U.S. futures higher ahead of data; Dow Jones up 0.47% ..

U.S. stock futures were higher on Tuesday, as data showed that the euro zone avoided a recession but concerns over political deadlock in Greece and the country’s potential exit from the euro zone continued to weigh on sentiment.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a rise 0.47%, S&P 500 futures signaled a 0.57% increase, while the Nasdaq 100 futures indicated 0.69% gain.

Official data showed that the euro zone avoided a recession in the first quarter, as gross domestic product growth remained flat, defying expectations for a contraction of 0.2%. The euro zone economy contracted by 0.3% in the fourth quarter of 2011.

Sentiment also found support after preliminary data showed that Germany’s economy expanded more-than-expected in the first quarter, indicating that the euro zone’s largest economy is weathering the effects of the crisis in the region.

But investors remained cautious amid fears that last ditch talks aimed at forming a government in Greece would fail after a more than week-long political stalemate fuelled fears over the country’s ability to uphold its financial commitments and its possible exit from the euro zone.

Financial stocks were expected to be active as JPMorgan chief Jamie Dimon faces shareholders after the bank lost billions of dollars on trading and hedging strategies gone wrong. The bank announced a USD2 billion trading loss on Friday, prompting regulators to demand stiffer oversight for the banking industry.

The auto sector was also likely to be in focus following reports that General Motors, the largest U.S. automaker, is interested in buying Ally Financial Inc's international operations, sending GM shares up 0.22% in after hour trade.

Groupon shares surged 17.94% in late trading, after the company reported first quarter profit of two cents per share, higher than analysts’ estimates. Its revenue of USD559 million was also above expectations of USD531 million.

Elsewhere in earnings, Home Depot's first-quarter results came in line with expectations, at 65 cents a share, higher than 50 cents a share in the year-ago quarter. Shares tumbled 2.97% in pre-market trade.

In corporate news, Coty Inc., the maker of perfumes by Beyonce Knowles, withdrew its sweetened USD10.7 billion offer for Avon Products Inc., saying the world’s largest door-to-door cosmetics seller refused to negotiate.

Meanwhile, investors were eyeing Facebook, as it increased the price range in Silicon Valley's biggest-ever initial public offering to raise more than USD12 billion, giving the No.1 social network a valuation potentially exceeding USD100 billion.

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 advanced 0.43%, France’s CAC 40 climbed 0.70%, Germany's DAX rose 0.28%, while Britain's FTSE 100 added 0.13%.

During the Asian trading session, Hong Kong's Hang Seng Index rose 0.5%, while markets in Japan’s Nikkei 225 Index slumped 0.8%.

Later in the day, the U.S. was to publish official data on retail sales and consumer price inflation, as well as a report on manufacturing activity in New York.

 

Euro firms up but remains vulnerable on Greece ..

The euro pushed higher against its major counterparts on Tuesday, after better-than-expected German economic growth numbers helped support market sentiment but the single currency remained vulnerable amid ongoing concerns over a possible Greek exit from the euro zone.

During European late morning trade, the euro was up against the U.S. dollar, with EUR/USD gaining 0.26% to hit 1.2853.

The euro found support after preliminary data showed that Germany’s economy expanded more-than-expected in the first quarter, indicating that the euro zone’s largest economy is weathering the effects of the crisis in the region.

Germany’s gross domestic product grew by a seasonally adjusted 0.5% in the three months to March, above expectations for a growth of 0.1%.

A separate report showed that the ZEW index of German economic sentiment deteriorated significantly more-than-expected this month, declining for the first time in six months.

The ZEW Centre for Economic Research said that its index of German economic sentiment declined to 10.8, from April’s reading of 23.4. Analysts had expected the index to decline to 19.0 in May.

Meanwhile, official data showed that the euro zone avoided a recession in the first quarter, as GDP growth remained flat, defying expectations for a contraction of 0.2%. The euro zone economy contracted by 0.3% in the fourth quarter of 2011.

Sentiment on the single currency remained fragile amid fears that last ditch talks aimed at forming a government in Greece would fail after a more than week-long political stalemate fuelled fears over the country’s ability to uphold its financial commitments and its possible exit from the euro zone.

Greece’s GDP contracted at an annualized rate of 6.2% in the first three months of 2012, official data showed.

The single currency eased against the pound but remained within striking distance of a three-and-a-half year low, with EUR/GBP climbing 0.36% to hit 0.7996.

The pound was largely unchanged after official data showed that the U.K.’s trade deficit remained unchanged at GBP8.6 billion in March.

The euro higher against the yen, with EUR/JPY climbing 0.36% to hit 102.75 and remained little changed against the Swiss franc EUR/CHF dipping 0.01% to hit 1.2010.

Elsewhere, the shared currency was mixed against the Canadian, Australian and New Zealand dollars, with EUR/CAD dipping 0.04% to hit 1.2866, EUR/AUD slipping 0.22% to hit 1.2848 and EUR/NZD rising 0.27% to hit 1.6554.

Earlier Tuesday, the minutes of the Reserve Bank of Australia’s last meeting said that “the risks emanating from Europe continue to cloud the global outlook;” and added that “inflation is likely to remain in the lower half of the target range over the foreseeable future.”

On May 1, the RBA cut its benchmark interest rate to a two-year low of 3.75% to help boost growth.

Later in the day, the U.S. was to publish official data on retail sales and consumer price inflation, as well as a report on manufacturing activity in New York.

Forex - GBP/USD down on economic data ..

- The British Pound was lower against the U.S. Dollar on Friday after the release of U.K. data on PPI Input. GBP/USD was trading at 1.6119, down 0.16% at time of writing. The pair was likely to find support at 1.6068, Wednesday’s low, and resistance at 1.6199, Monday’s high. Earlier in the day, official data showed that Producer price inflation input in the U.K. fell more-than-expected to a seasonally adjusted -1.5% last month from 1.7% in the preceding month whose figure was revised down from 1.9%.

 

+

Gold futures bounce off 8-week low on bargain buying..

Forexpros - Gold futures rose for the first time in four sessions on Thursday, as the previous day’s steep drop to an eight-week low created bargain buying opportunities for investors reluctant to bet that prices would fall further.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,647.55 a troy ounce during early European morning trade, gaining 0.26%.      It earlier rose by as much as 0.4% to trade at a session high of USD1,649.25 a troy ounce. Prices plunged nearly 2% to hit USD1634.75 on Wednesday, the lowest since January 16.Gold futures were likely to find support at USD1,625.85 a troy ounce, the low from January 13 and resistance at USD1,682.75, the previous day’s high.Gold futures plunged nearly 5% in the three sessions leading up to Thursday, as gold traders continued to unwind long positions after the Fed gave an upbeat assessment of the U.S. economy on Wednesday, which reduced expectations for a third round of U.S. monetary easing by the central bank.A reduced likelihood of additional monetary stimulus can be viewed as a negative for gold, as the metal is seen as a safe store of value and benefits when inflationary fears rise.Gold prices lost nearly 5% on February 29, when Fed Chairman Ben Bernanke failed to mention another round of easing in a statement in his testimony to the U.S. Congress.The upbeat Fed assessment boosted the dollar, which tends to weigh on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.However, Fed officials reiterated their intention to keep the benchmark interest rate unchanged at a record low through late 2014 and made no changes to its Operation Twist program to replace shorter-term Treasurys in its balance sheet with longer-term debt. Global financial service provider Barclays said in a report that it expected prices to find support at these levels as investor appetite for gold remains healthy due to decent physical demand, negative real interest rates and longer-term inflationary concerns.Elsewhere on the Comex, silver for May delivery eased up 0.15% to trade at USD32.23 a troy ounce, while copper for May delivery added 0.1% to trade at USD3.852 a pound.

