By Marynia Kruk
Poland's central bank Friday said it may recommend lowering
interchange rates through legislative regulation if market
participants don't voluntarily agree to lower these rates as suggested
by a special council convened by the central bank.
The central bank has been seeking a multi-party, voluntary compromise
from companies like Visa Inc. (V), MasterCard Inc. (MA), Diners Club
and American Express Co. (AXP) to lower the fees charged for non-cash
transactions in the Polish market, which are some of the highest in
Europe.
Visa has declared itself ready to sign up to the central bank's
program on condition that rival Mastercard also does so, the central
bank said in a statement. But Mastercard isn't signing up and said it
will lower some of its interchange rates unilaterally Jan. 1, 2013.
Meanwhile, Diners Club and American Express asked to be exempt from
the lowering of interchange fees because their business models differ
from Visa's and Mastercard's.
The Payment System Council has given the main companies in the credit
card and debit card sector, including card issuers, clearing agents
and merchants, until July 15 to sign up to the central bank's program.
Failing that, the council recommends passing laws to lower these fees,
the central bank said.
Write to Marynia Kruk at marynia.kruk@dowjones.com
(END) Dow Jones Newswires
June 29, 2012 12:10 ET (16:10 GMT)
Saturday, 30 June 2012
2012.06.29 18:06:58 *This Is A Test From Dow Jones Newswires
(MORE TO FOLLOW) Dow Jones Newswires
June 29, 2012 12:06 ET (16:06 GMT)
June 29, 2012 12:06 ET (16:06 GMT)
Friday, 29 June 2012
2012.06.29 16:15:04 KB Home Loss Narrows; Deliveries, Orders Gain
--KB Home narrowed its fiscal second-quarter loss
--Reports increased orders and sales with higher price tags
--Stock soars nearly 10% in early trading
Builder KB Home (KBH) narrowed its fiscal second-quarter loss as it reported increased orders and sales with higher price tags, overshadowing an elevated cancellation rate.
The results come as the housing industry appears to be recovering from the worst downturn in generations. Wednesday, the National Association of Realtors trade group reported that May's pending home sales measuring signed contracts matched the highest level in two years. This followed price increases seen in the closely watched S&P/Case-Shiller index.
But the performance of KB Home, which caters largely to first-time buyers, wasn't as strong as competitor Lennar Corp. (LEN, LENB), which reported this week that its second-quarter profit soared from a year earlier, boosted by a double-digit pickup in home sales and orders and a tax-related gain.
In its pre-market release, Los Angeles-based KB Home worked to reassure jittery investors as it touted "substantial improvement" in bottom-line results.
"Entering the second half of 2012, we have a strong backlog of homes with higher selling prices and better margins to help restore profitability, and we anticipate achieving further gains in our margin performance as our revenue growth and cost-management efforts take hold," Chief Executive Jeffrey Mezger said.
This helped send the stock soaring nearly 10% in pre-market trading, though it retreated and recently traded up 6.3% at $9.25. Shares of other builders also saw a boost: Hovnanian Enterprises Inc. (HOV) gained more than 4%, while Beazer Homes USA Inc. (BZH) climbed 4.6%. DR Horton (DHI), the nation's largest home builder, saw a 2% gain.
For the period ended May 31, KB Home reported a loss of $24.1 million, or 31 cents a share, compared to a year-earlier loss of $68.5 million, or 89 cents a share. The year-earlier results included a $25.7 million charge related to a valuation allowance.
Revenue rose 11% to $302.9 million. Analysts surveyed by Thomson Reuters most recently forecast a loss of 34 cents a share on revenue of $301 million.
Net orders rose 2.6% to 2,049 homes, a lower increase than some analysts had expected, though orders soared 71% from the weak first quarter.
The average selling price of $233,000 came in 9% higher than a year ago, reflecting "notable increases" of 33% in the West Coast region and 14% in the Southwest. Prices declined 8% and 1% in the Central and Southeast regions, respectively.
The company's backlog, an indication of future business, climbed 22%. Housing gross profit margin improved to 16.9% from 7.3% a year earlier.
The cancellation rate edged up to 26% from 25% a year earlier, indicating a fair number of deals aren't making it the closing table. Lennar's cancellation rate was 16%.
The builder ended the quarter with total cash and cash equivalents of $377.4 million, much of it unrestricted.
Write to Victoria Stilwell at Victoria.Stilwell@dowjones.com
(END) Dow Jones Newswires
June 29, 2012 09:05 ET (13:05 GMT)
2012.06.29 16:06:28 Indian Rupee Gains as Sentiment Improves; Bonds Fall
By Khushita Vasant
At 1200 GMT Latest Change USD/INR 56.61 -0.19 8.79% 2021 Bond 8.38% +2BPs 8.15% 2022 Bond 8.18% +5BPs Call Rate# 8.20% +10BPs Forward Dollar Premium/Discount* June 3.195 -0.04 *Forward Dollar Premium/Discount are midpoints of bid-offer spreads #Friday's call rate is for four days and 10 bps higher than Thursday's overnight rate
MUMBAI--The Indian rupee rose against the U.S. dollar Friday, helped by better risk sentiment and hopes the government may water down a controversial set of rules to fight tax evasion.
The rupee's rise was in line with gains in regional currencies after European Union leaders unexpectedly came up with measures to combat the bloc's sovereign-debt and banking problems.
The dollar was at INR56.61 late Friday in Asia, a level not seen since June 18. It was at INR56.80 late Thursday.
The rupee also drew strength from gains in local shares. The Bombay Stock Exchange's benchmark Sensitive Index finished 2.6% higher at 17,429.98.
Late Thursday, the government hinted that it could dilute provisions of the widely criticized General Anti-Avoidance Rules. Fear over the tax rules hurting local investments led several foreign investors to review their presence in the country, causing shares and the rupee to lose much value in recent months.
The development assuages investor sentiment, especially after Prime Minister Manmohan Singh said Wednesday the government needs to take steps to revive growth and win back investor confidence.
"Sentiment is positive, disappointment is turning into hope," said Moses Harding, head of global markets at IndusInd Bank.
Mr. Harding said the rupee's fall in recent months was much more severe than its regional peers due to exaggerated market concerns, which should reverse now. He expects the rupee to trade in a 55-56 range in the very near term and thereafter strengthen to settle in a 52-54 band.
A recovering rupee and easing global crude oil prices could provide room for the Reserve Bank of India to cut rates, he added.
However, larger concerns of rupee weakness due to India's widening current-account deficit would continue to pressure the currency.
Reserve Bank of India data Friday showed India's current-account deficit in the January-March period widened to $21.7 billion from $19.6 billion in the previous quarter.
In the sovereign-debt market, bonds finished lower in thin trade as improved sentiment led investors into riskier stocks and currencies.
Sentiment improved after EU leaders announced an opening up of access to two bailout funds for euro-zone countries not already receiving assistance. This would help stabilize volatile markets.
The 8.79% 2021 note ended at INR102.59, compared with INR102.71 at Thursday's close. The tightly held new benchmark 8.15% 2022 bond fell to INR99.81 from INR100.12.
Bond prices were also weighed after the government sold INR150 billion worth of bonds at higher-than-expected cutoff yields.
"The increased foreign investment limit in government bonds would also dilute the benefits of the RBI's OMOs [open market operations--bond buybacks]," said a trader with a state-run bank.
The government Monday increased the cap on foreign institutional investments in government bonds to $20 billion from $15 billion to attract foreign capital.
Write to Khushita Vasant at khushita.vasant@dowjones.com
(END) Dow Jones Newswires
June 29, 2012 10:06 ET (14:06 GMT)
2012.06.29 16:05:13 Brazil Real Gathers Strength In Wake Of Swap Auction
SAO PAULO--The Brazilian real extended its early-session rally Friday in the wake of a government auction of dollar-linked swap contracts.
In late morning trading, the real was worth BRL2.016 to the dollar, up sharply from the open of BRL2.0437 and from Thursday's close of BRL2.0823.
The government sold all of the swap contracts on offer at Friday morning's auction. The contracts were worth the equivalent of nearly $3 billion. The swap contracts give investors the opportunity to exchange paper indexed to domestic interest rates for bonds linked to the U.S. dollar.
Traders said the real was also strengthening on moves by European leaders to reinforce regional banks and boost spending on infrastructure projects.
Write to Tom Murphy at tom.murphy@dowjones.com
(END) Dow Jones Newswires
June 29, 2012 10:05 ET (14:05 GMT)
2012.06.29 13:31:38 MONEY TALKS: Watch Bunds to See if a Deal Is Effective
7:31 EDT - So the EU has another deal, and investors are lapping it up. Equities and oil are rebounding sharply, the euro is at $1.26 and yields in Spain and Italy pull back. However, this is undoubtedly not the last fix the euro-zone crisis will need. Is a continent-wide banking regulator and efforts to reduce the 2 countries' borrowing costs a panacea? If bond vigilantes don't like where things are headed, they will definitely take it out in the market over time. S&P 500 futures extend their gains and are now up 20, with Nymex oil jumping 4% and gold climbing 10%. Ten-year Treasury yield is up to 1.65%. (kevin.kingsbury@dowjones.com)
(END) Dow Jones Newswires
June 29, 2012 07:31 ET (11:31 GMT)
2012.06.29 13:16:09 MARKET TALK: Negative Bias Holds For GBP/USD - Commerzbank
1116 GMT [Dow Jones] Negative bias holds for GBP/USD, says Commerzbank technical analyst Karen Jones, as the overnight spike higher failed to dislodge any resistance of note. She continues to look for a slide toward the June 8 low of 1.5407, with a break here targeting the 2012 low of 1.5235. Now at 1.5615, intraday resistance is pegged at 1.5678, with any rallies likely contained below 1.5786. (gary.stride@dowjones.com)
Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com
(END) Dow Jones Newswires
June 29, 2012 07:16 ET (11:16 GMT)
2012.06.29 13:00:00 *Rosengren: Should Test How Broker Dealers Cope Under Liquidity Shortages
(JAN 2005=100) INDEX GBP/USD EUR/GBP PREVIOUS CLOSE 83.2 1.5506 0.8014 OPEN 83.2 1.5640 0.8049 10 AM 83.1 1.5615 0.8056 NOON 83.0 1.5603 0.8063 2 PM 4 PM
Contact London Newsroom, Dow Jones Newswires; +44-20-7842-9376
(END) Dow Jones Newswires
June 29, 2012 07:00 ET (11:00 GMT)
2012.06.29 07:19:34 UPDATE: Euro Zone Leaders pledge direct bank recap, easier access to bailout funds
By Laurence Norman and Vanessa Mock
-- Euro zone leaders pledge to stabilize markets, break link between banks and sovereign debt
-- Markets rise on announcement but some measures may not take effect for months
-- Leaders say they will allow direct bank recapitalization from bailout funds
-- Summit agrees access to rescue funds to "well-behaving" non-program member states
BRUSSELS--Euro zone leaders agreed Friday to a series of long-debated measures they hope will calm market pressure on Spain and Italy, including pledging to eventually allow direct recapitalization of euro-zone banks and opening access to the region's rescue funds to countries not in bailout programs.
