RAMSEY CROOKALL & CO EVENING MARKET REPORT 11 JUNE 2010

The FTSE 100’s morning gains evaporated this afternoon after much worse than expected US sales figures were released.

US retail sales had been expecting to rise 0.3% in May but instead took a step back for the first time since September, falling 1.2%.

The BHP Billiton chairman has written to shareholders to restate the mining giant’s opposition to the new super tax on the mining industry proposed by the Australian government. He said meetings with government representatives since the controversial plan was first announced on 2 May have been about how the tax would be brought in, not about its ‘major design features (and flaws).

Standard Chartered is out of favour on rumours it is preparing to splash out $1.4 billion on a 46% stake in Indonesia’s Panin Bank.

BP was up 26p to 392p, despite press reports that the company is planning to suspend dividend payments and instead put the money in escrow, ready to be released to shareholders once the company knows how much it will have to pay out in relation to the Gulf of Mexico oil spill disaster.

The report has not been confirmed by the company. The embattled BP chief executive Tony Hayward has, however, told the Wall Street Journal that ‘all options’ are being considered regarding the dividend.

THE FTSE 100 CLOSED UP 31 @ 5163

THE DOW JONES AT 4.30 IS DOWN 31 @ 10,141 THE NASDAQ COMP AT 4.30 IS DOWN 3 @ 2222

Exchange Rates

GBP – USD 1. 45

GBP – EUR 1. 205