U.S. stocks dip amid profit taking; Dow down 0.02%

Forexpros - U.S. stocks finished Friday lower as investors sold for profits on sentiment that global economic activity doesn't support rising share prices.The Dow Jones Industrial Average closed down 0.02%, the S&P 500 index was down 0.32% while the Nasdaq Composite index finished down 0.43% amid lackluster trading.Stocks still managed to finish the week in positive territory.Stocks prices have performed well in 2012, and U.S. Federal Reserve Chairman Ben Bernanke has said the U.S. Central Bank has no set plans to intervene with measures such as quantitative easing to prop up the economy.Under quantitative easing, the Fed buys assets like mortgage-backed securities and Treasury bonds from banks with the aim of boosting liquidity, keeping borrowing costs low and sending stock prices rising in hopes investment and more organic growth will follow.Bernanke told the U.S. Congress that the economy, while far from recovered, is showing signs of improvement, which markets interpreted as a signal that easing remains on hold for now, which was bearish for stocks and bullish for the dollar.Leading Dow Jones Industrial Average performers included AT&T, up 0.82%, JPMorgan Chase, up 0.67%, and IMB, up 0.64%.Leading index losers included American Express, down 1.14%, Caterpillar, down 0.84%, and General Electric, down 0.73%.European indices were mixed to higher.After the close of European trade, the EURO STOXX 50 fell 0.10%, France's CAC 40 rose 0.04%, while Germany's DAX 30 finished down 0.29%. Meanwhile, in the U.K. the FTSE 100 closed down 0.34%.  On Monday, the U.S. Institute of Supply Management will release its Non-Manufacturing Purchasing Managers' Index.

U.S. stocks higher despite surging oil, conflicting data ..

Forexpros - U.S. stocks closed higher Thursday, despite conflicting U.S. economic data and surging oil prices. Near the close of U.S. trade, the Dow climbed 0.22%, the S&P 500 advanced 0.62% and the Nasdaq added 0.74%. Dampening the rally, the Institute for Supply Management reported manufacturing activity expanded at a slower rate than expected in February. The ISM index of purchasing managers’ fell to 52.4 last month, from a reading of 54.1 in January, disappointing expectations for an increase to 54.6. However, in bullish news, government data showed that U.S. initial jobless claims declined modestly last week, holding steady near the lowest level since March 2008.Labor

Forex - EUR/JPY steady after U.S. employment data ..

Forexpros - The euro was steady against the yen on Thursday, trading close to a three-month high after U.S. jobless claims remained broadly unchanged while concerns over the economic outlook in the euro zone continued to weigh. EUR/JPY hit 106.87 during European afternoon trade, the pair’s highest since November 9; the pair subsequently consolidated at 106.72, adding 0.32%.The pair was likely to find support at 105.42, Wednesday’s low and resistance at 107.58, the high of November 9.Official data showed earlier that the number of people who filed for unemployment assistance in the U.S. last week remained at 351,000, holding steady near the lowest level since March 2008, confounding expectations for an increase to 354,000.Jobless claims have remained below 400,000, a level historically associated with an improving labor market, in 15 of the past 17 weeks.Meanwhile, the euro’s gains were limited after the European Commission’s forecast for economic growth showed that the euro zone’s economy would contract by 0.3% in the first quarter after dropping by the same amount in the last quarter of 2011. Two consecutive quarters of contraction signal a recession.Sentiment strengthened earlier after German research institute Ifo said its Business Climate Index rose to a seasonally adjusted 109.6 in February from a reading of 108.3 the previous month, surpassing expectations for an increase to 108.8.

EUR/USD higher on muted Greek bailout bullishness ..

Forexpros - The euro traded higher against the U.S. dollar Tuesday, but the reaction to the Greek bailout package was muted as investors remain uncertain if it will be sufficient to avoid default. EUR/USD traded at 1.3258 during mid session U.S. trade after hitting a high of 1.3293 and a low of 1.3187. The pair was likely to find support at 1.3114, last Friday’s low and technical resistance exists at 1.3293, the session high. The single currency struck the high against the greenback earlier after euro zone finance ministers settled on the details of a new financial package for Greece, which aims to lower the country’s debt to 120.5% of gross domestic product by 2020. Private-sector creditors also agreed to take a write-down on their bonds of more than 53%, which is expected to cut Greece's debt by EUR107 billion.

Natural gas rallies on inventory decline ..

Forexpros - Natural gas futures rallied Thursday, gaining more than 5% after a report from the U.S. Energy Information Administration indicated natural gas inventories fell last week. On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD2.57 per million British thermal units during U.S. morning trade, soaring 5.96%.        It is presently trading at the sessions high and price hit a low of USD2.42 earlier prior to the release of U.S. Energy Information Administration inventory report.

U.S. stocks sharply lower on Greek default fears, Fed minutes; Dow down 0.76% ..

