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UK market news
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British Airways Plc is bidding to buy Brussels Airlines (Sueddeutsche Zeitung).
Basic Resources: Vedanta Resources (-2.91% to 1603p), Kazakhmys Plc (-4.5% to 1062p) and Eurasian Natural Resources (-5.47% to 872p) reached a new 3-month relative low against the FTSE 100.
Xstrata plc agreed to buy a 17.83% stake in Indophil Resources NL from Lion Selection for A$1.17 per share or a consideration of A$82m.
Food & Beverage: Unilever (+6.11% to 1581p) closed at a 3-month relative high against the FTSE 100. The Co was raised to "neural" from "sell" at UBS.
Telecommunications: Inmarsat (+1.74% to 526p) closed at a 3-month relative high against the FTSE 100.
BP bought back yesterday for cancellation 2,150,000 ordinary shares at prices between 507.75 pence and 527.25 pence per share.
National Grid bought back yesterday 1,000,000 ordinary shares at a price of 708.04 pence per share. The purchased shares will be held as Treasury shares. |
Latest broker recommendations
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Cable & Wireless price target was raised to 180p vs 160p, Inmarsat price target was raised to 620p vs 535p at UBS.
British Energy price target was raised to 665p vs 650p at Morgan Stanley.
Capital & Regional Plc was raised to "buy" from "underperform", Charter Plc price target was raised to 1100p vs 1050p, Derwent London price target was raised to 930p vs 911p at Merrill Lynch.
Whitbread price target was cut to 1350p vs 1400p at Citigroup. |
The statements which appear in this section are sourced from the research providers stated in each case and may be publicly available from their respective websites.
This material should not be construed in any circumstances as a recommendation or offer to sell or recommendation or solicitation of any offer to buy any security or other financial instrument by City Index, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. City Index does not warrant or represent (expressly or impliedly) that the material is accurate, complete, not misleading or as to its fitness for the purpose intended and it should not be relied upon as such. City Index may in the ordinary course of business hold positions in the stocks listed above. |
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| NYFP.TV |
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| Today’s Corporate Events (FTSE 350 universe) |
Benfield Group Ltd 1H results
Carillion Plc 1H results
Eaga Plc FY results
Galiform Plc 1H results
Wetherspoon (J.D.) Plc FY results
Marshalls Plc 1H results
Uk Coal Plc 1H results
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| Director Dealings |
No major transaction.
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| GBP / USD (15min) |
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| FTSE 100 (15min) |
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| techMARK (15min) |
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| FTSE 250 (15min) |
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European Markets
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Germany / Austria
Volkswagen AG's Bentley Motors unit to cut output by about 15% (FT).
Air Berlin August passenger traffic expected.
Basic Resources: Kloeckner & Co (-3.32% to E24.2) and Salzgitter (-4.43% to E92.66) reached a new 3-month relative low against the Dax.
Voestalpine (-5.44% to E33) closed at a 3-month relative low against the ATX.
Industrial Goods & Services: Man (-4.43% to E61.64) and Thyssenkrupp (-4.47% to E30.36) reached a new 3-month relative low against the Dax.
Infineon price target was raised to E7.3 from E6.7 at UBS.
Allianz price target was cut to E142 from E143 at Morgan Stanley.
Hypo Real Estate was rated "hold" at Societe Generale.
France
Air France-KLM agreed to acquire a 10%-20% stake in Alitalia (La Tribune).
M6 Chairman Nicolas de Tavernost forecasts a flat advertising sales this year but a "tough year" for FY09 sales (AFP)
Total may sign a final contract by this year-end to sell 1m metric tons of LNG a year to China started from 2010 (LNG Intelligence). Seperately, the Co signed contracts to extend its Syrian oilfields operations through 2021.
Areva won a E33.5m contract from Tractebel Energia to design and build a power plant in Brazil.
Industrial Goods & Services: Vallourec (-4.28% to E164.64) closed at a 3-month relative low against the Cac 40.
STMicroelectronics was cut to "sell" from "neutral" at UBS.
Societe Generale was cut to "equal weight" from "overweight" at Lehman Brothers.
Spain / Portugal / Greece
Iberdrola to wait for the final details of the conditions imposed by US regulators before unveiling its offer decision for Energy East Corp next week (ABC).
Banks: Banco Pastor (-3.2% to E6.35) closed at a 3-month relative low against the Ibex.
Alpha Bank Ae (-3.55% to E16.3) reached a new 3-month relative low against the FTSE/ASE20.
Utilities: Public Power Corp (-5.12% to E16.3) closed at a 3-month relative low against the FTSE/ASE20.
Almirall was cut to "sell" from "hold" at Citigroup. |
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| Today’s economic events (CE time) |
FR 08:45: Jul Central Govt. Balance (Euros), exp.: -33.4B
GE 12:00: Jul Industrial Production MoM (sa), exp.: -0.5%
US 14:30: Aug Change in Nonfarm Payrolls, exp.: -75k
US 14:30: Aug Unemployment Rate, exp.: 5.7%
US 14:30: Aug Change in Manufact. Payrolls, exp.: -35K
US 14:30: Aug Average Hourly Earnings MoM, exp.: 0.3%
US 14:30: Aug Average Weekly Hours, exp.: 33.6
US 16:00: 2Q Mortgage Delinquencies
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| Indices |
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Last
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Daily
Change
|
% YTD
|
| FTSE 100 |
5,362
|
-137.60
|
-16.96
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| FTSE 250 |
9,150
|
-219.70
|
-14.15
|
| FTSE techMARK 100 |
1,573
|
-41.14
|
-4.14
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| Dow Jones |
11,188
|
-344.65
|
-15.66
|
| Nasdaq 100 |
1,775
|
-58.31
|
-14.88
|
| S&P 500 |
1,237
|
-38.15
|
-15.77
|
| DJ Euro STOXX 50 |
3,275
|
-94.15
|
-25.57
|
| Dax |
6,280
|
-187.92
|
-22.16
|
| Cac 40 |
4,304
|
-143.12
|
-23.34
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| SMI |
7,085
|
-171.98
|
-16.50
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| Nikkei 225 |
12,201
|
-356.96
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-20.30
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| Hang Seng |
19,755
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-634.41
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-28.97
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| ASX |
4,867
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-112.20
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-23.23
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| Bonds |
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Last %
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Last %
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| 10Y Gilt |
4.46
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US 10Y T-Note
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3.60
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| 10Y Bund |
4.07
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US 30Y T-Bond
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4.24
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| EUR / USD (15min) |
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| USD / JPY (15min) |
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| Dax 30 (15min) |
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| Cac 40 (15min) |
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| Euro Stoxx 50 (15min) |
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| Important Notice: |
This e-mail gives access to information and data provided by external sources and City Index offers no guarantee as to the accuracy or completeness of any such information or data. This information should not be construed as an offer to trade any CFD or place any spreadbet on any of the financial instruments referred to.
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© 2008 City Index Ltd
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