Earnings

Trading Emissions (TRE.LN): 1H Earnings

Tulip Computers (38733.AE): 1H Earnings

VP (38733.AE): Trading Update

VT Group (VTG.LN): Trading Update

(MORE TO FOLLOW) Dow Jones Newswires

September 29, 2006 01:45 ET (05:45 GMT)

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


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

Acorn Income Fund (AIF.LN): 3Q 2006 Dividend Payment Date

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

Atkins (WS) (ATK.LN): FY 2005 Dividend Payment Date

Banco De Andalucia (AND.MC): 1Q 2006 Dividend Payment Date

Banco de Castilla (CAS.MC): 1Q 2006 Dividend & Ex-Dividend Payment Date

Bang & Olufsen (BO-B.KO): FY 2005 Ex-Dividend Date

Beale (BAE.LN): 1H 2006 Dividend Payment Date

Blacks Leisure Group (BSLA.LN): FY 2005 Dividend Payment Date

DSG international (DSGI.LN): FY 2005 Dividend Payment Date

Dunedin Income Growth (DIG.LN): 1H 2006 Dividend Payment Date

Elekta AB (EKTA-B.SK): FY 2005 Dividend Payment Date

Faes Farmaceuticos (FAE.MC): 1Q 2006 Dividend Payment Date

First Property Group (FPO.LN): FY 2005 Dividend Payment Date

Gartmore Growth Opportunities (GGOR.LN): 1H 2006 Dividend Payment Date

GKN (GKN.LN): 1H 2006 Dividend Payment Date

ISIS Property Trust 2 (IRP.LN): 4Q 2006 Dividend Payment Date

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

Metal Bulletin (MTLB.LM): 1H 2006 Dividend Payment Date

MITIE Group (MTO.LN): FY 2005 Dividend Payment Date

Morgan Sindall (MGNS.LN): 1H 2006 Dividend Payment Date

Northgate (NTG.LN): FY 2005 Dividend Payment Date

Paddy Power (PLS.DB): 1H 2006 Dividend Payment Date

Premier Utilities Trust (PUT.LN): 2Q 2006 Dividend Payment Date

Raymarine (RAY.LN): 1H 2006 Dividend Payment Date

Reckitt Benckiser (RB.LN): 1H 2006 Dividend Payment Date

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

Schroder Split Investment Fund (SCS.LN): 3Q 2006 Dividend Payment Date

Schroders (SDR.LN): 1H 2006 Dividend Payment Date

Scottish American Investment (SCAM.LN): 2Q 2006 Dividend Payment Date

Securities Trust of Scotland (STS.LN): 1Q 2007 Dividend Payment Date

Small Co's Div Trust (SDV.LN): 1Q 2006 Dividend Payment Date

Temple Bar Investment Trust (TMPL.LN): 1H 2006 Dividend Payment Date

Ultra Electronics Holdings (ULE.LN): 1H 2006 Dividend Payment Date


(END) Dow Jones Newswires

September 29, 2006 01:45 ET (05:45 GMT)

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

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