RAMSEY CROOKALL
1st August
Evening Report
The FTSE 100 closed down 0.7% , giving up session gains as the earlier euphoria over a
tentative deal on the US debt ceiling faded, and instead weakness in global manufacturing
PMIs weighed on sentiment. US ISM manufacturing fell much more than expected in July, by
4.4 points to 50.9%. Earlier, euro-zone, UK and China manufacturing PMI releases all showed
a contraction. In earnings, HSBC closed up 2.2%, after beating estimates with 1H results.
Looking to tomorrows data, euro-zone PPI figures are announced in early trading.
Banking giant HSBC rose after it unveiled a rise in profits and a massive wave of job cuts.
Pre-tax profits for the half year climbed by 3% from the same period the previous year, with
strong performances from the retail banking and wealth management divisions, which benefited
from fewer impairments, driving profits higher.
After delivering solid revenue and profit growth, testing and inspections firm Intertek's
share price rose by almost 6%. "Our businesses continue to perform well overall, with strength
in some areas offsetting slower growth in others," said Wolfhart Hauser, chief executive of
Intertek.
Laird's share price also took a tumble after Cooper Industries refused to offer 220p per share
to start bid negotiations with the electrical components maker.
Punch Tavern saw its share price dive by more than 75% after announcing it has completed the
demerger of its Spirit business unit.
Punch Taverns, which outlined its plans to separate the group into two businesses last month,
said its shareholders will be sent share certificates in respect of their holdings in Spirit
by 16 August.
THE FTSE 100 closed Down 40 @ 5774
THE DOW JONES at 16:40 Down 138 @ 12004
NASDAQ COM at 16:40 Down 17 @ 2738
Exchange Rates
GBP – USD 1.6263
GBP - EURO 1.1458
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