Continued Signs of Instability in the Eurozone
City Index July 10, 2012 10:14 PM
<p>UK & US equities closed lower yesterday with continued signs of instability in the eurozone as the yield on Spanish 10-year bonds rose to 7%. […]</p>
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- UK & US equities closed lower yesterday with continued signs of instability in the eurozone as the yield on Spanish 10-year bonds rose to 7%. Negativity continued into Asia as weaker than expected Chinese imports figures signalled slowing demand in the world’s second largest economy.
- London shares are slightly up this morning after UK manufacturing figures have come in better than expected. EUROPEAN shares are also showing gains after the first 30bn EURO bailout for Spanish banks has been agreed by the ECB.
- FTSE UP 40 points at 5666, DAX UP 55 points at 6442 and the CAC is UP 30 points at 3190.
- Marks and Spencer announced that its like for like UK sales for the first half of 2012 have fallen by 2.8% and the company expects the short term trading outlook to continue to be challenging. However the share price is up 1% after investors as optimistic following a reshuffle in management.
- BAE Systems is the top Gainer in London up 3.4% after UBS reiterates its BUY Ratings on the defence and security business.
- Economic data is pretty thin today, however we do have unofficial UK GDP estimates at 3pm this afternoon.
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