After a 14-hour meeting that dragged through most of the night on the first day of a two-day summit, the leaders also agreed that loans to Spain for its ailing banks from the European Stability Mechanism, the region's permanent bailout fund, will not have senior creditor status over debt from private creditors, responding to a key concern that had weighed on the country's bonds.
Spain, which has sought aid of up to EUR100 billion to recapitalize its banks, will eventually be able to take the loans off its sovereign debt balance sheet, senior European official Thomas Weiser said.
"We affirm that it is imperative to break the vicious circle between banks and sovereigns," the leaders said in a statement. "When an effective single supervisory mechanism is established, involving the European Central Bank, for banks in the euro area the ESM could...have the possibility to recapitalize banks directly."
The euro lifted sharply after the late night announcements, while Asian stock markets surged. Nonetheless, the agreement left a number of questions unanswered while it was clear that some of the measures, such as direct bank recapitalization from the euro zone's bailout funds, won't be materialized any time soon.
European Council President Herman Van Rompuy said euro-zone banks will only be able to directly access the region's permanent bailout mechanism once a single bank supervisor is agreed. He said the European Commission will soon make a proposal on this.
However in a clear signal that direct bank aid may not be available until 2013, euro-zone leaders gave member states until the end of the year to agree on the supervisor.
But Mr. Weiser said countries that are not in bailout programs could have access to the EUR500-billion ESM and the temporary European Financial Stability Facility by the summer.
The leaders' statement tasked euro-zone finance ministers with "implementing" the decisions made by the next meeting of the eurogroup on July 9.
The leaders said they would also push forward on "a specific and time-bound road map for the achievement of a genuine monetary union" in a report that would go before the next scheduled European summit in October. This road map is likely to include steps toward a "grand bargain" of mutual bond issuance in return for a watertight regime of fiscal discipline and how to achieve tighter integration of the region's banking systems.
The breakthrough reached early Friday is also likely to pave the way for a final deal on a EUR120 billion growth pact when EU talks resume later Friday. The package was held up on Thursday night as Italy and Spain pushed for euro zone action to help ease the sky-high borrowing costs the two governments are facing.
Still, a dispute over where to locate the headquarters of the new European Union patent court could still complicate a deal. EU officials said the U.K. had refused to sign off on the growth pact until it gained a greater role in the court.
Italian Prime Minister Mario Monti, who drove a hard bargain to secure the measures, said they were very positive for the euro zone and should help to stabilize the region's economy.
"Italy has fought for these measures, in particular for those concerning stabilizing spreads," Mr Monti said. "But we have no intention of using them at present."
Mr. Monti stressed that the new mechanism will require countries to sign off a memorandum of understanding, but not to commit to new austerity programs, like those undertaken by Portugal and Greece.
The European Central Bank will act as "an agent" under the bond-buying program, the Italian prime minister said.
Jean-Claude Juncker, head of the Eurogroup of finance ministers, told reporters that "considering the difficulty of the moment and of the discussions, we have managed to send markets a message that - I hope - will convince them."
Meanwhile, German Chancellor Angela Merkel said the measures on making the deployment of the region's bailout funds more flexible were "good decisions."
Despite the praise, finance ministers will have to flesh out a number of issues in coming days. These include the exact terms attached to direct aid for banks, whether all governments will need to sign off on recapitalizations and what conditions non-bailout nations will need to meet to access the region's rescue funds.
Dutch Prime Minister Mark Rutte said his understanding was that there would have to be unanimity for any direct bank recapitalization.
Euro-zone leaders also offered a major signal they were ready to ease the conditions around the Irish bailout program.
In the statement, the leaders said they agreed to "examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme."
In an apparent reference to Spain's bank aid program, which did not come with broad austerity conditions attached, the leaders agreed that "similar cases will be treated equally."
Prime Minister Enda Kenny welcomed the decision, saying euro zone finance ministers will look at how to "reengineer the debt burden that is on our taxpayer."
"For us now the more immediate impact is that Ireland is named as getting equal treatment with other countries with difficulties here," he said.
(Giada Zampano, Gabriele Parussini and Patricia Kowsmann and Nicholas Winning contributed to this article)
-Write to Laurence Norman at Laurence.norman@dowjones.com and Vanessa Mock at Vanessa.Mock@dowjones.com
(MORE TO FOLLOW) Dow Jones Newswires
June 29, 2012 01:19 ET (05:19 GMT)
Thursday, 28 June 2012
2012.06.28 17:40:23 Canadian Bonds Higher as EU Summit, US Data Disappoint
By David George-Cosh
TORONTO-- Canadian government bonds are higher Thursday, as concerns about weakness in the U.S. economy and the absence of a constructive outcome out of the European Union summit led investors to pursue a flight to safer assets.
The 10-year bond was yielding 1.669% Thursday, from 1.725% late Wednesday, according to electronic bond trading platform CanDeal. Yields for Canada's two-year bond were at 0.950%, from 0.995% while the 30-year bond was yielding 2.287%, from 2.325%.
Bond yields move inversely to bond prices.
Canadian bonds outperformed their U.S. counterparts after U.S. economic data was "marginally disappointing," spooking investors who were also seeking positive developments out of the two-day European Union summit that began on Thursday, said David Tulk, chief Canada macro strategist at TD Securities in Toronto.
U.S. gross domestic product for the first quarter of 2012 came in at 1.9%, meeting expectations but still below target levels needed for a broad U.S. economic recovery. The number of U.S. workers filing weekly jobless claims fell by 6,000 to 386,000, a slightly steeper decline than expected but still raising doubts that job creation in the U.S. has recovered to healthy levels.
"The expectations going into (the summit) were pretty upbeat but some of those are being pared back as we realized that most of these issues are medium-term challenges," Mr. Tulk said. "In the eye of the market, there's more waiting to come and the balance of risk is still tilted to the downside."
Bond markets also rallied following the Supreme Court of the United States' decision to uphold President Barack Obama's health care overhaul on concerns that the move will result in increased government spending.
Write to David George-Cosh at david.george-cosh@dowjones.com
-0-
(MORE TO FOLLOW) Dow Jones Newswires
June 28, 2012 11:40 ET (15:40 GMT)
2012.06.28 14:55:05 Barclays CEO Faces Pressure After Libor Scandal
--Politicians and investors round on the CEO
--Labour party to call for criminal investigation
--CEO and three top executives have pledged to give up 2012 bonuses
LONDON--Pressure mounted on Barclays PLC (BCS) Chief Executive Bob Diamond on Thursday as Chancellor of the Exchequer George Osborne said he has serious questions to answer immediately and as investors rounded on him following revelations that the bank had attempted to manipulate inter-bank lending rates.
Mr. Osborne said Mr. Diamond must provide details about exactly when he knew about the manipulation that has seen Barclays pay GBP290 million to settle a long-running investigation by U.S. and U.K. regulators into the issue.
"Who in the Barclays management was involved and who therefore should pay the price? We all want to hear his answers," Mr. Osborne told lawmakers in Parliament. "The story of irresponsibility is not over yet."
The chancellor said the Treasury, Financial Services Authority and Bank of England are currently conducting a review of the operation of the London interbank offered rate benchmark--which is known as Libor and is the rate used to price home and auto loans, corporate debt and derivatives totaling more than $350 trillion.
Mr. Osborne said any gaps in the criminal regime would be examined as part of the review.
"I cannot comment today on possible criminal investigations for individuals involved in this activity," Mr. Osborne said. "The authorities are exploring every avenue open to them but the scope of the FSA's criminal powers granted be the previous government does not extend to being able to impose criminal sanctions for manipulation of Libor."
Mr. Osborne said there are a number of individuals being investigated by the FSA, adding that the number is expected to increase as the investigations continue.
Meanwhile, the head of the Labour opposition party has called for a criminal investigation into the matter.
"The public who are paying the price for bankers' irresponsibility will expect nothing less," Ed Miliband said during speech at the Unite Union's policy conference in Brighton.
Barclays declined to comment on the situation Thursday.
The backlash contributed to Barclays' share price down 12% to GBP1.74 at 1212 GMT, dragging down other U.K. bank shares.
Mr. Diamond and three top executives have already pledged to give up their 2012 bonuses, but some experts fear this won't be enough to appease growing public and political unrest over the behavior of Barclays' top management. On Wednesday night, the chairman of the U.K.'s Treasury Select Committee hit out saying that Barclays' actions were "inexcusable."
The debacle is the latest black eye for Mr. Diamond whose reputation in the U.K. has hit new lows in recent months. In the U.K., Mr. Diamond has long been reviled as the poster boy of U.S. corporate excess, with one prominent politician branding him the "unacceptable face of banking."
In the space of little over a year, the bank has had to pay millions in compensation to customers for misselling them payment insurance. The bank may also be on the hook for up to GPB500 million after the U.K. Treasury said it used a tax loop hole. Barclays denies that it acted illegally.
Since his tirade defending top banker pay following the 2008 financial crisis, Mr. Diamond has softened his stance. The bank has busily tried to rebuild its credentials for "citizenship," a process that has seen Mr. Diamond partake in a lecture on national television about the important role banks have to play in rebuilding the U.K. economy.
However, the work was largely undone after Mr. Diamond received a bumper payout of around GBP15 million for 2011, even as the bank's shares slumped. Diamond has backpedaled since by tying 50% of his long-term bonus to the bank's future profitability.
The latest revelation by regulators has further fueled public perception that Barclays management is out of touch with reality. Emails provided by U.S. regulators quoted traders promising each other bottles of champagne for fixing the inter-bank lending rate and giving each other high fives.
It isn't only politicians that are losing patience. One major investor warned that scrutiny on Mr. Diamond could be further jacked up if Barclays' second-quarter results weren't up to scratch. Earlier this year, the bank delayed a key target of hitting a return on equity of 13% by 2013.
Mr. Diamond took the decision to build Barclays' investment bank into a global powerhouse but results haven't been forthcoming.
Investors have pressured the bank to cut costs, although senior bankers are reticent about cutting their bonuses. Analysts saw Mr. Diamond's decision to cut his bonus as way of defusing tension.
"We believe that this is a politically sensible move following the furore surrounding directors' pay at the recent AGM. It appears that there is considerable media pressure for Bob Diamond to step down," said Gary Greenwood at Shore Capital. "Although it is not clear to us whether this is an opinion that is shared by investors or whether it is a move that would create value."
On Wednesday, people familiar with the matter said that Mr. Diamond asked the Barclays board to cut his bonus and not the other way round. Some suggest that by doing this Mr. Diamond will take the sting out of a growing sense of dissatisfaction amongst investors that they aren't getting value for money from Barclays' management."
-Write to Max Colchester at max.colchester@wsj.com and Ainsley Thomson at ainsley.thomson@dowjones.com
(END) Dow Jones Newswires
June 28, 2012 06:45 ET (10:45 GMT)
2012.06.28 14:46:56 MARKET TALK: 1Q US Growth Stays at 1.9%, but Details Good for Outlook
8:46 EDT - US real GDP growth remains at 1.9% in third reading of 1Q economy. But mix of growth changes: fewer exports consumer spending, more business investment. The good news for future output is that inventories barely grew, meaning businesses are not dealing with an excess of goods on hand. (kathleen.madigan@dowjones.com)
(END) Dow Jones Newswires
June 28, 2012 08:46 ET (12:46 GMT)
2012.06.28 14:45:04 U.S. Stock Futures Sink on European Jitters
--Stock futures lower ahead of Europe summit
--European stocks lower; Asia markets mixed
--Weekly jobless claims, revised reading on 1Q GDP on tap
NEW YORK--Caution mounted in the market as Europe's leaders were set to discuss potential remedies for the Continent's debt issues, as U.S. stock futures slipped in advance of a weekly reading from the labor market.
