Equity indices opened strong but drifted lower post lower than expected ISM non-manufacturing index, which also saw the employment constituent move below 50. As to be expected it was relatively quiet in terms of fresh news flow and as such little price action is observed. Still, a rally in the closing hour of the session ensured that the major averages finished in positive territory. Tech and oil & gas sectors were among the best performing in the DJIA, with IBM (IBM: 123.46 0.00 0.00%) (+1.31%) and Exxon (XOM: 57.46 0.00 0.00%) (+1.57%) top gainers in DJIA index. Finally, at the closing bell on Wall Street S&P 500 closed up 0.54% at 1028, DJIA closed up 0.59% at 9743 and NASDAQ100 closed up 0.37% at 1734.
UKBP (BP: 31.91 0.00 0.00%) - Co. says still aiming for mid-August for relief well to reach blown-out well, but drilling is 7 days ahead of schedule - spill incident commander. Bernstein has said that the total cost related to spill is estimated at USD 33bln, however it has sufficient liquidity. Also, co. has agreed an unprecedented deal to give the US Government the last word on worldwide asset sales, mergers or corporate restructuring in the wake of the Deepwater Horizon oil disaster. (RTRS/Sources/Times)
RBS (RBS: 12.22 0.00 0.00%) - Co. plans to dispose of up to GBP 3bln of property loans as it continues to whittle down its non-core assets. (FT)
Xstrata (XTA.L: 891.50 +40.50 +4.76%) - Co. approves investment of USD 1.47bln to construct Antapaccay Copper Project, and the construction will start in Q3 2010. (RTRS)
Marks & Spencer - Co.’s Q1 UK LFL sales up 3.6% vs. Exp. 2.3% rise. CO. is cautious on outlook for consumer spending and says it continues to manage the business accordingly. (Sources)
USGoogle (GOOG: 436.07 0.00 0.00%) - Co.’s application to renew its webpage license in China is currently under review with no set deadline, according to a Chinese government official. (RTRS)
Europe
GERMANYVolkswagen - Co.’s CEO reiterates that co. will have record car deliveries in 2010, but says business will become harder in H2. (RTRS) In other news, co. may partner Maruti Suzuki India Ltd. to develop a small car in India at a price lower than its existing Polo hatchback, according to co.’s board member. (Times of India)
OTHER GERMAN COMPANIES
IKB Deutsche Industriebank - Co. could find it difficult to place itself on the market, according to sector sources. (Sources)
FRANCEFrance Telecom - News Corp. may buy French TV channels from France-Telecom Orange - Report. (Sources)
Air France - Co’s June passenger traffic rose 4.7%, and June Cargo traffic rose 0.8%. (RTRS)
Axa - National Australia Bank is set to lodge a revised proposal for its USD 11.5bln takeover of wealth manager Axa Asia Pacific with Australia’s competition regulator within a week, according to three sources with direct knowledge of the deal. (RTRS)
Peugeot Citroen - Co.’s H1 vehicle, CKD sales rise 16.9% to 1,856,000 units. Co. confirmed it expects European automotive markets to contract by about 9% this year, however the Chinese auto market should see double digit growth in 2010. Co. also said that it should gain market share in Europe in 2010. In other news, co. may revive a plan to set up a manufacturing facility in India to tap surging car demand in the country, according to a person with direct knowledge of the matter. (RTRS)
Companies paying Dividend: Pernod Ricard (EUR 0.6100)
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