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Hitt og þetta 27. september 2006

DJ EUROPEAN MORNING BRIEFING:M&A Supporting Stocks Rally

US SUMMARY: Stocks Surge On Better Consumer Sentiment

DJIA 11669.59 gain 93.58 up 0.8%
NASDAQ 2261.34 gain 12.27 up 0.6%
S&P 500 1336.34 gain 9.97 up 0.8%
Dow Future 11744.00 loss 4.00 0.0%
NASDAQ Future 1672.75 loss 0.75 0.0%
S&P Future 1346.00 loss 0.75 dn 0.1%
Euro-USD 1.2698 gain 0.0011 up 0.09%
10-Yr US Treasury: 4.16% down 0.03
(Futures values, Treasury, EUR/USD Data as of 0450 GMT)
Wall Street surged higher Tuesday, carrying the Dow Jones industrials to their second-best close ever, as positive economic data further buoyed a growing sense of optimism among investors.

STOCKS: Shares, particularly the blue chips, moved higher after the Conference Board said its consumer confidence index for September rose more than expected, reaching 104.5 from a revised reading of 100.2 in August. Analysts forecast the index would rise to 103.

Also bolstering investor enthusiasm was a report from the Federal Reserve Bank of Richmond that showed the region's economy strengthened this month.

Jack Albin, chief investment officer with Harris Private Bank, said the market's advance reflects widespread investor enthusiasm and a realization that the Fed might have room to ease short-term interest rates. He pointed to low inflation and the recent nearly 20 percent pullback in oil prices.

"The Fed has a lot more elbow room to lower rates. The Fed could maybe even lower this year."

Alfred E. Goldman, chief market strategist at A.G. Edwards & Sons Inc., doesn't expect the gains will last however.

"I don't think we're going to go up, up and away from here. I think you've got momentum and the magnetism of a new record high for the Dow."

"I would preach a little caution here." Goldman contends that the markets will discount for November's midterm elections by mid-to-late October and that some of the run-up this week could reflect a desire among institutional investors to burnish their third-quarter figures.

"This time of the year you also get some window dressing by institutions and also some short covering," he said. "The bears have not had a lot of a fun."

In corporate news, a federal jury in New Orleans cleared Merck & Co. of responsibility for a man's heart attack in the 10th case to go to trial over the drug maker's troubled Vioxx painkiller.

A federal judge dismissed major portions of Advanced Micro Devices's high-profile antitrust suit against Intel.

FOREX: The dollar, which is opening lower, on Tuesday continued to recoup last week's declines, ending higher across the board after the consumers survey showed that falling gas prices have eased Americans' worries about the U.S. economy.

Investors are now looking toward the release of August durable goods orders, a forward-looking indicator, and August new home sales, both scheduled for Wednesday.

BONDS: U.S. Treasury prices fell because of the report that said consumers are less worried about current economic circumstances.

"The improvement was broad-based," said RBS Greenwich economist Michelle Girard. "While this confidence gauge is not as closely correlated with gasoline prices as the University of Michigan sentiment measure, clearly lower energy costs have helped to reduce concerns about the economy, which in turn has brightened attitudes," she said.

Michael Cheah, portfolio manager at AIG SunAmerica Asset Management, said "I think after this consolidation phase we could continue to trade up as the weakening housing market continues to unfold," he said.

OIL: Light crude oil settled down 44 cents at $61.01 on the New York Mercantile Exchange. The slide in oil prices this month has given investors optimism that consumer spending will hold up even as the economy slows and help protect corporate profits.

ASIAN SUMMARY: Stocks Rally As Oil Rebounds

USD-Yen 117.05 loss 0.07 dn 0.07%
AUD-USD 0.7508 loss 0.0004 dn 0.05%
Nikkei 225 15821.17 gain 263.70 up 1.7%
Hang Seng 17435.73 gain 127.60 up 0.7%
S&P/ASX 200 5044.50 gain 88.00 up 1.8%
Taiwan Index 6946.27 gain 44.52 up 0.7%
S.Korea Kospi 1354.86 gain 10.89 up 0.8%
JGB Yield 1.6550% up 0.0500
(All values as of 0450 GMT)
STOCKS: Asian stocks are higher across the board, led by Japan and Australia, where gains in Sumitomo Mitsui Financial Group and BHP Billiton fronted a broad-based advance following Wall Street's strong finish.

FOREX: The dollar is close to session support of Y116.91, with some options-related trade having an effect. Resistance is put at around Y117.27.