Less than 90 minutes before Thursday's opening bell, Dow Jones Industrial Average futures fell 82 points to 12471. The Dow added 92 points, or 0.7%, on Wednesday as major benchmarks rose for the second day in a row.
S&P 500 index futures declined seven points, or 0.5%, to 1318, while Nasdaq-100 index futures slid 12 points, or 0.5%, to 2545.
Changes in futures don't always accurately predict early market moves after the opening bell.
Investors will be watching European leaders as they convene in Brussels for a two-day summit to discuss possible steps to address the Continent's debt issues.
European stocks were on the defensive, with banks in particular losing ground ahead of the summit. The Stoxx Europe 600 index dropped 0.6%.
Due up on the U.S. economic calendar is a weekly reading on initial claims for jobless benefits, scheduled for release at 8:30 a.m. EDT. The median estimate of economists surveyed by Dow Jones Newswires is for a slight decline to 385,000.
Also due for release at 8:30 a.m. EDT is the third reading on real gross domestic product in the first quarter, which is expected to be unchanged from last month's Commerce Department estimate for 1.9% growth. GDP is the broadest measure of all goods and services produced in an economy.
Separately, a reading on June manufacturing activity in Colorado, Kansas, Nebraska, Oklahoma, Wyoming, as well as parts of New Mexico and Missouri, is scheduled for release at 11:00 a.m. EDT. The Federal Reserve Bank of Kansas City's manufacturing composite index is expected to clock in at 9, unchanged from the prior month.
Additionally, the Supreme Court has announced it will rule on Thursday morning on the constitutionality of President Barack Obama's 2010 health-care overhaul. The central question before the court was whether Congress could require most Americans to carry health insurance or pay a penalty.
Asian stocks gave up gains to end mixed, with early gains tempered by caution ahead of the European summit. Japan's Nikkei Average rose 1.7%, while Hong Kong's Hang Seng Index 0.8%, and the China Shanghai Composite fell 1%.
Crude oil futures were flat at $80.21 a barrel, while gold futures dropped 0.6% to $1,568 a troy ounce. The U.S. dollar edged higher against the Japanese yen and fell against the euro.
In corporate news, JPMorgan Chase fell 3.6% in premarket trading after the New York Times reported that the company's losses from credit derivatives may reach $9 billion, more than four times higher than initially estimated, citing unnamed sources.
News Corp. rose 0.2% after the media conglomerate's board authorized a plan to explore the separation of its entertainment operations, which include 20th Century Fox and Fox News Channel, from its publishing assets, which include The Wall Street Journal and HarperCollins. News Corp. also owns Dow Jones Newswires.
Family Dollar Stores fell 4.4% in premarket trading after the company's quarterly results fell slightly short of analysts' expectations, and the dollar-store chain narrowed its full-year earnings guidance.
Paychex reported a 3.7% rise in quarterly earnings late Wednesday, in line with expectations, as revenue strengthened in both its payroll services and human resources segments. Shares were inactive in premarket trading.
Write to Chris Dieterich at christopher.dieterich@dowjones.com
HOT STOCKS TO WATCH
Among the companies with shares expected to actively trade in Thursday's session are Flow International Corp. (FLOW), Anthera Pharmaceuticals Inc. (ANTH) and Synergetics USA Inc. (SURG).
Flow International's fiscal fourth-quarter profit surged as the maker of industrial water-jet machines saw sales from its core business continue to grow. Shares jumped 14% to $3.33 after hours.
Anthera Pharmaceuticals said its study of a drug in development for the treatment of lupus patients failed to meet a primary goal and that it is revising its plans for a follow-up trial. Shares plummeted 53% to $1.28 in after-hours trading.
Medical-device company Synergetics said it has received clearance from the Food and Drug Administration for its VersaVIT vitrectomy system for the retinal-surgery market. Shares climbed 20% to $4.65 after hours.
Energy Transfer Partners L.P. (ETP) is offering 13.5 million common units as the pipeline operator looks to pay down debt, fund capital expenditures related to pipeline-construction projects and raise funds for general partnership purposes. Shares slipped 3.7% to $44.29 after hours.
Pacific Ethanol Inc. (PEIX) plans to offer an unspecified number of units consisting of common stock and warrants. The renewable fuels producer will use the proceeds to increase its ownership stake in New PE Holdco LLC, which owns ethanol-production facilities that are managed by Pacific Ethanol, and for general corporate purposes. Shares sank 11% to 47 cents after hours.
Splunk Inc. (SPLK) said certain stockholders are offering an unspecified number of shares of common stock. The data-analysis software company's shares were off 3.6% to $27 after hours.
Synta Pharmaceuticals Corp. (SNTA) said an interim analysis of the company's experimental treatment for nonsmall cell lung cancer found improvements in progression-free survival in its co-primary patient groups, but the company didn't present statistical analysis on the results because the data wasn't yet mature. The biopharmaceutical company noted the sample size in the study's populations are small compared to the total planned sizes and event rates haven't yet achieved maturity for meaningful significance testing. Shares were off 23% to $5.60 after hours.
USEC Inc. (USU) raised its guidance to account for its Paducah Gaseous Diffusion Plant operations staying open longer than previously expected. Shares were up 12% to 92 cents after hours.
Watchlist:
Moody's Investors Service lowered its rating on Alpha Natural Resources Inc. (ANR) two notches further into junk territory, pointing to the company's weakened operating performance due to headwinds facing the U.S. coal industry.
Moody's Investors Service lowered its credit rating of Arch Coal Inc. (ACI) one notch further into junk territory Wednesday, seeing difficulties in its power-plant coal business and softness in the market for steel-making coal.
Bazaarvoice Inc. (BV) said it plans to sell up to 1.7 million shares while stockholders will offer an additional 6.8 million shares. The proceeds will be used for general corporate purposes, including working capital.
Beacon Roofing Supply Inc. (BECN) said Chief Financial Officer David R. Grace will retire, effective Jan. 1, 2013, for health reasons.
Casella Waste Systems Inc. (CWST) swung to a fiscal fourth-quarter loss as the garbage-and-recyclables hauler posted a substantial write-down connected to its planned sale of a facility in Maine.
Fitch Ratings downgraded its issuer-default rating on First Horizon National Corp. (FHN) and put it on negative watch after the bank said it would log heavy charges for mortgage repurchases in the second quarter.
Gas Natural Inc. (EGAS) said an offering of 700,000 shares priced at $10.10 each, representing a premium of 1.8% to Wednesday's close.
Harman International Industries Inc. (HAR) has doubled its annual dividend as the maker of high-end stereo, audio and recording equipment and digital products looks to increase shareholder return.
Herman Miller Inc.'s (MLHR) fiscal fourth-quarter earnings fell 30% amid $5.4 million in restructuring and write-down expenses as the office-furniture company also reported a drop in sales and a higher-than-expected effective tax rate.
Jones Soda Co.'s (JSDA) Chief Executive William Meissner and board chairman Richard Eiswirth are stepping down, and the company's chief financial officer position will be eliminated in order to reduce costs, according to a regulatory filing Wednesday.
Omnova Solutions Inc.'s (OMN) fiscal second-quarter profit jumped 13% as the building-materials manufacturer eked out wider margins, masking a decline in revenue.
Paychex Inc. (PAYX) fiscal fourth-quarter earnings rose 3.7% as revenue from both its payroll services and human resources segments strengthened.
Progress Software Corp. (PRGS) swung to a loss in its fiscal second quarter amid charges for its restructuring efforts and weaker revenue.
RadioShack Corp.'s (RSH) Chief Merchandise Officer Scott E. Young has resigned from the company, according to a filing with the Securities and Exchange Commission Wednesday.
Tellabs Inc. (TLAB) named Daniel P. Kelly as acting president and chiefexecutive, serving in the position while Chief Executive Rob Pullen undergoes cancer treatment.
-Write to Nathalie Tadena at nathalie.tadena@dowjones.com
(END) Dow Jones Newswires
June 28, 2012 07:15 ET (11:15 GMT)
2012.06.28 14:35:03 Nasdaq to Detail Facebook IPO Compensation to SEC
NASDAQ OMX Group Inc. (NDAQ) aims to submit a plan next week to the Securities and Exchange Commission detailing how it will compensate market makers who lost money during the troubled trading debut of Facebook, Reuters news agency reported Wednesday on its website, citing an unnamed source.
Nasdaq has proposed to address about $40 million in losses through a combination of cash and discounted trading fees.
The plan might also point out that internal issues at market-makers had contributed to their losses, in particular UBS AG (UBS), the report said, adding that UBS declined comment.
Nasdaq and SEC have been working together to ensure the language of the proposal is acceptable, the report quoted the source as saying. The SEC can take up to 240 days to consider Nasdaq's plan, the report said.
Nasdaq didn't immediately respond to a request for comment, while the SEC declined comment, Reuters said.
(END) Dow Jones Newswires
June 27, 2012 20:55 ET (00:55 GMT)
2012.06.28 14:30:01 *1Q Corporate Profits +10.1% Vs -0.5% In 4Q
(MORE TO FOLLOW) Dow Jones Newswires
June 28, 2012 08:30 ET (12:30 GMT)
2012.06.28 04:16:26 MARKET TALK: BOK May Cut Rates As Exports Remain Weak - Daewoo
0216 GMT [Dow Jones] The Bank of Korea is expected to cut its policy rate by 25 bps to 3.0% in the 3Q, as exports will likely dwindle on weakening global demand, says Daewoo Securities analyst Yoon Yeo-sam. He notes that "the rising current-account surplus is basically because imports are falling at a faster pace than exports, which is not a good sign for the country." South Korea's current-account surplus rises to a six-month high of $3.61 billion in May from $1.73 billion in April, helped by a decline in dividend payments to foreign investors and an improvement in the service sector, according to Bank of Korea data released early Thursday. (in-soo.nam@dowjones.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 22:16 ET (02:16 GMT)
2012.06.28 04:06:36 Vietnam Central Bank Quotes Dollar at VND20,828; Unchanged From Wednesday
Thursday Wednesday Official USD/VND rate: VND20,828 VND20,828 Vietcombank rate: VND20,860-VND20,920 VND20,860-VND20,920 Gold shop rate: VND20,900-VND20,920 VND20,900-VND20,920 By Nguyen Pham Muoi
HANOI--The State Bank of Vietnam Thursday set the exchange rate for the U.S. dollar at VND20,828, unchanged from Wednesday.
Currency dealers said rates offered by major commercial banks and gold shops were unchanged after the central bank announced that liquidity in the interbank market has improved recently.
For the week ended June 22, the average daily dollar-dong transaction volume in the interbank market climbed to $759 million from $560 million the previous week and from $541 million a month earlier, a dealer with Hanoi-based Vietcombank said, citing data from the central bank released Wednesday.