\\Forexpros - U.S. stocks traded sharply lower Wednesday on renewed Greek default fears and


mixed message from the Federal Reserve meeting minutes. Near the close of U.S. trade, the Dow gave back 0.76%, the S&P 500 dropped 0.49% and the Nasdaq Composite fell 0.55%.   Risk appetite weakened after a report surfaced that EU officials are trying to delay Greece’s second bailout amid concerns that Greek leaders are not fully committed to implementing the required austerity measures. Without a bailout, Greece faces a default when a EUR14.5 billion bond comes due on March 20.

Forex - USD/CHF slides as market sentiment firms

Forexpros - The U.S. dollar slipped lower against the Swiss franc on Wednesday, as a pledge by the head of China’s central bank to support the euro zone boosted market sentiment but concerns over Greece continued to linger. USD/CHF hit 0.9156 during European morning trade, the session low; the pair subsequently consolidated at 0.9170, shedding 0.25%.

Forex - Euro softens after euro zone GDP contracts ..

Forexpros - The euro trimmed early gains against the U.S. dollar and fell to a fresh record low against the New Zealand dollar earlier after official data showed that the euro zone’s economy contracted in the last three months of 2011.During European late morning trade, the euro was slightly higher against the U.S. dollar, with EUR/USD adding 0.13% to hit 1.3150.

Forex - AUD/USD down in European trading hours ..

AUD/USD was trading at 1.0679, down 0.99% at time of writing. The pair was likely to find support at 1.0674, today’s low, and resistance at 1.0844, Wednesday’s high. Meanwhile, the Australian Dollar was down against the Euro and the Japanese Yen, with EUR/AUD gaining 0.65% to hit 1.2401 and AUD/JPY falling 0.89% to hit 83.02.

U.S. stocks higher on Greek deal hope; Dow up 0.04% ..

U.S. stocks traded higher Wednesday, as Greece moved closer to clinching a European Union bailout package for the second time.
 
Near the close of U.S. trade, the Dow gained 0.04%, the S&P 500 advanced 0.22% and the Nasdaq Composite surged 0.41%.
 
Earlier, stocks rallied on reports that Greek officials were working on the final draft of a bailout agreement in front of a meeting between Greek Prime Minister Lucas Papademos and coalition leaders yesterday.
 
However, this meeting was postponed as the Prime Minister decided to meet with the troika of the European Commission, the European Central Bank and the International Monetary Fund to negotiate the terms needed to obtain a second bailout package
 
Greek policy makers have already agreed on cuts equal to 1.5% of the island nation’s gross domestic product. However, they are yet to agree on how to recapitalize banks, reduce wages and ensure the survival of pension funds.
 
These delays have reignited fears of a Greek default and euro zone collapse leading to the bearish equity environment.
 
It is critical that the agreement be approved by February 15 for Greece to avoid default on March 20 by obtaining its next tranche of bailout funds.
 
Eurogroup President Jean Claude Juncker stated earlier that he is confident Greece will remain in the euro zone, provided the island nation fulfills its obligations to other euro zone nations.
 
Earnings season is in full swing with 68% of the 280 companies in the S&P 500 reporting since January 9 beating estimates.
 
Ralph Lauren soared 8.7% after stating that revenues may increase more than originally forecasted.
 
Computer Sciences surged 18% after naming a new CEO and renegotiates its contract with the U.K.’s National Health Services.
 
Rating agency, Moody’s dropped 2.3% after announcing a 30% decline in fourth quarter profits due to the euro zone crisis reducing demand for its services.
 
After the close of European trade, the EURO STOXX 50 gave back 0.05%, France's CAC 40 fell 0.05%, while Germany's DAX slipped 0.08%. Meanwhile, in the U.K. the FTSE 100 dropped 0.24%.
 
Investors are awaiting the European Central Bank’s interest rate announcement and press conference, in addition to U.S. unemployment claims and the Bank of England’s interest rate decision on Thursday.

EUR/JPY sharply lower amid Greek bailout deadlock ..

The euro was sharply lower against the yen on Monday, as the lack of progress in talks between Greece and its international creditors on the terms of a second bailout weighed on the single currency.

EUR/JPY hit 99.86 on Monday, the pair’s lowest since February 2; the pair subsequently consolidated at 99.99, declining 0.79%.

The pair was likely to find support at 99.40, the low of January 20 and resistance at 100.69, the high of February 1.

