European indices have fallen sharply first thing this morning
Trading Floor News October 23, 2012 3:30 PM
<p>- Following yesterdays disappointment from some US corporate earnings announcements, in particular Caterpillar lowering its full-year earnings forecast, combined with this mornings fall in metal […]</p>
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- Following yesterdays disappointment from some US corporate earnings announcements, in particular Caterpillar lowering its full-year earnings forecast, combined with this mornings fall in metal and commodity prices, European indices have fallen sharply first thing this morning
- The FTSE is currently at 5837, so 55 points down, the DAX is at 7264 is 71 points down and the CAC is 28 points down at 3460. The indices showing, technically, signs of pullbacks in an otherwise long term uptrend
- ARM Holdings PLC opened strongly after their Q3 earnings beat expectations, and also announcing they’ve entered the fourth quarter with a record order backlog. We see their shares trading higher by 2.7% at 610. The biggest riser on the FTSE is Experian who are up 3.6% after announcing they are to buy a further 29.6% of Serasa, a credit bureau in Brazil in which they already have a 70% stake
- Amongst the biggest fallers are a host of mining firms who are falling in line with base metal prices falling, but the biggest loser on the day is Burberry Group. They’ve fallen seemingly as a knock on effect to retailer Mulberry announcing their expectations of group revenue growth to be below market expectations
- The economic calendar is busier than yesterday; Canadian retail sales and Interest rate decisions will be in focus in the early afternoon. European consumer confidence figures will be released at 3pm as well as Bank of England’s chairman Mervyn King speaking later this evening.
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