The increase in liquidity is due to robust dollar-selling by trading firms to banks as demand for imported goods is weak, the dealer noted.
Private currency dealers in Hanoi and Ho Chi Minh City said their rates were flat in line with the global price of gold, which was almost unchanged overnight. Private currency dealers in Vietnam often use the price of gold as a benchmark to calculate dollar rates.
Write to Nguyen Pham Muoi at phammuoi.nguyen@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 22:06 ET (02:06 GMT)
2012.06.28 02:25:08 Goldman Starts New Bond Trading Platform
0025 GMT [Dow Jones] The USD/KRW is lower at 1,153.90 from 1,156.20 late Wednesday in Seoul with a moderate downward bias tipped by positive U.S. economic data prints including durable goods orders for May. The Kospi's 0.2% rise and expectations for exporters' USD selling help support the KRW in early trade. But the pair's downside will likely be limited as speculative players are unlikely to build any strong short-USD positions ahead of the EU summit, starting later today, traders say. "Weakening hopes that the EU meeting will produce any positive policy agreement on the region's debt crisis and dollar buying related to foreign investors' recent sales of local stocks will likely lend firm support to the pair," says a local bank trader. She tips a 1,153-1,159 range. (jieun.shin@dowjones.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 20:25 ET (00:25 GMT)
2012.06.28 00:50:18 Interbank Foreign Exchange Rates At 18:50 EST / 2250 GMT
Latest Previous %Chg Daily Daily %Chg Dollar Rates Close High Low 12/31 USD/JPY Japan 79.71-74 79.71-75 -0.01 79.75 79.70 +3.65 EUR/USD Euro 1.2472-74 1.2467-69 +0.04 1.2473 1.2468 -3.76 GBP/USD U.K. 1.5568-72 1.5564-68 +0.02 1.5570 1.5566 +0.18 USD/CHF Switzerland 0.9629-34 0.9631-35 -0.02 0.9634 0.9630 +2.76 USD/CAD Canada 1.0249-54 1.0249-53 +0.00 1.0259 1.0248 +0.41 AUD/USD Australia 1.0086-88 1.0079-81 +0.07 1.0089 1.0080 -1.19 NZD/USD New Zealand 0.7922-24 0.7915-20 +0.07 0.7924 0.7918 +1.89 Euro Rates EUR/JPY Japan 99.42-46 99.39-43 +0.03 99.45 99.38 -0.12 EUR/GBP U.K. 0.8009-12 0.8008-11 +0.01 0.8012 0.8009 -5.27 EUR/CHF Switzerland 1.2009-14 1.2009-13 +0.01 1.2010 1.2010 -1.32 EUR/CAD Canada 1.2781-88 1.2778-86 +0.02 1.2790 1.2782 -3.38 EUR/AUD Australia 1.2364-68 1.2366-72 -0.02 1.2373 1.2362 -2.60 EUR/DKK Denmark 7.4318-60 7.4316-55 +0.00 7.4341 7.4339 -0.02 EUR/NOK Norway 7.5230-304 7.5257-328 -0.03 7.5332 7.5194 -2.83 EUR/SEK Sweden 8.7844-912 8.7832-917 +0.00 8.7912 8.7790 -1.45 EUR/CZK Czech Rep. 25.830-95 25.825-81 +0.04 25.888 25.855 +1.04 EUR/HUF Hungary 286.37-7.16 286.40-7.00 +0.02 287.37 286.74 -8.99 EUR/PLN Poland 4.2538-610 4.2532-606 +0.01 4.2619 4.2560 -4.70 Yen Rates AUD/JPY Australia 80.40-44 80.34-41 +0.06 80.44 80.34 +2.81 GBP/JPY U.K. 124.08-17 124.07-16 +0.00 124.16 124.06 +3.83 CAD/JPY Canada 77.74-80 77.74-81 -0.01 77.79 77.71 +3.24 NZD/JPY New Zealand 63.14-19 63.09-16 +0.05 63.18 63.11 +5.60 Other Dollar Rates USD/CZK Czech Rep. 20.710-60 20.714-57 0.00 20.759 20.734 +4.98 USD/HUF Hungary 229.62-30.22 229.71-30.18 -0.01 230.45 229.92 -5.44 USD/DKK Denmark 5.9590-616 5.9610-31 -0.03 5.9624 5.9602 +3.89 USD/NOK Norway 6.0321-72 6.0365-412 -0.07 6.0419 6.0306 +0.97 USD/PLZ Poland 3.4109-62 3.4116-70 -0.02 3.4179 3.4130 -0.97 USD/RUB Russia 32.951-3.002 32.936-3.002 +0.02 32.989 32.970 +2.57 USD/SEK Sweden 7.0435-80 7.0450-509 -0.03 7.0513 7.0400 +2.41 USD/ZAR S. Africa 8.4244-474 8.4371-509 -0.10 8.4524 8.4320 +4.31 USD/CNY China 6.3575-96 6.3575-96 0.00 6.3619 6.3596 +0.63 USD/HKD Hong Kong 7.7585-94 7.7581-88 +0.01 7.7590 7.7586 -0.10 USD/MYR Malaysia 3.1889-954 3.1891-956 -0.01 3.1939 3.1950 +0.46 USD/INR India 56.883-98 56.883-98 0.00 56.930 56.898 +7.29 USD/IDR Indonesia 9415-75 9415-75 0.00 9480 9470 +4.56 USD/PHP Philippines 42.245-486 42.244-486 +0.00 42.279 42.300 -3.38 USD/SGD Singapore 1.2762-68 1.2759-69 +0.01 1.2767 1.2764 -1.54 USD/KRW S. Korea 1154.49-6.90 1154.39-6.80 +0.01 1155.49 1156.60 -0.42 USD/TWD Taiwan 29.889-950 29.879-940 +0.03 29.899 29.920 -1.14 USD/THB Thailand 31.840-92 31.817-78 +0.06 31.859 31.864 +0.84 USD/VND Vietnam 20880-960 20880-960 0.00 20880 20910 -0.56 USD/BRR Brazil 2.0739-70 2.0722-88 0.00 2.0775 2.0750 +11.25 USD/MXN Mexico 13.5594-788 13.5563-677 +0.05 13.6519 13.5450 -2.70 USD/ARS Argentina 4.5115-88 4.5111-84 +0.01 4.5126 4.5170 +4.79 Source: ICAP Plc.
(END) Dow Jones Newswires
June 27, 2012 18:50 ET (22:50 GMT)
2012.06.27 23:55:03 T-Mobile USA CEO Humm Resigns
--T-Mobile USA chief executive steps down abruptly
--Philipp Humm leaving to join competitor in Europe
--Search for replacement already under way, company says
T-Mobile USA, a unit of Deutsche Telekom AG (DTE.XE, DTEGY), said Wednesday that Chief Executive Philipp Humm has resigned to take a job with an unidentified competitor in Europe.
The company named Jim Alling, chief operating officer of T-Mobile USA, as interim chief executive and said a search for a successor is already under way. The move comes as the wireless company is struggling to keep up with larger U.S. rivals and upgrade its network after AT&T Inc.'s (T) $39 billion bid to acquire the company fell apart amid antitrust concerns.
Deutsche Telekom Chief Executive Rene Obermann has said selling the T-Mobile USA unit is unlikely, but the company is exploring other options, including the sale of its wireless tower portfolio.
Mr. Humm declined to comment on the situation Wednesday, noting that doing so "would be inappropriate." He said it would become clear in "a few days' where he is going to work next, but he declined to elaborate.
In a letter to T-Mobile USA staff released Wednesday, Mr. Obermann said Mr. Humm informed the company in April that he intended to leave at the end of September so he could return to his family in Europe. Mr. Humm's exit was sped up after he informed Mr. Obermann "a few days ago" that he would be joining a competitor of Deutsche Telekom.
A spokesman for Deutsche Telekom declined to name Mr. Humm's new employer.
In a press release Wednesday, Mr. Obermann said Mr. Humm gave the company "some important initiatives over the past years," including improving costs at the U.S. unit, but now the company needs "somebody who can convert initiatives into market successes."
Mr. Obermann said in the letter that he has spoken to "a number of promising candidates" to succeed Mr. Humm.
Mr. Humm's successor will face a daunting set of challenges. T-Mobile USA is in the midst of a multiyear upgrade of its network as it scrambles to make up for time lost while the planned merger with AT&T was under review.
RBC Capital Markets analyst Jonathan Atkin said any new chief executive is likely to maintain the company's current direction because there is so much committed to the turnaround plans.
"I don't think this is the time to make major changes to the strategy," he said.
In a letter to employees Wednesday, Mr. Alling said he is committed to the current strategy and leading the company to growth.
Deutsche Telekom has made it clear that it wants to exit from the U.S. business, but industry observers don't expect the company to get anything near the $39 billion valuation that AT&T was willing to pay because business has deteriorated. Some on Wall Street have speculated that the company would merge, or partner, with Sprint Nextel Corp. (S), a company that also has struggled against larger rivals AT&T and Verizon Communications Inc. (VZ).
T-Mobile USA remains the only major U.S. wireless carrier without Apple Inc.'s (AAPL) iPhone, a popular draw for many subscribers. Mr. Humm has previously said the iPhone is a major reason T-Mobile lost 1.7 million contract customers last year.
Mr. Humm joined Deutsche Telekom in 2005, and was initially responsible for the company's mobile business in Germany.
He stepped down from that position in November 2008, taking responsibility for a massive breach of customer data in 2006, when around 17 million T-Mobile customers' data were stolen. Mr. Humm has led T-Mobile since November 2010.
-Greg Bensinger contributed to this article.
Write to Thomas Gryta at thomas.gryta@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 13:05 ET (17:05 GMT)
2012.06.27 23:19:32 Peru's Buenaventura: Minas Conga Reservoirs to Cost About $150 Million
--Buenaventura says start of work on Minas Conga water reservoirs will depend on social climate
--Buenaventura is on track to meet full-year production guidance
--Company's CFO says stronger sol is having an impact on operating costs
--Sociedad Minera Cerro Verde to invest $750 million in 2012 as part of large-scale expansion
By Ryan Dube
LIMA--Mining company Minera Yanacocha expects to spend about $150 million to build water reservoirs at its stalled Minas Conga copper-gold project in Peru, which could increase the total investments in the project to almost $5 billion, a company executive said.
Carlos Galvez, chief financial officer of Compania de Minas Buenaventura SAA (BVN, BUENAVC1.VL), which has a 43.65% stake in Minera Yanacocha, said the company aims to start construction of the reservoirs in the third quarter, but this will depend on social conditions in Cajamarca region.
Yanacocha had previously expected to invest up to $4.8 billion in Minas Conga, which has been on hold since late last year. Minas Conga, the largest private-sector investment project in Peru, has been the target of protests over concerns about its impact on the local water supply. Resolving the dispute is seen as key to showing that Peru can provide a strong investment environment for mining companies.
While the company and government have rejected that Minas Conga would harm water quality, three international experts were hired to review Minas Conga and make recommendations to improve the project in an effort to ease tensions.
On Friday, Yanacocha disclosed it would implement the recommendations, which include building the reservoirs at the mine site to increase water supplies before starting work on the mining installations. While President Ollanta Humala strongly backed the company's decision during a weekend speech, protests against the project have continued.
