Markets
London - The FTSE 100 rose 28.93 points to 5,757.86 yesterday, the highest level since April, amid optimism that earnings growth in the third quarter is underpinning a recovery in the global economy. Debenhams surged 7% as the U.K.’s second-biggest department-store chain said profit before taxes and exceptional items rose to £151 million from £125.2 million a year earlier as it added more profitable designer labels and shoppers bought more products online. BT gained 4.1% after the government lost a court fight to limit its liability for BT’s employee pension plan if Britain’s largest phone company were to collapse.

Posted: October 22nd, 2010 under Asset Management.
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Markets
London - The FTSE 100 climbed 25.04 points to 5,728.93 yesterday as Chancellor of the Exchequer George Osborne detailed the deepest ever cuts to Britain’s budget. Osborne today detailed cuts to the U.K.’s budget that eliminate almost half a million public-sector jobs. The plans would reduce public spending by £83 billion after inflation, narrowing a deficit that the government forecasts at 10.1% of gross domestic product this year to 2.1% of GDP in the 2014-15 fiscal year.

Posted: October 21st, 2010 under Asset Management.
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Markets
London - The FTSE 100 fell 38.63 points to 5,703.89 yesterday. Xstrata Plc fell 4.4% as metal prices retreated on the London Metal Exchange. ARM Holdings Plc, the designer of chips that power Apple Inc.’s iPhone, declined 2.6% as Apple forecast lower-than-estimated profit in its current fiscal quarter. Autonomy Corp. climbed 1.8% after it reported increased third-quarter revenue and adjusted gross margin.

Posted: October 20th, 2010 under Asset Management.
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Markets
London - The FTSE 100 added 39.15 points to 5742.52 yesterday rebounding from an earlier retreat, as a sell-off in mining companies was offset by better-than-expected earnings at Citigroup Inc. and takeover activity in the asset management industry. HSBC paced a gauge of U.K. banks higher climbing 1.1% following Citi’s results. Barclays increased 1.5% and Lloyds Banking Group Plc advanced 2.9%. BP Plc advanced 1.6% after the energy company agreed to sell assets in Venezuela and Vietnam to Russian oil venture TNK-BP for $1.8 billion as it raises money to help pay for the Gulf of Mexico oil spill. Autonomy Plc jumped 5.3%, rebounding from the longest losing streak since July. Panmure Gordon & Co. wrote in a report today that the software company may announce an acquisition when it reports third-quarter earnings this week. Xstrata Plc slipped 0.5% and Antofagasta Plc lost 1.5% after HSBC Holdings Plc lowered its recommendation for the copper producers to “underweight” from “neutral.”

Posted: October 19th, 2010 under Asset Management.
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Markets
London - UK stocks closed lower on Friday after Federal Reserve Chairman Ben Bernanke’s comments saying he sees the case for further action to stimulate the US economy failed to stir up much excitement. Insurers and miners were a drag on the market. The FTSE100 closed 23.84 points lower at 5703.37.

Posted: October 18th, 2010 under Asset Management.
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