Greek officials indicated earlier that a meeting between Greek Prime Minister Lucas Papademos and coalition party leaders was likely to take place later in the day, amid hopes that an agreement on a EUR130 billion bailout package would be finalized.

Meanwhile, a spokesman for the European Commission said that Greece has gone beyond the deadline for finalizing talks on a second bailout and warned that Athens urgently needs to take a decision.

The euro found brief support earlier after official data showed that German factory orders rose more-than-expected in December, on the back of increased demand from outside the euro zone, easing concerns over a slowdown in the region’s largest economy.

The single currency was also down against the U.S. dollar with EUR/USD retreating 0.86%, to hit 1.3044.

Also Monday, Sentix said its investor confidence index for the euro zone improved more-than-expected in February, advancing to minus 11.1 from minus 21.1 the previous month.

Analysts had expected a reading of minus 14.8 in February.

EUR/USD weekly outlook: February 6 - 10 ..

The euro was moderately higher against the U.S. dollar on Friday, paring some of the week’s losses as sentiment improved after positive U.S. employment data, but gains were limited by uncertainty over Greek debt talks.

EUR/USD hit 1.3025 on Wednesday, the pair’s lowest since January 25; the pair subsequently consolidated at 1.3155 by close of trade on Friday, falling 0.83% over the week.

The pair is likely to find support at 1.3041, the low of January 31 and resistance at 1.3232, the high of January 27.

The U.S. Department of Labor said nonfarm payrolls rose by 243,000 last month, the fastest increase in nine months, after a revised 203,000 gain in December. Economists had expected the U.S. economy to add 150,000 jobs in January. The unemployment rate unexpectedly declined to a three-year low of 8.3%.

A separate report showing a greater-than-expected expansion in the U.S. service sector in January also boosted the greenback.

The upbeat data dampened expectations for a new round of quantitative easing by the Federal Reserve.

In testimony to the House Budget Committee in Washington on Thursday Fed Chairman Ben Bernanke said the economy has shown “signs of improvement” but warned that the outlook remained “uncertain”.

Meanwhile, the single currency remained under pressure amid concerns over delays in negotiations on a debt restructuring deal for Greece persisted, despite assurances from European officials that a deal is close to being finalized.

Greece needs to secure an agreement with its private creditors on a debt swap deal in order to receive its next tranche of bailout funds in order to avoid a default when a EUR14.5 billion bond repayment comes due on March 20.

In the euro zone, official data showed on Friday that retail sales declined unexpectedly in December, falling 0.4% after a 0.4% decline the previous month. Analysts had expected retail sales to rise 0.4% in December.

Earlier in the week, a report showed that the euro zone’s unemployment rate remained unchanged at 10.4% in December, in line with expectations.

In the week ahead, investors will be watching developments in the euro zone, with European leaders holding a string of meetings to discuss Greece’s bailout and the financial guarantees for the European Financial Stability Facility, the euro zone’s new bailout fund.

Meanwhile, the European Central Bank is to hold its policy setting meeting, but the bank is widely expected to keep rates on hold at 1%.

In the U.S., Fed Chairman Ben Bernanke is to testify before the Senate budget committee in Washington.

Ahead of the coming week, Forexpros has compiled a list of these and other significant events likely to affect the markets.

Monday, February 6

In the euro zone, a report is to be published by Sentix on its investor confidence index, a key gauge of economic health. In addition, Germany is to publish official data on factory orders.

Tuesday, February 7

The euro zone is to publish official data on German industrial production, an important gauge of economic health.

In the U.S., Fed Chairman Ben Bernanke is due to testify on the economic outlook and federal budget situation before the Senate Budget Committee in Washington.

Wednesday, February 8

The U.S. is to publish a government report on crude oil inventories.

Thursday, February 9

The ECB is to announce its benchmark interest rate, followed by a press conference. The conference will be closely watched for signs of new measures to counter the region’s sovereign debt crisis.

Later in the day, the U.S. is to publish government data on unemployment claims, an important signal of overall economic health.

Friday, February 10

In the euro zone, a report is to be published on French industrial production.

The U.S. is to round up the week with official data on the country’s trade balance, as well as preliminary data from the University of Michigan on consumer sentiment and inflation expectations.

Later in the day, Fed Chair Ben Bernanke is due to speak about the housing market at the 2012 National Association of Homebuilders International Builders show.

