Euro indices are trading broadly higher

European indices are trading broadly higher helped by news that a military strike against Syria in response to recent chemical weapons attack could be delayed after U.S. President Barack Obama faced new obstacles with British allies and U.S. lawmakers. West Texas crude is currently trading 0.72 percent lower at $109.25 a barrel whilst Gold retreated for the first time in six days.

Vodafone group has gained some 7.9 percent, the largest rise since 2008, sending the share to 12-year-highs. Leading the way within the FTSE 100, the company has confirmed today that it was in talks with Verizon Communications f or possible disposal of its 45 percent stake in a joint venture. Meanwhile, shares in Melrose Industries have surged 6.6 percent after 1H pre-tax profit more than doubled as order books improve.

The dollar has been the second best performing currency this year compared with a range of major currencies, rising 5.5 percent compared with the euro’s 6.1 percent gain. Currency futures traders believe that further gains may be in store if the Fed reduces its $85 billion of monthly bond purchases, stemming the flow of cash to the euro zone. Global monetary easing has boosted European assets as the economy improves and investors speculate that the chance of a euro-region breakup has receded.

U.S stock futures have climbed as investors await data including preliminary GDP and unemployment claims. Analysts forecast that the U.S economy grew 2.2 percent in the second quarter whilst a separate report will probably show that initial applications for jobless benefits fell by 4,000 to 332,000 last week.

Risers

Vodafone
Vodafone has confirmed today that it is in talks with Verizon Communications to sell its 45% stake in their joint venture company Verizon Wireless. Talk between the two parties have cooled off in recent months but now it seems talks have reached a more serious level. The deal will likely cost Verizon well over $100 billion who are apparently in discussions with banks to get the finances to make the deal.

Evraz
Russia’s largest steelmaker Evraz has posted a first-half net loss of $122 million due to weaker metal prices. Despite the loss, earnings were in line with analyst expectations and has revised and adjusted its expansion plants to increase the flexibility of future capital expenditure.

Lamprell
Despite Lamprell’s CFO resigning yesterday, the engineering services to the oil and gas industries has reported a return in profit during the first half of the year. They have added that performance for the full year is anticipated to be ahead of company expectations.

WPP Group
The advertising group has reported a jump in profits and an improved outlook for the rest of the year. They raised full-year sales goals as client in the UK and the US invested heavily in advertising in the second quarter.

SOCO International
The oil and gas exploration and production company has announced plans to return about 133 million pounds to shareholders as it reported a rise in profit in the first half. Bank of America Merrill Lynch says they have delivered a very positive set of 1H 2013 results, with the highlight being the announcement of an inaugural dividend. BoA reiterates their buy rating on the stock with a 536p price target.



Fallers

Petropavlovsk
The gold producer has swung to a large pre-tax loss for the first half of the year, partly due to a decline in gold prices. They have maintained its 2013 gold production forecast of between 760k and 780k ounces.

Serco Group
Serco drops over 10 percent, topping the list of FTSE 100 fallers after they confirmed that the UK Ministry of Justice has called police over the misreporting of data by ‘a small number of employees’ associated with Serco’s Prisoner Escort and Custody Services (PECS) contract

Cape
The provider of industrial services to the energy and natural resources sector has posted a 57 percent drop in pre-tax profit during the half year-end. They add that it anticipates the full-year performance will be broadly in line with expectations.

Admiral Group
Insurance company Admiral Group reported a 6% rise in first half pre-tax profit, raising its interim dividend payment and said that it remains on track to meet its expectations for the full year.

Pearson
Deutsche Bank downgrades Pearson to sell from hold and lowers its target price to 1000p from 1225p. It says Pearson faces more structural change than any other professional publisher.