"The company is prepared to go forward with this project immediately but this depends on the conditions to be able to work," Mr. Galvez said during an interview on Tuesday. "You can't bring in trucks and workers if the population doesn't want what you are doing. No one is going to impose the project against the will of the population," he added.
Construction of the reservoirs is expected to take about two years, pushing back the start date of Minas Conga to 2017 from previous estimates of around early 2015. Production is seen at an average annual output during the first five years of 580,000 to 680,000 ounces of gold and 155 million to 235 million pounds of copper.
Newmont Mining Corp. (NEM) has a 51.35% stake in Yanacocha, while the International Finance Corp. has the remaining 5% interest.
In addition to its interest in Yanacocha, which also operates South America's biggest gold mine, Buenaventura runs a number of other operations in Peru.
Earlier this year, Buenaventura said it planned to produce this year 1.05 million ounces of gold and 17 million to 18 million ounces of silver. Mr. Galvez said that the company is on track to meet its production target.
Mr. Galvez added that the company's operating costs are being affected by the strengthening of Peru's sol against the U.S. dollar. The impact of the stronger sol is most evident in labor costs, which is the company's biggest expense in the Peruvian currency. Mr. Galvez said the company looks to hedge against exchange-rate volatility by maintaining most of its expenses in dollars.
In 2011, the sol appreciated about 4% against the dollar, a trend that has continued this year. Most economists expect the Peruvian currency to continue to strengthen.
Mr. Galvez also said Sociedad Minera Cerro Verde SAA (CVERDEC1.VL), one of Peru's biggest copper miners, plans to invest $750 million this year as part of a large-scale expansion project. That project, which will require a total investment of $4.0 billion, is expected to triple extraction and processing of sulfide ore in Peru, making Cerro Verde one of the world's top five copper producers.
Buenaventura has a minority stake in Cerro Verde, which is majority-owned by Freeport-McMoRan Copper & Gold Inc (FCX).
Write to Ryan Dube at ryan.dube@dowjones.com.
(END) Dow Jones Newswires
June 27, 2012 17:19 ET (21:19 GMT)
2012.06.27 20:56:03 MARKET TALK: Stressed About Euro? Western Union Corporate Clients Aren't
14:55 EDT - Companies that use Western Union Business Services to handle foreign-currency payments aren't worried that the euro will break up. They're too busy buying the single currency now that it's fallen against the dollar as the union's fiscal woes come to the fore. "The last few months were a breath of fresh air for the euro," said Jens Buckler, regional manager at Western Union Business Solutions in Washington. He says his customers are hedging their euro exposure, but are mostly worried about the economic consequences of a euro zone slowdown rather than the currency union dissolving. (chana.schoenberger@dowjones.com)
(END) Dow Jones Newswires
June 27, 2012 14:56 ET (18:56 GMT)
2012.06.27 20:43:30 Emerging Markets' Export-Driven Growth Model 'Broken' -Morgan Stanley
--Emerging market export-led growth model is broken, bank analysts say
--These economies must shift to more balanced sources of growth, Morgan Stanley says
By Erin McCarthy
Emerging markets' export-reliant growth model is broken, but these countries have made little progress in rebalancing their economies to focus more on domestic demand, Morgan Stanley said in a research note Wednesday.
Emerging-market economies need to take policy steps to transition to more balanced economies and support domestic demand, particularly as export-related growth faces increased headwinds, Morgan Stanley analysts said in a research note. So far, however, many emerging-market countries have neglected sources of domestic demand for the sake of developing their export sectors, they added. Such imbalances left unchecked could put both emerging market and global growth at risk, the bank's analysts said.
"The [emerging market] export-led growth model is now broken and the transition to a new model isn't going anywhere," Morgan Stanley said.
The uncertain external backdrop has been a particular force in the breakdown of the export-driven growth model in emerging markets. Weaker developed market consumption will likely dent emerging market exports, while emerging market competitiveness has deteriorated, resulting in some manufacturing moving back to developed markets, the bank's analysts said. In addition, the euro-zone debt crisis and European banks' deleveraging have made external funding for developing economies more uncertain as well, they added.
But it isn't guaranteed that domestic growth can offset the decline in exports, particularly since these counties have continued to focus on exports rather than domestic consumption, Morgan Stanley said.
"In China, the export sector has been prioritised at the expense of a better social safety net, leading households there to prioritise saving over consumption," bank analysts said.
In addition, in India, private investment is "still lacking" while in commodity-exporting countries, "the ascendancy of the commodity sector has come at the expense of non-commodity manufacturers," they added.
Policy measures can help, but broad-based easing would likely only be a short-term Band-aid, the bank said. Instead, the developing world's transition to a more balanced growth model will occur slowly, as key issues--like infrastructure needs, domestic consumption and competitiveness for non-commodity producers--will take years to be addressed, it added. Policy makers' action over the next six months will be key indicators of the progress made toward new growth models, but they must take measures to support more sustainable domestic demand, Morgan Stanley said.
Write to Erin McCarthy at erin.mccarthy@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 14:43 ET (18:43 GMT)
2012.06.27 20:00:04 Asmussen: ECB Will Defend Price Stability At Any Time, Against Resistance
By Tom Fairless
The European Central Bank stands ready to defend price stability at any time and even against resistance, ECB executive board member Joerg Asmussen wrote in an opinion piece published Tuesday.
Writing in German newspaper Allgemeine Zeitung, Mr. Asmussen said the ECB's success in fighting inflation over the past decade "shows that the ECB fulfils its mandate of price stability at any time and also against resistance."
The ECB's governing council will meet July 5 to set interest rates for the 17-country bloc. The bank aims to keep euro zone inflation close to but below 2% over the medium term.
Mr. Asmussen also said the euro and European integration provide a guarantee that Europe's voice will be heard in the globalized world in the future.
Write to Tom Fairless at tom.fairless@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 14:00 ET (18:00 GMT)
2012.06.27 20:00:01 *Fed's Evans: 'Quite Some Time' Before Fed Reduces Balance Sheet
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
June 27, 2012 14:00 ET (18:00 GMT)
2012.06.27 20:00:00 *Fed's Evans Endorses Mbs Purchases to Keep Rates Low
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
June 27, 2012 14:00 ET (18:00 GMT)
2012.06.27 19:35:02 Tepco Detects Record Radiation Levels At Fukushima
TOKYO -- Tokyo Electric Power Co. (9501.TO), the operator of Japan's crippled Fukushima nuclear plant, said Wednesday record amounts of radiation had been detected in the basement of reactor No. 1, further hampering clean-up operations.
Tepco took samples from the basement after lowering a camera and surveying instruments through a drain hole in the basement ceiling.
Radiation levels above radioactive water in the basement reached up to 10,300 millisievert an hour, a dose that will kill humans within a short time after making them sick within minutes.
The annual allowed dose for workers at the stricken site is reached in only 20 seconds.
"Workers cannot enter the site and we must use robots for the demolition," said Tepco.
The Fukushima operator said that radiation levels were 10 times higher than those recorded at the plant's two other crippled reactors, No. 2 and 3. This was due to the poor state of the nuclear fuel in the reactor compared to that in the two others.
The meltdown at the core of three of Fukushima's six reactors occurred after the March 11, 2011, earthquake and ensuing massive tsunami shut off the power supply and cooling system.
Demolition of the three reactors, as well as the plant's No. 4 unit, is expected to take 40 years and will need the use of new technologies.
(END) Dow Jones Newswires
June 27, 2012 13:05 ET (17:05 GMT)
2012.06.27 19:25:29 MARKET TALK: Two Ho-Hum Treasury Sales Raise Concern on 7-yr Auction
13:25 EDT - The big question is whether $29bln 7-yr sale due Thursday will be another tepid auction like the two-year and five year auctions, or will it turn out to be a pleasant delight? Another lukewarm sale could signal buying fatigue on Treasurys on these ultra-slim yields. Still, rate strategists at Nomura argue that investors might have refrained from bidding ahead of the EU summit because Treasurys could sell off if policy makers release a credible plan. On the other hand, a good auction Thursday could signal that Fed's Twist policy encourages investors into longer maturities. The two-year note is within the maturity range the Fed is selling while the five-year is outside the buying zone from the Twist. (min.zeng@dowjones.com)
(END) Dow Jones Newswires
June 27, 2012 13:25 ET (17:25 GMT)
2012.06.27 18:35:06 National Bank of Greece's Chairman Resigns
ATHENS--The chairman of National Bank of Greece SA (NBG, ETE.AT), Vassilis Rapanos, resigned from his post Wednesday, citing health issues, according to a letter of resignation he handed to the lender's Board of Directors.
"After about two and a half years as Chairman of the Board of Directors of National Bank, I have to leave for reasons beyond my will," Mr. Rapanos's letter said.
"As you already know, for health issues, I could not accept the honorary proposal made to me by the Prime Minister.. to take over the Ministry of Finance. For the same reason today I submit my resignation to the Board of National Bank," he added.
Mr. Rapanos was named finance minister in the country's newly formed, three-party, coalition government, but quit on Monday citing health issues. He had been hospitalised for several days and was released from hospital on Tuesday.
The lender will hold its annual shareholders meeting on Thursday.
The new government is also considering replacing the chief executive officer of NBG, as it moves to install its appointees in key public- and private-sector positions just days after taking office.
A person familiar with the matter said the government has signaled that it wants NBG chief Apostolos Tamvakakis--who has led the bank since late 2009--to step aside. He would most likely be replaced by Alexandros Tourkolias, deputy CEO at the bank, who is said to be close to Prime Minister Antonis Samaras.
Although now a private company, the Greek state still holds a significant direct and indirect minority stake in NBG, and past changes in government have usually been accompanied by management changes at the bank, reflecting the still close ties between the one-time state-owned lender and the government.
(Alkman Granitsas in Athens contributed to this article.)
Write to Nektaria Stamouli at nektaria.stamouli@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 11:55 ET (15:55 GMT)
Wednesday, 27 June 2012
2012.06.27 14:30:00 *Chicago Fed: May Steel Output +0.2% MM; +9.9% YY
(MORE TO FOLLOW) Dow Jones Newswires
June 27, 2012 08:30 ET (12:30 GMT)
2012.06.27 14:30:00 *Chicago Fed: May Regional Auto Output -2.7% MM; +22.6% YY
(MORE TO FOLLOW) Dow Jones Newswires
June 27, 2012 08:30 ET (12:30 GMT)
2012.06.27 14:25:29 MARKET TALK: HUF Weakens Across The Board
1225 GMT [Dow Jones] HUF weakens across the board and sheds some 0.6% against EUR, which is trading at the day's high of HUF287.38. (eva.szalay@dowjones.com)
Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 08:25 ET (12:25 GMT)
2012.06.27 11:45:54 *Thai Finance Minister: Financial System Has Adequate Liquidity
(MORE TO FOLLOW) Dow Jones Newswires
June 27, 2012 05:45 ET (09:45 GMT)
2012.06.27 10:34:03 MARKET TALK: USD/MYR Tad Lower; 3.1900-3.2000 Band Tipped
By Nick Cawley
London--Peripheral government bond yields stayed at elevated levels Wednesday as markets remained on-edge ahead of the European Union Summit and, more immediately, Wednesday's treasury-bill sale from Italy.