The euro is in a pivotal position against the yen, dealers say, and could break either way. Chart targets are Y147.64 downwards and Y149.15 upwards. Large buy orders waiting at Y148.85 could encourage traders to push the euro higher. It's now unchanged at Y148.60.

BONDS: Prices of Japan's government debt are following overnight losses in U.S. Treasurys, as money flows into rallying stocks.

OIL: Prices have recovered 24 cents to $61.25 Wednesday after a day of volatile trading due to uncertainty about OPEC's production plans. Traders were also acting on expectations that weekly U.S. data Wednesday will show U.S. supplies of gasoline and heating oil rose last week.

METALS: Gold's near-term bias remains pointed lower, after the recent oil price recovery failed to push it back up through the psychological $600/oz level, says a Sydney-based trader. Physical demand at around $580 to $585 is likely to continue offering support. But with oil prone to a further retreat, commodity-wide sentiment still is wary. Gold could pull back toward $560-$550. It was last at $591.20, down 40 cents from New York.

LME 3-month copper appears set to push through the top of it recent range at $7,700/ton next week or so after repeated unsuccessful downside attempts, says a Hong Kong trader. It was last at $7,595/ton, down $55.

EUROPEAN OUTLOOK: Stocks To Start Higher; Utilities Eyed

Euro-USD 1.2698 gain 0.0011 up 0.09%
Stlg-USD 1.8951 gain 0.0010 up 0.05%
USD-Franc 1.2432 loss 0.0002 dn 0.02%
(All values as of 0450 GMT)
European shares are likely to gain at the open, with prices of government debt under pressure and the euro up slightly.

STOCKS: European markets look set for a mildly positive open, as a broad end-of-quarter rally gathers momentum with investor concerns over a US-led recession apparently subsiding. M&A in Europe's red-hot utility sector also is helping support markets.

U.K. spreadbettor GFT Global Markets is calling the FTSE up 10 at 5883, the DAX up 14 at 5974 and the CAC up 6 at 5225.

In corporate news, German electricity company E.On said it would increase its takeover offer for Spanish utility Endesa to EUR35 a share, up from EUR25.4, valuing the entire company at EUR37.1 billion. But Spanish utility Acciona will seek approval to increase its stake in Endesa to nearly 25 percent from its newly purchased 10 percent, a development likely to further complicate E.On's bid.

Spain's Actividades de Construccion y Servicios held a 4% stake in Iberdrola as of late Tuesday, following news that it's planning to buy a 10% stake in the utility. ACS, which holds 35.2% in Union Fenosa, is seeking a merger of the two utilities, several reports said.

Resource and technology companies led Europe higher Tuesday, while utilities were mixed after Acciona threw a wrench into the bidding war for Spain's Endesa.

FOREX: The euro opens up a few notches with good support around $1.2662, then $1.2651. Resistance comes at $1.2703, then $1.2728. Overnight, the euro carried an upward bias, so any favorable data could propel it higher.

BOND: More data due Wednesday will help the market sort out whether the European Central Bank will continue raising interest rates.

The session will kick off with M3 money supply growth from the euro zone at 0800 GMT, followed by the publication of the final reading of second-quarter gross domestic product growth for the U.K. at 0830 GMT, and the release of the Confederation of British Industry's distributive trades survey at 1000 GMT.

In the European afternoon session, investors will once again turn their attention to the U.S., where durable goods orders are due at 1230 GMT, and new home sales at 1400 GMT. In particular, new homes sales will be closely monitored by markets as in recent weeks a lot of housing indicators have continued to decline across the board.

European government bond prices came under renewed pressure Tuesday on data showing U.S. consumer sentiment rebounded in September and Ifo business climate data fell less than expected.



(MORE TO FOLLOW) Dow Jones Newswires

September 27, 2006 01:47 ET (05:47 GMT)

