AMERICAN MARKETS OUTLOOK: U.S. stock markets are set to open slightly lower Monday, in the absence of any significant corporate or economic news, says Geoff Langham of spreadbettor CMC Markets.
"Fridays news quieted some hopes for U.S. interest rate cuts, and as a result, the markets continue to look for an interest rate rise," adds Langham.
On the economic front, consumer credit data is due to be released by the Federal Reserve after the U.S. markets close.
CMC markets is calling the Dow Jones Industrial Average to open down 6 points at 12,392, the S&P 500 to open 0.5 points lower at 1409 and the Nasdaq 100 down 1 point at 1784.
EUROPEAN MARKETS: European markets are higher midday, boosted by oil sector gains after crude oil prices lifted off lows in electronic trading.
Londons FTSE 100 is up 0.4% at 6244, helped by gains from British Airways after the airline reached an agreement with its unions on plans to tackle a GBP2.1 billion pensions deficit late Friday. In Frankfurt, the DAX is up around 0.5% at 6623, recovering on technical trading from its fall late Friday. However, "many see the market as fundamentally burdened" owing to strong U.S. employment data released Friday, a trader said. In Paris the CAC 40 is up 0.47% at 5543.
March bunds are down 0.01 at 115.89 and March gilts are down 0.01 at 107.64.
At 1125 GMT, the dollar was down in Europe at Y118.45 from Y118.60 late Friday, even though U.S. non-farm payrolls came in stronger than expected.
The euro was down at $1.3015 from $1.3005, while the pound was down to $1.9335 from $1.9300.
===========================
TOP STORIES:
NASDAQ UPS LSE ATTACK; WARNS IT MAY SELL STAKE: Nasdaq Stock Market Inc. (NDAQ) stepped up its rhetoric against its bid target London Stock Exchange PLC (LSE.LN), accusing it of "milking" customers and making "derisory" cost reductions. (By Gren Manuel and Henry Teitelbaum)
SCHNEIDER SAYS SEES 2006 REVENUE CLOSE TO EUR13.5B: French electrical devices manufacturer Schneider Electric SA (12197.FR) expects revenue to be close to EUR13.5 billion for 2006, a spokesman for the company said. (By Anne-Sylvaine Chassany)
OPEC BEGINS TALKS ON NEED FOR FURTHER CUTS: Members of the Organization of Petroleum Exporting Countries have begun talks on the potential need for a further output cut in response to a 10% drop in oil prices since the beginning of the year. (By Ayesha Daya)
============================
INSIGHT & ANALYSIS FROM DOW JONES NEWSWIRES:
=FOREX FOCUS: Is the yen about to repeat its October 1998 performance when a sharp reversal sent it soaring 10% in one day? Highly unlikely. (By Nicholas Hastings)
=FOCUS: At last, France has something to crow about. Unemployment, which has remained stubbornly high since at least the early 1980s, is dropping. Figures showed the jobless rate fell to just 8.7% in November, its lowest level for five years. (By Simon Clow)
===========================
STILL TO COME
COUNTRY PERIOD
ET/GMT
1500/2000 US Dec Tsy STRIPS
1500/2000 US Nov Consumer Credit
N/A N/A US Pres Bush, EU Commission Pres Barroso
meet in Washington
===========================
OTHER NEWS:
German retail sales in November fell short of market expectations due to weak food, beverages and tobacco sales, Federal Statistics Office data showed. (Data Snap by Roman Kessler)
French car maker PSA Peugeot-Citroen (12150.FR) said its worldwide vehicle sales dipped by 0.9% in 2006 to 3.36 million from 3.39 million in 2005, as a 4% rise in its sales outside Europe failed to compensate for a 2.7% drop in Europe. (By David Pearson)
Less than a fortnight after securing a strong foothold in the Italian betting industry, Ladbrokes PLC (LAD.LN) unveiled a joint venture with Spanish slot machine group Cirsa Slot Corp. to develop a sports betting business in Spain. (By Lilly Vitorovich)
German manufacturing orders rose on the month in November due to strong demand from abroad, data from the German Economics Ministry showed. (Data Snap by Michelle Schmitz)
New orders for Germanys plant and machinery industry rose 18% on the year in November, the industry group VDMA said. (Data Snap by Maeve Curtin)
Norwegian manufacturing output grew a seasonally-adjusted 1.6% from September to November when compared with the previous three-month period June-August, Statistics Norway said. (Data Snap by Elizabeth Cowley)
"Fridays news quieted some hopes for U.S. interest rate cuts, and as a result, the markets continue to look for an interest rate rise," adds Langham.