Italy's auction of euro nine billion ($11.25 billion) of six-month t-bills at 0900 GMT many be seen as a litmus test for Thursday's five- and 10-year BTP auctions. Although this t-bill sale should be supported by ongoing domestic demand, lacklustre interest at Tuesday's Spanish t-bill sale and for the combined CTZ/BTPei sale from Italy, has heightened interest in this sale.
"Wednesday's auctions will capture more attention than usual given the market's negative reaction to the high yields registered at yesterday's CTZ/BTP€i taps," analysts at WestLB said in a note to customers.
At 0745 GMT, the yield on Spain's 10-year government bond was two basis points lower at 6.79% while Italy's 10-year was quoted three basis points lower at 6.12%, according to data from Tradeweb.
Meanwhile, market attention is increasingly focusing on the European Union leaders summit in Brussels on Thursday and Friday, but many market participants aren't expecting any new policies to emerge from the meeting on fighting the euro-zone debt crisis.
"The EMU debt crisis is and remains the dominant issue in the financial markets and the European Union summit that is looming harbors an increasing event risk" said analysts at Helaba. "In the meantime, most market players assume that no far-reaching resolutions will be passed that would be capable of containing the crisis as the differences of opinion are too big," they added.
Write to Nick Cawley at nick.cawley@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 04:35 ET (08:35 GMT)
2012.06.27 08:05:04 StanChart Sees 1st Half High Single-Digit Revenue Growth
HONG KONG--Standard Chartered PLC (STAN.LN) expects to report high single-digit revenue growth in the first half of 2012 that has slowed from double-digit growth in the same period last year because of weakness in Asian currencies--especially the Indian rupee, the bank said Wednesday.
Still, the U.K.-based, Asia-focused bank said strong performances in China, Indonesia, Malaysia and Hong Kong have more than offset weaker markets like South Korea. Revenue in India remained muted owing to continued weakness in the rupee against the U.S. dollar, the bank said.
Standard Chartered anticipates high single-digit growth in pre-tax profit for the period thanks to tight control of expenses, which are expected to have risen at a lower rate than revenue.
The rise in revenue is driven by a wider net interest margin, the bank explained.
Consumer banking is expected to deliver mid-single-digit revenue growth in the six months ended June 30, dragged by falling mortgage income in markets like Hong Kong and South Korea, while wholesale banking is forecast to grow at a double-digit rate.
Standard Chartered expects a rise in loan impairment in the first half, adding that it remains "watchful" of the external environment in spite of asset quality that is still in good shape.
The bank remains highly liquid and has no direct exposure to sovereign debt in Portugal, Italy, Ireland, Greece or Spain, it said in a statement.
-Write to Fiona Law at fiona.law@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 01:25 ET (05:25 GMT)
2012.06.27 07:55:00 G7 Political, Economic Calendar - Week Ahead -2-
Consumer Comfort -37.9 1400 US Jun 16 DJ-BTMU U.S. Business Barometer DJ-BTMU Business Barometer 0% DJ-BTMU Business Barometer (52 Wk) +1.7% 1430 US Jun 22 EIA Weekly Natural Gas Storage Report Total Working Gas in Storage 3006B Total Working Gas in Storage (Net Change) +62B 1500 US Jun Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing Manufacturing Activity Index 17 Manufacturing Activity Index (6 Mon) 40 Manufacturing Composite Index 9 6-Month Composite Expectations Index 17 1600 US Federal Reserve Bank of Dallas - Dallas Fed President Richard Fisher speech at Aspen Ideas Festival 1800 CAN Jun Bank of Canada Banking and Financial Statistics 1900 US Jun Agricultural Prices Farm Prices, MoM -1.1% 2030 US Jun 18 Money Stock Measures 2030 US Jun 27 Federal Discount Window Borrowings Primary Credit Borrowings 106M Primary Credit Borrowings W/E Daily Avg 26M Discount Window Borrowings 5.42B Discount Window Borrowings W/E Daily Avg 5.34B 2030 US Jun 27 Foreign Central Bank Holdings Foreign US Debt Holdings 3.51T US Foreign Agency Holdings 698.95B Foreign Treasury Holdings 2.81T 2301 UK CBI & PwC Financial Services Survey 2301 UK Jun UK Consumer Confidence Survey Consumer Confidence -30 -29 2315 JPN Jun Japan Manufacturing PMI 2330 JPN May Labour Force Survey Jobless Rate 4.5% 4.6% 2330 JPN May CPI (Nation), CPI ex-food (Nation) Japan Core CPI (on year) -0.1% +0.2% Japan Overall CPI (on year) +0.4% Japan Overall CPI (on month) +0.1% 2330 JPN Jun CPI (Tokyo), CPI ex-Food (Tokyo) Tokyo Core CPI (on year) -0.7% -0.8% Tokyo Overall CPI (on year) -0.5% Tokyo Overall CPI (on month) -0.3% 2330 JPN May Household Spending Wage-Earner Household Spending (on year) +3.8% All Household Spending (on year) +2.4% +2.6% Propensity to Consume YoY %Pts Chg +1.3% Adjusted Propensity to Consume 87.8 2350 JPN May Preliminary Industrial Production Industrial Output (on month) -2.8% -0.2% Inventory-Shipments Ratio (on month) +6.6% Shipments (on month) +0.9% Inventories (on month) +2% Companies Forecast Ind Output In Following Month -3.2% Companies Forecast Ind Output Two Months Later +2.4% N/A EU May New Commercial Vehicle Registrations in Europe statistics (EU27 + EFTA3) N/A EU Organization of the Petroleum Exporting Countries - EU-OPEC Energy Dialogue Ministerial Meeting N/A EU Danish EU Presidency - EU Summit N/A US Federal Reserve Bank of Cleveland - Cleveland Fed President Sandra Pianalto speech at Annual Policy Summit Friday, June 29, 2012 Exp Prev GMT 0400 JPN May Auto exports Auto Exports (on year) +219.2% 0400 JPN May Auto production Auto Production (on year) +173.8% 0430 JPN May Preliminary Report on Petroleum Statistics 0500 JPN May Construction Orders Construction Orders +16.2% 0500 JPN May Housing Starts Housing Starts +7% +10.3% 0530 FRA Q1 GDP - detailed figures GDP Final Quarterly 0% +0.1% 0600 GER May Retail Trade Retail Sales Monthly +0.2% -0.2% Retail Sales Yearly -3.8% 0645 FRA May PPI Producer Prices Monthly -0.6% 0% Producer Prices Yearly +2.6% +2.7% 0645 FRA May Household consumption expenditure in manufactured goods Consumer Spending Monthly 0% +0.6% Consumer Spending Yearly +0.1% +0.4% 0800 EU May Monetary developments in the euro area (M3) M3 +2.4% +2.5% M3 (3-Month Average) +2.6% +2.7% Private Sector Loans +0.3% 0830 UK Apr UK monthly service sector figures Service Sector Output, MoM +0.5% 0900 EU Jun Flash Estimate euro area inflation CPI (Flash Est) +2.3% +2.4% 0930 UK Bank of England - Bank of England's Financial Stability Report 1230 US May Personal Income & Outlays Personal Income +0.2% +0.2% Personal Spending 0% +0.3% PCE Price Index Monthly 0% PCE Price Index Yearly +1.8% PCE Core Price Index Monthly +0.2% +0.1% PCE Core Price Index Yearly +1.9% 1230 CAN May Industrial product & raw materials price indexes Industrial Prices 0% Raw Material Prices -2% 1230 CAN Apr GDP by Industry GDP +0.2% +0.1% GDP Annualized +1.9% Imports +1.1% Exports +0.6% Business Inventories 9.52B Domestic Demand Annualized +0.3% 1305 US Federal Reserve Bank of St. Louis - St. Louis Fed President James Bullard speech in Little Rock 1345 US Jun ISM-Chicago Business Survey - Chicago PMI Employment Index 57 New Orders Index 52.9 Prices Paid Index 60.4 Purchasing Managers Index (Adjusted) 52 52.7 Supplier Deliveries Index 56.2 1355 US Jun Thomson Reuters / University of Michigan Survey of Consumers - final Sentiment Index End month 74.3 79.3 Expectations Index End Month 74.3 12-Month Inflation Forecast 3 5-Year Inflation Forecast 2.7 Value (Current Period) End Month 87.2 1555 US San Francisco Fed Pres Williams speaks to the Oregon, Idaho and Nevada Bankers' annual joint convention in Couer d'Alene, Idaho. 1800 CAN Bank of Canada Weekly Financial Statistics N/A EU Danish EU Presidency - EU summit, day two N/A GER German parliament ratification vote on EU fiscal compact and rescue fund N/A UK World Trade Organization - WTO Director-General Pascal Lamy receives honorary degree in Edinburgh Saturday, June 30, 2012 Exp Prev GMT N/A EU Danish EU Presidency - Denmark relinquishes EU presidency N/A US World Bank - World Bank President Robert Zoellick steps down Sunday, July 1, 2012 Exp Prev GMT 2301 UK Jun Hometrack Monthly National House Prices Survey 2350 JPN Q2 Tankan Survey of Enterprises in Japan N/A US World Bank - New World Bank President Monday, July 2, 2012 Exp Prev GMT 0500 JPN May Steel Imports & Exports Statistics 0515 JPN Jun Auto sales Domestic Auto Sales (on year) +66.3% 0745 ITA Jun Italy Manufacturing PMI PMI Manufacturing 44.8
(MORE TO FOLLOW) Dow Jones Newswires
June 27, 2012 01:55 ET (05:55 GMT)
2012.06.27 07:23:37 EUR/JPY intraday: caution.
EUR/JPY intraday: caution.
Update on supports and resistances.
Pivot: 99.4
Our preference: Short positions below 99.4 with targets @ 98.65 & 98.2 in extension.
Alternative scenario: Above 99.4 look for further upside with 99.9 & 100.15 as targets.
Comment: the RSI is mixed and calls for caution.
Key levels
100.15
99.9
99.4
99.352 last
98.65
98.2
97.65
Trading Central recommends MT5 to publish FX charts
Copyright Trading Central 1999-2011
| Time | MA20 | MA50 | MA20_50 | MACD_SL | MACD_0 | Bollinger | RSI70 | RSI30 | Volume |
|---|---|---|---|---|---|---|---|---|---|
| 26.06.2012 22:45 | Down |
2012.06.27 06:11:39 MARKET TALK: USD/INR Rises On Oil Importers Bids;57.30 Cap Tipped
0411 GMT [Dow Jones] The USD/INR is trading higher as oil importers rush to buy the greenback to meet their month-end payment obligations, says a dealer with a state-run bank. The pair is at 57.09 vs 57.01 late Tuesday in Asia. "The tone may remain biddish if the central bank keeps away from the market as oil demand is strong. Traders will also be looking at closing or liquidating their open positions on the exchanges as per central bank directive which may keep the market active," he says. The RBI had last month closed the arbitrage window by stopping the practice of netting off positions in the future market with those in the OTC market and vice-versa. Traders have until June 30 to meet the requirements. The dealer tips the pair in a 56.90-57.30 range. (nupur.acharya@dowjones.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
June 27, 2012 00:11 ET (04:11 GMT)
2012.06.27 05:43:16 EUR/USD intraday: key resistance at 1.254.