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


27 Sep 2006 05:47 GMT =DJ EUROPEAN MORNING BRIEFING:M&A Supporting Stocks Rally-2

CALENDAR: Wednesday, Sep 27: U.S. Orders, Energy Data

GMT Expected Previous
0610 GER Sep GfK Consumer Climate Survey 8.6 8.6
0730 ITA Sep Business Confidence 94.4 94.4
0800 ITA Jul Retail Sales +1.3%YY
0800 EU Aug Euro Zone M3 Money Supply +7.5%YY +7.8%YY
+7.9%3MY +7.8%3MY
0830 UK 2Q GDP, final +0.8%QQ +0.7%QQ
+2.6%YY +2.3%YY
0830 UK Aug BBA Mortgage Lending +GBP5.7B
0915 GER ECB allocates long-term refi ops bids
1000 UK Sep CBI Distributive Trades Survey +10 +12
1100 US Sep 22 MBA Refinancing Index +9.5%
1230 US Aug Durable Goods +0.5% -2.5%
1315 US Tsy Undersecy Quarles speaks on
derivatives at conference in New York
1400 US Aug New Home Sales -2.5% -4.3%
1430 US Sep 22 US Energy Dept Crude Oil Stocks (in -1.92M -2.8M
barrels)
1430 US Sep 22 US Energy Dept Distillate Stocks (in +1.99M +4.1M
barrels)
1430 US Sep 22 US Energy Dept Gasoline Stocks (in +260,000 +600,000
barrels)
1600 US Aug Chicago Fed Midwest Mfg Index +0.6%
1640 US Pres Bush speaks on energy policy in Hoover
1700 US Fed Gov Kroszner speaks on productivity in New York
2330 US Pres Bush, Pakistan Pres Musharraf,
Afghan Pres Karzai meet in Washington
2350 JPN Aug Retail Sales -0.2%YY
2350 JPN Weekly Portfolio Flows

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

(MORE TO FOLLOW) Dow Jones Newswires

September 27, 2006 01:47 ET (05:47 GMT)

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


27 Sep 2006 05:47 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events

Barratt Developments (BDEV.LN): FY Earnings
Average pretax profit (Co, 13 analysts): GBP382.6M (GBP378.4M)
Note: Earnings growth was restricted due to the recent increase in UK base rates affecting consumer sentiment. Analysts focused on whether there is a gap building between house prices and land price inflation which will have a significant negative impact, however no surprises are expected from the results says Ross Jobber and Imran Akram at Deutsche Bank. UBS analyst, Charlie Campbell believes the market is most likely to be interested in the current strength of the housing market and how its forward sales have moved.


Hennes & Mauritz (HM-B.SK): 3Q Earnings
Average pretax profit (SME Direkt, 20 analysts): SEK3.587B (SEK3.324B)
Note: Higher sales are seen lifting profits while price reductions and currency losses are expected to weigh on the retailer's closely watched gross margin, which is forecast to edge lower to 58.2% from 58.8%. August sales are seen rising 12% on year.


Kesa Electricals (KESA.LN): 1H Earnings
Average profit before tax (Co, 6 analysts): GBP38M (GBP23.1M)
Note: Kesa and its main rival DSG International (DSG.LN) benefited from strong consumer demand for the latest flat screen TVs before the World Cup. The demand for new TVs throughout Europe has "remained buoyant" after the World Cup, according to Merrill Lynch.


Smiths Group (SMIN.LN): FY Earnings
Average pretax profit before goodwill and exceptional items (Co, 11 analysts): GBP484M (GBP413M)
Note: Group is seeing a good performance across its four business units, although aerospace margins are likely to have remained steady due to rising R&D costs. Focus will be on acquisition strategy and the impact that further delays to Airbus A380 deliveries might have on the company's civil aerospace business.



(MORE TO FOLLOW) Dow Jones Newswires

September 27, 2006 01:47 ET (05:47 GMT)

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


27 Sep 2006 05:47 GMT =DJ EUROPEAN MORNING BRIEFING: Corporate Events -2-

OTHER SCHEDULED EVENTS:

