RAMSEY CROOKALL & CO  25th June 2012

Evening Report

The FTSE 100 closed down 1.1% at 5450.65, as investors shed hopes that there will be some resolution to the euro-zone crisis when this week's EU summit concludes. Spain's and Italy's government bond yields are creeping higher again, which also reflects investors' concerns.

US. stocks joined in the  global slump as investors looked anxiously to a European Union summit this week and take a skeptical view of a Spanish request for European Union aid to bail out its banks.

Shire led U.K. shares lower after a rival gained clearance for a generic version of one of the pharmaceutical maker’s drugs, while banks and miners moved lower as expectations for a European Union summit later in the week declined.

Energy shares also moved lower as crude-oil prices slipped below $79 a barrel. BP , Royal Dutch Shell and BG Group fell.

Banks traded lower, keying off a much-anticipated EU summit at the end of the week for any announcements on closer fiscal integration in the region and the creation of a banking union. Analysts, however, weren't expecting any clear resolutions to end the debt crisis in the short term.

Food retailer Wm Morrison Supermarkets dropped 1.2% after announcing that group Finance Director Richard Pennycook plans to step down from the board and leave the firm at the end of June 2013. Anheuser-Busch InBev is close to taking control of Corona Extra beer maker Grupo Modelo, people familiar with the matter tell The Wall Street Journal, in a deal that could be valued at more than $12 billion.

THE FTSE 100            closed             Down           63        @      5,450 THE DOW JONES            @ 17:00            Down          169       @     12471 THE NASDAQ               @ 17:00            Down           60        @      2831

Exchange Rates GBP – USD        @      17:00            1.5555 GBP - EURO      @      17:00            1.2459