EUR/USD intraday: key resistance at 1.254.
Update on supports and resistances.
Pivot: 1.254
Our preference: Short positions below 1.254 with targets @ 1.244 & 1.24 in extension.
Alternative scenario: Above 1.254 look for further upside with 1.258 & 1.264 as targets.
Comment: the upward potential is likely to be limited by the resistance at 1.254.
Key levels
1.264
1.258
1.254
1.25004 last
1.244
1.24
1.2365
Trading Central recommends MT5 to publish FX charts
Copyright Trading Central 1999-2011
| Time | MA20 | MA50 | MA20_50 | MACD_SL | MACD_0 | Bollinger | RSI70 | RSI30 | Volume |
|---|---|---|---|---|---|---|---|---|---|
| 25.06.2012 22:45 | Down |
2012.06.27 04:53:18 USD/JPY MT: under pressure.
USD/JPY MT: under pressure.
Update on supports and resistances.
Pivot: 80.50
Our Preference: SHORT position below 80.5 with 77.5 & 76.55 in sight.
Alternative Scenario: Above 80.5 up move to 81.9 & 83.
Comment: the pair has struck against its resistance and remains under pressure.
Trend: ST Ltd Downside; MT Range, we have been bearish since 2 MAY 2012 (80.07).
Key levels Comment
83.00 ** Horizontal resistance
81.90 ** Horizontal resistance
80.50 ** MT pivot point
79.4 Last
77.50 ** Horizontal support
76.55 *** Horizontal support
75.55 ** Horizontal support
Trading Central recommends MT5 to publish FX charts
Copyright Trading Central 1999-2011
| Time | MA20 | MA50 | MA20_50 | MACD_SL | MACD_0 | Bollinger | RSI70 | RSI30 | Volume |
|---|---|---|---|---|---|---|---|---|---|
| 25.06.2012 22:45 | Down |
2012.06.27 04:28:10 GOLD (Spot) intraday: the downside prevails.
GOLD (Spot) intraday: the downside prevails.
Update on supports and resistances.
Pivot: 1582.00
Our Preference: SHORT positions below 1582 with targets @ 1560 & 1554.
Alternative scenario: The upside penetration of 1582 will call for 1588 & 1596.
Comment: the RSI is mixed to bearish.
Trend: ST Range; MT Range
Key levels Comment
1596** Fib retracement (50%)
1588** Previous high
1582** Intraday pivot point
1573.16 Last
1560** Intraday support
1554** Intraday support
1543** Intraday support
Trading Central recommends MT5 to publish FX charts
Copyright Trading Central 1999-2011
| Time | MA20 | MA50 | MA20_50 | MACD_SL | MACD_0 | Bollinger | RSI70 | RSI30 | Volume |
|---|---|---|---|---|---|---|---|---|---|
| 25.06.2012 22:45 |
2012.06.27 01:10:20 WSJ/NBC News Poll: Obama Clings to a Narrow Lead
By Janet Hook, Daniel Lippman and Neil King Jr.
President Barack Obama has managed to retain a narrow lead in his race for re-election despite a spate of bad economic news and surging GOP optimism about Mitt Romney's prospects, a new Wall Street Journal/NBC News poll finds.
The president outpolls Mr. Romney, his presumed Republican rival, 47% to 44%, a lead within the survey's margin of error and similar to the advantage he enjoyed a month ago. Mr. Obama's lead is wider in swing states, where the campaigns have battled most intensely.
The poll highlights challenges facing both candidates. While Mr. Obama retains a durable base of support, his standing among white, working-class voters, which was low to start with, continues to erode. Interest in the campaign isn't nearly as intense as it was four years ago among young people and Latinos, who were important to Mr. Obama's victory in 2008.
At the same time, more people viewed Mr. Romney unfavorably than favorably by a six-point margin, with nearly one-quarter of those polled viewing him "very negatively," twice the level found in December. Mr. Romney's business background, which he has made a central element of his candidacy, is a draw for many, the poll found. But it is viewed negatively by even more people.
Overall, the survey presents the presidential race as both tight and stable. "It looks like a dead heat on a merry-go-round," said Peter Hart, the Democratic pollster who conducts the Journal survey with Republican Bill McInturff. "There is the appearance of motion, but the horses' positions haven't changed."
(This story and related background material will be available on The Wall Street Journal website, WSJ.com.)
Mr. Obama's advantage is more pronounced in 12 battleground states which, taken as a group, favor him 50% to 42%. His larger lead in those states, which include Nevada, Colorado, Pennsylvania and Virginia, could reflect the impact of negative ads aired by his campaign that have criticized Mr. Romney's record as a businessman and portrayed him as out of touch with middle-class voters.
"There are two campaigns--the one being fought out in the press, and one in swing states," said Mr. McInturff. "We're seeing some indications that the advertising could be having an impact."
The poll of 1,000 adults was conducted June 20-24, after a month that seemed to offer much to buoy Mr. Romney. His fundraising was strong, the May jobs report was weak, and Mr. Obama was widely criticized for saying the private sector was "doing fine." Republican confidence grew after an effort by labor unions and their Democratic allies to recall Wisconsin's Republican governor failed.
But the poll found that Mr. Romney's long business resume is a mixed blessing: Some 23% said they viewed him more positively because of it, but 28% said it made them view Mr. Romney more negatively.
The gap was more pronounced in swing states, where only 18% viewed his business experience positively and 33% viewed it negatively. Mr. Romney's background was described in the poll as "managing a firm that specializes in buying, restructuring and selling companies."
The poll also included warning signs for Mr. Obama. His approval rating, at 47%, dipped to its lowest level of the year, while more people disapproved of his economic stewardship--3%--than at any time since December. Nearly two-thirds of those surveyed said the country was on the wrong track.
Those measures of pessimism--about the direction of the country, Mr. Obama's performance as president and his handling of the economy--are particularly strong among people who haven't yet decided between Mr. Romney and the president.
Mr. Obama, who has never enjoyed broad support among white, working-class voters, lost more ground in June. Some 30% in this group approved of his job performance, and 60% disapproved. In May, 36% had approved and 56% disapproved. Those voters make up around 18% of those polled.
Overall, interest in the election among Obama supporters is picking up, but many are still lacking real zeal. "It's definitely a lesser of two evils," said Pat Stazick, 54 years old, a Colorado homemaker who plans to vote for Mr. Obama. "I don't think he's overly competent at his job, and he's naive about the state of international affairs. His handling of the economy hasn't been very good either."
In a more potent threat to the president's prospects, young voters don't seem as interested in the election. In mid-2008, 62% of those under 34 showed high levels of interest in the presidential election; now only 46% do. Interest levels among Latinos have dropped, as well.
That may change in the aftermath of Mr. Obama's new policy to halt deportations of many young illegal immigrants who came to the U.S. as children. The poll found that people have far more confidence in Democrats' ability to handle immigration issue--a major shift from a year ago, when Republicans had a clear advantage.
On other issues, the two parties are holding on to their traditional advantages: Republicans are seen as the party that would do a better job of handling taxes, the economy, and moral values, as well as controlling spending and reducing the deficit. Democrats are seen as the party better equipped to handle Medicare, Social Security, heath care and other policies affecting the middle class.
Danny Phillips of Virginia, 48, said he planned to vote for Mr. Romney, because "I believe that he'll do things to help the economy and create jobs ... I like people who have business backgrounds."
One of Mr. Obama's greatest advantages over Mr. Romney is general approval of him as a person. The net assessment of Mr. Obama remained positive. And 60% said he inherited the economic problems the country faces.
Joseph Reilly, a city planner from Deep Run, N.C., is among the many who seemed torn looking toward November. An independent, Mr. Reilly isn't particularly keen on Mr. Obama. "He's just kind of fizzled," he said.
Still, he plans to vote "against Romney," he says, explaining that Mr. Romney has "gotten so far removed from what the average citizen goes through."