Access Commerce (7424.FR): 1H Earnings

A-COM (ACOM.SK): 1Q Earnings

Actielec Technologies (7665.FR): 1H Analyst Meeting

Aer Lingus (AEL.YY): IPO Pricing

Areva Societe Participations: 1H Earnings

Arla Foods (ARU.LN): Trading Update

Astaldi (AST.MI): Analyst Presentation

Atrium Underwriting (AUW.LN): 1H Earnings

Aufeminin.com (7678.FR): 1H Earnings

Ausy (7262.FR): 1H Earnings

Banca Populare Etruria Lazio (PEL.MI): 1H Earnings

Biesse (BSS.MI): Analyst Presentation

Bongrain (12010.FR): 1H Earnings

Buongiorno Vitaminic (BVIT.MI): Analyst Presentation

Cairo Communication (CAI.MI): Analyst Presentation

Cardinal Resources (CDL.LN): 1H Earnings

CDC (CDC.MI): 1H Earnings

Cembre (CMB.MI): 1H Earnings

CNP Assurances (12022.FR): 1H Presentation

Coheris (403176.FR): 1H Analyst Meeting

Compass Group (CPG.LN): Trading Update

Cremonini (CRM.MI): Analyst Presentation

Dada (DA.MI): Analyst Presentation

Danieli & C (DAN.MI): FY Earnings

Datalogic (DAL.MI): Analyst Presentation

Deal Group Media (DGM.LN): 1H Earnings

Dermasalve Sciences (DRM.LN): 1H Earnings

Ducati Motor Holding (DMH.MI): Analyst Presentation

Electrocomponents (ECM.LN): Trading Update

Enodis (ENO.LN): Trading Update

Esprinet (PRT.MI): Analyst Presentation

European Home Retail (EHR.LN): FY Earnings

Fortune Oil (FTO.LN): 1H Earnings

Geci International (7963.FR): AGM

Gefran (GE.MI): Analyst Presentation

Groupe Ares (7216.FR): AGM

Homeserve (HSV.LN): Trading Update

House of Fraser (HOF.LN): 1H Earnings

Interpump Group (IP.MI): Analyst Presentation

Isagro (ISG.MI): Analyst Presentation

Johnson Matthey (JMAT.LN): Trading Update

La Doria (LD.MI): Analyst Presentation

LO Holding (LOUN.EB): 1H Earnings

Martin Currie Portfolio (MNP.LN): 1H Earnings

McInerney Holdings (MCI.LN): 1H Earnings

Micro Focus International (MCRO.LN): AGM

Mondo TV (MTV.MI): Analyst Presentation

Motivcom (MCM.LN): 1H Earnings

Negri Bossi (NGB.MI): Analyst Presentation

Northgate (NTG.LN): AGM

Orpea (18479.FR): 1H Analyst Meeting

Park Group (PKG.LN): AGM & EGM

Pennon Group (PNN.LN): Trading Update

Phoenix IT Group (PNX.LN): Trading Update

Porsche (POR3.XE): FY Earnings

Prismaflex International (404460.FR): AGM

Reply (REY.MI): 1H Earnings

Riber (7595.FR): 1H Earnings

Rutland Trust (RUT.LN): 1H Earnings

SCI Entertainment (SEG.LN): FY Earnings

Socotherm (SCT.MI): Analyst Presentation

Sodifrance (7256.FR): 1H Earnings

Sogefi (SO.MI): Analyst Meeting

Standard Life (SL.LN): 1H Earnings

Standard Life Euro (SEP.LN): 3Q Earnings

Targetti Sankey (TS.MI): 2Q Presentation

TAS (TAS.MI): Analyst Presentation

Trevisan Cometal (TRV.MI): Analyst Presentation

TXT e-solutions (TXT.MI): Analyst Presentation

Universal Salvage (UVS.LN): AGM

VTR (VTR.LN): Trading Update

W Sinclair (SNCL.LN): FY Earnings

Wolters Kluwer (39590.AE): Investor & Analyst Day

Wolverhampton & Dudley (WOLV.LN): Trading Update


(MORE TO FOLLOW) Dow Jones Newswires

September 27, 2006 01:47 ET (05:47 GMT)

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


27 Sep 2006 05:47 GMT =DJ EUROPEAN MORNING BRIEFING: Div Payments & Ex Div Dates

Alba (ABA.LN): FY 2005 Ex-Dividend Payment Date

Amlin (AML.LN): 1H Ex-Dividend Payment Date

Arbuthnot Banking Group (ARBB.LN): 1H Ex-Dividend Payment Date

Arena Leisure (ARE.LN): 1H Ex-Dividend Payment Date

ArmorGroup International (ARG.LN): 1H Ex-Dividend Payment Date

BHP Billiton (BLT.LN): FY Dividend Payment Date

Bovis Homes Group (BVS.LN): 1H Ex-Dividend Payment Date

Burren Energy (BUR.LN): 1H Ex-Dividend Payment Date

Capital & Regional (CAL.LN): 1H Ex-Dividend Payment Date

Compel Group (CGR.LN): FY Ex-Dividend Payment Date

Cookson Group (CKSN.LN): 1H Ex-Dividend Payment Date

Development Securities (DSC.LN): 1H Ex-Dividend Payment Date

Dialight (DIA.LN): 1H 2006 Ex-Dividend Payment Date

Dignity (DTY.LN): 1H Ex-Dividend Payment Date

DRS Data & Research (DRS.LN): 1H Ex-Dividend Payment Date

Erinaceous Group (ERG.LN): 1H Ex-Dividend Payment Date

Evolution Group (EVG.LN): 1H Ex-Dividend Payment Date

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