Save from as low as €40 per month
Change modify pause
Markets are called to open flat this morning. This is what's happening today:
EARNINGS All times CET, estimates where available:
European stock futures gained before the outcome of a Federal Reserve meeting that may shed light on the future for U.S. monetary stimulus, while Japanese shares
were buoyed by a pickup in exports. Euro Stoxx 50 contracts were up 0.2 percent at 7:17 a.m. in London, while those on the Standard & Poor’s 500 Index futures added 0.1 percent. The Topix index of shares rose 1.9 percent in Tokyo, driving a 0.9 percent advance in the MSCI Asia Pacific Index. The Shanghai Composite Index lost 0.7 percent amid signs a cash crunch is worsening in Asia’s biggest economy. Malaysia’s ringgit dropped 0.3 percent versus the greenback, while wheat fell and oil rose toward a nine-month high.
More than $2 trillion has been shaved from global stocks since May 22, when Fed Chairman Ben S. Bernanke signaled an asset-buying program aimed at bolstering the U.S. economy could be scaled back. He will speak to reporters when a two-day policy meeting concludes today. Japan’s exports surged in May by the most since 2010 as the yen weakened and shipments to the U.S. jumped, boosting Prime Minister Shinzo Abe’s campaign to revive the world’s third-largest economy.
“The Fed meeting has certainly been one of the key focus points for investors globally over the past couple of weeks,” said James Lindsay, an Auckland-based fund manager at Tyndall Investment Management Ltd., which oversees about $23 billion. I don’t think the Fed wanted as much of a reaction as they received. What was meant to be very mild comments led to huge changes in bonds, currencies and equity markets.”
Stock to watch: Adobe ($43.36, Price Target $50)
Deutsche Bank Research: We see the shares offering an attractive risk/reward at these valuation levels given Adobe's long-term growth profile, competitive position, and margin structure. We look for Adobe's performance across all business segments to accelerate in FY12-FY13, benefiting from the CS6 launch. We believe the Omniture and other recent acquisitions will position the company for stronger long-term growth while driving accretion. Buy.
For more information on Adobe or other stocks and bonds we follow, contact our offices on 25688688.
Good day and happy trading!
You are signing up to receive news, updates, general market announcement, articles and product or service marketing. By signing up you are consenting