Dollar falls on growth data, Fed language ..

The dollar slid against major currencies on Friday after Federal Reserve language and government economic growth data confirmed market sentiments that the economy will remain stuck in the doldrums for a long time to come.

The dollar slumped against the euro in mid-afternoon U.S. trading on Friday, with EUR/USD rising 0.78% and trading at 1.3212.

At a Federal Open Market Committee meeting on Wednesday, the Federal Reserve concluded that interest rates, currently at a very low 0.25%, will likely stay that way through 2014, longer than a forecast made towards the end of last year that loose policies will stick around until 2013.

On Friday, the Commerce Department reported that the economy grew 2.8% in the fourth quarter, when compared with the same period a year earlier.

The figure came in a little lower than market expectations.

Furthermore, a good portion of growth came from companies replenishing their inventories and not by purchasing capital goods, which would have indicated plans for future investments and even more growth down the road, thus watering down the value of the greenback.

Furthermore, hopes rekindled that Greece is close to reaching a deal with private creditors to restructure its debt, a requirement for Athens if it wants to draw down from aid packages in the future.

"The next market focus is whether Greece will get this next aid package and whether it will be able to stay in the euro," said Stephen Gallo, head of market analysis at Schneider Foreign Exchange in London, according to Bloomberg.

"The market senses the Fed is cautious, so the market is scrutinizing all the data coming out of the U.S., so prices are really reacting."

Meanwhile, the dollar was down against the pound, with Cable rising 0.19% to hit 1.5720.

The greenback was down 0.94% against the yen, with USD/JPY trading at 76.73, and down against the Swiss franc, with USD/CHF falling 0.78% to 0.9133.

The greenback was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.01% at 1.0017, AUD/USD up 0.14% at 1.0648 and NZD/USD up 0.19% at 0.8232.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.63% at 79.03.

Over the weekend, markets will look for signs of deal between Greece and its private creditors.

On Monday, markets will keep an eye on the U.S. Bureau of Economic Analysis, which will release figures on personal spending and income.

German inflation figures are tentatively due out, while German retail sales and Italian unemployment figures are set to publish as well.

In Japan, unemployment and industrial output figures will be released on Monday.

In the United Kingdom, Gfk Consumer Confidence numbers will hit the wire that day as well.

Euro stocks lower on bearish numbers; DAX off 0.67% ..

European stocks closed lower Monday on bearish declining German production numbers and uncertainty from the Merkel Sarkozy meeting in Berlin.  

After the close of European trade, the EURO STOXX 50 gave back 0.53%, France's CAC 40 fell 0.31%, while Germany's DAX 30 closed lower by 0.67%. Meanwhile, in the U.K. the FTSE 100 fell 0.66%.  

The selling was triggered by declining German production numbers. Production fell 0.6% from October, greater than the 0.5% economist's forecasted.  

German Chancellor Angela Merkel met with French President, Nicolas Sarkozy in Berlin to hash out new fiscal discipline rules for the euro zone's fiscal compact negotiated at a December 9th meeting. The leaders plan on having the new budget rules by January, 30th. One month ahead of schedule.  

Peter Oppenheimer of Goldman Sachs explained the situation to Bloomberg, "We believe that a combination of weaker earnings numbers, a further deterioration in euro zone growth in the first quarter, and further political tensions are likely to push equities down before they recover."  

Banks and pharmaceuticals led the stock market lower. Unicredit, Italy's largest lender plummeted 13% and had trading suspended twice due to volatility after share purchase rights plunged 57% from the end of last week. 

Pharmaceutical giant, Glaxo Smith Kline dropped 4.1% after stating that its new drug Relovair showed no statistical difference to Seretide. potentially limiting the drug's commercial success.  

Meanwhile, in bullish news, BMW advanced 2% on strong sales of Rolls Royce and Mini brands.  

Pest control company, Rentokill Initial added 3% on a Credit Suisse upgrade. 

U.S. stocks traded down across the board in midday trading with the Dow Jones Industrial Average slipping 0.03%, the S&P 500 giving back 0.17% and the Nasdaq 100 falling 0.18%.  

Investors are awaiting the French industrial production report Tuesday.

U.S. stocks dip as market shrugs off jobs report; Dow down 0.45% ..

