European Markets recover from 6-week closing lows
City Index November 22, 2011 3:13 PM
<p> As Europe recovers from six-week closing lows yesterday, traders still fear the crippling debt that is threatening to drag the world back into recession. The […]</p>
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- As Europe recovers from six-week closing lows yesterday, traders still fear the crippling debt that is threatening to drag the world back into recession.
- The FTSE is up 0.5% at 5245 this morning, the CAC is up 0.8% and the DAX is up 0.5%.
- All the indexes are looking to recover from yesterday’s lows, which saw the DJIA lose over 2% to close at 11,547.
- The biggest story this morning is Thomas Cook Group, which has lost three-quarters of its value as it looks to borrow a further £100 million so as not to break its December banking covenant. This has prompted many brokers to cut their recommendation on the struggling travel company – currently trading around 11p.
- Struggling on the FTSE is fellow travel firm International Airlines Group, down 2%.
- The biggest faller is Smith & Nephew, down 2.5% following a ratings cut by Citi Group.
- The insurer Resolution is the biggest gainer, up 3.3% as M&A activity boosted the company’s outlook.
- Admiral Group is also stronger, up 2¾%.
- From a macro perspective, we have UK October public sector finance figures at 9.30am (UK time) and FOMC meeting minutes at 7.30pm this evening.
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