Anglo Asian Share News (AAZ)

LONDON (Alliance News) - UK shares have opened higher Wednesday on the back of better economic news from the US Tuesday.

British luxury fashion retailer Burberry joined the list of holiday sales winners, reporting that retail revenue rose 14% in its third quarter. The shares are up 6.4% at the open.

Barclays has cut both SSE and Centrica to Under-Weight, while Jefferies has raised both Land Securities and British Land to Buy.

Here is what you need to know at the UK market open:

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MARKETS
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FTSE 100: up 11.45 at 6,778.31
FTSE 250: up 19.19 at 16,255.21
AIM ALL-SHARE: up 1.83 at 882.46
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DJIA: closed up 115.92 at 16,373.86
S&P 500: closed up 19.68 at 1,838.88
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GBP-USD: down at USD1.6403
EUR-USD: down at USD1.3637

GOLD: down at USD1,241.45 per ounce
OIL (Brent): up at USD106.30 a barrel

(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Wednesday's Key Economic Events still to come

02:00 China FDI - Foreign Direct Investment
02:00 China Foreign Exchange Reserves
02:00 China M2 Money Supply
02:00 China New Loans
06:00 Japan Machine Tool Orders
08:00 Germany Public Finances Balance
08:00 Germany Real GDP Growth
08:15 Switzerland Real Retail Sales
10:00 UK CB Leading Economic Index
10:00 EU Trade Balance
12:00 US MBA Mortgage Applications
13:30 US NY Empire State Manufacturing Index
13:30 US Producer Price Index
15:30 US EIA Crude Oil Stocks
17:50 US Fed's Evans Speech
19:00 US Fed's Beige Book
23:50 Japan Domestic Corporate Goods Price Index
23:50 Japan Machinery Orders
23:50 Japan Tertiary Industry Index
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The World Bank revised up its growth projections for the global economy, with advanced economies turning the corner. Releasing the latest edition of the Global Economic Prospects report, the lender said it now expects the world economy to grow 3.2% this year, stronger than 3% growth forecast in the June report. The outlook is also better than the 2.4% growth estimated in 2013. Much of the initial acceleration reflects a pick-up in high-income economies, the bank said in the report.
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Toshiba Corp said it would buy a 60% stake for GBP102 million in a joint venture between French and Spanish companies that plans to build three nuclear reactors in Britain. Toshiba, as the majority owner of NuGeneration Ltd, the joint venture between GDF SUEZ SA of France and Iberdrola SA of Spain, would move forward with the construction of the reactors at the Moorside site in Cumbria, 400 kilometres north-west of London, the company said. The three nuclear reactors with a combined capacity of 3.4 gigawatts will be developed by the Toshiba group's company Westinghouse Electric Co, the Japanese company said.
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Chinese banks extended CNY482.5 billion in new yuan loans in December, less than the CNY570 billion forecast by economists, data released by the People's Bank of China showed. In November, banks extended a total of CNY624.6 billion in local currency loans. The broad money aggregate, M2 money supply, increased 13.6% year-on-year in December, compared with expectations for a 13.9% rise. This was also slower than 14.2% growth in November.
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China will continue to implement prudent monetary policy this year, Sheng Songcheng, head of the statistical department at the People's Bank of China, said. PBoC will ensure that monetary conditions are not too tight or too loose this year, the official told a news conference.
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Japan's machine tool orders increased significantly in December, data released by the Japan Machine Tool Builders' Association (JMTBA) showed. The value of orders for machine tools climbed 28% annually to 1116.98 billion yen in December. Demand in the domestic market advanced 42%, and export demand rose by 22%. In the whole of 2013, machine tool orders decreased 7.9% from the prior year. Driving the downturn, export orders fell 14%, which was partially offset by a 6.6% gain in domestic demand.
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The M2 money stock in Japan jumped 4.2% on year in December, the Bank of Japan said on Wednesday, standing at 862.8 trillion yen. The headline figure was shy of forecasts for an increase of 4.3% and down from the upwardly revised 4.4% gain in November (originally 4.3%). The M3 money stock added an annual 3.4% to 1,174.6 trillion yen - matching expectations and down from the upwardly revised 3.5% in the previous month (originally 3.4%).
