RAMSEY CROOKALL & CO
2nd July 2012
Morning Report
The FTSE 100 is up 0.8%, pushing further into the black following the release of
UK manufacturing PMI, having edged higher earlier. The PMI for the manufacturing
sector rises to 48.6 in June, compared with expectations for a reading of 47.4.
Barclays says it will launch an independently led audit of its business practices
as Chairman Marcus Agius confirms he would resign, taking responsibility for last
week's $453 million settlement of an interest-rate manipulation probe.
Apple will pay $60 million to settle a trademark dispute with a Chinese company
over the iPad name, according to a Chinese court, potentially resolving a case
that illustrated new intellectual-property challenges for foreign businesses
in China.
Glencore International is prepared to walk away from a $65 billion merger with
Xstrata rather than be forced into overpaying for the deal, reports the Sunday
Telegraph.
Insurance group Aviva rose after announcing that Chairman Lord Sharman retired as
Chairman on June 30th. John McFarlane has taken over.
Pharmaceuticals giant AstraZeneca edged higher after saying that Bristol-Myers
Squibb's acquisition of Amylin Pharmaceuticals will strengthen the leadership
position of its diabetes alliance with Bristol-Myers in a "growing area of high
unmet medical need". Astra will make a payment of $3.4bn in cash to Amylin once
it becomes a wholly-owned subsidiary of Bristol-Myers.
Sector peer GlaxoSmithKline also advanced after revealing positive results from
four pivotal phase III studies for its once-daily COPD treatment. The company
said that the results of the studies support its intention to commence global
regulatory submissions for the treatment from the end of 2012.
Serco, the international services company, rose after it signed an agreement to
dispose of most of its operations in Germany in a transaction with the local
management team.
Media giant WPP was in demand after announcing another acquisition; it has agreed
to acquire the South Korean media planning and buying agency, Alchemedia, which
will be merged into its GroupM Korea subsidiary.
THE FTSE 100 @ 10:00 Up 41 @ 5,613
THE DOW JONES closed Up 277 @ 12880
THE NASDAQ closed Up 85 @ 2935
Exchange Rates
GBP – USD @ 10:00 1.5683
GBP - EURO @ 10:00 1.2407
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