U.S. stocks finished mixed to lower on Friday as investors brushed off stronger-than-expected jobs figures and sold their equities for profits.

The Dow Jones Industrial Average closed down 0.45%, while the S&P 500 index was down 0.25% and the Nasdaq Composite index finished up 0.31% on Friday.

In the U.S. on Friday, the Bureau of Labor Statistics reported that the economy added a net 200,000 nonfarm payrolls in December, better than forecasts for a 150,000 gain.

The news firmed the dollar, especially since German factory orders came in weaker than expected at -4.8% compared with a forecast for a 1.6% decline, although equities investors sold to take profits, pointing out that the jobs market is still far from stellar.

"It's definitely a solid report, but not a blowout surprise," Alan Gayle, a senior strategist at RidgeWorth Capital Management in Richmond, Virginia, which oversees about $44 billion, told Bloomberg.

"The drop in the unemployment rate is good news, but it may reflect sluggishness in the labor force growth and it suggests that from a policy perspective we still have a lot of work to do."

Leading losers included Alcoa, which fell 2.14%, Bank of America, down 2.06% and DuPont, down 1.31%

Leading gainers included Microsoft, up 1.54%, Walt Disney, up 1.04%, and McDonald's, up 0.77%.

European indices, meanwhile, were mixed.

France's CAC 40 fell 0.24%, Germany's DAX fell 0.62%, while Britain's FTSE 100 rose 0.45%.

On Monday, all eyes will focus on China, which will tentatively release its latest economic growth, inflation and trade balance figures.

Also on Monday, U.S. consumer credit figures will come out, while in Europe traders will keep an eye on Swiss unemployment rates and French consumer spending figures.

The U.K., meanwhile, will release manufacturing and industrial output figures while in Canada, housing starts and building permits will be released.

Crude oil futures advance on strong U.S. numbers ..

Crude oil futures moved toward a weekly gain in New York  Friday on strong U.S. economic numbers and Iranian supply worries.  

On the New York Mercantile Exchange, light sweet crude futures for February settlement traded at USD102.33 a barrel during early U.S. trade giving climbing 0.51%.  

It earlier hit a daily high of USD102.53 and a low of USD101.31 a barrel.  

Slight weakness in the U.S. dollar helped lift oil prices.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, gave back 0.17% to trade at 81.16.  

Dollar weakness generally lifts commodity prices, as it increases their appeal as an alternative asset and makes dollar priced commodities less expensive for holders of other currencies.  

A rally of strong U.S. economic data combined with Iranian supply worries helped fuel the bullish oil run.  

The latest positive U.S. numbers indicated payrolls advanced by 155,000 workers indicating growth in the world's largest economy. 

Meanwhile, the euro zone has agreed on principle to begin an oil embargo against Iran per a diplomat. However, the details of the potential embargo remain uncertain. This fear added support to recent crude oil prices.  

France came into danger of losing its AAA credit rating, yesterday,  after a bond auction disappointed investors adding to euro zone crisis concerns.  

Elsewhere, on the ICE Futures Exchange, Brent oil futures for February delivery traded higher by 0.12% to trade at USD112.88 a barrel, up USD10.58 on its U.S. Counterpart.  

This greater than USD10.00 spread is near historic highs. The two contracts traditionally trade within USD1.00 of each other.

U.S. dollar surges on safety flight .

The U.S. dollar advanced against its major counterparts on Wednesday, as euro zone debt crisis fears sent investors seeking the relative safety of the greenback.  

During mid session U.S. trade, the greenback traded higher against the euro, with EUR/USD falling 0.77% to 1.2949.  

The single currency was depressed by a triple whammy of Italian bank fears,  a monotonous German debt auction, and European Central Bank overnight deposits striking all time highs.  

The results of the German bond auctions were far from inspiring with an average yield of 1.93 compared with 1.98 in November.  

The U.S. dollar was up against the pound, with GBP/USD  falling 0.17% to hit 1.5622.  

In other news, official data showed that euro zone inflation dropped from 3% to 2.8% in December adding to rate cut euro bearishness.  

Meanwhile, A UK report indicated that construction activity surprisingly increased in December, extending the expansion to 12 months.  

The greenback was lower against the yen but sharply higher against the Swiss franc with USD/JPY off by 0.03 to 76.71 and USD/CHF soaring 1.04% to hit 0.942.  

