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Market Update

Accelerating Declines in Euro and European Bonds

Author: Nichole Harper
Last Update: 1:44 PM ET March 11 2015

1:45 PM New York Stocks on Wall Street lacked direction and investors remained on the sidelines after the S&P 500 index wiped out gains in the year so far. The euro accelerated its decline and extended nine-month loss to 35% as traders brace for more fall in the next three months.

Stocks on Wall Street lacked direction and investors focused on the accelerating decline in the euro currency.

Bond yields dropped further from historic lows after the euro declined to a 12-year low against the dollar.

The euro traded at $1.056 and yields across the euro zone declined after the European Central Bank began its $$1.2 trillion bond purchase program last week.

The euro has declined 35% in less than nine months and the currency is expected to decline more and expectations of the euro trading at par or lower rose in the next three months.

The yield on German 10-year bond declined to 0.31% and on French government bonds of similar maturities traded at 0.6%. Yields turned negative for bonds issued by Switzerland, Denmark and the Netherlands.

On Wall Street trading, Tollbooth Strategy Index slid 0.03% or 3.44 to 10,492.32.

S&P 500 index rose 3.35 or 0.1% to 2,047.51 and the Nasdaq Composite Index added 6.05 or 0.1% to 4,865.88.

Crude oil gained 70 cents a barrel to $57.09 and gold declined $9 to $1,151.10 an ounce.

U.S. Movers

Vera Bradley, Inc (VRA) tumbled 16.7% or $3.01 to $15.06 after the accessories retailer said revenues in the fourth-quarter ending in January slipped 2.4% to $152.6 million form a year ago period.

Comparable store sales in the quarter tumbled 14.4%.

Net income in the quarter declined 10.8% to $17.3 million or 43 cents per diluted share compared to $19.4 million or 48 cents from the same quarter last year.

VeriFone Systems Inc (PAY) climbed 4.6% or $1.53 to $34.72 after the electronic payment solutions provider reported total revenues in the first-quarter ending in January surged 11.5% to $486.2 million form a year ago period.

Net in the quarter swung to profit $13.8 million or 12 cents per diluted share compared to a loss of $16.2 million or 15 cents from the same quarter last year.

Verisk Analytics, Inc (VRSK) gained 1.5% or $1.07 to $69.61 after the consultation services provider agreed to acquire U.K.-based privately held energy consultant Wood Mackenzie for $2.8 billion or 1.85 billion to expand its international business.
The transaction is expected to close in the second-quarter of this year.

European Markets

In London trading, FTSE 100 index edged up 5.82 to 6,708.66 and in Frankfurt the DAX index climbed 1.8% or 208.84 to 11,709.22.

In Paris, CAC 40 index jumped 1.8% or 89 to 4,970.95.

Adecco SA climbed 3.8% to Sfr78.40 after the Switzerland-based outsourcing services provider said revenues in the year ending in December jumped 3% to 20 billion from 19.50 billion a year ago period.

Net profit in the year soared 14% from a year ago to 638 million compared to 557 million and diluted earnings per share advanced 17% to 3.61 from 3.08.

The company forecasted to achieve EBITA margin target for fiscal 2015 of more than 5.5%.

Deutsche Post AG declined 3.4% to 29.23 after the Germany-based logistics services provider reported revenues in the year ending in December climbed 3.1% to 56.63 billion from 54.91 billion a year ago period.

Net profit in the year dropped 1% from a year ago to 2.07 billion compared to 2.09 billion and diluted earnings per share decreased to 1.64 from 1.66.

The company forecasted operating profit to jump for the fiscal 2015 between of 3.05 billion and 3.2 billion.

For the fiscal 2016, the Deutsche Post forecasted operating profit to increase in the range of between 3.7 billion and 3.7 billion.

Domino Printing Sciences Plc surged 31.1% to 946 pence after the U.K.-based industrial printing equipments maker agreed to be acquired by Japan-based office equipments maker Brother Industries Ltd.

The deal valued for about 1 billion in cash or 915 pence per share, represents a 27% premium to the yesterday close.

Asian Markets

Stocks in Tokyo struggled to hold on gains of the day and the yen eased after the U.S. dollar hit a 12-year high against the euro.

FamilyMart is in merger talks with the rival UNY Group to form the second-largest convenience store chain.

Stocks in Tokyo reacted to events in New York and in Europe after the U.S. dollar rose to a 12-year high and the euro zone ministers struggled to finalize an agreement with Greece.

Domestically, seasonally adjusted core machinery orders in January declined 1.7% to 838.9 billion yen after increasing 8.3% to 853.6 billion yen in December, the first decline in three months, the Cabinet Office said.

The Nikkei 225 Stock Average gained 58.41 or 0.3% to 18,723.52 and the broader Topix index edged up 0.92 to 1,525.67.

The yen eased and extended losses to 121.26 against a dollar.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc