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					                                                                                                                                                                                                    Gulf Daily News Thursday, 23rd April 2009   31



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European shares end higher Bank woes
             LONDON: European shares ended higher yesterday                                can go higher by another 5pc, but sooner or later reality is going
             after a choppy session, as financials regained ground                         to be there," said Koen De Leus, economist at KBC Securities.
             after Wells Fargo posted a record first-quarter profit                           "And the reality is that we are in a recession. Consumers are not
             and US home prices rose in February.
                Market sentiment also improved after US equity
markets jumped, with JP Morgan's upgrade of Caterpillar lifting
big manufacturers, while US biotech shares got a boost from bet-
ter-than-expected results from Gilead Sciences.
                                                                                           spending because they want to save more."
                                                                                              Nervousness in the market was highlighted again after Morgan
                                                                                           Stanley posted a wider-than-expected quarterly loss and slashed
                                                                                           its dividend, pushing European shares down 1.4pc at one point.
                                                                                              "In the medium term, we're trying to find a bottom. That's the
                                                                                                                                                                                   hit equities
                                                                                                                                                                                   NEW YORK: Nagging wor-
   The FTSEurofirst 300 index of top European shares closed one                            bottom line," said John Haynes, strategist at Rensburg Sheppard.
per cent higher at 794.25 points after falling as much 1.4pc earli-                           Miners gained on firmer gold, aluminium and copper prices.                           ries about banks upended a
                                                                                                                                                                                   stock market rally yesterday.
er.                                                                                                          BHP Billiton, Anglo American, Antofagasta, Rio                           Financial stocks steered
   The index is down 4.4pc this year after slump-
ing 45pc earlier in the year on the financial cri-                     World Stocks                        Tinto, Xstrata and Eurasian Natural Resources
                                                                                                           were up 2-7.7pc.
                                                                                                                                                                                   the overall market for the
                                                                                                                                                                                   third straight day after
sis, which began with US mortgage defaults in                                                                Energy stocks were broadly higher. BP, Royal                          Morgan Stanley and credit
2007 and pushed much of the world into deep and vicious reces-                             Dutch Shell, BG Group, Tullow Oil, Repsol and Total rose                                card issuer Capital One
sion.                                                                                      between 0.6 and 2.1pc.                                                                  Financial Corporation post-
   But there were some signs of hope. Prices of single-family                                 But pharma shares fell, led lower by Roche as a cancer drug                          ed lacklustre quarterly
homes in the US rose by a seasonally adjusted 0.7pc in February                            Avastin – a key Genentech asset now wholly owned by Roche –                             reports. Investors have
from January.                                                                              failed in a major study to prevent the recurrence of colon cancer                       been worried about rising
   Banks recovered after slipping earlier in the session on disap-                         in patients who have undergone surgery.                                                 levels of souring debt on
pointing quarterly results from Morgan Stanley.                                               Roche shares were down 10.4pc, while AstraZeneca declined                            bank balance sheets.             Wells fell 63 cents, or 3.4pc,
   Standard Chartered Bank rose 4.6pc, Barclays jumped 9.6pc,                              0.3pc and Shire was down 0.4pc.                                                            A late-session drop in        to $18.18 after rising for
Deutsche Bank was up 6.7pc and Commerzbank surged 9.6pc.                                      GlaxoSmithKline fell 2pc, also hit by first-quarter results which                    banks left Wall Street’s         much of the day.
   "There has been a pretty impressive relief rally and may be we                          fell short of expectations.                                                             major benchmarks mixed.             Bank      of    America’s
                                                                                                                                                                                   The Dow Jones industrial         announcement that it was
                                                                                                                                                                                   average fell 83 points, while    expecting rising levels of
CAIRO: Egypt's main stock
                                                                                                                                                         Index                     the       technology-heavy       bad debt touched off the
index rose more than 1pc as
shares of Talaat Moustafa                            LONDON FTSE - 100                                                                                  4,030.66                   Nasdaq composite index
                                                                                                                                                                                   ended modestly higher
                                                                                                                                                                                                                    market’s intensified focus
Group surged nearly 13pc. The                                                                                                                                                                                       on the well-being of banks
index finished at 4,980.42          3i Group PLC                      354.75              Experian PLC                     436.75     Rexam PLC                       298.00
                                                                                                                                                                                   ahead of a quarterly report      this week. Those worries
points, up 1.09pc.                  AB Food PLC                       682.00              FirstGroup PLC                   295.25     Rio Tinto PLC                  2472.00       from eBay and following          often overshadowed other
FRANKFURT: The DAX index            Admiral Group PLC                 938.00              Friends Provident PLC             60.80     Rolls-Royce Group PLC           329.00       earnings from Yahoo.             news. Bank of America fell
                                    Alliance Trust PLC                277.00              G4S PLC                          193.60     Royal & Sn Alliance Ins Group   131.30
ended at 4,594.42 points, up        AMEC PLC                          592.50              GlaxoSmithKline PLC             1019.50     Royal Bank of Scotland PLC       31.80          The jumpy trading in          50 cents, or 5.7pc, to $8.26.
92.79 or 2.06pc.                    Amlin PLC                         347.25              Hammerson PLC                    310.00     Royal Dutch Shell A Shares     1472.00       financial shares came just          AT&T said strong results
HONG KONG: Shares shed              Anglo American PLC               1332.00              Home Retail PLC                  264.00     Royal Dutch Shell B Shares     1438.00       as major companies report
                                    Antofagasta PLC                   534.00              HSBC Holdings PLC (UK Reg)       469.50     SAB Miller PLC                 1049.00                                        from its wireless business
2.67pc, to finish at a two-week     AstraZeneca PLC                  2321.00              Icap PLC                         365.00     Sage Group PLC                  173.00       first-quarter       earnings.    softened the effect of the
low as the Shanghai market          Autonomy Corp PLC                1289.00              Imperial Tobacco Group PLC      1490.00     Sainsbury (J) PLC               310.00       Results from AT&T, Boeing        weak economy and helped
pulled back on talk China's reg-    Aviva PLC                         252.25              Inmarsat PLC                     472.75     Schroders PLC Non-VTG Shs       720.50
                                    BAE Systems PLC                   335.75              Intercontinental Hotels PLC      615.00     Schroders PLC VTG Shs           817.00       and McDonald’s contained         the    country’s      biggest
ulators may tighten new lending     Balfour Beatty PLC                329.25              International Power PLC          238.25     Scottish & Southern Energy PLC 1086.00       glimmers of hope about           telecommunications carrier
after a record first quarter for    Barclays PLC                      218.00              Invensys PLC                     173.10     Serco Group PLC                 349.50       consumer spending and
loan growth. The Hang Seng          BG Group PLC                     1033.00              Johnson Matthey                 1205.00     Severn Trent PLC               1005.00                                        beat analyst estimates for
                                    BHP Billiton PLC                 1372.00              Kazakhmys PLC                    481.25     Shire Ld                        845.00       the economy in general.          the first quarter. The stock
Index ended 407.44 points           BP PLC                            451.00              Kingfisher PLC                   174.80     Smith & Nephew PLC              456.75          The Dow fell 82.99 points,
lower at 14,878.45.                 British Airways PLC               167.80              Land Securities Group PLC        537.00     Smiths Group PLC                721.50
                                                                                                                                                                                                                    rose 46 cents to $25.74.
JOHANNESBURG: The All-              British American Tobacco PLC 1584.00                  Legal & General Group PLC         46.80     Standard Chartered PLC          995.50       or one per cent, to 7,886.57.       Boeing said its first-quar-
share      index    closed    at    British Land PLC                  446.00              Liberty International PLC        445.25     Standard Life PLC               185.00       Broader market measures          ter earnings fell 50pc, part-
                                    British Sky Broadcasting PLC      435.75              Lloyds Banking Group PLC         100.50     Tate & Lyle PLC                 264.25       were mixed. The Standard
19,798.43 points, down 294.21       BT Group PLC                       87.30              London Stock Ex Grp PLC          672.50     Tesco PLC                       351.30                                        ly because of planned pro-
or 1.46pc. The All Gold index       Bunzl PLC                         485.25              MAN Group PLC                    249.75     Thomas Cook Group PLC           265.25       & Poor’s 500 index fell 6.53     duction cuts as airlines
closed at 2,302.25 points, down     Cable & Wireless PLC              145.70              Marks & Spencer PLC              329.25     Thomson Reuters PLC            1666.00       points, or 0.8pc, to 843.55,     postpone deliveries of new
                                    Cadbury PLC                       496.50              Morrison (WM.) Supermarkets      243.00     TUI Travel PLC                  257.50
27.51 or 1.18pc, while the          Cairn Energy PLC                 2056.00              National Grid PLC                541.50     Tullow Oil PLC                  766.00       while the Nasdaq compos-         planes. It also lowered its
Industrial index closed at          Capita Group PLC                  658.00              Next PLC                        1435.00     Unilever PLC                   1268.00       ite index rose 2.27 points,      forecast for the year. The
15,204.47 points, down 313.56       Carnival PLC                     1794.00              Old Mutual PLC                    56.00     United Utilities PLC            490.50       or 0.1pc, to 1,646.12.
                                    Centrica PLC                      235.00              Pearson PLC                      680.00     Vedanta Resources PLC           919.00                                        stock rose 65 cents to
or 2.02pc.                          Cobham PLC                        178.20              Pennon Group PLC                 414.75     Vodafone Grp PLC                125.65          Anton Schutz, portfolio       $37.30.
LONDON: Britain's leading           Compass Group PLC                 332.25              Prudential PLC                   357.75     Whitbread PLC                   844.50       manager       of    Burnham         McDonald’s fluctuated
shares ended 1.1pc higher as        Diageo PLC                        790.00              Randgold Resources Ld           3082.00     Wolseley PLC                   1188.00
                                    Drax Group PLC                    531.50              Reckitt Benckiser PLC           2614.00     WPP PLC                         417.00       Financial Industries Fund        after saying its first-quarter
strength in banks and heavy-        Eurasian Natural Resources        587.50              Reed Elsevier PLC                478.75     Xstrata PLC                     525.00       and Burnham Financial            profit climbed nearly 4pc.
weight commodities countered                                                                                                                                                       Services Fund, said with         Earnings of 87 cents per
a downbeat UK budget and                  AT A GLANC                                                                                                                               bank earnings mostly in          share topped the 82 cents
falls by pharma stocks after                                     E                                                                                                                 hand investors are now           per share figure Wall Street
results from GlaxoSmithkline. Exchange                                                     China's banks and an easing of              adding to a 2.4pc drop on
The FTSE 100 closed at Bombay                           Close Chan                         optimism about an economic                  Tuesday.                                    focused on the results of        had been expected. The
                                                                        ge                                                                                                         the government’s “stress
4,030.66 points, up 43.2 or Cairo                   10,817.54
                                                                   -80.57                  revival.    The      benchmark              TOKYO: The Nikkei average                                                    stock fell $1.38, or 2.5pc, to
1.08pc.                          Frankfurt           4,980.42                              Shanghai Composite Index lost               edged up, with stocks such as               tests,” which are aimed at       $54.25.
                                                                         -
MILAN: The All Share Mibtel Hong Kong                4,594.42     +92.79                   74.48 points, or 2.9pc, to close            Pioneer Corp and Elpida                     determining whether banks           Yahoo rose 10 cents to
index closed at 14,369 Johannesburg 14,878.45 -407.44                                      at 2,461.35, its sharpest decline           Memory rallying on prospects                will need more government        $14.48 after saying it would
                                                   19,798.43                                                                                                                       bailout money.                   lay off nearly 700 workers.
points, up 324 or 2.31pc.       London                          -294.21                    since falling 3.8pc on April 8.             of government help, although
                                                    4,030.66                                                                                                                          Schutz said the late slide
MUMBAI: The BSE Sensex Milan                                      +43.2                    The Shenzhen Composite                      caution over upcoming earn-                                                  The company’s earnings fell
                                                      14,369                                                                                                                       in bank stocks reflects fear
erased early gains and Paris                        3,025.24
                                                                   +324                    Index for China's smaller sec-              ings and the health of the US                                                78pc to $118m for the first
fellpc. The 30-share BSE Shanghai                  2,461.35
                                                                  +51.3                    ond exchange declined by                                                                over what those details          three months of the year.
                               Sydney                            -74.48                    4.3pc to 819.14.                            bank sector capped gains.
index ended down 0.74pc,                             3,668.2                                                                                                                       might reveal about the              Shares of eBay rose
or     80.57    points,   at Tokyo                                  -9.2                   SYDNEY: Shares fell 0.25pc as               The benchmark Nikkei rose
                                                   8,727.30                                                                            15.97 points or 0.18pc to
                                                                                                                                                                                   industry. Results from the       6.2pc to $15.70 in extended
10,817.54. The 50-share       Zurich                           +15.97                      banks pared gains amid linger-
                                                    5,063.7                                                                            8,727.30, a day after it slid
                                                                                                                                                                                   tests are due to be released     trade after the online auc-
NSE index fell 1pc to                                           -13.02                     ing uncertainty over global
                                                                                                                                       2.4pc to book its lowest close
                                                                                                                                                                                   on May 4.                        tioneer reported lower
3,330.30.                                                                                  financial markets and fertiliser-                                                          Morgan      Stanley    fell   quarterly net profit, sales
PARIS: The CAC-40 index                                                                    maker Incitec Pivot dropped                 since April 8.
                                                                                                                                                                                   $2.21, or 9pc, to $22.44         and profit margins, but
closed at 3,025.24 points, up        suffered their sharpest one-day                       after its chief executive quit.             ZURICH: The Swiss market
                                                                                                                                                                                   after reporting it lost $578     results beat Wall Street
51.3 or 1.72pc.                      drop in two weeks amid unease                         The S&P/ASX 200 index closed                index closed at 5,063.7 points,
                                                                                                                                                                                   million and reduced its div-     expectations.
SHANGHAI: Chinese shares             about rapid growth in lending by                      9.2 points lower at 3,668.2,                down 13.02 or 0.26pc.
                                                                                                                                                                                   idend.                              Wireless chip maker
                                                                                                                                                                                      The company said it was       Qualcomm said it was
                                                                                                                                                                                   hurt in part by a deteriorat-
      POPULAR WALL STREET CLOSING PRICES                                                                                                                                           ing commercial real estate
                                                                                                                                                                                                                    rescheduling its quarterly
                                                                                                                                                                                                                    results due to advanced set-
                                                                                                                                                                                   market.                          tlement discussions with
AFLAC 27.660 Down 1.570       Brunswick 4.310 Up .240       ExxonMbl 64.750 Down 1.480    IBM 102.550 Up .240          NokiaCp 14.630 Down .270      Sunoco 26.920 Down .560          Morgan’s report inter-        Broadcom over legal dis-
AMR 5.310 Down .080
ASA Ltd 48.950 Up .340
                              BurlNSF 66.430 Down .440
                              CIGNA 20.020 Down .100
                                                            FMC Corp 45.840 Down .270     IntFlav 31.820 Up .160       NorflkSo 37.500 Up .130       Supvalu 14.980 Up .440        rupted a string of better-       putes, but it also said sec-
                                                            FannieMae h .780 Down .070    IntPap 9.440 Up .660         Novartis 35.420 Down .200     Sysco 22.130 Up .060
AT&T Inc 25.740 Up .460       CSX 28.850 Down .370          FedExCp 53.240 Up .710        JPMorgCh 31.900 Down .630    OcciPet 55.560 Down .500      TalismE gs 11.590 Down .140   than-expected results from       ond-quarter revenue and
AXA 14.970 Up .060
AbtLab 42.500 Down 1.870
                              CampSp 26.240 Down .320
                              Canon 30.190 Down .130
                                                            FootLockr 11.630 Up .400      JohnJn 51.180 Down 1.280     OfficeMax 6.330 Up .950       Target 39.230 Up .490         banks that had investors         operating income met or
                                                            FordM 4.280 Up .480           Kellogg 39.350 Down .680     Olin 13.640 Down .500         TelMexL s 16.360 Down .230
Accenture 26.790 Up .120      Carnival 26.590 Up 1.020      FortuneBr 34.920 Up 1.320     KimbClk 49.780 Down .170     PG&E Cp 37.310 Down .650      Teradyn 5.070 Up .180         hoping some of their prob-       exceeded prior guidance.
Aegon 4.050 Down .130
Aetna 24.530 Down .060
                              Caterpillar 32.450 Up 1.060
                              Celestic g 4.660 Down .160
                                                            FranceTel 21.130 Down .310    KoreaFd 25.560 Up .210       Panasonic 14.050 Up .170      TexInst 17.650 Up .540        lems were easing. Banks             Qualcomm's stock rose
                                                            GenDynam 48.230 Up 1.760      Kroger 21.320 Up .450        PeabdyE 25.040 Down .050      Textron 11.280 Up .300
AlcatelLuc 2.290 Down .010    Chevron 63.750 Down 1.130     GenElec 11.800 Up .100        LSI Corp 3.740 Up .040       Penney 26.920 Up .860         3M Co 53.060 Down .230
                                                                                                                                                                                   have largely dictated the        7.4pc to $24.28 in extend-
Alcoa 8.640 Down .050         Chiquita 7.290 Up .070        GenMills 49.490 Down 1.160    LearCorp .930 Up .240        PepsiCo 47.980 Down 1.370     Tiffany 27.310 Up .170        stock market’s direction         ed-hours trading.
Allergan 46.600 Up .490       Citigrp 3.250 Up .010         GnMotr 1.690 Down .010        Lexmark 17.950 Up .570       PepsiAmer 24.300 Down .240    TimeWrn rs 22.330 Up .110
Altria 16.850 Up .120         CocaCl 42.930 Down .160       GlaxoSKln 29.290 Down 1.630   LillyEli 32.740 Down .600    Petrobrs s 32.280 Down .330   UBS AG 11.980 Up .170
                                                                                                                                                                                   since last fall, when the col-      Trading was active on the
AEP 26.150 Down .620          ColgPal 59.230 Down .930      Goodrich 41.830 Up .660       LockhdM 74.850 Down 1.190    Pfizer 13.040 Down .480                                     lapse of Lehman Brothers         New York Stock Exchange,
AmExp 19.430 Down .140        ConocPhil 38.060 Down .650                                                                                             USG 12.850 Up .900
                                                            Goodyear 9.920 Up .440        Luxottica 16.950 Up .210     PhilipsEl 16.610 Up .140      UnionPac s 47.720 Up .720
Anadarko 41.430 Down .480     ConEd 37.580 Down .690
                                                            GrtAtlPac 7.350 Up .540       MGMMir 5.520 Up .120         ProctGam 49.600 Down 1.330    Unisys h 1.250 Down .070
                                                                                                                                                                                   Holdings shocked the             with about 1.77bn shares
ArchDan 24.980 Up .330        Corning 14.750 Down .330
AstraZen 33.400 Down .850     CredSuiss 33.000 Down .990    Hallibrtn 19.870 Down .090    Macys 12.690 Up .190         QstDiag 52.470 Down .960      USSteel 28.350 Up .070        financial system.                changing hands, above last
AvisBudg h 2.310 Up .410      CurtisWrt 31.780 Up .120      HartfdFn 9.680 Down .470      MarathonO 28.880 Down .420   RadioShk 10.800 Up .500       UtdTech 46.890 Down 1.100        Wells     Fargo,    which     year's estimated daily aver-
Avon 21.760 Up .390           Daimler 33.380 Up 1.000       Hasbro 27.680 Up 1.220        MarIntA 19.590 Up .710       Raytheon 41.300 Up .210       VerizonCm 30.910 Down .130
BakrHu 33.520 Up .800         Deere 39.190 Up 1.290         Heinz 33.550 Down .630        MasseyEn 12.190 Up .770      Repsol 18.020 Up .160         ViacomB 18.600 Up .190        bought Wachovia last fall at     age of 1.49bn, while on
BkofAm 8.260 Down .500        DeutschBk 50.800 Up .430      Hershey 36.060 Up .460        Mattel 14.810 Up .120        Revlon rs 3.740 Up .100       ViadCorp 18.150 Down .510     the height of the credit cri-    Nasdaq, about 2.69bn
Barclay 11.850 Down .400      DeutTel 11.240 Down .440      Hess 50.410 Down .080         McDermInt 15.990 Up .190     RockwlAut 29.830 Up .800      Vodafone 18.050 Down .570
BarnesNob 25.020 Up 1.510     Diebold 25.750 Up .080        HewlettP 34.680 Down .750     McDnlds 54.250 Down 1.380    SaraLee 8.380 Down .180       WalMart 48.960 Down .870      sis, said it earned $2.38 bil-   shares traded, above last
Baxter 48.650 Down 1.790      Disney 19.400 Down .070       Hitachi 33.130 Up .360
                                                            HomeDp 26.170 Up .300
                                                                                          Merck 22.970 Down .570
                                                                                          MetLife 25.810 Down 1.450
                                                                                                                       SchergPl 21.670 Down .440
                                                                                                                       Schlmbrg 46.230 Down .400
                                                                                                                                                     Walgrn 29.860 Down .760
                                                                                                                                                     WDigitl lf 22.110 Up .430
                                                                                                                                                                                   lion. That compares with a       year's daily average of
BestBuy 39.740 Down .240      DowChm 12.470 Up .290
Biovail 11.120 Up .050        DuPont 27.740 Down .320       Honda 28.340 Up .200          Monsanto 79.110 Down .390    Siemens 60.790 Up .520        Weyerh 34.920 Up .740         profit of $2bn a year earlier.   2.28bn.
BlackD 33.020 Up .910         Dynegy 1.830 unch             HonwllIntl 31.690 Up 1.130    Moodys 27.230 Down .400      SonocoP 23.210 Up .590        Whrlpl 37.770 Up 2.190
Boeing 37.300 Up .650         EKodak 4.190 Down .010        ING 7.840 Down .110           Motorola 5.660 Up .090       SonyCp 25.530 Down .700       WolvWW 21.790 Up 2.890        ● Dow fell 82.99 points, or one per cent, to 7,886.57.
BrasilTelP 36.720 Down .820   Eaton 42.720 Up 1.180         ITT Corp 41.150 Up .550       NL Inds 11.940 Down .180     Sothebys 9.860 Up .150        Wyeth 41.920 Down .620
BrMySq 19.810 Down .190       Entergy 65.030 Down 1.100     ITW 33.000 Up 1.240           NewmtM 38.370 Down .500      SouthnCo 29.480 Down .560     Xerox 5.670 Up .110           ● Nasdaq rose 2.27 points, or 0.1pc, to 1,646.12.

				
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