RAMSEY CROOKALL

16th  August           Afternoon Report

The FTSE 100 is off lows but still down following a series of disappointing data releases out of Germany, the euro-zone and the UK earlier, which have compounded growth concerns. Mining issues are the biggest drag, with Glencore International down 3.1% and Antofagasta down 2.6% amid weaker base metals prices. Later, eyes will be on the meeting between German Chancellor Merkel and French President Sarkozy. In economic news, US import price index,  housing starts and industrial production figures are announced before the US open.

Randgold Resources has defied it s peers by rising today, tracking the price of gold higher. However, sector peers Kazakhmys, Xstrata and Vedanta Resources are out of favour.

Engineers GKN, IMI and Weir Group also fell lower in early trading.

Resolution, the UK insurance buyout firm founded by Clive Cowdery, dipped into the red despite saying that it is on target to achieving its restructuring strategy as operating profits more than doubled in the six months ended 30 June.

The Thomas Cook Group, the Co-operative Group and the Midlands Co-operative are to merge after the Competition Commission gave the go-ahead for the deal. Thomas Cook was among the fallers on the FTSE 250.

Water group Pennon fell despite saying that trading has been in line with management expectations since March 31. THE FTSE 100 at 12:00                    Down          72             @       5277

THE DOW JONES closed                     Up            213            @       11482                        NASDAQ COM closed                        Up            47             @       2555                                Commodities

Spot Gold $/Oz           $1774 Brent Crude Oil          $108.55 September Delivery    Exchange Rates GBP – USD           1.6377 GBP - EURO          1.1400