Editor's Picks
US midafternoon: Stocks manage a comeback, at least for today
Wednesday 03 Aug 2011
The main market averages have managed to turn around, at least for now. The Dow is up 7 at 11,879, the Nasdaq another 22 at 2,691, and the S&P 500 by another 5 to 1,259.
Market overview: FTSE 100 down 57
Wednesday 03 Aug 2011
0858: Most European equity benchmarks are still registering moderately strong falls, although they have managed to come back a little following the initial sharp drop seen at the opening bell. US equity futures are actually in the 'blue' at the moment, pointing to average gains of 0.5% for the start of today's session. Overnight, Moodys reaffirmed its AAA rating on US debt (but assigned a
UPDATE: Cairn Energy notifies of a drilling disappointment
Wednesday 03 Aug 2011
Oil exploration group Cairn Energy has today informed investors on progress in its drilling campaign offshore Greenland.
Record profits again for Standard Chartered
Wednesday 03 Aug 2011
Standard Chartered, the bank focused on emerging markets, topped market expectations with record first half profits for the ninth successive year.
London pre-open: London participates in global sell-off
Wednesday 03 Aug 2011
Equity markets are in retreat worldwide, and London is no exception, with City traders tipping that the Footsie will open around 87 points lower. Disappointing US economic data has more than offset relief that the US debt ceiling law has been passed, and is overshadowing a busy morning for company announcements.
Wednesday newspaper round-up: Obama, UK deficit, Markets...
Wednesday 03 Aug 2011
Barack Obama came out fighting in an attempt to undo the damage to his reputation caused by the long-running debt standoff, and pacify Democrats who feel betrayed by the deal that will result in spending cuts totalling trillions of dollars. Speaking minutes after the Senate joined the House in approving the deal to prevent the US going into default, ...
Wednesday tips round-up: Barclays, Centamin Egypt, Cookson...
Wednesday 03 Aug 2011
On the face of it, Barclays’ interim figures were reassuring. Strip out the £1 billion insurance mis-selling bill and the absurd distraction caused by own-debt valuation, and the bank produced a respectable 24 per cent improvement in profits. Like all banks, Barclays faces serious headwinds from adverse new capital rules and is at the mercy of the wider economy: if growth continues to slow or
US close: Stocks slump despite deal
Tuesday 02 Aug 2011
Stocks plunged despite the last minute vote in favour of a deficit-cutting plan as investors instead focused on renewed worries over the economic recovery.
Amlin to miss first half targets
Tuesday 02 Aug 2011
Shares in Amlin plummeted over 16% in afternoon trading after the underwriter warned that it is likely to miss its profit targets for the full year.
S&P cuts Nokia rating
Tuesday 02 Aug 2011
Ratings agency Standard & Poors (S&P) lowered its rating for Nokia to "BBB", two notches above "junk status," with a negative outlook. The rating is equivalent to the "Baa2" set by Moodys last week after it cut Nokia's ratng by two notches.
London close: Poor start on Wall Street fuels late sell-off
Tuesday 02 Aug 2011
A poor start on Wall Street spurred a late decline in London on Tuesday, as the Footsie fell nearly 1% in afternoon trading, despite trading sideward for the majority of the day. The main US equity benchmarks are now trading firmly in the red following worse than expected economic numbers out in the pre-open and ahead of tonight´s Senate vote on the budget deficit reduction bill.
US mid-afternoon: Bonds soar, as equities reset? For how long?
Tuesday 02 Aug 2011
Contrary to what one might have expected, following news that US President Barack Obama has signed into law the new deficit reduction bill, the main US equity benchmarks are now trading even further in the red (Dow Jones: -171 to 11,961, Nasdaq Comp.: -51 to 2,699, S&P 500: -22 to 1,265). Bonds are soaring.
FSA plans knock Hargreaves Lansdown shares
Tuesday 02 Aug 2011
Shares in Hargreaves Lansdown fell sharply after the Financial Services Authority (FSA) published new rules on how financial services companies provide platform services to investors.
Premium tips: Next, GKN, Carpetright...
Tuesday 02 Aug 2011
RBS raised its full-year profit forecasts for high street retailer Next after upping its first half Retail LFL and Directory estimates ahead of its second quarter results due on Wednesday. “Next’s strong management team, cash and margin focus, coupled with EPS support via buybacks, are positives within a tough UK consumer environment.” A buy rating is kept.
Liontrust bosses pick up shares
Tuesday 02 Aug 2011
A round-up of the biggest director buys today so far.
FTSE 250 Movers: Moneysupermarket.com flying high
Tuesday 02 Aug 2011
Moneysupermarket.com is flying high after its share price soared after announcing a sharp incline in profits.
FTSE 100 Movers: Fresnillo sparkles
Tuesday 02 Aug 2011
Soaring precious metals prices boosted both profits and the share price at Mexican silver and gold miner Fresnillo. Total revenue rose to $1.056bn (£644.5m) from $605.7m the previous year in the six months to 30 June, while earnings before interest, depreciation and amortisation (EBITDA) rose to $757m from $394.3m.
Broker snap: RBS downgrades HSBC to hold
Tuesday 02 Aug 2011
RBS has downgraded its rating on global banking giant HSBC from buy to hold, due to uncertain economic conditions in the US and Europe.
LSE to buy FSA's transaction reporting service for £15m
Tuesday 02 Aug 2011
Bourses operator London Stock Exchange Group has snapped up FSA’s approved reporting mechanism (ARM), also known as transaction reporting service (TRS), for approximately £15m in cash, subject to regulatory approval.
Centamin Gold cuts production guidance
Tuesday 02 Aug 2011
Gold miner Centamin Egypt has cut its gold production for the full year after import restrictions on products it needs to conduct operations held back output in the second quarter. It has cut its full-year output estimate to 200,000 to 210,000 ounces from a previous prediction of 250,000 to 290,000 ounces.
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