On the economic front, consumer credit data is due to be released by the Federal Reserve after the U.S. markets close.
CMC markets is calling the Dow Jones Industrial Average to open down 6 points at 12,392, the S&P 500 to open 0.5 points lower at 1409 and the Nasdaq 100 down 1 point at 1784.
EUROPEAN MARKETS: European markets are higher midday, boosted by oil sector gains after crude oil prices lifted off lows in electronic trading.
Londons FTSE 100 is up 0.4% at 6244, helped by gains from British Airways after the airline reached an agreement with its unions on plans to tackle a GBP2.1 billion pensions deficit late Friday. In Frankfurt, the DAX is up around 0.5% at 6623, recovering on technical trading from its fall late Friday. However, "many see the market as fundamentally burdened" owing to strong U.S. employment data released Friday, a trader said. In Paris the CAC 40 is up 0.47% at 5543.
March bunds are down 0.01 at 115.89 and March gilts are down 0.01 at 107.64.
At 1125 GMT, the dollar was down in Europe at Y118.45 from Y118.60 late Friday, even though U.S. non-farm payrolls came in stronger than expected.
The euro was down at $1.3015 from $1.3005, while the pound was down to $1.9335 from $1.9300.
===========================
TOP STORIES:
NASDAQ UPS LSE ATTACK; WARNS IT MAY SELL STAKE: Nasdaq Stock Market Inc. (NDAQ) stepped up its rhetoric against its bid target London Stock Exchange PLC (LSE.LN), accusing it of "milking" customers and making "derisory" cost reductions. (By Gren Manuel and Henry Teitelbaum)
SCHNEIDER SAYS SEES 2006 REVENUE CLOSE TO EUR13.5B: French electrical devices manufacturer Schneider Electric SA (12197.FR) expects revenue to be close to EUR13.5 billion for 2006, a spokesman for the company said. (By Anne-Sylvaine Chassany)
OPEC BEGINS TALKS ON NEED FOR FURTHER CUTS: Members of the Organization of Petroleum Exporting Countries have begun talks on the potential need for a further output cut in response to a 10% drop in oil prices since the beginning of the year. (By Ayesha Daya)
============================
INSIGHT & ANALYSIS FROM DOW JONES NEWSWIRES:
=FOREX FOCUS: Is the yen about to repeat its October 1998 performance when a sharp reversal sent it soaring 10% in one day? Highly unlikely. (By Nicholas Hastings)
=FOCUS: At last, France has something to crow about. Unemployment, which has remained stubbornly high since at least the early 1980s, is dropping. Figures showed the jobless rate fell to just 8.7% in November, its lowest level for five years. (By Simon Clow)
===========================
STILL TO COME
COUNTRY PERIOD
ET/GMT
1500/2000 US Dec Tsy STRIPS
1500/2000 US Nov Consumer Credit
N/A N/A US Pres Bush, EU Commission Pres Barroso
meet in Washington
===========================
OTHER NEWS:
German retail sales in November fell short of market expectations due to weak food, beverages and tobacco sales, Federal Statistics Office data showed. (Data Snap by Roman Kessler)
French car maker PSA Peugeot-Citroen (12150.FR) said its worldwide vehicle sales dipped by 0.9% in 2006 to 3.36 million from 3.39 million in 2005, as a 4% rise in its sales outside Europe failed to compensate for a 2.7% drop in Europe. (By David Pearson)
Less than a fortnight after securing a strong foothold in the Italian betting industry, Ladbrokes PLC (LAD.LN) unveiled a joint venture with Spanish slot machine group Cirsa Slot Corp. to develop a sports betting business in Spain. (By Lilly Vitorovich)
German manufacturing orders rose on the month in November due to strong demand from abroad, data from the German Economics Ministry showed. (Data Snap by Michelle Schmitz)
New orders for Germanys plant and machinery industry rose 18% on the year in November, the industry group VDMA said. (Data Snap by Maeve Curtin)
Norwegian manufacturing output grew a seasonally-adjusted 1.6% from September to November when compared with the previous three-month period June-August, Statistics Norway said. (Data Snap by Elizabeth Cowley)
