Hitt og þetta 8. september 2006


US SUMMARY: Stocks Fall Again On Economic Slowdown

DJIA 11331.44 loss 74.76 dn 0.7%
NASDAQ 2155.29 loss 12.55 dn 0.6%
S&P 500 1294.02 loss 6.24 dn 0.5%
Dow Future 11370.00 gain 18.00 up 0.2%
NASDAQ Future 1570.75 gain 2.50 up 0.2%
S&P Future 1298.75 gain 2.50 up 0.2%
Euro-USD 1.2724 loss 0.0005 dn 0.04%
10-Yr US Treasury: 4.79% up 0.01
(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
Stocks fell again Thursday after warnings from several homebuilders raised investors' concerns about an economic slowdown and hawkish comments about inflation from normally dovish San Francisco Federal Reserve President Janet Yellen made matters worse.

STOCKS: Investors, already armed with recent economic data pointing to a housing slowdown, were forced to digest sour anecdotal evidence Thursday. Beazer Homes USA, Hovnanian Enterprises and KB Home warned that the home-building sector is facing difficulties such as cancellations and spikes in inventories.

Yellen said "the inflation outlook remains highly uncertain" and also said data suggest both the housing market and the overall economy are cooling. The question for investors is how quickly that is occurring.

"It seems to me that the market is trading lower on the fears that the economy is perhaps having a hard landing versus a soft landing," said Jim Herrick, head of equity trading at Robert W. Baird & Co. He contends the mounting news about a housing slowdown has spooked investors because of the major role the robust housing market played in driving economic growth in recent years.

FOREX: The dollar is higher against the euro and lower against the yen, after a mixed performance on Thursday.

The rebound in the yen came after German Deputy Finance Minister Thomas Mirow said that recent yen weakness against the euro and dollar, as well as the Chinese yuan, likely will be topics of discussion at next week's meeting of the Group of Seven industrialized nations in Singapore.

BONDS: U.S. Treasury bond prices ended Thursday higher driven by a slowdown in corporate bond issuance, which so far this week has seen some $18 billion in new deals sold.

"A substantial measure of the pressure on Treasurys this week has come from a hefty corporate supply," said John Canavan, economist with Stone & McCarthy, "and the lifting of hedges (Thursday) helped prices to rise."

Jim Cusser, portfolio manager at Waddell & Reed, noted that "People are convinced the housing sector will enter a recession with implications for consumer spending, the wealth effect and inflation,"

The Fed's Yellen said that current inflation trends suggest the central bank should be prepared to raise rates again if price pressures fail to trend lower.

T.J. Marta, fixed income strategist at Royal Bank of Canada Capital Markets in New York, said Yellen's comments were "about as hawkish as this reputed dove can be expected to make," but added that on their own, "they will not likely sway markets into pricing in a Fed hike."

The key event Friday, said analysts, is Cleveland Fed President Sandra Pianalto's 1400 GMT speech on inflation, inflation expectations and monetary policy.

OIL: Prices declined after inventory figures showed rising refining capacity was helping add to U.S. gasoline and distillate inventories. Crude prices settled down 18 cents at $67.32 a barrel.

ASIAN SUMMARY: Stocks Rebound On Bargain Hunting

USD-Yen 116.20 loss 0.25 dn 0.2%
AUD-USD 0.7578 loss 0.0006 dn 0.07%
Nikkei 225 16080.75 gain 68.34 up 0.4%
Hang Seng 17163.75 gain 67.31 up 0.4%
S&P/ASX 200 5058.30 loss 17.50 dn 0.3%
Taiwan Index 6700.14 gain 14.91 up 0.2%
S.Korea Kospi 1355.73 gain 4.56 up 0.3%
JGB Yield 1.7300% up 0.0350
(All values as of 0450 GMT)
STOCKS: Asian stocks shook off earlier losses as investors took a cue from recovering stock futures to do some bargain-hunting. Earlier, Japan's exporters, including Nissan Motor and Canon led declines on concern over the slowing U.S. economy.

The Australian share market fell on weaker U.S. stocks, an earlier slump in gold prices and continued weakness in oil prices.

FOREX: The yen is higher ahead of the Bank of Japan Governor Toshihiko Fukui's comments on the central bank's decision to leave policy unchanged. His comments, due around 0630 GMT, might shed light on talk that the yen will be on the upcoming Group of Seven meeting agenda.

"We doubt the yen will find its way onto the G7 (meeting) agenda. G7 has a much bigger fish to fry - the yuan - and we doubt ministers will waste any time on the yen," Steve Barrow, chief currency analyst at Bear Stearns in London said.

