FTSE 100	5251.41, -16.29	Dow	10318.16, -14.28
FTSE 250	9167.6, -69.3	Nasdaq	2146.04, -10.78
FTSE All Share	2685.3, -9.85	S&P 500	1091.38, -3.52
Nikkei	9497.68,	Hang Seng	22771.39, +315.55
Oil (Crude)	$76.90	Gold	$1148.50
Base Rate	0.5%	10 Yr Gilt	3.64%
£/$	1.658	£/€	1.1074
1 month LIBOR	0.514	3 month LIBOR	0.613

 

Markets

London - The FTSE 100 slipped 16.29 points to close at 5,251.41 on Friday. Thomas Cook was the biggest faller on the index, down 4.3%, followed by TUI, down 4%, after Morgan Stanley downgraded the two travel companies. Cable & Wireless was the top riser, up 1.9%, after JP Morgan said the company’s demerger plans would keep management motivated to deliver. This morning the blue chip index has rallied 84.01 points higher at 5,335.42. Miners rebound from losses on Friday to become today’s biggest percentage risers. Eurasian Natural Resources sits on top, up 4.8%.

New York - US stocks continued to fall on Friday, the third consecutive day that all three major indices finished lower. Weaker than expected results from computer maker Dell and homebuilder D R Horton added to investors fears that an economic recovery was going to be slower than expected. The Dow Jones lost 14.28 points to 10,318.16, the S&P 500 fell 3.52 points to 1,091.38 and the Nasdaq dropped 10.78 points to 2,146.04. Dell reported late on Thursday that it its quarterly profit had dropped 54% and sales had also missed estimates. The no. 3 personal computer maker sank 10%, making it the heaviest weight on the Nasdaq. Homebuilder DR Horton sank 15.4% after reporting a bigger than expected fourth quarter loss, as well as saying that market conditions were "still challenging".

Tokyo - The Tokyo Stock Exchange is closed today.  

Hong Kong - The Hang Seng is currently 315.55 points higher at 22,771.39. Investors have been buoyed by comments from China’s top economic planning agency pledged to maintain "consistent, stable" policies to boost growth.

Economics

US Existing home sales (Oct) 15:00 GMT/ 10:00 EST

Pending home sales rose 6.1% in September and after eight consecutive monthly increases are 31% higher than they were in January. Existing home sales rose 9.4% to 5.57m in September and are up 24% since January. Pending home sales in the West have surged in particular, with double-digit increases for the past three months, as banks have continued to put foreclosed homes up for sale. Although credit approvals are taking longer and there may be a higher percentage of cancellations than in the past, we expect October existing home sales to rise to 5.70m. However, recent, softer data on mortgage purchase applications, homebuilder optimism, and housing starts suggests a possible bump in the road in the following month or two (given that existing home sales tend to lag).

Corporate

Lloyds Banking Group today said it has raised GBP8.5 billion in new debt, most of which can convert to equity in times of stress, marking a major step in a GBP22.5 billion recapitalization that helps the U.K. bank move out from under the shadow of government support. Later Monday, the bank is to price and set shareholder entitlement levels on a GBP13.5 billion rights issue. Lloyds said the GBP8.5 billion of contingent core Tier 1 and core Tier 1 notes through its non-U.S. bond exchange offer, and said the U.S. exchange offer is already heavily over-subscribed. As part of the move to strengthen its finances, the company earlier this month launched an offer to exchange some of its existing bonds for new enhanced capital notes, a type of bond, called contingent-capital securities that convert to equity or equity-like instruments if a bank hits certain stress levels. Lloyds said the non-U.S. offer attracted strong investor demand and the company had received offers to exchange GBP12.51 billion in existing securities. The company said GBP6.99 billion of ECNs will be issued, while a further GBP1.48 billion will be issued in the form of new shares, additional ECNs and/or paid in cash on the late settlement date.

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Posted: November 23rd, 2009 under Asset Management.
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