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A programme that sweeps up mass telephone records is valuable, but should be changed to protect Americans' rights, a review panel told Congress Tuesday as President Barack Obama weighs changes to US surveillance programmes. Obama said Tuesday he was "close" to completing his review of US surveillance programmes ahead of a planned speech on reforms later this week.
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The US intelligence agency has covertly installed software on nearly 100,000 computers worldwide, allowing it to spy on them, and recruit them for possible cyber attacks, a news report said late Tuesday. Most were installed by the National Security Agency via network connections, but the agency has devised a way of reaching unconnected computers by means of radio waves, the New York Times reported, citing NSA documents, computer experts and officials.
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The mostly peaceful campaign to shut down Bangkok entered its third day with a mass march down a central thoroughfare amid reports of rising violence, police said. Overnight attacks on an opposition leader and protesters did not stop Suthep Thaugsuban, who heads the People's Democratic Reform Committee (PDRC), from launching a mass march down Sukhumvit Road.
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BROKER RATING CHANGES
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UBS RAISES ANGLO AMERICAN TO 'BUY' ('NEUTRAL') - TARGET 1580 (1500) PENCE
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UBS CUTS FERREXPO TO 'NEUTRAL' ('BUY') - TARGET 190 (225) PENCE
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DEUTSCHE BANK RAISES LONMIN TO 'BUY' ('HOLD') - TARGET 380 (390) PENCE
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UBS ADDS FERREXPO TO 'LEAST PREFFERED LIST'
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UBS ADDS ANTOFAGASTA TO 'LEAST PREFERRED LIST'
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UBS ADDS BAE SYSTEMS TO 'MOST PREFERRED LIST'
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BARCLAYS CUTS SSE TO 'UNDERWEIGHT' ('OVERWEIGHT') - TARGET 1200 (1810) PENCE
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BARCLAYS CUTS CENTRICA TO 'UNDERWEIGHT' ('EW') - TARGET 285 (380) PENCE
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TRADERS: CITIGROUP CUTS EASYJET TO 'NEUTRAL' ('BUY')
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TRADERS: CREDIT SUISSE CUTS DIRECT LINE TO 'NEUTRAL' ('OUTPERFORM')
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TRADERS: CREDIT SUISSE CUTS RESOLUTION TO 'UNDERPERFORM' ('NEUTRAL')
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TRADERS: CREDIT SUISSE RAISES STANDARD LIFE TO 'OUTPERFORM' ('NEUTRAL')
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TRADER: SOCGEN ADDS GLAXOSMITHKLINE TO 'PREMIUM LIST'
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TRADERS: JEFFERIES RAISES LAND SECURITIES TO 'BUY' ('HOLD') - TARGET 134 PENCE
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TRADERS: JEFFERIES RAISES BRITISH LAND TO 'BUY' - TARGET 707 (659) PENCE
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TRADERS: MORGAN STANLEY RAISES ASTRAZENECA TO 'EQUAL-WEIGHT'
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COMPANIES - FTSE 100
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Japanese smelter Pan Pacific Copper said it could not reach an agreement with BHP Billiton on processing fees for copper and hence would not sign a long-term contract with the miner, reports said. The Japanese firm is said to have asked for USD92 per ton to treat copper concentrate and 9.2 cents per pound to refine the metal. The rates are the same as it had agreed with Freeport-McMoRan Copper & Gold Inc late last year for 2014. For 2013, Pan Pacific and Freeport had agreed on USD70 per ton and 7 cents per pound. Pan Pacific reportedly ended discussions with BHP on January 10 for the annual supply contract.
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BHP Billiton Appoints New President Corporate Affairs
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Hargreaves Lansdown Announces Retail Distribution Review Pricing; Says Average Annual Management Charges For Wealth 150 Fund To Fall To 0.65%; Says New Charge Compares To Market Rate Of 0.76%; Says New Charges Will Hit Revenue By GBP8M In 1st 12 Months From March 1; Sees Further Revenue Hit Of GBP9M Approaching April 2016
