RAMSEY CROOKALL
14th July
Afternoon Report
The FTSE 100 is down 0.85% , extending losses, as Italy's bond auction sees the country's
treasury pay higher yields than at previous sales, increasing concerns about the spread of
the euro-zone debt crisis. News that Moody's Investor Services put the US economy's AAA
rating on review for a possible downgrade also weighs on the London index.
Technology stocks Autonomy Corp. and ARM Holdings are down 2.1% and 2.8%, respectively,
following a weak update from European peer Software AG, while Petrofac is down 3.4%. Still
to come on the data front, US retail sales and initial jobless claims, which are both
announced later this afternoon.
Associated British Foods is bucking the downward trend. It said its outlook for the full
year is in line with expectations as its food arm and budget clothing retail chain Primark
continue to perform well.
House builder Barratt Developments confirmed its return to profitability, saying it expects
to deliver a full-year profit before tax and exceptional items of around £40m, compared to
a loss the year before of £33.0m.
Daily Mail publisher DMGT is under pressure after saying it is putting the price of its
main newspaper up by 5p to 55p as it seeks to cope with rising newsprint prices and declines
in the advertising market and circulations.
THE FTSE 100 at 12:00 Down 50 @ 5855
THE DOW JONES closed Up 44 @ 12491
NASDAQ COMP closed Up 15 @ 2796
Exchange Rates
GBP – USD 1.6116
GBP - EURO 1.1358
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