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Market Summary
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The FTSE was called to open up 25-30 points this morning, but lost ground from some early gains, matching the tone set yesterday, and ends the day off by around 40 points. The ECB as expected cut rates and the accompanying statements were largely in line, the selling was as much due to a lack of substantial buying ahead of tomorrow’s EU summit as to any ‘genuine’ selling pressure. So we yet again will be forced to wait for EU news flow for directions for the market next week.
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FTSE 350 Movers
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Ashtead gained 13% through the day as it stated today that it sees its full year profit coming in substantially ahead of the expectations
Kenmare Resources closed up 9.9% following on from the solid buying seen over the recent days
On the FTSE 350 60 stocks closed higher, 292 lower, as the selling gained momentum through the day
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FTSE 350 Fallers
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PZ Cussons stays the leading faller down over 12% as it warns this morning that H1 number would be coming in under the expectations, citing lower margins
Thomas Cook ended the day down over 8% as volatility returns in the stock after its recent 75% falls
London & Stanford Property stays off 8% as GE Asset Management details that it plans to sell a 9% stake in the company
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European Markets
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The EBA stated into the close that European banks will need to raise an additional €114bn in fresh capital as part of additional measures introduced, the estimates back in October was for around €106bn
Draghi midday stayed clear from signalling that the ECB would buy more bonds
The leading faller in the Stoxx 600 is BioMerieux down over 10% as it warns it will not meet its previous full year sales targets, Sabadell stays the leading gainer up 4% as it announces its is buying a trouble Spanish Caja bank for a nominal €1 backed by €5bn in government guarantees
On the index 65 were higher, 519 lower
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Commodities
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Gold has come off the most for a couple of weeks after the ECB announcement as Draghi states that the ECB bond purchase program was not eternal or infinite
Copper is also off over 1.5% seemingly on some concern on the EBA numbers out into the close, which were a little higher than the previous forecasts
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Forex
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The euro had been unchanged for much of the day, but has come off since the ECB news, from highs of 1.345 intraday, to currently be around 1.332, with the selling continuing to have a high correlation with global stock market moves, causing the selloff seen in equity markets in the past few hours
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US Market Outlook
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On the S&P 500 currently 34 stocks are higher 466 lower. With Hartford down the most, -7% as the insurer warns it now was reducing its full year EPS targets, the leading gainer is Nordstrom up just over 1% on some renewed optimism on the US consumer
Jon Corzine, former governor of New Jersey, and who managed to kill off MF Global has stated that he does not know where the missing client funds are, or why they have not been reconciled to date, he is due to answer question at the hearing later today, and is likely to provide comments that will be focus of the business press this evening and tomorrow morning
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| FTSE 100 Gainers | Price | % Change | Change |
| BRIT AMER TOBACC | 3017.5 | 1.62 | 48 |
| BT GROUP PLC | 192.8 | 1.42 | 2.7 |
| IMPERIAL TOBACCO | 2381 | 1.23 | 29 |
| GLAXOSMITHKLINE | 1445 | 1.19 | 17 |
| WM MORRISON SUP | 319 | 1.11 | 3.5 |
| AGGREKO PLC | 1880 | 0.86 | 16 |
| ASTRAZENECA PLC | 2938.5 | 0.86 | 25 |
| SHIRE PLC | 2158 | 0.79 | 17 |
| VODAFONE GROUP | 173.35 | 0.78 | 1.35 |
| RECKITT BENCKISE | 3233 | 0.75 | 24 |
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| FTSE 100 Fallers | Price | % Change | Change |
| LLOYDS BANKING | 25.42 | -6.15 | -1.67 |
| ESSAR ENERGY | 227.2 | -6 | -14.5 |
| ROYAL BK SCOTLAN | 20.91 | -5.56 | -1.23 |
| XSTRATA PLC | 996.8 | -3.78 | -39.2 |
| IMI PLC | 743.5 | -3.63 | -28 |
| MAN GROUP PLC | 134.9 | -3.51 | -4.9 |
| BRIT LAND CO PLC | 472.1 | -3.38 | -16.5 |
| AMEC PLC | 909 | -3.3 | -31 |
| LEGAL & GEN GRP | 105.7 | -3.29 | -3.6 |
| GKN PLC | 183.8 | -3.21 | -6.1 |
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| DAX Gainers | Price | % Change | Change |
| FRESENIUS MEDICA | 50.46 | 1.26 | 0.63 |
| MERCK KGAA | 73.24 | 1.01 | 0.73 |
| FRESENIUS SE & C | 70.55 | 0.28 | 0.2 |
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| DAX Fallers | Price | % Change | Change |
| COMMERZBANK | 1.27 | -10.85 | -0.16 |
| K+S AG-REG | 36.21 | -5.2 | -1.99 |
| DEUTSCHE LUFT-RG | 8.84 | -4.56 | -0.42 |
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| Dow Gainers | Price | % Change | Change |
| MCDONALDS CORP | 97.62 | 1.21 | 1.17 |
| COCA-COLA CO/THE | 67.07 | 0.43 | 0.29 |
| KRAFT FOODS INC | 36.44 | 0.25 | 0.09 |
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| Dow Fallers | Price | % Change | Change |
| JPMORGAN CHASE | 33.05 | -2.79 | -0.95 |
| BANK OF AMERICA | 5.76 | -2.21 | -0.13 |
| ALCOA INC | 9.69 | -2.12 | -0.21 |
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| FTSE 350 Sector Gainers | Price | % Change |
| Tobacco | 34822 | 1.69 |
| Pharmaceuticals & Biotechnology | 9903 | 1.06 |
| Fixed Line Telecommunications | 2212 | 0.9 |
| Mobile Telecommunications | 4012 | 0.85 |
| Food & Drug Retailers | 4648 | 0.55 |
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| FTSE 350 Sector Fallers | Price | % Change |
| Personal Goods | 19455 | -3.66 |
| Automobiles & Parts | 4281 | -3.58 |
| Industrial Metals & Mining | 4324 | -3.32 |
| Real Estate Investment Trusts | 1791 | -3.12 |
| Construction & Materials | 3223 | -3.1 |
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| UK Companies Reporting Today | German Companies Reporting Today |
| API GROUP | BAYERISCHE LB |
| ASHTEAD GROUP | BERTRANDT AG |
| ATH RESOURCES | BUSINESS MEDIA C |
| AVARAE GLOBAL CO | CARL ZEISS MEDIT |
| BWA GROUP PLC | IFCO SYSTEMS NV |
| CYRIL SWEETT GRO | MAX21 MANAGEMENT |
| DATONG PLC | VESTCORP |
| HOUSE OF FRASER | |
| IENERGIZER LTD | |
| INTERBULK GROUP | |
| IPSA GROUP PLC | |
| JUBILANT ENERGY | |
| ECO ANIMAL HEALT | |
| MULBERRY GROUP | |
| NEW WORLD R-CW10 | |
| NORTHUMB WATER | |
| PHOTO-ME INTL | |
| PREMIER FARNELL | |
| REDHALL GROUP | |
| ROCKHOPPER EXPLO | |
| SKY HIGH PLC | |
| SUTTON HARBOUR | |
| TERRACE HILL GRO | |
| TERTIARY MINERAL | |
| TITON HLDGS PLC | |
| WEST PIONEER-D/I | |
| XTL BIOPHAR-CW13 | |
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| Bloomberg Data |