"In theory (although not always in practice) the yen is freely floating and hence it should not be a focus for G7 any more than, say, euro/dollar," he added.

BONDS: Prices of Japanese government debt were lower while the market waited for a much-anticipated press conference by the BOJ's Fukui. The benchmark ten-year issue remains in a tight range of 1.6950% to 1.7050%.

METALS: Spot gold recovered to around $619.20 after a precipitous fall overnight to a one-week low of $614.30. Dealers attributed the recovery to bargain-hunting. But the dollar has to weaken again and oil has to gain before gold could recover to $640.

Copper prices are higher and could rise on a reemergence of strong Chinese demand after a now-complete period of de-stocking, says the World Bank in its monthly commodity review.

OIL: Prices fell 17 cents in Asian trading Friday to $67.15 after the bearish U.S. inventory report. BP PLC plans to bring the entire Prudhoe Bay field back on line by the end of October, and that also weighed.

EUROPEAN OUTLOOK: Stocks Seen A Few Notches Higher

Euro-USD 1.2724 loss 0.0005 dn 0.04%
Stlg-USD 1.8742 loss 0.0010 dn 0.05%
USD-Franc 1.2436 gain 0.0008 up 0.07%
(All values as of 0450 GMT)
European shares are set to start slightly higher, while government debt prices attempt a bounce higher. The euro opens weaker.

STOCKS: European markets are likely to open in positive territory, as investors pick up some bargains after the week's losses. But markets remain fragile and further profit-taking is possible before the close.

U.K. spreadbettor CMC Markets is calling the FTSE up 20 points to 5878, the DAX up 7 to 5781 and the CAC up 9 to 5069.

European stocks closed lower on Thursday, with a profit warning from engineering company Tomkins adding jitters to markets that fretted about the health of the U.S. economy.

FOREX: The euro continues weaker against the dollar, after support fell. Some traders are selling euros in earnest in a bid to trigger sell orders at $1.2700. On the charts, a break below $1.2695 would prompt more participants to short the euro.

BONDS: Prices of government debt are likely to start slightly higher in a technical bounce back from their recent correction.

Friday brings only second-tier data - the German July trade balance and U.S. consumer credit.

European government bonds fell in price Thursday, after yet more hawkish commentary from European Central Bank members and strong German industrial production data sent out clear rate hike signals to the market.

CALENDAR: Friday, Sep 8: BoJ Governor; Fed's Pianalto

GMT Expected Previous
0600 GER Jul Trade Balance +12.7B +13.3B
0600 GER Jul Current Account +8.2B +10.1B
0600 JPN Sep BOJ Econ Report
0630 JPN BOJ Gov Fukui's press conference
0800 ITA 2Q GDP, final 0.5%QQ 0.5%QQ
1.5%YY 1.5%YY
1000 FRA Jul OECD Main Economic Indicators
1400 US Cleveland Fed Pres Pianalto speaks on
inflation, inflation expectations and
monetary policy in Oak Brook, Ill.
1900 US Jul Consumer Credit +$6.0B +$10.3B
N/A JPN BOJ Policy Board meeting ends

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

(MORE TO FOLLOW) Dow Jones Newswires

September 08, 2006 01:46 ET (05:46 GMT)

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

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

Autostrade (AUTO.MI): 1H Earnings
Average net profit (DJ, 4 analysts): EUR293M (EUR298M)
Note: Dow Jones Newswires say the numbers are more or less academic compared with interest in the progress or otherwise in Autostrade's stalled merger with Abertis (ABE.MC). However, with the issue still being tossed around between members of the Italian government and EU authorities, they say they expect zero comment on the merger in Autostrade's earnings report. Numbers due toward market close.

Capitalia (CAP.MI): 1H Earnings
Average net profit (DJ, 5 analysts): EUR564M (EUR440M)
Average sales: EUR2.67B (EUR2.54B)
Average 2Q net profit: EUR281M (N/A)
Average 2Q sales: EUR1.32B (N/A)
Note: Revenues seen slightly up driven by interest income and bolstered by higher net commissions. Analysts also see bank upping its targets, particularly a boost in EPS estimates. Eyes on how merger between Sanpaolo IMI (IMI) and Banca Intesa (BIN.MI) will play out on Capitalia's merger and acquisition strategy. Notes ABN Amro's final decision about fate of its majority stake will figure in significantly, as the mid-September deadline looms.

