Editor's Picks
Tuesday tips round-up: Charter, Bodycote, Halfords...
Tuesday 21 Jun 2011
When Charter International put out a statement yesterday that, although one side of the business accounting for about a third of sales was doing really quite well, the rest had suffered a bit of a slowdown, almost a third of the company’s market cap disappeared and the shares ended off 179p at 537¾p. At the present level, the shares are on only eight times’ the most pessimistic profits forecast,
Commodities: Oil prices creep higher on Greece hopes
Tuesday 21 Jun 2011
Crude oil futures rose on Monday, in choppy trading, as concern that Greece will default on its debt eased.
Tuesday newspaper round-up: Greece, Rolls-Royce, RBS...
Tuesday 21 Jun 2011
European leaders must quickly agree a comprehensive bail-out of Greece or risk a "large global spill over" of financial turmoil, the International Monetary Fund (IMF) has warned. The stark message to Europe's politicians, who held a second day of crisis talks in Luxembourg on Monday, came as markets were again rattled by uncertainty surrounding the Greek crisis, writes the Telegraph.
US close: Stocks rise as euro worries calm
Monday 20 Jun 2011
US stocks finished in positive territory after nerves over the Greek debt situation calmed.
Rolls-Royce flying high on contract wins
Monday 20 Jun 2011
Rolls-Royce, the UK based engine manufacturer has won a $250m contract with China Southern Airlines.
US midday: Shares still trading higher for now
Monday 20 Jun 2011
The main US stock benchmarks are still trading in the positive (Dow Jones: 59, Nasdaq Comp.: 13, S&P 500: 6), despite latent worries over Greece. On a more positive note, senior ranking democrats have been cited as indicating that progress is being made on reaching an agreement to raise the federal government´s debt limit.
Permanent damage to the consumer, should BoE take note?
Monday 20 Jun 2011
Bank of America Merrill Lynch expects the June Monetary Policy Committee minutes to show a “more dovish tone” driven by weak retail sales data amidst a fragile economic environment and said consumer spending may have taken “permanent damage” due to the soaring inflation resulting from various cost shocks as well as higher savings.
FTSE 100 movers: RBS leads financials lower
Monday 20 Jun 2011
Financials are among the fallers over concerns of a possible Greek default, as Europe's finance ministers remain at loggerheads over dishing out a chunk of the €110bn bailout money agreed last year for the country. RBS, Man Group, Hargreaves Lansdown and Schroders were the worst four performers as of Monday afternoon. Lloyds and Barclays are also heading lower.
Rivals clash at Paris Airshow
Monday 20 Jun 2011
Investors’ eyes have turned to Paris today as the city hosts the Le Bourget air show, the most important such event in the world this year.
Intercontinental offloads another hotel for $56m
Monday 20 Jun 2011
InterContinental Hotels Group (IHG) has sold – but will continue to manage - the 210-room Hotel Indigo San Diego to Chesapeake Lodging Trust for $55.5m, in line with its strategy to grow its management and franchise businesses whilst reducing capital intensity.
Euromoney buys 87% stake in US's Ned Davis
Monday 20 Jun 2011
Financial publisher and exhibitions organiser Euromoney Institutional Investor agreed to buy an initial 87% stake in United States-based financial research group for about £69m.
Premium tips: Home Retail, Aggreko, Charter...
Monday 20 Jun 2011
Credit Suisse slashed its forecasts for home products retailer Home Retail Group following the company’s first quarter trading update which continued to show the negative effects of high operational gearing, compounded by a sharp decline like-for-like (LFL) sales (-9.6% for Argos). The broker confirmed its underperform’ rating, and reduced its target price from 180p to 133p.
PIIGS bonds slide as worries persist
Monday 20 Jun 2011
The PIGS – or more specifically the PIIGS – countries remained in focus Monday with Greek bonds on the slide again and those of Italy in the firing line too after Moody’s said it may downgrade its rating on the country.
Labour problems cause delays for Avocet
Monday 20 Jun 2011
Gold miner Avocet Mining reported better-than-expected drilling results from its flagship Inata gold mine in Burkina Faso, but revealed that its drilling programme was not completed following a labour dispute with employees.
Londoners cheerful about future house prices, Markit says
Monday 20 Jun 2011
Despite a struggling property market and tight lending conditions, households in London and Scotland find themselves in a buoyant mood as they expect the value of their houses to increase in twelve months, a Markit Economics report found.
Europe midday: Greek impasse rocks markets
Monday 20 Jun 2011
The prospect of Greece defaulting on its debts, described last week as "almost certain" by former US Federal Reserve chairman Alan Greenspan, is looming larger as Europe's finance ministers remain at loggerheads over dishing out a chunk of the €110bn bailout money agreed last year for the country.
US pre-open: Stocks are being called to open lower by 0.5%
Monday 20 Jun 2011
The main US stock benchmarks are being called to open down by 0.5% today, dragged lower by the latent worries over Greece. On a more positive note, senior ranking democrats have been cited as indicating that progress is being made on reaching an agreement to raise the federal government´s debt limit.
US newspaper round-up: Tax breaks, Oil prices, PNC/RBC...
Monday 20 Jun 2011
Some of the nation’s largest corporations have amassed vast profits outside the country and are pressing Congress and the Obama administration for a tax break to bring the money home. Apple has $12 billion waiting offshore, Google has $17 billion and Microsoft, $29 billion.
Broker snap: UBS upgrades Premier Farnell after price correction
Monday 20 Jun 2011
UBS has upgraded electrical components distributor Premier Farnell to ‘neutral’, from ‘sell’, after the recent share price correction following the group’s “disappointing” first quarter results.
Carr's Milling sells fertiliser unit to Origin for £19m
Monday 20 Jun 2011
Agriculture and engineering firm Carr’s Milling Industries has agreed to sell its fertilisers unit to Origin Enterprises for £19m and intends to use the £3m proceeds to reduce its pension fund deficit.
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