Write to Janet Hook at janet.hook@wsj.com, Daniel Lippman at daniel.lippman@wsj.com and Neil King Jr. at neil.king@wsj.com
(END) Dow Jones Newswires
June 26, 2012 19:10 ET (23:10 GMT)
2012.06.26 23:50:21 OneChicago Futures Close - Jun 26
Source: OneChicago Exchange Open High Low Prev Sett Chg Apple Computer Inc. AAPL1C N2-1C 569.81 569.81 569.81 570.82 572.26 1.44 AAPL1C Q2-1C 572.37 572.37 572.37 570.92 572.37 1.45 AAPL1C U2-1C 570.17 570.17 570.17 568.73 570.17 1.44 AAPL1C Z2-1C 568.94 568.94 568.94 567.49 568.94 1.45 Abbott Laboratories ABT1C N2-1C 61.85 61.85 61.85 61.62 61.85 0.23 ABT1C Q2-1C 61.86 61.86 61.86 61.63 61.86 0.23 ABT1C U2-1C 61.91 61.91 61.91 61.68 61.91 0.23 ABT1C Z2-1C 61.56 61.56 61.56 61.33 61.56 0.23 Barrick Gold Corp. ABX1C N2-1C 36.92 36.92 36.92 38.24 36.92 -1.32 ABX1C Q2-1C 36.93 36.93 36.93 38.24 36.93 -1.31 ABX1C U2-1C 36.76 36.76 36.76 38.08 36.76 -1.32 ABX1C Z2-1C 36.65 36.65 36.65 37.98 36.65 -1.33 Ameren Corporation AEE1C N2-1C 33.10 33.10 33.10 32.80 33.10 0.30 AEE1C Q2-1C 33.09 33.09 33.09 32.80 33.09 0.29 AEE1C U2-1C 32.73 32.73 32.73 32.43 32.73 0.30 AEE1C Z2-1C 32.41 32.41 32.41 32.11 32.41 0.30 American Electric Power Co. Inc. AEP1C N2-1C 39.40 39.40 39.40 39.18 39.40 0.22 AEP1C Q2-1C 38.93 38.93 38.93 38.71 38.93 0.22 AEP1C U2-1C 38.96 38.96 38.96 38.75 38.96 0.21 AEP1C Z2-1C 38.59 38.59 38.59 38.37 38.59 0.22 American International Group AIG1C N2-1C 30.80 30.80 30.80 30.63 30.80 0.17 Allstate Corp. ALL1C N2-1C 33.66 33.66 33.66 33.44 33.66 0.22 ALL1C Q2-1C 33.67 33.67 33.67 33.45 33.67 0.22 ALL1C U2-1C 33.48 33.48 33.48 33.26 33.48 0.22 ALL1C Z2-1C 33.34 33.34 33.34 33.12 33.34 0.22 Applied Materials AMAT1C N2-1C 10.98 10.98 10.98 10.92 10.98 0.06 AMAT1C Q2-1C 10.98 10.98 10.98 10.92 10.98 0.06 AMAT1C U2-1C 10.90 10.90 10.90 10.84 10.90 0.06 AMAT1C Z2-1C 10.84 10.84 10.84 10.78 10.84 0.06 Advanced Micro Devices Inc. AMD1C N2-1C 5.44 5.44 5.44 5.41 5.44 0.03 AMD1C Q2-1C 5.44 5.44 5.44 5.41 5.44 0.03 Amgen Inc. AMGN1C N2-1C 71.45 71.45 71.45 71.41 71.45 0.04 AMGN1C Q2-1C 71.10 71.10 71.10 71.07 71.10 0.03 AMGN1C U2-1C 71.16 71.16 71.16 71.12 71.16 0.04 AMGN1C Z2-1C 70.98 70.98 70.98 70.94 70.98 0.04 Amazon.com Inc. AMZN1C N2-1C 225.65 225.65 225.65 220.05 225.65 5.60 AMZN1C Q2-1C 225.69 225.69 225.69 220.09 225.69 5.60 AMZN1C U2-1C 225.87 225.87 225.87 220.26 225.87 5.61 AMZN1C Z2-1C 226.42 226.42 226.42 220.81 226.42 5.61 Archstone Smith Trust PCG1C N2-1C 44.00 44.00 44.00 43.44 44.00 0.56 PCG1C Q2-1C 44.01 44.01 44.01 43.45 44.01 0.56 PCG1C U2-1C 44.05 44.05 44.05 43.49 44.05 0.56 PCG1C Z2-1C 43.70 43.70 43.70 43.14 43.70 0.56 American Express AXP1C N2-1C 55.92 55.92 55.92 55.86 55.92 0.06 AXP1C Q2-1C 55.93 55.93 55.93 55.87 55.93 0.06 AXP1C U2-1C 55.97 55.97 55.97 55.91 55.97 0.06 AXP1C Z2-1C 55.91 55.91 55.91 55.85 55.91 0.06 Boeing Company BA1C N2-1C 70.94 70.94 70.94 71.06 70.94 -0.12 BA1C Q2-1C 70.51 70.51 70.51 70.64 70.51 -0.13 BA1C U2-1C 70.57 70.57 70.57 70.69 70.57 -0.12 BA1C Z2-1C 70.31 70.31 70.31 70.43 70.31 -0.12 Bank of America BAC1C N2-1C 7.57 7.57 7.57 7.60 7.61 0.01 BAC1C Q2-1C 7.61 7.61 7.61 7.60 7.61 0.01 BAC1C U2-1C 7.61 7.61 7.61 7.60 7.61 0.01 BAC1C Z2-1C 7.62 7.62 7.62 7.61 7.62 0.01 Bed Bath and Beyond Inc. BBBY1C N2-1C 59.81 59.81 59.81 59.38 59.77 0.39 BBBY1C Q2-1C 59.78 59.78 59.78 59.39 59.78 0.39 BBBY1C U2-1C 59.83 59.83 59.83 59.44 59.83 0.39 BBBY1C Z2-1C 59.98 59.98 59.98 59.59 59.98 0.39 BB T Corp. BBT1C N2-1C 29.24 29.24 29.24 29.40 29.24 -0.16 BBT1C Q2-1C 29.25 29.25 29.25 29.41 29.25 -0.16 BBT1C U2-1C 29.27 29.27 29.27 29.43 29.27 -0.16 BBT1C Z2-1C 29.15 29.15 29.15 29.31 29.15 -0.16 Best Buy BBY1C N2-1C 19.37 19.37 19.37 18.51 19.37 0.86 BBY1C Q2-1C 19.38 19.38 19.38 18.52 19.38 0.86 BBY1C U2-1C 19.22 19.22 19.22 18.36 19.22 0.86 BBY1C Z2-1C 19.10 19.10 19.10 18.24 19.10 0.86 Brunswick Corporation BC1C N2-1C 20.35 20.35 20.35 20.74 20.35 -0.39 BC1C Q2-1C 20.36 20.36 20.36 20.75 20.36 -0.39 Biogen IDEC Inc. BIIB1C N2-1C 141.99 141.99 141.99 142.05 141.99 -0.06 BIIB1C Q2-1C 142.02 142.02 142.02 142.08 142.02 -0.06 BIIB1C U2-1C 141.92 142.50 141.92 142.19 142.13 -0.06 BIIB1C Z2-1C 142.48 142.48 142.48 142.55 142.48 -0.07 The Bank of New York Company, Inc. BK1C N2-1C 20.85 20.85 20.85 20.75 20.85 0.10 BK1C Q2-1C 20.73 20.73 20.73 20.63 20.73 0.10 BK1C U2-1C 20.74 20.74 20.74 20.64 20.74 0.10 BK1C Z2-1C 20.67 20.67 20.67 20.57 20.67 0.10 Bristol-Myers Squibb Co. BMY1C N2-1C 34.19 34.19 34.19 33.80 34.19 0.39 BMY1C Q2-1C 34.19 34.19 34.19 33.80 34.19 0.39 BMY1C U2-1C 34.22 34.22 34.22 33.83 34.22 0.39 BMY1C Z2-1C 33.96 33.96 33.96 33.57 33.96 0.39 Brocade Communications Sys. BRCD1C N2-1C 4.78 4.78 4.78 4.88 4.78 -0.10 BRCD1C Q2-1C 4.78 4.78 4.78 4.88 4.78 -0.10 BRCD1C U2-1C 4.78 4.78 4.78 4.88 4.78 -0.10 BRCD1C Z2-1C 4.78 4.78 4.78 4.88 4.78 -0.10 Broadcom Corp-CI A BRCM1C N2-1C 32.34 32.34 32.34 32.25 32.34 0.09 BRCM1C Q2-1C 32.34 32.34 32.34 32.25 32.34 0.09 BRCM1C U2-1C 32.37 32.37 32.37 32.28 32.37 0.09 BRCM1C Z2-1C 32.45 32.45 32.45 32.36 32.45 0.09 Boston Scientific Corp. BSX1C N2-1C 5.52 5.52 5.52 5.52 5.52 0.00 BSX1C Q2-1C 5.52 5.52 5.52 5.52 5.52 0.00 BSX1C U2-1C 5.53 5.53 5.53 5.53 5.53 0.00 BSX1C Z2-1C 5.54 5.54 5.54 5.54 5.54 0.00 Citigroup C1C N2-1C 26.73 26.73 26.73 26.75 26.73 -0.02 C1C Q2-1C 26.73 26.73 26.73 26.75 26.73 -0.02 C1C U2-1C 26.73 26.73 26.73 26.75 26.73 -0.02 ConAgra Foods, Inc. CAG1C N2-1C 25.23 25.23 25.23 25.21 25.23 0.02 CAG1C Q2-1C 25.00 25.00 25.00 24.98 25.00 0.02 CAG1C U2-1C 25.02 25.02 25.02 25.00 25.02 0.02 CAG1C Z2-1C 24.84 24.84 24.84 24.82 24.84 0.02 Caterpillar CAT1C N2-1C 82.22 82.22 82.22 82.38 82.22 -0.16 CAT1C Q2-1C 82.24 82.24 82.24 82.40 82.24 -0.16 CAT1C U2-1C 82.07 82.07 82.07 82.47 82.30 -0.17 CAT1C Z2-1C 81.99 81.99 81.99 82.15 81.99 -0.16 Chubb Corporation CB1C N2-1C 70.08 70.08 70.08 70.10 70.08 -0.02 CB1C Q2-1C 70.09 70.09 70.09 70.11 70.09 -0.02 CB1C U2-1C 69.74 69.74 69.74 69.76 69.74 -0.02 CB1C Z2-1C 69.50 69.50 69.50 69.52 69.50 -0.02 Carnival Corp. CCL1C N2-1C 33.73 33.73 33.73 33.50 33.73 0.23 CCL1C Q2-1C 33.74 33.74 33.74 33.51 33.74 0.23 CCL1C U2-1C 33.52 33.52 33.52 33.29 33.52 0.23 CCL1C Z2-1C 33.35 33.35 33.35 33.12 33.35 0.23 Check Point Software Tech CHKP1C N2-1C 49.07 49.07 49.07 48.81 49.07 0.26 CHKP1C Q2-1C 49.07 49.07 49.07 48.83 49.07 0.24 CHKP1C U2-1C 49.07 49.07 49.07 48.87 49.07 0.20 CHKP1C Z2-1C 49.25 49.25 49.25 48.99 49.25 0.26 Colgate Palmolive Company CL1C N2-1C 99.50 99.50 99.50 98.72 99.50 0.78 CL1C Q2-1C 99.51 99.51 99.51 98.74 99.51 0.77 CL1C U2-1C 99.59 99.59 99.59 98.81 99.59 0.78 CL1C Z2-1C 99.22 99.22 99.22 98.44 99.22 0.78 Comcast Corp. CMCS1C N2-1C 30.01 30.01 30.01 29.78 30.01 0.23 CMCS1C Q2-1C 30.02 30.02 30.02 29.79 30.02 0.23 CMCS1C U2-1C 30.04 30.04 30.04 29.81 30.04 0.23 CMCS1C Z2-1C 29.95 29.95 29.95 29.72 29.95 0.23 Chicago Mercantile Holdings Inc. CME1C N2-1C 269.24 269.24 269.24 267.20 269.24 2.04 CME1C Q2-1C 269.29 269.29 269.29 267.25 269.29 2.04 CME1C U2-1C 267.28 267.28 267.28 265.24 267.28 2.04 CME1C Z2-1C 265.71 265.71 265.71 263.67 265.71 2.04 ConocoPhillips COP1C N2-1C 53.65 53.65 53.65 52.97 53.65 0.68 COP1C Q2-1C 53.00 53.00 53.00 52.32 53.00 0.68 COP1C U2-1C 53.04 53.04 53.04 52.36 53.04 0.68 COP1C Z2-1C 52.51 52.51 52.51 51.83 52.51 0.68 Campbell Soup Company CPB1C N2-1C 31.96 31.96 31.96 31.72 31.96 0.24 CPB1C Q2-1C 31.96 31.96 31.96 31.72 31.96 0.24 CPB1C U2-1C 31.99 31.99 31.99 31.75 31.99 0.24 CPB1C Z2-1C 31.78 31.78 31.78 31.54 31.78 0.24 Cisco Systems, Inc. CSCO1C N2-1C 16.73 16.73 16.73 16.84 16.73 -0.11 CSCO1C Q2-1C 16.74 16.74 16.74 16.85 16.74 -0.11 CSCO1C U2-1C 16.75 16.75 16.75 16.86 16.75 -0.11 CSCO1C Z2-1C 16.71 16.71 16.71 16.82 16.71 -0.11 Chevron Texaco Corp. CVX1C N2-1C 100.96 100.96 100.96 99.10 100.96 1.86 CVX1C Q2-1C 100.07 100.07 100.07 98.22 100.07 1.85 CVX1C U2-1C 100.15 100.15 100.15 98.29 100.15 1.86 CVX1C Z2-1C 99.50 99.50 99.50 97.64 99.50 1.86 Dominion Resources Inc. D1C N2-1C 53.37 53.37 53.37 53.35 53.37 0.02 D1C Q2-1C 53.39 53.39 53.39 53.36 53.39 0.03 D1C U2-1C 52.90 52.90 52.90 52.87 52.90 0.03
Corrections & Amplifications
This item was corrected at 5:49 p.m. EDT to show the correct date as June 26. The original incorrectly stated June 27.
(MORE TO FOLLOW) Dow Jones Newswires
June 26, 2012 17:11 ET (21:11 GMT)
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