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| | HBOS Plc's Bank West Retail unit in Australia has been approached by Commonwealth Bank of Australia and National Australia Bank (Times).
Associated British Foods Plc is in talks to purchase Azucarera Ebro in Spain (Mail).
WPP Group Plc could consider moving its head office out of the UK (Times).
Petrofac Ltd and Mubadala Petroleum Services Company LLC to establish a joint venture, Petrofac Emirates LLC in Abu Dhabi.
Travel & Leisure: Stagecoach Group (+5.88% to 319.75p) reached a new 3-month relative high against the FTSE 100.
British Airways Plc may consider a partnership with Alitalia (WSJ).
Industrial Goods & Services: G4S Plc (+2.98% to 233.5p), Charter Plc (+2.64% to 952p) and Bunzl (+2.07% to 715p) reached a new 3-month relative high against the FTSE 100.
BP bought back last Friday for cancellation 1,500,000 ordinary shares at prices between 520.75 pence and 530.50 pence per share.
National Grid bought back last Friday 1,184,117 ordinary shares at a price of 717.53 pence per share. The purchased shares will be held as Treasury shares. | | Latest broker recommendations
| | Henderson price target was raised to 130p vs 110p at Citigroup.
Bodycote was cut to "underperform" from "neutral" at Merrill Lynch.
Imperial Energy price target was cut to 1250p vs 1500p at UBS. | | | | | NYFP.TV | | | | Today’s Corporate Events (FTSE 350 universe) | | No major earnings expected.
| | Director Dealings | | No major transaction.
| | GBP / USD (15min) | | | | FTSE 100 (15min) | | | | techMARK (15min) | | | | FTSE 250 (15min) | | | |
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| | European Markets
| Germany / Austria Commerzbank to buy Dresdner Bank from Allianz for appx. E9.8bln in a two steps transaction to be completed no later that the end of 2009. The transaction has potential synergies of E5bln. Allianz will have a stake of nearly 30% in the new entity. The insurance company agreed to buy Cominvest from Commerzbank, to commit up to E975m into a trust solution for specific ABS assets of Dresdner Bank. Oldenburgische Landesbank will remain with Allianz Group. The Co will cut 9,000 jobs out of about 67,000.
Technology: United Internet (-1.09% to E9.96) closed at a 3-month relative low against the Dax.
Retail: Arcandor (-1.64% to E5.41) reached a new 3-month relative low against the Dax.
Continental was cut to "underweight" from "neutral" at Merrill Lynch.
Volkswagen's commercial-vehicle unit to meet its 2H targets (WirtschaftsWoche).
Daimler: Tesla Motors may be the batteries supplier for the Co's electric Smart cars (FT Deutschland).
Deutsche Telekom price target was raised to E13.25 from E13 at Morgan Stanley. France Vivendi delivered 2Q adjusted net income of E757m compared to E728m consensus, EBIT of E1.24bln vs E1.23bln a year ago. Revenue reached appx. E6bln, an increase of 15.1% and of 17.4% at constant currency when compared to 2Q07. Furthermore, the Co expects to deliver 2008 profit growth similar to 2007, at constant perimeter.
GDF Suez announced 1H net profit up 14% to E3.38bln compared to E2.96bln a year earlier, beating the E3.16bln consensus. The group to pay an interim dividend of E0.8 a share.
Vinci reported 1H net income up to E731m (E678m consensus) compared to E614m a year ago, operating income of E1.46bln (E1.45bln expected), up 12% YoY on revenue up 15% to E15.7bln. Besides, the Co decided to pay an interim dividend of E0.52, up 11%.
Altarea posted 1H net income down to E67m compared to E147.5m a year earlier.
Thales and Cadbury Plc may sell their appx. 20% shares in Camelot Group Plc (Telegraph).
Industrial Goods & Services: Nexans (+1.27% to E86.25) closed at a 3-month relative high against the Cac 40.
Accor was cut to "sell" from "neutral" at UBS.
Michelin was raised to "buy" from "neutral" at Merrill Lynch.
PPR price target was raised to E86 from E84 at Lehman Brothers. Spain / Portugal / Greece Inmobiliaria Colonial posted 1H net loss of E2.4bln compared to a profit of E316m a year ago.
Cintra CIT 1H net loss seen at E42.7m compared to a loss of E29m a year ago.
Grupo Ferrovial could report 1H net income down to E192m compared to E756m a year ago on revenue of E6.8bln vs E7.1bln.
Banks: Banco Pastor (-0.45% to E6.62) closed at a 3-month relative low against the Ibex.
Construction & Materials: Sacyr Vallehermoso (-2.97% to E12.41) closed at a 3-month relative low against the Ibex.
Sacyr Vallehermoso and Faes Farma 1H results expected
Grupo Catalana Occidente price target was cut to E21.4 vs E27.6 at UBS. | | | | Today’s economic events (CE time) | | FR 09:50: Aug F PMI Manufacturing, exp.: 45.1
GE 09:55: Aug F PMI Manufacturing, exp.: 49.9
EC 10:00: Aug F PMI Manufacturing, exp.: 47.5
UK 10:30: Jul F M4 Money Supply (MoM)
UK 10:30: Jul F M4 Sterling Lending (BP)
UK 10:30: Jul Net Consumer Credit, exp.: 0.8B
UK 10:30: Jul Net Lending Sec. on Dwellings, exp.: 3.0B
UK 10:30: Jul Mortgage Approvals, exp.: 36K
UK 10:30: Aug PMI Manufacturing, exp.: 44
| | Indices | | Last | Daily
Change | % YTD | | FTSE 100 | 5,637 | 35.40 | -12.70 | | FTSE 250 | 9,382 | 110.10 | -11.97 | | FTSE techMARK 100 | 1,614 | 14.64 | -1.68 | | Dow Jones | 11,544 | -171.63 | -12.98 | | Nasdaq 100 | 1,873 | -42.58 | -10.19 | | S&P 500 | 1,283 | -17.85 | -12.64 | | DJ Euro STOXX 50 | 3,366 | 6.21 | -23.50 | | Dax | 6,422 | 1.76 | -20.39 | | Cac 40 | 4,483 | 21.11 | -20.15 | | SMI | 7,239 | 48.34 | -14.68 | | Nikkei 225 | 12,853 | -219.87 | -16.04 | | Hang Seng | 20,879 | -382.75 | -24.93 | | ASX | 5,099 | -36.90 | -19.58 | | | Bonds | | Last % | | Last % | | 10Y Gilt | 4.48 | US 10Y T-Note | 3.81 | | 10Y Bund | 4.15 | US 30Y T-Bond | 4.42 | | | EUR / USD (15min) | | | | USD / JPY (15min) | | | | Dax 30 (15min) | | | | Cac 40 (15min) | | | | Euro Stoxx 50 (15min) | | | |
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