Kuwait issues travel warning over Lebanon protests    Erdogan says not a problem for Turkey if Syrian forces are in areas cleared of Kurdish forces    Pompeo seeks to assure Israel US focus stays on Iran 'threat'    Egypt says strategic wheat reserves enough to cover its needs until February    Egypt keen to support DR Congo: Ambassador    Ratcliffe to rely on young talents to help Nice grow    Social media facilitates racist abuse, says Leicester's Morgan    Criticism of Man Utd transfer strategy an insult to club-Woodward    US vaping-related deaths rise to 33, cases of illness to 1,479    Cairo metro back to normal operations following hours-long power disruption    Egypt's Pope Tawadros opens Saint Mary, Mar Youhanna Church in Belgium    Apache Corp. plans to increase investments in Egypt: CEO    Egypt's Irrigation minister reviews latest developments of Ethiopia's Renaissance Dam in Budapest    UK, EU clinch new Brexit deal    U.S. Trump defends Syria pullout, condemned by House in bipartisan vote    'Passports should be valid for six months,' Egypt's foreign ministry advises citizens planning travel abroad    Unpaid work hits 35% of Egypt's GPD, but still not included in economic calculations: IMF    Egypt's FM Shoukry holds talks with Lithuania's govt. chancellor    Egypt's c.bank Oks new regulations tightening control on micro-financing    Dollar, pound tread water, Aussie bolstered by jobs report    European stocks set for cautious open ahead of crucial EU summit    Egypt in talks with World Bank over solid waste management loan    Grand Nile Tower Arts & Cultural Centre launches second round    AUC students win prestigious award at SensUs 2019    Egypt's coach Hossam El-Badry satisfied with winning start despite technical problems    Hundreds released    Luxor's new discoveries    Moroccan film Nomades scoops awards in Alexandria Film Festival    Toshiba's JV with Egyptian Elaraby opens regional HQ in South Africa    Six authors vie for Booker prize 2019, Atwood in the lead    In Photos: A sneak peek into rehearsals for the Cleopatra ballet world premiere    Sisi, Ethiopia's PM to meet in Moscow to discuss GERD issue    Sisi: army engaged in attrition phase against terrorism in Sinai since 2013    10K fans to attend Egypt's friendly against Botswana in Alexandria: EFA    Sisi, Ethiopia's PM agree to overcome obstacles in Nile dam talks    Farwell to Egyptian comic actor Talaat Zakaria    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    

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Most European Stocks Fall As Fed Considers Stimulus Cut
Published in Amwal Al Ghad on 04 - 01 - 2013

Most European (SXXP) stocks declined, with the Stoxx Europe 600 Index dropping from a 22-month high as investors awaited U.S. jobs data, and Federal Reserve minutes showed policy makers debated ending their bond-purchase program. U.S. index futures were little changed, while Asian shares fell.
Fresnillo Plc (FRES), the world's biggest primary silver producer, slid 5.7 percent after the shares were downgraded at UBS AG. Randgold Resources Ltd. led gold producers lower, falling 3.7 percent as the price of the metal declined. Sonova Holding AG (SOON), the Swiss maker of hearing health-care products, rose after Bank of America Corp. upgraded its rating on the stock.
The Stoxx Europe 600 Index lost 0.1 percent to 286.52 at 9:43 a.m. in London. The gauge closed at its highest level since February 2011 yesterday and is headed for a weekly gain of 2.8 percent. Futures on the Standard & Poor's 500 Index expiring in March were little changed, while the MSCI Asia Pacific Excluding Japan Index retreated 0.4 percent.
“Keeping markets subdued today will be the U.S. jobs and unemployment data out this afternoon," Jonathan Sudaria, a trader at Capital Spreads in London, wrote in a note. “Caution always surrounds the figures but uncertainty is likely to be heightened following the hawkish FOMC minutes."
The Federal Open Market Committee minutes, released yesterday in Washington, showed a divide among FOMC participants on how long the purchases should last. Participants who provided estimates were “approximately evenly divided" between those who said it would be appropriate to end the purchases around mid-2013 and those in favor of continuing beyond that time.
Jobs Data
The U.S. Labor Department will release its non-farm payrolls report for December at 8:30 a.m. in Washington. The median forecast of economists in a Bloomberg survey projects a gain of 153,000 workers, following an increase of 146,000 in November. The unemployment rate held at 7.7 percent, the lowest since December 2008, according to economists' estimates.
Fresnillo slid 5.7 percent to 1,778 pence after UBS downgraded the shares to neutral from buy, citing recent gains in the stock which mean it has outperformed silver and its peers. The price of the metal today fell to its lowest since August.
Randgold Resources, a gold producer in West Africa, lost 3.7 percent to 6,000 pence as the price of metal dropped. A gauge commodity-company shares fell 1.4 percent, for the worst performance of the 19 industry groups on the Stoxx 600.
Marks & Spencer Group Plc (MKS), the U.K.'s biggest clothing retailer, dropped 2.8 percent to 377.5 pence. Nomura Holdings Inc. lowered its 2013 pre-tax estimates for the retailer to 666 million pounds ($1.07 billion) from 694 million pounds, citing a fall in general merchandise sales.
Arkema SA (AKE), the French maker of industrial chemicals, slid 3.1 percent to 81.37 euros as chemical shares declined.
Merck Downgraded
Merck KGaA (MRK), the German maker of cancer drug Erbitux, fell 1.8 percent to 99.73 euros. The stock was downgraded to neutral from buy at Nomura Holdings.
Getinge AB, the world's largest maker of sterilization systems, declined 2.4 percent to 219.80 kronor after Bank of America Corp. downgraded the stock to neutral from buy, citing limited future gains for the shares and uncertainty in the U.S.
Sonova Holding advanced 2.1 percent to 106.90 Swiss francs after Bank of America's Merrill Lynch unit upgraded the stock to buy from neutral.
Fiat Gains
Fiat added 1.6 percent to 4.01 euros. The Italian carmaker said after the close of trading yesterday that it exercised an option to buy a 3.3 percent stake in Chrysler Corp. for $198 million, bringing its total stake to 65.2 percent.
Sky Deutschland AG (SKYD), the German pay-TV provider half-owned by Rupert Murdoch's News Corp., rose 2 percent to 4.45 euros after it reached agreement with Deutsche Telekom AG to offer Sky on its Entertain digital TV system.
Bankia SA, the lender that received the biggest Spanish bailout, surged 10 percent to 45.5 euro cents, leading gains on the Stoxx 600.
ThromboGenics NV jumped 6.5 percent to 45.70 euros, its highest intra-day price since at least July 2006, after it confirmed its U.S. launch date of Jan. 14 for its Jetrea vision restoration treatment.

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