In addition the greenback was higher against its Canadian,  Australian and New Zealand cousins with USD/CAD falling  0.27% to hit 1.0133, AUD/USD dropping 0.22% to hit 1.0355 and NZD/USD giving back 0.28% to 0.7870.  

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, climbed 0.58% to hit 80.42.  

Investors are anxiously awaiting renewed euro zone crisis talks starting on January, 9th as well as U.S. payroll numbers on January 6th.

Crude oil slumps as EU debt woes weigh, Iran fears support .

Crude oil futures declined on Wednesday, easing off the previous session’s seven-week high as market sentiment weakened amid lingering concerns over the euro zone’s debt crisis, while mounting fears over a disruption to Iranian oil supplies limited losses. 

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at USD102.59 a barrel during European morning trade, shedding 0.35%.
 
It earlier fell by as much as 0.48% to trade at a session low USD102.41 a barrel. Prices rallied to a seven-week high of USD103.16 a barrel on Tuesday.

Investors turned cautious as Germany’s Treasury was set to auction EUR5 billion of 10-year government bonds later in the day.

Adding to nervousness, data released earlier in the day showed that the use of the European Central Bank's overnight deposit facility reached a new all-time high of EUR453.1 billion on Tuesday.

The report underlined concerns over region’s banking sector, as euro zone lenders increasingly turn to the ECB as a safe-haven for extra funds.

Euro zone developments dominated trading in the oil market for the last several months of 2011, amid worries that the sovereign debt crisis could trigger a broader economic slowdown that would curb demand for oil.

Meanwhile, prices continued to draw support from supply disruption concerns as a result of escalating tensions between Iran and the West.

Iran’s military chief Ataollah Salehi warned the U.S. against sending naval ships back to the Persian Gulf, however Pentagon Spokesman George Little said earlier that "regularly scheduled movements" including through the Strait of Hormuz will continue, ignoring threats from Iran.
 
The Strait of Hormuz, located between Iran and Oman, is one of the most important oil-shipping channels in the world, handling about 33% of all ocean-borne traded oil, according to the U.S. Energy Information Administration.

Iran is the world's fourth largest oil producer, pumping nearly 5% of the world's oil in 2010. The threat of a major supply disruption from the country has helped support oil prices in recent weeks.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for February delivery dipped 0.15% to trade at USD111.97 a barrel, with the spread between the Brent and crude contracts standing at USD9.38 a barrel.

Euro trims losses in subdued trade ..

The euro trimmed losses against the U.S. dollar and the yen in subdued trade on Monday, as trading volumes remained thin with financial markets in Asia, the U.K. and the U.S. closed for the New Year holidays.

During European morning trade, the euro pared losses against the greenback, trading at 1.2954, up from the session low of 1.2922.

The single currency was almost unchanged against the yen, with EUR/JPY dipping 0.02% to trade at 99.64 after falling to a low of 99.67 during late Asian trade.

On Friday, the euro fell below JPY100 for the first time since June 2001 as concerns over the ongoing financial crisis in the euro zone weighed.

Earlier in the day, data showed that the final euro zone manufacturing purchasing managers’ index for December was unchanged at 46.9, confirming an earlier preliminary estimate.

A reading of less than 50 indicates a contraction in activity, while a figure of more than 50 signals expansion.

Commenting on the report, Chris Williamson, chief economist at Markit said "euro zone manufacturing is clearly undergoing another recession. Despite the rate of decline easing slightly in December, production appears to have been collapsing across the single currency area at a quarterly rate of approximately 1.5% in the final quarter of 2011".

The euro was higher against the broadly weaker pound, with EUR/GBP adding 0.13% to hit 0.8346. The greenback was also higher against sterling, with GBP/USD shedding 0.17% to hit 1.5521.

Meanwhile, the greenback remained fractionally higher against the yen and erased small early losses against the Swiss franc, with USD/JPY easing up 0.05% to hit 76.91 and USD/CHF inching up 0.05% to trade at 0.9394, up from a session low of 0.9372.

Elsewhere, the greenback was steady against its Canadian, Australian and New Zealand cousins, with USD/CAD shedding 0.22% to hit 1.0193, AUD/USD easing up 0.15% to hit 1.0222 and NZD/USD rising 0.10% to hit 0.7779.