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Tullow Announces Oil Discoveries In Kenya With Gross Mean Resources Over 600mmbo; Tullow FY 2013 Gross Profit Up, USD1.40B Vs USD1.35B; FY Sales Up, USD2.60B Vs USD2.34B; FY 2013 Production Up, 84,200BOEPD Vs 79,200BOEPD; FY 2013 Sales Volumes Up, 68,000BOEPD Vs 74,400BOEPD; Expects FY2014 Production 82,000 BOEPD; Expects Net Write Off Of Roughly USD405M Regarding 2013 Exploration And USD325M From Previous Exploration; Exploration Programme Added Over 200MMBOE Contingent Resources In 2013
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Burberry Group Q3 Retail Revenue Up 14% To GBP528M; Q3 Comparable Sales Up 12%; Leaves Full Year Outlook Unchanged; CEO: Exchange Rates Will Be A Significant Headwind In H2, Beyond
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COMPANIES - FTSE 250
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Sandell Asset Management Corp called on FirstGroup PLC to reconsider its "premature" rejection of a plan it put forward calling on the company to split itself up and sell assets in order to drive shareholder value. The bus and rail operator, which has UK rail and bus operations, and student transport, airport transit and the Greyhound bus unit in the US, rejected the proposal from one its biggest shareholders in December.
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Fenner Says Trading In Line With Expectations In Recent Months; Trading Below Year-Earlier Period Between Sept 1 And Jan 14; Says FY Outcome Unchanged In Constant Currency Terms
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Taylor Wimpey Says Total Home Completions Up 7% to 11,696 Vs 10,886; Average Selling Price On Completions Up 7% To GBP210,000; Says Help To Buy Continues To Prove Popular With Customers
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African Barrick Gold Says Bulyanhulu Drilling Confirms Extensions To Reef 1 And 2 Mineralisation; Sees Positive Initial Results From Drilling At Kenyan Joint Venture Properties
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Provident Financial Says Results For 2013 Expected To Be In Line With Expectations; Says CCD Reposition Plans Progressing Well
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Diploma Q1 Revenues 4% Ahead Of Previous Year; Strong Growth In European Environmental Businesses, Held Back On UK Sterling Translation
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Jupiter Fund Management AUM Up To GBP31.7B End-Dec; Total Net Mutual Fund Inflows GBP1.2B In 2013; Total Net Mutual Fund Inflows GBP458M In Q4
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COMPANIES - ALL-SHARE AND AIM
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Ebiquity Buys China Media Consulting Group For Up To GBP6.7M Cash; H1 Underlying Pretax Profit GBP3.6M, Vs GBP2.7M Year Before; Reported Pretax Profit GBP1.7M, Vs GBP1.2M Year Before; Revenue GBP32.7M, Vs GBP30.5M Year Before; Confident To Meet Management Expectations For Full Year; Says No Longer Considering Sale Of The Business
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Datatec Appoints Jurgens Myburgh As CFO, Rob Evans As Group Operations Director
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Wandisco Total Bookings For FY USD14.8M Vs USD7.9M
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MediaZest In Face Recognition Software Tie-Up With Argus Global
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Goals Soccer Centres FY Overall Sales Up 3% To GBP33.5M Vs GBP32.5M; Like-For-Like Sales Up 2%; Says Trading For Year Was In Line With Expectations
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Ilika H1 Pretax Loss GBP1.5M Vs Pretax Loss GBP1.9M; Revenue GBP600,000 Vs GBP400,000
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Animalcare Says H1 Trading Was In Line With Management Expectations
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Stellar Diamonds Says Strong Progress At Tongo Diamons Project In Sierra Leone
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Plant Health Care Says Trading Continues To Be In Line With Board Expectations
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Anglo Asian Mining Missed Production Target & Lower Gold Price Will See Profitability For 2013 Significantly Reduced
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Wednesday's Scheduled AGMs/EGMs

Diploma
Fenner
Majedie Investments
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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