Davis Service Group (DVSG.LN): 1H Earnings
Average pretax pre-items profit (Co, 11 analysts): GBP39M (GBP37M)
Note: Cost pressures seen dominating UK margins and comments are expected on the impact of Rentokil's exit from its textile business.

Go-Ahead Group (GOG.LN): FY Earnings
Average pretax profit (Co, 10 analysts): GBP87M (GBP95.9M)
Note: Profits are down due to disappointing trading in Bus and Aviation divisions, say analysts. Deutsche Bank sees UK bus profits to be lower for the second successive year but expect strong recovery profits in the division next year. Another analyst says focus will be on cash return. Deutsche Bank has a hold recommendation.

JD Wetherspoon (JDW.LN): FY Earnings
Average pretax profit before exceptional items (DJ, 4 analysts): GBP56.5M
Note: Analysts will be looking to see if the company's positive sales momentum has continued since the year end and whether there has been any more impact from the smoking ban in Scotland. Focus will also be on the company's outlook for costs in the year ahead.


Aeroporto di Firenze (AFI.MI): 1H Earnings

AGA Foodservice (AGA.LN): 1H Earnings

Catlin Group (CGL.LN): 1H Earnings

Celtic Resources (CER.LN): 1H Earnings

CHL (CHL.MI): 2Q Earnings

Cibox Interactive (5432.FR): 1H Earnings

Clas Ohlson (CLAS-B.SK): 1Q Earnings

CLS Holdings (CLI.LN): 1H Earnings

Club Mediterranee (12156.FR): 3Q Revenue

Cofina SGPS Commercial (CFN.LB): 2Q Earnings

Credit Industriel (12005.FR): 1H Earnings

Designer Vision (DVS.LN): 1H Earnings

e2v technologies (E2V.LN): AGM

Ferraris Group (FER.LN): Trading Update

Finnair (FIA1S.HE): August Traffic Data

Fondiaria-SAI (FSA.MI): 1H Earnings

ICT Automatisering (35953.AE): 1H Earnings

Iliad (403591.FR): 1H Earnings

IMMSI (IMS.MI): 1H Earnings

ING UK Real Estate Income (IRET.LN): 1H/FY Earnings

IS Solutions (ISL.LN): 1H Earnings


Marshalls (MSLH.LN): 1H Earnings

Maverick Entertainment Group (MVK.LN): 1H Earnings

McCarthy & Stone (MCTY.LN): Trading Update

Netstores (NES.LN): FY Earnings

Seat Pagine Gialle (PG.MI): 1H Earnings

Signaux Girod (6079.FR): 3Q Revenue

St Dupont (5419.FR): AGM

THUS Group (THUS.LN): AGM/Trading Update

Transport Systems (TSY.LN): AGM

Ultrasis (ULT.LN): FY Earnings

Universe Group (UNG.LN): 1H Earnings

Vianini Industria (VIN.MI): 1H Earnings

Vittoria Assicurazioni (VAS.MI): 1H Earnings

(MORE TO FOLLOW) Dow Jones Newswires

September 08, 2006 01:46 ET (05:46 GMT)

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

08 Sep 2006 05:46 GMT =DJ EUROPEAN MORNING BRIEFING: Div Payments & Ex Div Dates

Amsterdam Commodities (31328.AE): 1H 2006 Ex-dividend Date

Ben Bailey (BBC.LN): 1H 2006 Dividend Payment Date

Cranswick (CWK.LN): FY 2005 Dividend Payment Date

Datetamonitor (DTM.LN): 1H 2006 Dividend Payment Date

Edinburgh Small Companies (EFS.LN): FY 2006 Earnings

Flying Brands (FBDU.LN): 1H 2006 Dividend Payment Date

Heineken Holding (00897.AE): 1H 2006 Ex-dividend Date

KAS Bank (36264.AE): 1H 2006 Ex-dividend Date

Latchways (LTC.LN): FY 2005 Dividend Payment Date

Nutreco Holding (37540.AE): Special dividend Payment Date

Phoenix IT Group (PNX.LN): FY 2005 Dividend Payment Date

Quintain Estates & Development (QED.LN): FY 2005 Dividend Payment Date

RPC Group (RPC.LN): FY 2005 Dividend Payment Date

Viridian Group (VRD.LN): FY 2005 Dividend Payment Date

Witan Investment Trust (WPC.LN): 1H 2006 Dividend Payment Date

(END) Dow Jones Newswires

September 08, 2006 01:46 ET (05:46 GMT)

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

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